The article presents a solution to minimize risk and meet reward goals for a portfolio manager. It focuses on Conditional Value-at-Risk (CVaR) to measure risk beyond Value-at-Risk (VaR). The researchers provide an analytical solution in a market setting to help managers rebalance portfolios efficiently. They identify the optimal portfolio and calculate the associated minimal risk. An example in the Black-Scholes framework is used to show how a dynamic hedging strategy can be calculated, and an efficient frontier can be plotted.