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Kelsey Opelt is a portfolio manager and is providing advice for Jay Steele, a retiree. Opelt has been working with Steele for many years. They have a good relationship and Opelt has taught Steele the basic of investments. Steele has fairly steady liquidity requirements. His house is paid for, he has good health insurance, and he has a steady pension. He only requires $1,000 a month in spending money that allows him to enjoy retirement. His children are grown and financially independent. His wife Harriet passed away five years ago. Because of Steele’s steady lifestyle, low liquidity requirements, and investment knowledge, Opelt has not adjusted Steele’s portfolio for capital market expectations in many years. The portfolio has performed quite well recently, due to an average return in the stock market of 25% over the past three years. Opelt should: A. not perform any actions because Steele’s circumstances have not changed, and are not expected to change, for many years. B. monitor the portfolio and capital market expectations more closely. C. not interfere with the portfolio because it is performing so well. |