備考CFA中這道題如何做？其中包含了威廉夏普的理論？

CFA備考中一方面是掌握CFA詞匯和基礎(chǔ)知識，另一方面是日常的做題，那在備考中這道題如何做？其中包含了威廉夏普的理論？

A line that represents the possible portfolios that combine a

nsky asset and a risk free asset is most accurately described as a:

A. characteristic line.

B. capital allocation line.

C. capital market line.

Answer：B

The line that represents possible combinations of a risky asset and the risk-free asset is referred to as a capital allocation line (CAL). The capital market line (CML) represents possible combinations of the market portfolio with the risk-free asset. A characteristic line is the best fitting linear relationship between excess returns on an asset and excess returns on the market and is used to estimate an asset's beta.

對于我們來說，一旦出現(xiàn)了無風(fēng)險收益，那一定是威廉夏普的理論，我們馬上就能聯(lián)想到CML和CAL。

但是CML是假設(shè)世界上每一個人都是同質(zhì)的，他們有相同的有效前沿，因此有效前沿與無風(fēng)險收益的切線也只有一條，那個切點(diǎn)就是市場組合。題目里說只有一個風(fēng)險資產(chǎn)，明顯不是市場組合，就從我們滬深300指數(shù)，也是要300個股票組成起來的 。所以可以很明確的判斷是CAL。