Consider a group of stocks or portfolios within the opportunity set that all have the same risk as measured by standard deviation of expected returns. The one particular stock or portfolio that has the highest expected return

		is on the Markowitz efficient frontier.
		can be on the Markowitz efficient frontier, but could also be somewhere else within the opportunity set.
		can be on the Markowitz efficient frontier, but could also be along the capital allocation line from the risk-free asset, but nowhere else within the opportunity set.
		is most likely not on the Markowitz efficient frontier, but it is possible to be located there.