The first is Fisher's separation theorem, that is, in a complete financial market, the time sequence of production technology has nothing to do with personal time preference. In this way, entrepreneurs can produce independently according to the time limit of production technology, without considering the consumption problem, because there is a perfect financial market to provide loans.

The second is Tobin separation theorem. The choice of venture capital portfolio has nothing to do with personal risk preference. In this way, the fund manager does not have to consider the risk preference characteristics of customers, but only needs to choose the optimal portfolio (given the risk, the maximum return).

The third is Fama's separation theorem (separation of two funds), and the number and composition of venture capital portfolio have nothing to do with currency (risk-free assets). This reflects Fama's thought of "New Monetary Economics"-in the economic system, money is not important, and the Walras world of barter can be realized in the financial market.

These three theorems are very important. Fisher theorem tells people that financial markets are very important; Tobin separation tells fund managers not to care about the personal differences of customers; Fama's separation theorem tells people that money has no influence on the venture portfolio itself, and any portfolio can be represented by a linear combination of risk-free assets and risk assets.