NO.PZ2021060201000023
问题如下：
Johnson is zhou's investment consultant, a relatively small investment manager company（the company），whose members collectively have a relatively basic understanding of the investment process,and their return targets are moderate. Therefore，two key investment considerations for zhou are Keeping low overhead costs and minimizing taxes in the portfolio. Zhou has been reluctant to incur the costs of in-house investment resources.Johnson discusses with zhou its objectivel of diversifying the company’s portfolio to include alternative assets.
Johnson and zhou review the best approach to determine the company's the asset allocation, including the traditional and risk-based approaches to defining the investment opportunity set.
Determine which approach to determine the best asset allocation for the company. Justify your response.
选项：
解释：
• The traditional approach is more appropriate because it is intuitive to describe the roles of various asset classes.
• It is easier for Johnson to explain this approach to the company because the members of the company only have a basic understanding of the investment process.
• This approach will make it easier to determine the relative roles played by alternative investments in the portfolio.
• As Zhou strives to keep management costs low, the risk-based approach is not appropriate.
• The traditional approach更合适，因为描述各种资产类别的角色是直观的。
• Johnson 更容易向the company 解释这种方法，因为 the company 的成员对投资过程只有基本的了解。
• 这种方法将更容易确定投资组合另类投资的相关发挥的角色。
• 由于zhou 力求保持较低的管理成本，基于the risk-based approach不合适。
The traditional approach更适合 这个公司。 the company 对另类投资缺乏学士能力，理解困难，但可能对传统的基于资产类别的方法有一定的了解。 列出各种资产类别的角色，Johnson 向the company 解释会更直观、更容易。
The traditional approach与 the company 的流动性和运营考虑相关。 这种方法将更容易确定投资组合中另类投资的相关角色。 传统方法还可以让 IC 更好地了解各种资产类别的行为方式，以便Johnson 可以调整资产配置以解决问题。 传统方法将更容易实施，并且 the company 不想增加昂贵的内部资源，这对于 risk-based approach可能是必要的。
老师，我看了答案感觉写的不太一样，答案中没有写tax的问题，以下是我的回答，请帮看一下：
traditional approach is better. Traditional approach does not incur many in-house research costs, and does not rely on model that may need to adjust and rebalance the allocation based on the risk factors, witch requires more tax payments.
