问题如下：
During their meeting, Açor and Bañuq discuss charitable pledges that Udhamini has recently received and the likelihood that Njau will meet her charitable pledge. Bañuq then asks Açor the following question:
“How might my investment objectives and constraints differ from those of a typical university endowment, such as Udhamini?
The day after Açor’s meeting with Bañuq, Açor realizes that her actions in the meeting may have raised an ethical concern.
The most appropriate response to Bañuq’s question is that he has:
选项：
A.a shorter time horizon.
B.less significant tax considerations.
C.less diverse investment objectives.
解释：
A is correct. As a private client, Bañuq is more likely to have a shorter time horizon than that of Udhamini. Thus, Bañuq is likely to be more constrained with respect to risk taking and liquidity. A typical university endowment has a long time horizon, which can theoretically be infinite.
老师您好，请问这道题从哪里看出来考察个人客户与机构客户的区别呢？是因为charitable pledge是个人投资者行为，而university endowment是机构投资者行为么？谢谢！
