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NEW QUESTION: 1
Sara Robinson and Marvin Gardner are considering an opportunity to start their own money management firm. Their conversation leads them to a discussion on establishing a portfolio management process and investment policy statements. Robinson makes the following statements:
Statement 1;
Our only real objective as portfolio managers is to maximize the returns to our clients.
Statement 2:
If we are managing only a fraction of a client's total wealth, it is the client's responsibility, not ours, to determine how their investments are allocated among asset classes.
Statement 3: When developing a client's strategic asset allocation, portfolio managers have to consider capital market expectations. In response, Gardner makes the following statements:
Statement 4: While return maximization is important for a given level of risk, we also need to consider the client's tolerance for risk.
Statement 5: We'll let our clients worry about the tax implications of their investments; our time is better spent on finding undervalued assets.
Statement 6: Since we expect our investor's objectives to be constantly changing, we will need to evaluate their investment policy statements on an annual basis at a minimum.
Robinson wants to focus on younger clientele with the expectation that the new firm will be able to retain the clients for a long time and create long-term profitable relationships. While Gardner felt it was important to develop long-term relationships, he wants to go after older, high-net-worth clients.
Robinson is uncomfortable with Gardner's position on taxes but she can't specifically identify the source of the discomfort. Which of the following statements least accurately reflects proper consideration of tax effects on the investment process?
A. Investors should rely on accountants or other advisors for tax advice; portfolio managers should focus on finding undervalued investments and not be distracted by tax considerations.
B. Because investors are ultimately concerned with after-tax returns, it is important that investors consider their own marginal tax rates and the security's tax status when making any investment decision.
C. Pensions and endowment funds are typically tax-exempt investors and therefore are less concerned with tax considerations.
Answer: A
Explanation:
Explanation/Reference:
Explanation:
Responses A and B are appropriate considerations related to tax considerations. Although investors should rely on accountants and other advisors for tax advice, portfolio managers also need to pay attention to the tax consequences of their investment recommendations and relay those consequences to the investor so proper tax planning can occur. (Study Session 18, LOS 68.c)

NEW QUESTION: 2

A. Option C
B. Option B
C. Option A
Answer: B

NEW QUESTION: 3
A company moves the InDesign Server from the machine that runs AEM onto a different machine. The InDesign (INDD) files uploaded to the DAM no longer produce HTML IOML PDF, and XML renditions.
What must be re-configured to fix this issue?
A. The IDS Pool in the IDS worker needs to point to the new machine,
B. The Extend Scripts in the Media Extraction step need to be re-imported from the new machine.
C. The Extend Script library in the Media Extraction step need to be re-imported from the new machine.
D. The Links Folder Path needs to point to the new machine.
Answer: B

NEW QUESTION: 4
What is the maximum number of file pool policies supported in an Isilon cluster?
A. 0
B. 1
C. No limit
D. 2
Answer: B