Uncle Bill is less risk averse than most investors. He would like to create a portfolio with a lower standard deviation and a higher expected return than the market portfolio. You would tell Bill:
1- this is impossible in equilibrium
2 - to borrow funds at the risk-free rate and invest them in the market portfolio
3 - to invest more of his wealth in the risk-free security than in the market portfolio
4 - to allocate funds between the market portfolio and the risk-free asset such that his portfolio will lie to the right of the market portfolio on the CML
5 - to find the portfolio at the point of tangency between the efficient set and the CML