goal based

嗨，爱思考的PZer你好：

请教老师既然是goal based那就是有multiple goals 为什么针对机构single goal? 按照我的理解，保险公司就有分成满足比较确定的寿险以及不确定的财产险两种了，而且对应的horizon也是不同，所以不应该是single goal single horizon啊

讲义这里是根据教材来的，也没有错，一般机构投资者是单一目标的，比如perpetual 永续存在等。

但其实同学的理解也是正确的，举的例子也很好，实际上有道题就考到了这个知识点。

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问题如下：

Fox is in the process of hiring an asset allocation analyst and has just completed interviewing two candidates, Ambrose Kelly and Catherine Trainor, for the position. Fox reminded the candidates that in addition to high-net-worth individuals, the firm’s client base also includes various institutional investors. The candidates made the following statements:

Ÿ Trainor: A goals-based approach to asset allocation is appropriate for individual investors, but institutions need to focus either on the asset or liability side of the balance sheet, depending on the nature of their business.

Ÿ Kelly: A typical objective of some institutions is to maximize their Sharpe ratio for an acceptable level of volatility, and they rely on the law of large numbers to assist them in modeling their liabilities. Other institutions behave much like individuals by segmenting general account assets into sub-portfolios associated with specific lines of business with their individual return objectives.

The most appropriate statement in regards to approaches to asset allocation by institutions is made by:

虽然和讲义不同，但这道题也没有错，因为它举例的是正确的。题目是2018的Mock题，品职放在了经典题Reading5的2.2题，题目其实出得不好，像是咬文嚼字。

Kelly 提到的机构的目标分配方法是正确的。例如，保险公司会将其总账资产分成与特定业务线或负债块相关的子组合，每个子组合都有自己的回报目标。这种方法可以更好地管理风险和优化回报，确保每个子组合的需求得到有针对性和高效的满足。

同学可以结合这道题还有讲义中书上的结论一起理解一下，仔细读题干的意思，看一下出题人是想考察哪个方面。

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努力的时光都是限量版，加油！