Briefly outline a typical asset structure and the intended investment security options (stocks, bonds, mutual funds, retirement accounts, and other alternative investment types) and characteristics for an optimized portfolio with the consideration of tax strategies and tax implications. Explore various ideas and strategies such as efficient frontier, asset allocations, risks, investment discipline and constraints, diversification, historical returns, real estate, business cycle, and time horizon. For example, your discussion should test your knowledge and understanding by explaining the investment types, expected returns, and related risks.