Expectations Shortfall
分析了投资执行落差中外生因素导致的预期落差，包括资产负债错配、通胀、寿命延长和税收，并指出通过预期风险、管理客户期望和调整投资组合可应对这些挑战。
Some causes of implementation shortfall are exogenous—outside a manager’s direct control—which leads to expectations shortfall. Such causes are asset/liability mismatch, inflation, the demographic challenge of increasing life spans (will the purchasing power of a person’s assets last as long as the person does?), and taxes. The investment challenges posed by exogenous factors are manageable but only if the risks are anticipated, client expectations are managed, and portfolios are positioned to weather future storms.