Suppose there are M assets which are uncorrelated. The expected return fm = f is the same for each asset, but the volatilities (am) are different. M m=1 (a) Describe the efficient frontier. (b) Identify the global minimum variance portfolio. Express the result in terms of the precisions 1 m = 1....., M. What does this tell you about the minimum-volatility portfolio and the precisions? 711