单选题 Which of the following is generally the first general step in the portfolio management process?

A、

A. Write a policy statement.
B、

B. Develop an investment strategy.
C、

C. Specify strategic asset allocations.

【正确答案】 A

【答案解析】The policy statement is the foundation of the entire portfolio management process. Here, both risk and return are integrated to determine the investor's goals and constraints.