Читать книгу Alternative Investments - Black Keith H. - Страница 11

As already discussed, different asset owners have their own particular objectives in managing their assets and face various constraints, which could be internal or external. An objective is a preference that distinguishes an optimal solution from a suboptimal solution. A constraint is a condition that any solution must meet. Internal constraints are imposed by the asset owner and may be a function of the owner's time horizon, liquidity needs, and desire to avoid certain sectors. External constraints result from market conditions and regulations. For instance, an asset owner may be prohibited from investing in certain asset classes, or fees and due diligence costs may prevent the owner from considering all available asset classes. The next sections describe the issues that must be considered while attempting to develop a systematic understanding of asset owners' objectives and constraints.