This paper deals with problems of modern theories of portfolio as a follow up of establishing the complex relationship … of risk in the previous chapter and establishes that the analysis of the risk of a portfolio can only be made in close … since the beginning of the 20th century, there can be established as components of the modern theory of portfolio a series …

in order to optimize the portfolio structure and to diversify the risk. Trading the financial derivatives is assumed to … be one of the most efficient methods to increase the returns and minimize the risk while managing the portfolio …. Financial derivatives transactions turn into the most popular mechanism aimed at increasing the portfolio performances. Hence …

The classical models of portfolio selection could not be applied on a market were the efficient market hypothesis is … not valid (at least in a "weak" sense). The aim of this paper is to enlighten the difficulties of portfolio construction … disfunctions, there is a possibility to build an "optimal" portfolio based on a yield-risk arbitrage inside an efficiency frontier …

the privatization and, finally, instructions for building an emergent market portfolio. …