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CML B Linear Efficient Frontier E(R) 19 S&P500 M E(R) 14 P Curved Efficient Frontier E(R) E(R) = E(R) TA R4 o=0 = 0; Curved Efficient Frontier offers many choices of optimal portfolios Only the upward portion of the curved Efficient Frontier is efficient. This curved frontier is obtained by mixing risky securities and a risk free security available in the market. Portfolio 8 and Portfolio P have the same standard deviation of their returns. However, Portfolio P is more efficient than Portfolio B, because it lies on the curved Efficient frontier Portfolio C can be made by mixing a risk free asset such as US T-bill offering a return Rt and a tangency portfolio M that holds ali the risky securities in some proportion. This portfolio Con the Capital Market Line (CML) will be more efficient than a portfolio O of equal risk that lies on the Curved Efficent Frontier Portfolio C is a borrowing portfolio