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投资者的风险偏好如何影响其证券组合的组成？对这一问题的简单而漂亮的回答来自共同基金分离定理。这一定理，是最基础的资本资产定价模型（ＣＡＰＭ）的建筑模块，它被正式地教授给大学生和商学院的学生。根据这个定理，投资者越是不愿承担风险，其证券组合中无风险资产越多
How does the investor’s risk appetite affect the composition of its portfolio? A simple and nice answer to this question comes from the mutual fund separation theorem. This axiom is the building block of the most basic capital asset pricing model (CAPM) and is formally taught to students at college and business schools. According to this theorem, the more reluctant investors are to take risks, the more risk-free assets in their portfolios