NO.PZ2015121801000083
问题如下：
A portfolio on the capital market line with returns greater than the returns on the market portfolio represents a(n):
选项：
A.lending portfolio.
B.borrowing portfolio.
C.unachievable portfolio.
解释：
B is correct.
As one moves further to the right of point M on the capital market line, an increasing amount of borrowed money is being invested in the market portfolio. This means that there is negative investment in the risk-free asset, which is referred to as a leveraged position in the risky portfolio.
rt
