D. Discuss how each of the following investment constraints has changed for Alonso:
i. time horizon
ii. liquidity needs
答案
Time horizon: At both age 40 and age 45, Alonso has a long-term time horizon.
Initially, Alonso faced a three-stage horizon consisting of: (1) 15 years until his planned retirement date; (2) the 25-year annuity period; and (3) his post-annuity retirement years (if he outlives the annuity).
Currently, Alonso faces a two-stage horizon consisting of: (1) the next 10 years until retirement; and (2) his remaining life expectancy during retirement. During his retirement, the investment portfolio will cover expenses.
此题询问经过若干年后，alonso time horizon和liquidity变化，我一开始看题目直接反应答案是因为过了若干年，显然time horizon decrease，而答案是具体解答了alonso 在两个时间点的具体multipal period，这样的问题我只答time horizon decrease行吗，不太清楚答案到底要求回答到什么程度
