In the Vanguard Investor Questionnaire we studied in the class, a higher overall score of 65 will have an asset allocation recommendation of 80% in stocks and 20% in bonds, and a low score of 25 will have a recommendation of 20% in stocks and 80% in bonds. Answer the two questions. (5 points each) (i) What does the score measure?

(ii) We explained that the type of recommendation in the questionnaire is inconsistent with standard finance theory. Why?