A necessary first step that investor Emmanuel should take before starting to invest is which of the following? establish investment objectives consult with your INVESTMENT ANALYSIS professor from your university decide between active management and passive management develop a list of investment managers with superior records to interview establish asset allocation guidelines Which of the following constraints is least applicable to personal trusts? Tax laws that target the one-percenters in the US population. laws applicable to prudent investors. ERISA regulation. Life cycle horizon. Lquidity positions that are not fixed but are variable. In the investment Management Process, the objoctives are stated in terms of ONLY Return and Risk Which of the following is the most plausible reason why? There does not need to be a reason for the foces on only return and risk: Shewness and exces kurtenis of retums of relesant and conesponding asets asd pottalsos ace assumed to be positive