Capital allocation line(CAL 资本配置线)和Capital market line（CML 资本市场线）的区别与联系？

CML = CAL for the entire market, assuming everyone has the same mean variance expectations ( E(R), variances, correlations).

CAL is just the CML for individual investors.

CAL and CML both combine the risk free asset with the optimal portfolio, only with CML that optimal portfolio is the market portfolio (tangency point of CML).