CML and the CAPM CAPM says that in equilibrium, any investor's relative holding of risky assets will be the same as in the market portfolio Depending on their risk aversions, different investors hold portfolios with different mixes of riskless asset and the market portfolio THE COURSE OF FINANCE 2017 SPRING SJTU 8CML and the CAPM  CAPM says that in equilibrium, any investor’s relative holding of risky assets will be the same as in the market portfolio  Depending on their risk aversions, different investors hold portfolios with different mixes of riskless asset and the market portfolio THE COURSE OF FINANCE 2017 SPRING SJTU 8