如果题目仅问到below or above average, 仅回答below or above是否可以，还是必须写明判断依据？如果不用写原因就能拿到该类题目全部分数，可以节约很多时间
No.PZ2021052102000007 (问答题)
来源:
Azarov’s second meeting is with John Spintop, chief investment officer of the Wolf University Endowment Fund (the Fund).
Spintop hired Westcome to assist in developing a new investment policy to present to the Fund’s board of directors.
The Fund, which has assets under management of $200 million, has an overall objective of maintaining long-term purchasing power while providing needed financial support to Wolf University.
During the meeting, Spintop states that the Fund has an annual spending policy of paying out 4% of the Fund’s three-year rolling asset value to Wolf University, and the Fund’s risk tolerance should consider the following three liability characteristics:
Characteristic 1 The Fund has easy access to debt markets.
Characteristic 2 The Fund supports 10% of Wolf University’s annual budget.
Characteristic 3 The Fund receives significant annual inflows from gifts and donations.
The risk tolerance of the Wolf University Endowment Fund can be best characterized as: below average/ average/ above average
