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.
这种观点有两个地方不合适。第一个是，机构投资者资产配置有AO和ALM两种方法，AO方法只看资产端，ALM要专注于资产和负债两端，两端要匹配，所以正确的表述应该是：focus either on the asset or the relation of asset and liability of the balance sheet。第二个是，观点过于片面，机构资产配置也可以采用多种灵活方式，包括基于目标的配置方式。
ALM是immunization吗？还是有别的含义？
ALM和LDI是什么关系？机构投资者配置没有LDI的方法吗？不是norway/endowment/canada和LDI吗？
