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Which of the following statements about investment policy statements (IPS) is least accurate? The IPS:

A)
helps insure against short-term shifts in strategy when either market environments or portfolio performance cause panic or overconfidence.
B)
can be readily implemented by current or future investment advisors.
C)
is an informal statement of objectives and constraints.


Investment policy statements should always be formally written documents that take into account objectives and constraints and governs investment decision-making.

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Which of the following is not considered an investment constraint?

A)
High-risk securities.
B)
Unique considerations.
C)
Liquidity requirements.


Although there may be reasons why high-risk securities are not included in an overall portfolio, they are only a consequence of constraining factors. Liquidity requirements and unique considerations are both constraining factors.

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