NO.PZ201805280100000302
问题如下：
A broker proposes to Young three portfolios, shown in Exhibit 1. The broker also provides Young with asset class estimated returns and portfolio standard deviations in Exhibit 2 and Exhibit 3, respectively. The broker notes that there is a $500,000 minimum investment requirement for alternative assets. Finally, because the funds in the money market account are readily investible, the broker suggests using that account only for this initial investment round.
Young wants to earn at least 6.0% after tax per year, without taking on additional incremental risk. Young’s capital gains and overall tax rate is 25%.
Determine which proposed portfolio most closely meets Young’s desired objectives. (Circle one.) Justify your response.
选项：
解释：
我卡在了一开始解题的地方：Young手里有$5.5 million，题目中说“there is a $500,000 minimum investment requirement for alternative assets”，而且“because the funds in the money market account are readily investible, the broker suggests using that account only for this initial investment round”。然后我就计算了$500,000/$5.5 million≈9%，也就是至少要在alternative中投9%的权重，那三个portfolio中只有portfolio1满足这个allocation，所以选portfolio1。
当然了，我在做题的时候也知道后面给那么多条件都没用到有问题，估计还是要结合return和vol综合判断。看了解答之后，对其中的过程和计算也都是理解的，只是想知道我最开始的分析问题在哪儿，求解答，谢谢。
