最优风险资产组合 Optimal risky portfolios 从分散化如何降低资产组合投资回报的风险开始。在建立这 基点之后,我们将从资产配置和证券选择的两方面考察有效分 散化策略。我们将首先考察一个不包含无风险资产的资产配置 ,我们将运用两个有风险的共同基金:一个是长期债券基金, 个是股票基金。然后我们将加上一个无风险资产来决定一个 最优资产组合 The efficient diversification strategies at the asset allocation and security selection levels. We start with a simple example of asset allocation that excludes the risk-free asset. To that effect we use two risky mutual funds: a long-term bond fund and a stock fund. With this example we investigate the relationship between investment proportions and the resulting portfolio expected return and standard deviation We then add a risk free asset to the menu and determine the optimal asset allocation8-3 最优风险资产组合 Optimal Risky Portfolios 从分散化如何降低资产组合投资回报的风险开始。在建立这一 基点之后，我们将从资产配置和证券选择的两方面考察有效分 散化策略。我们将首先考察一个不包含无风险资产的资产配置 ，我们将运用两个有风险的共同基金：一个是长期债券基金， 一个是股票基金。然后我 们将加上一个无风险资产来决定一个 最优资产组合。 The efficient diversification strategies at the asset allocation and security selection levels. We start with a simple example of asset allocation that excludes the risk-free asset. To that effect we use two risky mutual funds: a long-term bond fund and a stock fund. With this example we investigate the relationship between investment proportions and the resulting portfolio expected return and standard deviation. We then add a risk￾free asset to the menu and determine the optimal asset allocation