Advantages
It more accurately portrays risk-return tradeoffs
Can illustrate the tradeoffs between the attainment of short-term and long-term goals
Provides more realistic modeling of taxes
Better suited to assessing multi-period effects
Disadvantages
Simulation tool that relies only on historical data.
A manager who wants to evaluate the likely performance of a client’s portfolio should choose a Monte Carlo simulation that simulates the performance of specific investments, not just asset classes.
Tax modeling that is simplistic and not tailored to the investor‘s situation.
Tax loss harvesting
Highest-In/First-Out (HIFO) Tax Lot Accounting
原因：Expensive, time consuming, public
方法：
Joint ownership with rights of survivorship
Living trusts, retirement plans, life insurance
Other means that transfer assets without the need for a will
Generation skipping
spousal exemptions
Valuation discounts
charitable gift
Trusts
Life insurance
credit method
exemption method
deduction method
Systematic risk
Company-specific risk
Property-specific ris
Reduced the risk
Generate liquidity
Optimize tax efficienc
Affecting All Positions
Tax liability
Illiquidity and/or high transaction
Specific objectives
Restrictions on sale
A desire for control
To create wealth
The asset may have other uses
Institutional And Capital Market Constraints
Margin lending rules
Securities law and regulations
Contractual restrictions and employer mandates
Capital market limitations
Psychological consideration
Financial wealth and demand for life insurance (negative)
Human capital volatility and demand for life insurance (negative)
Risk aversion and demand for life insurance (positive)
Probability of death and demand for life insurance (positive)
全都是重点，特别是用什么资产来mimic liability（第二个reading）。
看我们发布的框架图即可。
首先说一下复习原则：
如果某一个章节计算比较多，一般需要记忆的考点就比较少，比如SS15，所以有些科目天然需要记忆的内容多，有些地方天然要记忆的地方少大家加油哦。
