问题如下图：
选项：
A. 
B. 
C. 
解释：
想请问，是从哪里看出“stated maximum level of volatity”；是分位数后面跟的return金额吗？
包包_品职助教 · 2020年01月13日
嗨，努力学习的PZer你好：
这个不是从题目里面看出来的，这个是根据goal-based investing approach的特点推出来的。
题目说他采用goal-based approach 的投资方法来完成她的慈善目标，这个方法的特点是：基金经理先确定客户的目标，为每个目标分配所需的资金。然后，经理对 每个目标的投资组合 根据mean–variance optimization做资产配置 ，而不是在总体投资组合级别根据mean variance 最优化做配置。最终使得目标投资组合被优化到一个指定的最大波动水平或一个特定的成功概率。
所以题目的关键信息点是采用goal-based investing approach。
这是原版书关于goal-based approach 的介绍：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.
-------------------------------虽然现在很辛苦，但努力过的感觉真的很好，加油！
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
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
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 什么时候会选择C答案？
NO.PZ2018091705000101 我看了之前的回答 助教叫我們參閱講義第79頁的內容，其中這一句話不太懂(講義的內容) goportfolios are optimizeeither to a statemaximum level of volatility or to a specifieprobability of success 有點不懂什麼意思
NO.PZ2018091705000101 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 同上同上同上同上同上