Which of the following statements are correct?

1. When the USD is the base currency, the exchange rate is given in European terms
2. Base currency is the first current currency in the exchange rate
3. All currencies have a three letter code published by the Bank of International Settlements
4. When the USD is the variable (price) currency, the exchange rate is given in European terms

An investor is bullish on a stock.  What product would you NOT recommend to him or her?

A client who is high net worth wants to invest for the long term.  He has high risk tolerance.  He has no liquidity needs.  What would you recommend to him?

What are the reasons for performing periodic rebalancing in relation to strategic asset allocation?

1. To ensure market changes do not significantly impact the portfolio structure
2. To maintain the risk-return trade-off of the portfolio
3. To ensure the asset class never deviates from the strategic asset allocation
4. To control the risk level of a portfolio