If this isnt an errate then my only guess is that there is an assumption about the stage of life u r in. The paragraph states "more financial wealth also indicates more conservative portfolios when human capital is bondlike". Which to me would suggest someone who has a lot of job security and that would normally happen at a later stage in ur life at which point your ability to take risks declines. Thus if your human capital is stocklike you are likely to be younger (excluding those who get tenure in their 20s) and if you have a lot of financial wealth when your young you hav a greater ability to take on more risks.
I'm kinda clutching at straws here so I think it's probably an error in the text.
1) HC is stock like --> decreases risk tolerance
2) Huge wealth --> increases risk tolerance
--> Overall: depends on the level of 2)
If wealth if really huge it outrumps the income (look for clues "would not nee to work anymore" or simply 50k per year salary against 2m income a.t. from portfolio)
Also, stage of life is an indicator like the 2 above. While you generally invest in less risky securities as you grow older, with huge wealth you are still able to take on more risk.
发表于 2011-7-11 19:43
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