有一点很奇怪

NO.PZ201805280100000302 问题如下 Emma Young, a 47-year-olsingle mother of two ughters, ages 17 an20, recently sola business for $5.5 million net of taxes anput the procee into a money market account. Her other assets inclu a tax-ferreretirement account worth $3.0 million, a $500,000 after-taccount signatefor her ughters’ ecation, a $400,000 after-taccount for unexpectenee, anher home, whishe owns outright.Her living expenses are fully covereher joYoung wants to retire in 15 years anto funher retirement from existing assets. orpheight who experiencechiloofinanciharhips, she places a high priority on retirement security anwants to avoilosing money in any of her three accounts. A broker proposes to Young three portfolios, shown in Exhibit 1. The broker also provis Young with asset class estimatereturns anportfolio stanrviations in Exhibit 2 anExhibit 3, respectively. The broker notes ththere is a $500,000 minimum investment requirement for alternative assets. Finally, because the fun in the money market account are realy investible, the broker suggests using thaccount only for this initiinvestment rounYoung wants to earn least 6.0% after tper year, without taking on aitionincrementrisk. Young’s capitgains anoverall trate is 25%.termine whiproposeportfolio mostclosely meets Young’s sireobjectives. (Circle one.) Justify your response. Portfolio 3 most closely meets Young’s sireobjectives. Young wants to earn least 6.0% after tper year, without taking on aitionincrementrisk. 1 hreturn of 12.15%, 2 hreturn of 8.5% an3 hreturn of 8.6%. Although 1 hhighest return, it hlargest volatility of 28.2%. So 1 takes on aitionincrementrisk. 2 an3 hsimilreturn but 3 ha lower volatility. 1 invest 10% of asset to private equity. The broker notes ththere is a $500,000 minimum investment requirement for alternative assets. The totasset of $5.5 million so he invest 0.55 million. It fulfills the minimum investment requirement. 2 invest 5% of asset to private equity so he invest 0.275 million. It es not fulfill the minimum investment requirement. In conclusion, Portfolio 3 most closely meets Young’s sireobjectives.

NO.PZ201805280100000302 问题如下 A broker proposes to Young three portfolios, shown in Exhibit 1. The broker also provis Young with asset class estimatereturns anportfolio stanrviations in Exhibit 2 anExhibit 3, respectively. The broker notes ththere is a $500,000 minimum investment requirement for alternative assets. Finally, because the fun in the money market account are realy investible, the broker suggests using thaccount only for this initiinvestment rounYoung wants to earn least 6.0% after tper year, without taking on aitionincrementrisk. Young’s capitgains anoverall trate is 25%.termine whiproposeportfolio mostclosely meets Young’s sireobjectives. (Circle one.) Justify your response. 在计算另类资产配置比例的时候，为什么没有将投资者的其他资产（在A中的）放进来，而是只考虑了5.5M的资产？proflio 3根本没有配置PE，是我第一个排除的，为什么最后选择了porflio 3？

NO.PZ201805280100000302 问题如下 A broker proposes to Young three portfolios, shown in Exhibit 1. The broker also provis Young with asset class estimatereturns anportfolio stanrviations in Exhibit 2 anExhibit 3, respectively. The broker notes ththere is a $500,000 minimum investment requirement for alternative assets. Finally, because the fun in the money market account are realy investible, the broker suggests using thaccount only for this initiinvestment rounYoung wants to earn least 6.0% after tper year, without taking on aitionincrementrisk. Young’s capitgains anoverall trate is 25%.termine whiproposeportfolio mostclosely meets Young’s sireobjectives. (Circle one.) Justify your response. 题目中给出了投资者要求最低收益率6%，我的第一反应是用safety-first ratio解题的。看了之前的提问了解到“它说希望满足最低6%的收益率，然后without taking on aitionincrementrisk，即既要考虑收益，也不希望产生增量风险。这里其实是将收益和风险单独考虑，在满足收益要求的情况下，风险要足够低，所以是两条独立标准。”是不是以后题目中出现without taking on aitionincrementrisk的表达，都不能使用Sharpe ratio或者SFR来作为选择标准？具体怎么辨析呢

NO.PZ201805280100000302 问题如下 A broker proposes to Young three portfolios, shown in Exhibit 1. The broker also provis Young with asset class estimatereturns anportfolio stanrviations in Exhibit 2 anExhibit 3, respectively. The broker notes ththere is a $500,000 minimum investment requirement for alternative assets. Finally, because the fun in the money market account are realy investible, the broker suggests using thaccount only for this initiinvestment rounYoung wants to earn least 6.0% after tper year, without taking on aitionincrementrisk. Young’s capitgains anoverall trate is 25%.termine whiproposeportfolio mostclosely meets Young’s sireobjectives. (Circle one.) Justify your response. Portfolio1=5%3%+50%12%75%+35%10%75%+10%25%75%=9.15%Portfolio2=6.64%Portfolio3=6.68%SinYoung wants to earn least 6.0% after tper year, without taking on aitionincrementrisk.Portfolio 3 hthe lowest volatility, so we choose portfolio 3.