NO.PZ2022122801000057
问题如下：
Hasting reviews three broad approaches to asset allocation and makes the following statements with respect to investment objectives and risk concepts:
Statement 1: In goals-based approaches, each goal is associated with cash flows, time horizons and risk tolerance.
Statement 2: A liability-hedging portfolio and surplus optimization are both examples of liability-relative approaches.
Statement 3: Asset-only and goals-based approaches focus on the asset side of the investor’s balance sheet, dedicating assets to meet the investor’s goals.
Which of the Hasting’s statements about different asset allocation approaches is least likely correct?
选项：
A.Statement 1.
Statement 2.
Statement 3.
解释：
Statement 3 is incorrect. While asset-only approaches focus solely on the asset side of the economic balance sheet, goals-based approaches explicitly account for the liability (not asset) side, in which specific goals are associated with individual sub-portfolios or dedicated assets to meet the goals.
个人客户的有些目标比如慈善捐赠不是没有对一个的investment horizon，还有一些目标也是没有量化的，不就是没有对应的cash flow吗？
