Reading 13. Concentrated Single-Aseet Positions
　　The candidate should be able to:
　　a.explain investment risks associated with a concentrated position in a single asset and discuss the appropriateness of reducing such risks;
　　b. describe typical objectives in managing concentrated positions;
　　c. discuss tax consequences and illiquidity as considerations affecting the management of concentrated positions in publicly traded common shares, privately held businesses, and real estate;
　　d. discuss capital market and institutional constraints on an investor’s ability to reduce a concentrated position;
　　e. discuss psychological considerations that may make an investor reluctant to reduce his or her exposure to a concentrated position;
　　f. describe advisers’ use of goal-  based planning in managing concentrated positions;
　　g. explain uses of asset location and wealth transfers in managing concentrated positions;
　　h. describe strategies for managing concentrated positions in publicly traded common shares;
　　i. discuss tax considerations in the choice of hedging strategy;
　　j. describe strategies for managing concentrated positions in privately held businesses;
　　k. describe strategies for managing concentrated positions in real estate;
　　l. *uate and recommend techniques for tax efficiently managing the risks of concentrated positions in publicly traded common stock, privately held businesses, and real estate.
　　　
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