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1、FinalPDFtoprinterCHAPTERTWENTY-EIGHTInvestmentPolicyandtheFrameworkoftheCFAInstitute28TRANSLATINGTHEASPIRATIONSandcir-thesystematicapproachsuggestedbytheCFAcumstancesofdiversehouseholdsintoappro-Institute.Amongotherthings,theInstitutepriateinvestmentdecisionsisadauntingtask.administersexam
2、inationstocertifyinvestmentThetaskisequallydifficultforinstitutions,professionalsasCharteredFinancialAnalysts.mostofwhichhavemanystakeholdersandTherefore,theapproachweoutlineisalsooftenareregulatedbyvariousauthorities.onethatahighlyrespectedprofessionalgroupTheinvestmentprocessisnoteasilyr
3、educedendorsesthroughthecurriculumthatitrequirestoasimpleormechanicalalgorithm.investmentpractitionerstomaster.WhilemanyprinciplesofinvestmentsareThebasicframeworkinvolvesdividingthequitegeneralandapplytovirtuallyallinves-investmentprocessintofourstages:specify-tors,someissuesarepeculiarto
4、thespecificingobjectives,specifyingconstraints,for-investor.Forexample,taxbracket,age,riskmulatingpolicy,andlatermonitoringandtolerance,wealth,jobprospects,anduncer-updatingtheportfolioasneeded.Wewilltaintiesmakeeachinvestor’scircumstancestreateachoftheseactivitiesinturn.Westartsomewhatuni
5、que.Inthischapterwefocusonwithadescriptionofthemajortypesofinves-theprocessbywhichinvestorssystematicallytors,bothindividualandinstitutional,aswellreviewtheirparticularobjectives,constraints,astheirspecialobjectives.Weturnnexttotheandcircumstances.Alongtheway,wesur-constraintsorcircumstanc
6、especuliartoeachveysomeofthemajorclassesofinstitutionalinvestorclass,andweconsidersomeoftheinvestorsandexaminethespecialissuestheyinvestmentpoliciesthateachcanchoose.mustconfront.Wewillexaminehowthespecialcircum-PARTVIIOfcourse,thereisnounique“correct”stancesofbothindividualsaswellasinstit
7、u-investmentprocess.However,someapproachestionssuchaspensionfundsaffectinvestmentarebetterthanothers,anditcanbehelpfuldecisions.Wealsowillseehowthetaxsystemtotakeonehigh-qualityapproachasausefulcanimpartasubstantialeffectoninvestmentcasestudy.Forthisreason,wew
