"Portfolio Management": the stand-alone risk
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Questions 1:
In the context of strategic asset allocation, adding asset classes with low correlation will most likely improve a portfolio's risk-return trade-off as long as the stand-alone risk of the added asset class:
A. does not exceed its diversification effect.
B. equals its diversification effect.
C. exceeds its diversification effect.
Questions 2:
You are preparing an investment policy statement for a client who manages her own successful marketing consultancy. Her annual income is approximately $500,000. She describes herself as a finance novice. Most of her savings are invested in bank term deposits and short-term government securities. In her responses to the standard risk assessment questionnaire, she strongly agrees with the statements that she "feels more comfortable putting money in a bank account than in the stock market." Also, she "thinks of the word 'risk' as being a 'loss'". Based on this information, your client's ability and willingness to take risk can best be described as:
A. high ability and low willingness.
B. high ability and willingness.
C. low ability and high willingness.
In general, adding assets classes with low correlation improves the risk–return trade-off as long as the stand-alone risk of the added asset class does not exceed its diversification effect.
Although the client owns a successful business and has a high income, she exhibits above-average risk aversion, indicating that her ability to take risk is high but her willingness to take risk is low.
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