Markowitz established the combination investment model on the thought of measuring the risk by the variance of revenue's rate and developed the times of the financial quantitative analysis. That model has important meaning at the theory and application. On the foundation of Markowitz's portfolio theory, the relations of revenue's rate and risk, the efficient portfolio gathering and the boundary of the portfolio are further studied in this paper. Mathematical equations of the efficient portfolio of Ws,Wt,Wd,W, as well as portfolio selection with a riskless asset, havebeen put out. The semi-variance portfolio model are discussed and the shortcomings of semi-variance portfolio model and Markowitz's portfolio model are analyzed. A kind of improved risk measure method is brought up and the portfolio model is established and the comparisons of three kinds of methods are made at the same time in this paper. The results of this paper has directions to securities investment.
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