framework

问题如下：

Justify Smith’s observation that the Libroff’s portfolio is consistent with the aspirational investor framework.

选项：

解释：

The aspirational investor framework is well suited to clients with significant in ternal assets such as the Libroffs. It divides assets into three portfolios: (1) a safe ty portfolio designed to meet up to five years’ spending need with little to no risk, (2) a market portfolio to sustain long-term living standards holding a diversified selection of liquid stocks and bonds, and (3) an aspirational portfolio consisting of illiquid internally managed assets with significant idiosyncratic risks.

Although the family’s living expenses are not specified, we know that they are covered “comfortably” by Yukio’s anesthesiologist salary. Further backup is pro vided by GBP750,000 held in cash and short-term investments and an unmort gaged primary residence worth GBP2,000,000. While this amount may not cover a full five years of expenses, it does represent a significant safety net behind a relatively bond-like income stream.

The Libroffs also hold GBP4,000,000 in a market portfolio of investments that should generate long-term returns in the mid to high single digits. Without any near-term need to draw on this portfolio, it should be able to grow significantly by the time the Libroffs retire.

Finally, the bulk of the Libroffs’ assets are held in an aspirational portfolio. This consists of the fertilizer business, the real estate investments, and the stake in the cosmetics start-up. These could grow significantly in value but are not relied on for basic living expenses under the aspirational investor framework (or in the case of the Libroffs.)