问题：
1.这句话是什么意思？
2.跟上下文有什么关系？
3.这句话说明了一个什么道理？这句话考点是什么？
Solution:
The entire investment portfolio of the investor should always be considered. Where tax treatment differs among types of returns or assets, assets that are expected to generate higher taxable returns may be held in tax-deferred retirement funds. An investor with significant amounts invested in non-retirement funds might prefer to tax shelter some assets in their retirement funds.
An investor with significant wealth and no children may be willing to take more risk. They may be less loss- and risk-averse than another investor of the same age with less wealth and parental responsibilities.
An investor with a preference for active portfolio management might prefer to have different allocations to asset classes based on his or her expectations and market conditions. For example, if interest levels are historically low, the investor might prefer to invest in stocks anticipating that interest rates will rise and the fixed-income portion will decline in value.
These are some of the factors that might be discussed.
