Formerly research on portfolio selection mostly made assumption with the riskless asset, but the riskless asset does not exist in fact.

以往关于资产组合选择的研究大多假设市场上存在无风险资产，但无风险资产实际上是不存在的。

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In this paper, the effects of benchmark portfolio on portfolio selection and asset pricing are analyzed.

本文研究了参考证券组合对组合证券选择和均衡资产定价的影响。

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The profit rate, investment risk and transaction cost are synthetically considered in this new model, which is very useful in the portfolio selection.

在本模型中综合考虑了证券组合的收益，风险，交易费用等因素，对投资者选择有效证券组合有一定的实用价值。

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Portfolio selection may be conducted through quantitative analysis, qualitative analysis, or some combination thereof.

FORBES: Investors Need To Make Money, Not Beat Benchmarks

In a 1952 paper and 1959 book, Portfolio Selection, future Nobel laureate Harry Markowitz expounded MPT for the investment world.

FORBES: Is Modern Portfolio Theory Out-of-Date?

In the early 1950s, another doctoral student named Harry Markowitz posited a statistical approach to investment selection called Modern Portfolio Theory.

FORBES: Wise Up: 'Normal' Market Behavior Is Not Normal But Crazy Is