Investment Objectives. PM must start with a clear objective! Four-step process 1. Devise a policy statement 2. Study current financial/econ. Conditions 3. Construct portfolio 4. Monitor/update investor’s needs and market conditions Applies to individual and institutional investors.
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Long-term: Retirement Children’s college
Short-term: House Car
Short-term: Vacations Children’s College
Spending Phase Gifting Phase
Long-term: Estate Planning
Short-term: Lifestyle Needs Gifts
LT vs ST needs
Total Return = Cap Gain + reinvestment income
Unique needs and preferencesSummary of Objectives as Input to Policy Statement
After Taxes and Inflation