题目
A portfolio to the right of the market portfolio on the capital market line (CML) is created by:
选项
A.holding more than 100% of the risky asset.
B.fully diversifying.
C.buying the risk-free asset.
D.holding both the risk-free asset and the market portfolio.
答案
A
解析
Portfolios that lie to the right of the market portfolio on the capital market line are created by borrowing funds to own more than 100% of the market portfolio (M). Both the statement, "holding both the risk-free asset and the market portfolio" and "buying the risk-free asset" refer to portfolios that lie to the left of the market portfolio. Portfolios that lie to the left of point M are created by lending funds (or buying the risk free-asset). These investors own less than 100% of both the market portfolio and more than 100% of the risk-free asset. The portfolio at point Rf (intersection of the CML and the y-axis) is created by holding 100% of the risk-free asset. The statement, "fully diversifying" is incorrect because the market portfolio is fully diversified.通过借入资金拥有超过100％的市场投资组合（M）来创建位于资本市场行上市场投资组合右侧的投资组合。 “同时持有无风险资产和市场投资组合”和“购买无风险资产”这两个陈述均指位于市场投资组合左侧的投资组合。 位于M点左侧的投资组合是通过借贷资金（或购买无风险资产）创建的。 这些投资者既拥有不到100％的市场资产，又拥有超过100％的无风险资产。 Rf点（CML与y轴的交点）处的投资组合是通过持有100％的无风险资产而创建的。 因为市场组合是完全多元化的，所以“完全多元化”的说法是不正确的。