有争议

问题如下：

Müller and a client discussother approaches to asset allocation that are not based on optimization modelsor goals-based models. Müller makes the following comments to the client:

Comment 1 An advantage of the “120 minus your age”heuristic over the 60/40 stock/bond heuristic is that it incorporates anage-based stock/bond allocation.

Comment 2 The Yale model emphasizes traditional investments and acommitment to active management.

Comment 3 A client’s asset allocation using the 1/N rule depends onthe investment characteristics of each asset class.

Which of Müller’scomments about the other approaches to asset allocation is correct?

选项：

A.

Comment 1

B.

Comment 2

C.

Comment 3

解释：

A is correct. Comment 1 is correct because the “120 minus your age” rule reduces the equity allocation as the client ages, while the 60/40 rule makes no such adjustment. Comments 2 and 3 are not correct. The Yale model emphasizes investing in alternative assets (such as hedge funds, private equity, and real estate) as opposed to investing in traditional asset classes (such as stock and bonds). The 1/N rule allocates an equal weight to each asset without regard to its investment characteristics, treating all assets as indistinguishable in terms of mean returns, volatility, and correlations.