They have lots of maybe good-- maybe it's not because they're irrational, it's that they're political or they're constrained by tradition or laws or regulations, all sorts of things; but, they're not holding the tangency portfolio.

他们有很多好的原因-,也许并不是因为他们不够理性，而是由于他们有自己政治上的考虑,或者是他们本身被传统,法律以及规则等一系列的因素，所限制;,因此他们不会持有切线资产组合。

耶鲁公开课 - 金融市场课程节选