oneboy

Your analysis of the m and formula is correct. However that is NOT where we disagree.

The formulas, thus the Ms, are plotted on their respective Exposure Diagram. Each strategy has a straight line on this diagram.

My doubt over Schweser comes from its discussion regarding the Payoff Diagram, which, for CPPI, is convex. (For CM, concave; for B&H, straight line).

Because of CPPI's convexity (curve, but not a straight line), but definition the curve's slope cannot be constant. That is, the tangent line of a curve is constantly changing.