问题如下：
The Red family has the investable assets of $1.2 million. Tom, the portfolio manager of the Red family, finds that a portfolio of 70% global equities and 30% bonds reflects an appropriate balance of expected return and risk for the Red with respect to a 25-year time horizon for the moderately important goals. Tom follows a goal-based approach to asset allocation and offers three possible portfolios to consider.
The Red express a high probability of success to fund a family foundation in 25 years, which has an estimated present value of $400,000. Which portfolio best meets the Reds’ goal to fund the family foundation?
选项：
A.Portfolio 1
B.Portfolio 2
C.Portfolio 3
解释：
B is correct.
考点：goal-based approach.
解析：Portfolio 1中现金和债券占比过高，而family foundation有长达25年的实现期限，所以A可以排除。
另一方面，family foundation的实现意愿为high probability of success ， 重要程度较高 ，但不是最高程度的，因此可以承担一定风险。 Portfolio 2相比3股票的占比更高，因此有一定的价值成长空间。而Portfolio 3中hedge fund占比最高，风险最大，对于 foundation的成功概率会有影响。
关于这道题：25年期间的回报率是33%，如果换算成年回报率的话是1.33的1/25次方-1，所以年化的回报率是1.15%，非常低，为什么不选择Porofilio 1，很稳啊且达到目标概率超高。
请老师解释。谢谢
