“Each Portfolio on the minimum-variance frontier represents the portfolio with the smallest variance of returns for its expected level of return”.
“The portion of the minimum-variance frontier beginning with and continuing above the GMV portfolio is the efficient frontier”
Reading 18, p 211
–> My question : Is the efficient frontier part of the minimum-variance frontier ? I mean, looking at the classic graph, shown in exhibit 10 on p. 212, it is clear that the portfolios on the portion under the GMV (designated as the Minimum Variance Frontier) are dominated by portfolios on the efficient frontier and therefore not efficient.
So what are they talking about, here ? What is it that I am missing ? Many thanks.