NO.PZ2018091705000105
问题如下：
During their meeting, Açor and Bañuq discuss charitable pledges that Udhamini has recently received and the likelihood that Njau will meet her charitable pledge. Bañuq then asks Açor the following question:
“How might my investment objectives and constraints differ from those of a typical university endowment, such as Udhamini?
The day after Açor’s meeting with Bañuq, Açor realizes that her actions in the meeting may have raised an ethical concern.
The most appropriate response to Bañuq’s question is that he has:
选项：
A.a shorter time horizon.
B.less significant tax considerations.
C.less diverse investment objectives.
解释：
A is correct. As a private client, Bañuq is more likely to have a shorter time horizon than that of Udhamini. Thus, Bañuq is likely to be more constrained with respect to risk taking and liquidity. A typical university endowment has a long time horizon, which can theoretically be infinite.
为什么机构的tax issues是less complex呢？
