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What I did in this diagram is I computed the efficient portfolio frontier-- now it's the blue line with three assets.
在这张图表中,我计算了有效边界-,蓝色线表示三种资产的组合。
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The pink line here is the efficient portfolio frontier when we have only stocks and bonds to invest.
这条粉色曲线就是有效边界,这个投资组合只包括了股票和债券。
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But now, you see there are a lot of possibilities and the outcome of your portfolio choice can be anything along this line.
但是现在你可以看到很多可能的投资组合,你决定的投资组合的结果,可以是这条线上任意一点。
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The best possible portfolio that you can get would be points along this straight line.
你所能得到的最佳资产投资组合,就是这条线上的一系列点。
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This point right here is, on the pink line, is a portfolio 100% bonds.
粉线上的这一点，是一个100%债券的投资组合。
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That means that you want to pick, ultimately, a point on this-- this line is tangent to the efficient portfolio frontier with all the other assets in it.
那意味着你会最终会在这上面选一个点-,这条直线是与有效边界相切的,后者包含了所有的资产组合。
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You want to, for any given expected return, you want to minimize the standard deviation, so it's the left-most line and that means that everyone will be holding the same portfolio.
你希望，在期望收益固定的情况下，你肯定希望将标准差最小化，而这条线是最左边的线,这就意味着所有人,都愿意持有这样的投资组合。
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If we want to add that asset to the portfolio, what it does is it produces an efficient portfolio frontier that is now a straight line; I show that on the diagram.
如果我们将其加入到投资组合中去，则会生成一条资产组合的有效边界,即一条直线;,我在图里把它画出来了。
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Everyone would do that, no one would ever hold some other portfolio ... because you can see that this line is the lowest-- it's far--you want to get to the left as far as possible.
所有人都会这么做，没人会选择其他的投资组合,因为你们可以看到这条线是最低的-,你希望他越靠左越好。
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Tangent means that it has the same slope, it just touches the efficient portfolio frontier for risky assets at one point, and the slope of the efficient portfolio frontier, including the riskless asset, is a straight line that goes through the tangency point, here.
相切意味着斜率相同，它与包含风险资产的有效边界,交与一点，而包含无风险资产的，有效边界，则是一条过切点的直线，切点在这里。
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