一、资本资产定价模型回顾投资于证券及其他风险资产首先需要解决的两个核心问题,即预期收益与风险。如何测定组合投资的风险与收益成为市场投资者迫切需要解决的问题。正是在这样的背景下,在50年代和60年代初,马科维茨投资组合理论应运而生。马科维茨认为,在一定的条件下,一个投资者的投资组合选择可以简化为 I. Capital Asset Pricing Model Looking back on the two core issues that need to be addressed first in investing in securities and other risky assets, namely, the expected return and risk. How to measure the risks and benefits of portfolio investment has become an urgent problem to be solved by market investors. It is in this context that in the 1950s and early 1960s, Markovic’s portfolio theory came into being. Markowitz believes that under certain conditions, an investor’s portfolio of options can be simplified to