(b) Major stock market indices experienced volatile movements throughout year 2020, mainly due to the uncertainties associated with events including the Covid-19 pandemic, oil prices crash, rising credits, and the U.S. presidential election. You knew a friend, a retail investor, experience a difficult time during the turbulent period. Recommend some ways to your friend to better manage his or her portfolio, particularly in terms of minimizing risk and maximizing return. (20 marks) [Total: 30 marks]