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Essentials of Investments: Chapter 21 - Investors and the Investment Process

Essentials of Investments: Chapter 21 - Investors and the Investment Process The Four Stages of the Investment Proce (Specifying objectives, Specifying constraints, Formulating policy, Monitoring and updating portfolio). | CHAPTER 21 Investors and the Investment Process INVESTMENTS | BODIE, KANE, MARCUS McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. 28-2 The Four Stages of the Investment Process 1. Specifying objectives 2. Specifying constraints 3. Formulating policy 4. Monitoring and updating portfolio INVESTMENTS | BODIE, KANE, MARCUS 28-3 Specifying Objectives • Investment managers must assess the level of risk investors can tolerate in pursuit of higher returns. • Objectives and risk tolerance differ by type of investor. INVESTMENTS | BODIE, KANE, MARCUS 28-4 Figure 28.1 CFA Institute Investment Management Process INVESTMENTS | BODIE, KANE, MARCUS 28-5 Table 28.1 Components of the Investment Management Process INVESTMENTS | BODIE, KANE, .