为什么M点以上的点是Rf<0,Erm>1的呢？

问题如下：

If an investor's portfolio on capital market line has a higher return than market portfolio, the investor's portfolio is most likely a(an)?

选项：

Lending portfolio.

Borrowing portfolio.

Unachievable portfolio.

解释：

B is correct.

When investor's portfolio return is higher than the market return, indicating that the investor borrowed some money to invest more in the market portfolio, so he has a leveraged position in risky portfolio, which is called a borrowing portfolio.