898                                                    25

      (RVAR), -
    CML.    -
    ,       ,
      .      -
    ,      16-
  .      -
 , ..        -
      ,  ^, ^. 
  CML     ,      -
      ,   
  ,  (^ - )/(^ - 0) = (ar^ - )/^.   
   /",      
   :

- - /
are =/7+--On.

0-1                  /-                

(25.20)

 ,   . 25.1,     -
 S&P 500,     (25.6)  (25.7),  4,88% 
7,39%.        2,23%,  -
 CML  16-    :

 -- 4,88%-2,23%    --,.,- ,,
^=2.23%+   ^^^=2,23%+0,36,.

 25.6    .

(25.21)

	
	^  CML
4,88%	M.^
3,93%	/ ........^.. ... .^	'FF
		
	/ .^^	
	^^, -'' 1	
	^'' 1	
2,23%		
	]	

7,39%    9,08%      "

. 25.6.       CML