“The SML is the equation that specifies the required/expected return for a security that is implied by the CML when the market is in equilibrium.”
(Institute 268)
Institute, CFA. 2018 CFA Program Level II Volume 6 Alternative Investments and Portfolio Management. CFA Institute, 07/2017. VitalBook file.
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这是portfolio management process 书后14题的节选，二级教材似乎并未涉及cml和sml线，我只记得sml线横坐标为beta，cml线为系统风险的标准差，题干中整体sml线与cml线的关系解释我没看懂，market is in equilibrium又是什么意思？二级考试还会涉及一级的知识点吗？
