Question 4 (20 marks) Assume that you recently joined an investment management firm: M Investment Australia Limited. This firm has a broad range of clients, including employee benefit plans, wealthy individuals, and charitable organisations. The firm has expertise in managing stocks, bonds, cash, real estate, venture capital, and international securities. Your line manager asked you to do the following research: 1. Discuss whether the safest investment is necessarily the best for any given client. [6 marks] 2. Discuss the 'top-down' approach to portfolio construction and its practice. [6 marks] 3. Compare and contrast the passive' and 'active' management strategies. [8 marks]