Q-IPS: Stephenson, age 55 and single, is a surgeon who has…
Questions
Q-IPS: Stephensоn, аge 55 аnd single, is а surgeоn whо has accumulated a substantial investment portfolio without a clear long-term strategy in mind. Two of his patients who work in financial markets comment as follows: • James: ‘‘My investment firm, based on its experience with investors, has standard investment policy statements in five categories. You would be better served to adopt one of these standard policy statements instead of spending time developing a policy based on your individual circumstances.’’ • Charles: ‘‘Developing a long-term policy can be unwise given the fluctuations of the market. You want your investment adviser to react continuously to changing conditions and not be limited by a set policy.’’ Stephenson hires a financial adviser, Caroline. At their initial meeting, Caroline compiles the following notes: • Stephenson currently has a $2.0 million portfolio that has a large concentration in smallcapitalization U.S. equities. Over the past five years, the portfolio has averaged 20 percent annual total return on investment. Stephenson hopes that, over the long term, his portfolio will continue to earn 20 percent annually. When asked about his risk tolerance, he described it as “average.” He was surprised when informed that U.S. small-cap portfolios have experienced extremely high volatility. • He does not expect to retire before age 70. His current income is more than sufficient to meet his expenses. Upon retirement, he plans to sell his surgical practice and use the proceeds to purchase an annuity to cover his postretirement cash flow needs. • Both his income and realized capital gains are taxed at a 30 percent rate. No pertinent legal or regulatory issues apply. He has no pension or retirement plan but does have sufficient health insurance for postretirement needs. • The comments about investment policy statements: Table 1 Stephenson Investment Profile Type of investor Individual; surgeon, 55 years of age, in good health Asset base $2 million Stated return desire or investment goal 10 percentage points above the average annual return on U.S. small-capitalization stocks Annual spending needs $150,000 Annual income from non-portfolio sources (before tax) $350,000 from surgical practice Other return factors Inflation is 3% Risk considerations Owns large concentration in U.S. smallcapitalization stocks Specific liquidity requirements $70,000 charitable donation in 10 months Time specifications Retirement at age 70 Tax concerns Income and capital gains taxed at 30 percent The comments about investment policy statements made by Stephenson’s patients are best characterized as
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