Expected Return E(R)
  ^
  |                                 / Capital Market Line (CML)
  |                               /   (Combination of Risk-Free Asset 
  |                             /     and Tangency Portfolio M)
  |                           / 
  |                         /  * Tangency Portfolio (M)
  |                       /   / \
  |                     /   /     \  Efficient Frontier
  |                   /   /         \ (Optimal Portfolios of 
  |                 /   /             \  Risky Assets)
  |               /   /                 \
  |             /   /                     \
  |           /   /                         \
  |         /   /                             \
  |       /   /                                 \
  |     /   /                                     \
  |   /   /                                         \
  | /   /                                             \
  |/___________________________________________________\____> Risk (Std Dev, σ)
 Rf