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---
title: Efficient Portfolios
subtitle: The Capital Asset Pricing Model holds as equality of random variables, not just their expected values.
author: Keith A. Lewis
institute: New York University
classoption: fleqn
fleqn: true
abstract: |
The Capital Asset Pricing Model has been known for over 70 years so it may come as a surprise
there is a much stronger version that has not been previously noticed.
thanks: |
Kevin Atteson, Peter Carr, Arnav Sheth, David Shimko, Leon Tatavosian, and Ed Weinberger gave insightful feedback to
make the exposition more accessible to finance professionals.
Any infelicities or omissions are my fault.
---