 बश्मला एरख्मान रेएन, पर्फोल्यो रिस्मनज्मन, यस में बात करेंगे क्यप्टल माक्ट लाईन की, CML की, जोसके हमने पले डरीवेशन से बात की अगी ख्टी के वेन त्स्काल आन रहा आप फोमोजेनिस ठ्पक्तेशन, तिर च्फिल्ट, तिर टी च्फिल्ट, वि � अप्तिमल कुम्बिनेशन अप रिस्ख फ्री आन त्द माक्ट पोट्फोलि, तोनोगे जब कुमबाईन कर के आप एक लाईन ड़्ोग करते हैं, तन दार देस, CML. CML is superior to efficient frontier, because we saw efficient frontier is only capturing risky assets. In fact, CML is seeing its combination with risk-free. So efficient represents risky, it draws, if we draw a line for risk-free return which is tangent, we get the CML. So we joined that market return from RF, so then that is CML in our form. The point of tangency is the most efficient portfolio, that is highest level, best possible. Moving up, the CML will increase the risk, and moving down will decrease the risk. So we said that investors can move their appetite, their willingness on that line, so that is the best possible available. Subsequently, the returns will increase or decrease based on the expectation and the movement. The slope of CML is actually the sharp ratio of market portfolio. Sharp ratio is a major add return gauge. So the CML is basically the sharp ratio that we are taking risks, on which we have so many incremental returns. All investors choose the same market portfolio, given a specific mix of those ratios, and associated risk with them. Weights up-down, but the risk levels of the market will remain the same for all. So this is the line, if you can recall it's similar to the previous part we just discussed, but because when we were talking about Cal, there are multiple Cal's, CML is only one. And the red point you can see, the best point is the tangent point, where efficient frontier and CML are tangent. So this is the line reflection of the CML. Capital market line's formula is how it's calculated. Our aim is to get the expected return. So we use the risk-free rate, standard deviation, expected returns, and then we use the standard deviation to calculate that. In this case, we have the expected return which we are trying to remove. We are using risk-free rates. Standard deviation of the portfolio, expected return of market, and again with the RF and then using the standard deviation of the market. So this way we'll get the expected return using the CML approach. This is an example so that it's more completely understood. Suppose that the current risk-free rate is 5% and expected market return is 18%. Standard deviation of the market portfolio is 10. So that means we have all the required content. Now let's make two portfolio with standard deviation, portfolio A is 5 and B is 15. There are two portfolios and we are trying to gauge them here. Using the CML formula, which we just discussed, portfolio A's expected return is starting with the 5% risk-free return and then applying figures in the formula, we are coming up with the conclusion that expected return is 11.5 because we have used the standard deviation. When we talk about portfolio B, where the standard deviation was 15%, the expected return moves up to 24.5. So your direct linkage is the expected return on the standard deviation. As we increase the risk in the portfolio, the expected return increases. So that same path has a direct link in this mode. The same is true vice versa. If we do the opposite, instead of 5%, if we go to the standard deviation, then you can rightly imagine that the expected return is even lower than the expected return 11. So it's going with the direct relationship. Increase the risk, get the higher return, decrease, get the lower return. So it means that capital market line represents a different combination of assets for a specific sharp ratio. That it captures the movement of our sharp ratio and gives us the expected return. Thank you.