goal-based只能基于最大波动率或成功概率吗，能否基于其他要素，这个maximum volatility是指达到目标时投资收益的最大波动率吗？问题如下图：
选项：
A. 
B. 
C. 
解释：
包包_品职助教 · 2019年11月10日
同学你好，maximum volatility不是指达到目标时投资收益的最大波动率，而是单指你自己可以接受的一个最大波动率，根据原版书上的理论，goal-based只能基于最大波动率或成功概率，我贴下原版书上这部分的内容
With a goals- based investing approach, the wealth manager focuses on aligning investments with goals. That is, the manager identifies the client’s goals and assigns the required funds to each goal. The manager then performs mean–variance optimization for each goal “portfolio” rather than at the overall portfolio level. Goal portfolios are optimized either to a stated maximum level of volatility or to a specified probability of success.
Sure · 2019年11月13日
a stated maximum level of volatility是指哪一个变量的volatility呢？
包包_品职助教 · 2019年11月13日
同学你好，指的是收益率的波动率。
NO.PZ2018091705000101 问题如下 Açor reviews a recent risk toleranquestionnaire completeNjau, whirelates to overall portfolio risk. Açor focuses on the type of capitsufficienanalysis to perform for Njau. To termine the optimallocation, Açor seeks to ensure thNjau’s charitable plee cmet animplements a goal- baseinvesting approach. Açor runs a Monte Carlo simulation to termine the probability of success, whiis the likelihoothNjcmeet her charitable plee objective. The simulation results are presentein Exhibit 2.Açor’s portfolio allocation for Njis most likely optimizeon the basis of: A.a statemaximum level of volatility. totportfolio mean–varianefficiency. the results of the risk toleranquestionnaire. A is correct. Açor uses the goal- baseinvesting approaallocating with a focus on Njau’s charitable plee to Uamini. With this metho she seeks to optimize Njau’s portfolio so ththe plee goha high probability of being met. Açor will set asi a requireamount of fun to invest, ana mean–varianoptimization will run specifically for thportion of Njau’s portfolio. The fun will investeto a statemaximum level of volatility to meet the charitable nee 请问为什么不选择C呢？基于客户的风险承受问卷来模拟蒙特卡洛表？
NO.PZ2018091705000101问题如下 Açor reviews a recent risk toleranquestionnaire completeNjau, whirelates to overall portfolio risk. Açor focuses on the type of capitsufficienanalysis to perform for Njau. To termine the optimallocation, Açor seeks to ensure thNjau’s charitable plee cmet animplements a goal- baseinvesting approach. Açor runs a Monte Carlo simulation to termine the probability of success, whiis the likelihoothNjcmeet her charitable plee objective. The simulation results are presentein Exhibit 2.Açor’s portfolio allocation for Njis most likely optimizeon the basis of: A.a statemaximum level of volatility. totportfolio mean–varianefficiency.the results of the risk toleranquestionnaire. A is correct. Açor uses the goal- baseinvesting approaallocating with a focus on Njau’s charitable plee to Uamini. With this metho she seeks to optimize Njau’s portfolio so ththe plee goha high probability of being met. Açor will set asi a requireamount of fun to invest, ana mean–varianoptimization will run specifically for thportion of Njau’s portfolio. The fun will investeto a statemaximum level of volatility to meet the charitable nee为什么不选择B？什么情况选B？
NO.PZ2018091705000101 问题如下 Açor reviews a recent risk toleranquestionnaire completeNjau, whirelates to overall portfolio risk. Açor focuses on the type of capitsufficienanalysis to perform for Njau. To termine the optimallocation, Açor seeks to ensure thNjau’s charitable plee cmet animplements a goal- baseinvesting approach. Açor runs a Monte Carlo simulation to termine the probability of success, whiis the likelihoothNjcmeet her charitable plee objective. The simulation results are presentein Exhibit 2.Açor’s portfolio allocation for Njis most likely optimizeon the basis of: A.a statemaximum level of volatility. totportfolio mean–varianefficiency. the results of the risk toleranquestionnaire. A is correct. Açor uses the goal- baseinvesting approaallocating with a focus on Njau’s charitable plee to Uamini. With this metho she seeks to optimize Njau’s portfolio so ththe plee goha high probability of being met. Açor will set asi a requireamount of fun to invest, ana mean–varianoptimization will run specifically for thportion of Njau’s portfolio. The fun will investeto a statemaximum level of volatility to meet the charitable nee 如题。是通过monte carol来进行目标的达成概率测算么，mvo应该也可以？只不过题中用的是monte carol？
NO.PZ2018091705000101 问题如下 Açor reviews a recent risk toleranquestionnaire completeNjau, whirelates to overall portfolio risk. Açor focuses on the type of capitsufficienanalysis to perform for Njau. To termine the optimallocation, Açor seeks to ensure thNjau’s charitable plee cmet animplements a goal- baseinvesting approach. Açor runs a Monte Carlo simulation to termine the probability of success, whiis the likelihoothNjcmeet her charitable plee objective. The simulation results are presentein Exhibit 2.Açor’s portfolio allocation for Njis most likely optimizeon the basis of: A.a statemaximum level of volatility. totportfolio mean–varianefficiency. the results of the risk toleranquestionnaire. A is correct. Açor uses the goal- baseinvesting approaallocating with a focus on Njau’s charitable plee to Uamini. With this metho she seeks to optimize Njau’s portfolio so ththe plee goha high probability of being met. Açor will set asi a requireamount of fun to invest, ana mean–varianoptimization will run specifically for thportion of Njau’s portfolio. The fun will investeto a statemaximum level of volatility to meet the charitable nee 请问B错在哪里？
NO.PZ2018091705000101 问题如下 Açor reviews a recent risk toleranquestionnaire completeNjau, whirelates to overall portfolio risk. Açor focuses on the type of capitsufficienanalysis to perform for Njau. To termine the optimallocation, Açor seeks to ensure thNjau’s charitable plee cmet animplements a goal- baseinvesting approach. Açor runs a Monte Carlo simulation to termine the probability of success, whiis the likelihoothNjcmeet her charitable plee objective. The simulation results are presentein Exhibit 2.Açor’s portfolio allocation for Njis most likely optimizeon the basis of: A.a statemaximum level of volatility. totportfolio mean–varianefficiency. the results of the risk toleranquestionnaire. A is correct. Açor uses the goal- baseinvesting approaallocating with a focus on Njau’s charitable plee to Uamini. With this metho she seeks to optimize Njau’s portfolio so ththe plee goha high probability of being met. Açor will set asi a requireamount of fun to invest, ana mean–varianoptimization will run specifically for thportion of Njau’s portfolio. The fun will investeto a statemaximum level of volatility to meet the charitable nee 同上