The matrix algebra associated with finding minimum variance portfolio weights, mapping the efficient frontier, and determining the tangency portfolio weights is greatly simplified in Excel by applying Cramer’s Rule. Only a scant knowledge of linear algebra is necessary for producing a very intuitive presentation for a multi-asset portfolio. The technique is very easily replicated for an assignment or for providing a classroom resource.
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Arnold, Tom, Joseph Farizo, and Terry D. Nixon. "Simplified Portfolio Optimization Using Cramer’s Rule in Excel," University of Richmond Robins School of Business, (2022): 1-20.
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