考CFA在時間管理上是相當難的，作為在職人來說，工作任務重、學習時間少，每天還要學習相關的知識點，有些考題不是太過于精，融躍給你挑選了CFA一級投資組合考試題，重要考題附解析，供廣大考生利用碎片時間隨時隨地進行充電，日積月累提高做題水平。
A line that represents the possible portfolios that combine a risky asset and a risk free asset is most accurately described as a :
A:charactestic line
B:capital allocation line
C:capital market line
解答 Answer：C
Investors are risk averse. Given a choice between two assets with equal rates of return, the investor will always select the asset with the lowest level of risk. This means that there is a positive relationship between expected returns (ER) and expected risk (Es) and the risk return line (capital market line [CML] and security market line [SML]) is upward sweeping.
對于整個市場來說，由于馬科維茨認為市場是完美的，所以你可以不用任何成本進行資產(chǎn)的分散化處理，因此你自己可以DIY處理掉的非系統(tǒng)性風險市場是不會給你這部分補償?shù)?。但是就系統(tǒng)風險而言而言，尤其是風險厭惡者，我們是希望越高風險，就給我們越高的補償，原因之一，由于這部分風險無法被分散化，你就應該給我補償，其次無論從CML和SML哪條線來看，風險和收益都是成正比關系的，這也符合我們的日常邏輯。炒股票的期望收益就應該比余額寶帶來的要高。
The batic premise of the rise-return-trade-off suggests that risk-averse individuals purchasing inwestments with higher non-diversifiable risk should expect to earn:
A:lower rates of return
B:rates of return equal to the market
C:higher rates of return
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.
這道題目出的好，首先對于我們來說，一旦出現(xiàn)了無風險收益，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險收益的切線也只有一條，那個切點就是市場組合。題目里說只有一個風險資產(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。
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