2 efficient frontiers according expectations?

I’m studying “Portfolio risk and return”. I think i understand the concetps about CAL, CML and efficient frontier, but there are somo things i’m confused:
If CML represents the market expectations and CAL represents individual expectations, should we have 2 different efficient frontiers?:
1 efficient frontier constructed with the market expectations
1 efficient frontier constructed with individual/investor expectations

If this is not correct, and there is only one efficient frontier, always the CML is higher than any CAL. So why an investor would select a portfolio in the CAL, if any point in the CML for the same level of risk has a better expected return?


This is not the distinction between the CML and a CAL. The expectations are the same; it’s the risky portfolio that’s different.

A CAL is a line (technically, a ray) through the risk-free asset and a given risky asset; there is a unique CAL for each risky asset.

The CML is a CAL; it happens to be the CAL with the highest Sharpe ratio.