地同学2022-04-28 10:20:20

老师这个我在一个介绍资产管理的文章上看到的：Given the ability to lend or lever, the decision on the optimal mix of risky assets and the decision on the amount of risk to take are separable. Furthermore, this optimal mix of risky assets is the same for each investor.7 Given no ability to lever, the optimal mix of risky assets can be different for different investors, although construction of the set of efficient portfolios and the choice of which efficient portfolio to hold can still be separated. 我不明白为什么在有杠杆的情况下，最优风险资产组合对于每个投资者来说是相同的；在没有杠杆的情况下则是相反的？