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The discounted prices of the risky assets are described by a \\(d\\)-dimensional semimartingale \\(S=(S^{i})_{i=1,\\dots,d}\\) on a filtered probability space with \\(T\\)-finite time horizon. For the predictable \\(S\\)-integrable process \\(\\theta\\) the value process of the self-financing trading strategy \\(\\theta\\) with initial capital \\(1\\) is given by \\(1+\\int\\theta dS\\). If this value process is strictly positive, it is called a tradable num\u00e9raire. Instead of studying the set of equivalent martingale measures with respect to a prespecified num\u00e9raire the author looks for a tradable num\u00e9raire \\(N^{P}\\) such that the discounted asset prices become martingale with respect to the original measure \\(P\\). This num\u00e9raire is called \\((P)\\)-numer\u00e1ire portfolio. The essential results on the grows-optimal num\u00e9raire are proved. By general duality results from \\textit{D. O. Kramkov} and \\textit{W. Schachermayer} [Ann. Appl. Probab. 9, 904-950 (1999; Zbl 0967.91017)] on utility maximization the existence of the \\(P\\)-num\u00e9raire portfolio \\(N^{P}\\) is shown under very mild conditions which are of no-arbitrage type. \\(N^{P}\\) is characterized as a solution of several optimization problems. Some examples illustrate the proposed 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