问题如下：
Which of the following descriptions regarding heuristic asset allocation approach is least correct?
选项：
A. 120 minus your age rule reduces the equity allocation as the client ages.
B. The endowment model emphasizes large allocation to traditional investments.
C. The 1/N rule treats each asset class equally, regardless its investment characteristic.
解释：
B is correct.
考点：asset allocation的其它方法
解析：120 minus your age rule：分配给股票的比重等于120-年龄，因此年龄越大，equity allocation越小。endowment model又被称为Yale model，强调的是大比重配置non-traditional investments，例如房地产、私募股权、对冲基金等，主要追求的是illiquidity premium。1/N rule，每个资产配置权重相同，不考虑资产自身的性质。所以B选项的描述是错误的。
选项A的题干是否没写完？ 随着年龄的增长，分配给股权的比例越小。
