All of the following are investment constraints EXCEPT:

单项选择题William Bonney, CFA, is writing an investment policy statement for one of his high net worth clients, Joey Rook. Rook is a retiree who receives Social Security benefits but because he was self-employed, has no pension income. He has a portfolio of $ 1.2 million and recently purchased a vacation cabin requiring mortgage and maintenance expenses of $ 6000 per month. After meeting with his client, Bonney writes the following policy statement: The total return objective is to earn 6% after-tax. At no time should the principal amount decline in value by more than 15%. The most valid criticism of this return objective statement is that:

单项选择题An analyst gathered the following information about two common stocks: Variance of returns for the Libby Company = 15.5 Variance of returns for the Metromedia Company = 22.3 Covariance between returns for the two common stocks is close to: The correlation coefficient between returns for the two common stocks is closest to: