minimum-variance frontier of risky assets global minimum-variance portfolio.

Minimum variance frontier is a graph of the portfolios with the lowest variance for any given rate of return. The global MF portfolio is the portfolio with the smallest variance of every portfolio possible on the MFV.

The global min variance portfolio is at the point where the frontier starts to bend backwards were you are getting less return for a given level of risk.

Also note that the graph from the MF porfolio on up (the positively sloped part) in the efficient frontier.

CAL or CML is tangential to the efficient frontier at the point of minimum variance and thus does not pass thru the point of global minimum variance…

hahah