better known as CAPM, for its Persuasions in Kilbourne’s article  name in English (Capital Asset Pricing Model), was developed by Sharpe (1964) and Litner (1965). Both based their studies on research conducted by Markowitz and Tobin (1960), who affi rmed that all investors select their portfolios through the mean-variance cr Persuasions in Kilbourne’s article iterion. The objective is quantified car model and interpret the relationship between risk and return because through this linear relationship can establish the balance of the financial markets. Like any economic model, the CAPM based its relevance more or less re Persuasions in Kilbourne’s article strictive assumptions, which have enabled it to draw conclusions universally accepted. According to Sharpe (1964), the basic assumptions on which is built the CAPM are: a) It is a static model, that is, there is only one period in which the assets are traded or exchanged at the beginning of the period and consumption takes place at the end of it when the assets produce a payment or performance. b) Investors acting in the market are individuals risk averse that maximize expect Persuasions in Kilbourne’s article ed utility in one period, ie, the expected utility function is assumed biparametric, dependent solely on the expectation and variance of the random distributions probability yields financial assets at risk. Although this assumption may arise from the quadratic utility function, due to the significant drawbacks of t Persuasions in Kilbourne’s article his function to adequately represent a rational and risk adverse investor, it is considered the logical consequence of assuming that asset returns are normally distributed. c) The expectations of investors about the expected returns, volatilities and covariance between assets are the same. In other words, investors are “price takers” featuring homogeneous expectations about return distributions of the different risk financial assets, allowing considering a unique set of investment opportunities for all investors, represented by the so-calle Persuasions in Kilbourne’s article d efficient border. As in the previous case, that the only selection criteria used are the mean and variance of the distributions of as>