NO.PZ201710200200000107
问题如下：
7. Based on Exhibit 1, which portfolio best meets the Laws’ goal to fund an endowment for their alma mater?
选项：
A.
Portfolio 1
B.
Portfolio 2
C.
Portfolio 3
解释：
B is correct.
Portfolio 2 best meets the Laws’ goal to fund an endowment for their alma mater in 20 years. In present value terms, the gift is valued at $500,000, with the Laws desiring a high probability of achieving this goal. Although slightly more conservative than the 75/25 global equity/bond mix, Portfolio 2 has a greater growth emphasis compared with Portfolios 1 and 3. Therefore, Portfolio 2 is best for funding the endowment at their alma mater given the goal’s long-term horizon and the Laws’ desire for a high probability of achieving it.
考点：goal-based approach
解析：投资期：20 years，长期。实现目标的程度：high probability（与education expense的very strong desire相比，程度略低）。
因为投资期长，所以cash占比可以放低：portfolio 1 cash占比35%偏高，排除。
因为实现目标的程度高，但不是非要满足，所以可以承担一些风险。Portfolio 2和3的差别不仅仅只有diversifying strategy，还有fixed income和global equities。发现portfolio 2的FI占比低，GE占比很高，虽然diversifying strategy略低于portfolio 3，但是由于投资了大量的股票，所以portfolio 2整体上更有成长空间。
按照endowment的需求可以投equity，按照500/(800+450)=36%，难道不是portfolio 3最好嘛？
