IPS struggle

Please compare 2007 Essay Exam Q1,A and Q13,A from Reading 15. Don’t you think that risk ability should be very similar in both questions: - large asset base - Long-term horizon - Dependence on portfolio returns - even Required Rate of return … But if in Q13 CFA told us that the key argument for average ability is dependence on portfolio return, in 2007 Exam they make it above-average and don’t even mention this problem with dependence. Why ?

is Q 13 talking about an endowment by any chance?

no that’s about Maclins family

I got it. top priority is maintaining current lifestyle.