*“Each Portfolio on the minimum-variance frontier represents the portfolio with the smallest variance of returns for its expected level of return”.*

*“The portion of the minimum-variance frontier beginning with and continuing above the GMV portfolio is the efficient frontier”*

Reading 18, p 211

–> My question : Is the efficient frontier part of the minimum-variance frontier ? I mean, looking at the classic graph, shown in exhibit 10 on p. 212, it is clear that **the portfolios on the portion under the GMV (designated as the Minimum Variance Frontier) are dominated by portfolios on the efficient frontier and therefore not efficient.**

So what are they talking about, here ? What is it that I am missing ? Many thanks.