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1. An analyst gathers the following information for the asset allocations of three portfolios: Portfolio Fixed Income Equity Alternative Assets 1 25% 60% 15% 2 60% 25% 15% 3 15% 60% 25% Which of the portfolios is most likely appropriate for a client who has a high degree of risk tolerance? Why? A. Portfolio 1. B. Portfolio 2. C. Portfolio 3. Chapter 4 provides an explanation of why a portfolio approach is important to all types of investors in achieving their financial goals. A comparison is made of the financial needs of different types of individual and institutional investors. An outline is provided for the steps in the portfolio management process. The chapter concludes with a discussion of the types of investment management products that are available to investors and how they apply to the portfolio approach. 2. Describe the steps in the portfolio management process. (1 page - Times new roman - 12)