In this unit we learned to examine the construction and properties associated with the optimal risky portfolio, illustrate how the Treynor-Black and the Black-Litterman models complement one another in the portfolio optimization process, examine the systematic 4-stage investment process suggested by the CFA Institute, and analyze the influence of taxes on investment strategies. Lets extend the discussion by examining the practical implications of these concepts. List your personal characteristics and then state your investment objectives in light of them. Use these objectives as a basis for developing your portfolio objectives and policies. Assume that you plan to create a portfolio aimed at achieving your stated objectives.