hi, Peter,
I do want a parner for studying CFA. but I dont have. I do not understand what is Risk in the Markowitz Frontier line . I understand that for each risk, Markowitz infer an expected return. if the risk is higher, expected return is higher. but how do we know that risk of stock A is higher than risk of stock B.

Markowiz line do have a practical application. though we do not know the risk of each stock, we know that combine the stocks together will go to a portfolio which has reduced risk with the same return.

but for each stock, a big task is to identify the risk of each stock. we do this by analysing competitive environment. this job is explained well in MBA program not in CFA.

it is better to know risk of each stock before combining them into a portfolio. but in practice, we never know risk of a stock and though we do not know the risk we can still combine them to make a portfolio. though we do not know exact risk of a stock, we can better know risk by analyzing competitive positioning, the concept explained in MBA program.

CFP ignore an important part, analysis of competitive position . CFA assumes that risk of a stock is known and from this assumption, CFA makes many theories and formula.

am i correct? pls explain.