问一道题：NO.PZ201710200200000107

NO.PZ201710200200000107问题如下7. Baseon Exhibit 1, whiportfolio best meets the Laws’ goto funenwment for their alma mater?A.Portfolio 1B.Portfolio 2C.Portfolio 3 B is correct. Portfolio 2 best meets the Laws’ goto funenwment for their alma mater in 20 years. In present value terms, the gift is value$500,000, with the Laws siring a high probability of achieving this goal. Although slightly more conservative ththe 75/25 globequity/bonmix, Portfolio 2 ha greater growth emphasis comparewith Portfolios 1 an3. Therefore, Portfolio 2 is best for funng the enwment their alma mater given the goal’s long-term horizon anthe Laws’ sire for a high probability of achieving it.考点goal-baseapproach解析投资期20 years，长期。实现目标的程度high probability（与ecation expense的very strong sire相比，程度略低）。因为投资期长，所以cash占比可以放低portfolio 1 cash占比35%偏高，排除。因为实现目标的程度高，但不是非要满足，所以可以承担一些风险。Portfolio 2和3的差别不仅仅只有versifying strategy，还有fixeincome和globequities。发现portfolio 2的FI占比低，GE占比很高，虽然versifying strategy略低于portfolio 3，但是由于投资了大量的股票，所以portfolio 2整体上更有成长空间。 如题，而且cequity和versify加起来占比也还行，不理解

NO.PZ201710200200000107 问题如下 7. Baseon Exhibit 1, whiportfolio best meets the Laws’ goto funenwment for their alma mater? A.Portfolio 1 B.Portfolio 2 C.Portfolio 3 B is correct. Portfolio 2 best meets the Laws’ goto funenwment for their alma mater in 20 years. In present value terms, the gift is value$500,000, with the Laws siring a high probability of achieving this goal. Although slightly more conservative ththe 75/25 globequity/bonmix, Portfolio 2 ha greater growth emphasis comparewith Portfolios 1 an3. Therefore, Portfolio 2 is best for funng the enwment their alma mater given the goal’s long-term horizon anthe Laws’ sire for a high probability of achieving it.考点goal-baseapproach解析投资期20 years，长期。实现目标的程度high probability（与ecation expense的very strong sire相比，程度略低）。因为投资期长，所以cash占比可以放低portfolio 1 cash占比35%偏高，排除。因为实现目标的程度高，但不是非要满足，所以可以承担一些风险。Portfolio 2和3的差别不仅仅只有versifying strategy，还有fixeincome和globequities。发现portfolio 2的FI占比低，GE占比很高，虽然versifying strategy略低于portfolio 3，但是由于投资了大量的股票，所以portfolio 2整体上更有成长空间。 原文是The Laws also plto funenwment their alma mater in 20 years, whihestimatepresent value of $500,000. The Laws tell Raye they want a high probability of success funng the enwment，没有看出要有很大的成长空间和很高的收益啊

NO.PZ201710200200000107 问题如下 7. Baseon Exhibit 1, whiportfolio best meets the Laws’ goto funenwment for their alma mater? A.Portfolio 1 B.Portfolio 2 C.Portfolio 3 B is correct. Portfolio 2 best meets the Laws’ goto funenwment for their alma mater in 20 years. In present value terms, the gift is value$500,000, with the Laws siring a high probability of achieving this goal. Although slightly more conservative ththe 75/25 globequity/bonmix, Portfolio 2 ha greater growth emphasis comparewith Portfolios 1 an3. Therefore, Portfolio 2 is best for funng the enwment their alma mater given the goal’s long-term horizon anthe Laws’ sire for a high probability of achieving it.考点goal-baseapproach解析投资期20 years，长期。实现目标的程度high probability（与ecation expense的very strong sire相比，程度略低）。因为投资期长，所以cash占比可以放低portfolio 1 cash占比35%偏高，排除。因为实现目标的程度高，但不是非要满足，所以可以承担一些风险。Portfolio 2和3的差别不仅仅只有versifying strategy，还有fixeincome和globequities。发现portfolio 2的FI占比低，GE占比很高，虽然versifying strategy略低于portfolio 3，但是由于投资了大量的股票，所以portfolio 2整体上更有成长空间。 何老师在押题Asset allocation课的3:50左右，里面先讲portfolio 2 最合适，然后在4:05左右讲portfolio 3的固收比例更高，更符合high probability。怎么自相矛盾了？这道题我个人觉得是选2，因为有75/25的参考

NO.PZ201710200200000107问题如下7. Baseon Exhibit 1, whiportfolio best meets the Laws’ goto funenwment for their alma mater?A.Portfolio 1B.Portfolio 2C.Portfolio 3 B is correct. Portfolio 2 best meets the Laws’ goto funenwment for their alma mater in 20 years. In present value terms, the gift is value$500,000, with the Laws siring a high probability of achieving this goal. Although slightly more conservative ththe 75/25 globequity/bonmix, Portfolio 2 ha greater growth emphasis comparewith Portfolios 1 an3. Therefore, Portfolio 2 is best for funng the enwment their alma mater given the goal’s long-term horizon anthe Laws’ sire for a high probability of achieving it.考点goal-baseapproach解析投资期20 years，长期。实现目标的程度high probability（与ecation expense的very strong sire相比，程度略低）。因为投资期长，所以cash占比可以放低portfolio 1 cash占比35%偏高，排除。因为实现目标的程度高，但不是非要满足，所以可以承担一些风险。Portfolio 2和3的差别不仅仅只有versifying strategy，还有fixeincome和globequities。发现portfolio 2的FI占比低，GE占比很高，虽然versifying strategy略低于portfolio 3，但是由于投资了大量的股票，所以portfolio 2整体上更有成长空间。 为啥不选C只有投资更多的FI 才能达到更高的成功率完成他的目标呀

NO.PZ201710200200000107问题如下 7. Baseon Exhibit 1, whiportfolio best meets the Laws’ goto funenwment for their alma mater?A.Portfolio 1B.Portfolio 2C.Portfolio 3 B is correct. Portfolio 2 best meets the Laws’ goto funenwment for their alma mater in 20 years. In present value terms, the gift is value$500,000, with the Laws siring a high probability of achieving this goal. Although slightly more conservative ththe 75/25 globequity/bonmix, Portfolio 2 ha greater growth emphasis comparewith Portfolios 1 an3. Therefore, Portfolio 2 is best for funng the enwment their alma mater given the goal’s long-term horizon anthe Laws’ sire for a high probability of achieving it.考点goal-baseapproach解析投资期20 years，长期。实现目标的程度high probability（与ecation expense的very strong sire相比，程度略低）。因为投资期长，所以cash占比可以放低portfolio 1 cash占比35%偏高，排除。因为实现目标的程度高，但不是非要满足，所以可以承担一些风险。Portfolio 2和3的差别不仅仅只有versifying strategy，还有fixeincome和globequities。发现portfolio 2的FI占比低，GE占比很高，虽然versifying strategy略低于portfolio 3，但是由于投资了大量的股票，所以portfolio 2整体上更有成长空间。 按照enwment的需求可以投equity，按照500/(800+450)=36%，难道不是portfolio 3最好嘛？