Efficient portfolios minimize return for a given level of risk.

Risk parity focuses on equalizing expected returns across asset classes.

Mean-variance optimization specifies the best way to estimate expected returns.

The Black-Litterman model combines market equilibrium with investor views.

Portfolio weights represent the proportion of total portfolio value invested in each asset class.

Tactical asset allocation is considered an active strategy.

Strategic asset allocation focuses on short-term market opportunities.

The Sharpe ratio can be used as a criterion for selecting an optimal portfolio.

Both tactical and dynamic asset allocation are considered active strategies.

Organisational culture is the collection of shared values, beliefs, rituals, stories, myths, and specialised language that foster a feeling of community among organisation members. Which of the following is not a characteristic of organisational culture?