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this is level three of the CFA program the topic on asset allocation and the reading on asset allocation with real world constraints one very interesting sentence that appears in the beginning of this reading sounds something like this modern portfolio theory was developed in a world absent of transaction costs recall that those founding fathers of Finance assumed a world in which there was a rational investor there were no such things as taxes there were no such things as bid ask spreads and there were a whole host of assumptions that made this you know kind of like a restrictive world but that restrictive World gave us tremendous laser insight into the value of investment research and then what weve done over the years is weve relaxed all those assumptions so that we can make some real world decisions based on based on that theory now youll see that when we go through these learning outcome statements well talk about some constraints in the first one then well talk about taxes a
