Abstract: A method of optimizing a portfolio includes selecting an investment universe with a finite number of assets, forming a belief matrix based on one or more homogeneous inequality relationships among the expected returns of assets in the universe, selecting those asset returns that are consistent with the belief matrix to form a consistent set of return vectors, selecting a set of allowable weight vectors for the assets in the universe, determining a centroid vector of the consistent set of return vectors with respect to a probability measure, and finding an optimal portfolio by finding a weight vector on a boundary of the set of allowable weight vectors that maximizes an inner product with the centroid vector.

Abstract: A loose-leaf binder is disclosed having a pair of separable cover members with rib portions and a centrally disposed fastening sleeve assembly disposed for insertion through a central aperture in the rib. An outer sleeve of said fastening sleeve assembly is tapered at one of its extremities to coact with ball locks carried by an inner sleeve member which is slidably disposed for limited longitudinal movement within said outer sleeve, and which is hollow at one of its extremities to receive the locking pin. The operating extremity of the inner sleeve member is provided with a transverse aperture which passes diametrically therethrough to receive an operating member in the form of a ring which is sized so that it will not interfere with closing of the cover no matter what the rotative position of the ring when disposed in the inoperative position which is flat, parallel to and in contact with the rib of the closed binder.