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Asset Allocation - Choosing best allocation from several options
when Before tax Expected Return of various asset allocation alternatives eg A, B, C, D given - and a tax-rate is given, do we
1) calculate after-tax return for each alternative ?
2) then look at return objective for endowment, foundation etc. and then choose the most suitable asset allocation ?
My qs is do we always decide based on AFTER-TAX Exp. Return if given Before-tax Exp. Return ?
Thanks very much