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Reading 70: The Portfolio Management Process and the Investm

Session 18: Portfolio Management: Capital Market Theory and the Portfolio Management Process
Reading 70: The Portfolio Management Process and the Investment Policy Statement

LOS f: Contrast the types of investment time horizons, determine the time horizon for a particular investor, and evaluate the effects of this time horizon on portfolio choice.

 

 

Which of the following statements regarding the effect of investors’ time horizon on portfolio choice is least accurate?

A)
Longer time horizons may indicate an investor’s greater ability to take risk, even if willingness is not apparent.
B)
Endowments and foundations typically invest with an average or below average tolerance for risk.
C)
Legal and regulatory factors usually do not affect the investment policies of individual investors.


 

Endowments and foundations typically invest with an average or above average tolerance for risk, in part due to their relatively longer investment time horizons.

A defined benefit pension plan would most likely have which of the following set of return objectives and risk tolerance?

Return Requirements Risk Tolerance

A)
Life cycle stage of beneficiaries Risk tolerance of beneficiaries
B)
Pension liablility + inflation Risk tolerance of beneficiaries
C)
Fund pension liablility + inflation Plan features, funding status of plan, & age of workforce


For a defined benefit pension plan, return requirements are based upon the minimum needed to fund the pension liability while accounting for inflation. The risk tolerance is dependent upon the plan’s features, the age of the workforce, and the funding status of the plan.

TOP

Which of the following factors are least likely to affect the formulation of an investment policy statement for a university’s endowment fund?

A)
Tax considerations.
B)
Multi-stage time horizons.
C)
Social considerations.


An endowment would receive tax-exempt status, and therefore would not have to include tax considerations when formulating an investment policy statement.

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Max and Anna Klushefski have both turned 30 in the last year. The couple decides 30 is the right age to start thinking more about their future, so they meet with a financial planner, Thelma Black. Both Max and Anna work. Their 401k plans have a combined value of $135,000 and represent their only investment assets. Anna, a schoolteacher, is pregnant with their first child and plans to quit her job when the child is born. The couple hopes to have at least two more children. Max makes $65,000 per year as a junior executive at a clothing firm. The couple has been banking Anna’s salary for the last two years and can live on what Max makes.

Max and Anna had not thought much about their future, but in response to Black’s questions, they come up with two goals:

  • Anna wants to stay out of the work force until all of her children are out of the house.
  • Max wants to retire at 65 with at least $2 million in his portfolio.

Neither Max nor Anna knows much about investing, but Max’s friends tell him that stocks are the best option because they earn the best returns. Max and Anna want to invest most of their money in stocks.

Based only on the information presented above, the Klushefskis’:

A)
investment objectives are too aggressive.
B)
ability to take risk conflicts with their willingness to take risk.
C)
plans need to consider time horizons.


Given that a 30-year-old man is making $65,000 in an executive position, he can be excused for aiming fairly high. A $2 million portfolio is aggressive, but not necessarily out of reach, with 35 years to work on it. The Klushefskis are young enough so they can afford to take risks and can live on their work income. That meshes with their willingness to focus on stocks. However, their plans do not include payments for college or any other major expenses between now and retirement. They should consider other possible needs for their money and plan their finances according to those time horizons, as well as their retirement goals.

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