1. CFA考試中Capital market line (CML) 與Security market line (SML) 的對比
高頓CFA為你解答：
Capital market line (CML)（資本市場線）：
The line with an intercept point equal to the risk-free rate that is tangent to the efficient frontier of risky assets; represents the efficient frontier when a risk-free asset is available for investment.
資本市場線與證券市場線的區別
（1）「資本市場線」的橫軸是「標准差（總風險）」，「證券市場線」的橫軸是「貝塔系數（只有系統性風險）」；
（2）「資本市場線」揭示的是「持有不同比例的無風險資產和市場組合情況下」風險和收益的關系；「證券市場線」揭示的是「證券的本身的風險和收益」之間的對應關系；
（3）證券市場線的作用在於提供了「必要報酬率」，利用股票估價模型，可以計算股票的內在價值；資本市場線的作用在於確定投資組合的比例，可預期承擔多大的風險以及達到什麼樣的收益；
（4）資本市場線上包含了所有有效的組合，而只有合理定價的證券或組合才能正好在證券市場線上 ；
（5）資本市場線的斜率為市場組合的夏普比率，而證券市場線的斜率為市場的風險溢價；
例：When comparing portfolios that plot on the security market line (SML) to those that plot on the capital market line (CML), which is the most accurately state that portfolios lie on the SML:
A. have only systematic risk, while total risk is the risk measure on the CML.
B. are not necessarily well diversified, while portfolios on the CML are well diversified.
C. are not necessarily priced at their equilibrium values, while portfolios that lie on the CML are priced at their equilibrium values.
答案：B
解析：Although the risk measure on the capital market line diagram is total risk, all portfolios that lie on the CML are well diversified and have only systematic risk. This is because portfolios on the CML are all constructed from the risk-free asset and the (well-diversified) market portfolio. Any portfolio, including single securities, will plot along the SML in equilibrium. Their unsystematic risk can be significant, but it is not measured on the SML diagram because it is not related to expected return. Both the CML and the SML reflect relations that hold when prices are in equilibrium.
（該資料來源於高頓CFA研究院：http://finance.gaon.cn/nan/aboutcfa.html）
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