A More Efficient Frontier
展示投资者群体如何通过资产池化，为成员提供比个人单独选择投资组合更高的预期收益，同时保持标准差不变，并探讨了这种方法的局限性。
In this article, the authors show how a community of investors can provide each of its members with higher expected return for a given standard deviation than any individual member can obtain alone by picking a portfolio from an efficient frontier. The procedure entails pooling the assets of the members into a single community portfolio, then apportioning the gains or losses on this portfolio according to a function depending on the member's respective risk-return preferences. Use of such a function makes the pooled risk control procedures equivalent to an “internal risk-free rate” at which conservative investor members lend to more aggressive members. The authors argue, however, that this particular version of pooled procedures is not likely to prevail among investment communities.