 When we look at the personal portfolio selection, there are a number of factors that play an important role in deciding or defining what will be your portfolio, how it will be selected. So the first important determinant is the life cycle. So if we look at the overall characteristics of the life cycle a person is having, so there can be a certain the age of that particular individual, the family status, or what is his income status, which standard of life he is enjoying, what is his occupation, what is his income, how much wealth he has, all these things will influence his life cycle, will define his life cycle, what is the point of his life cycle. So for example, if we talk about different people, there is an example that if we take a young couple who has recently married, they have a certain amount of money or they want to save, they will have the most important thing in their mind, whether it is their portfolio or their wealth, so in their mind it will be that we first buy a house for ourselves, if they do not have a house. But if we take another couple's example, which are close to retirement, so what would they want if they have a house, they would want that they can sell their house, take them to a rented house, and make some such investments by selling their house, from where they are still alive, till then they get sufficient cash inflow of money, so that they can spend a reasonable life without working. So as you can see, in the example of two couples, they are recently married, they are close to their retirement, both of their objectives or goals can be different, so accordingly the position of their life cycle decides or determines what kind of portfolio they want to define, and there could be all together different types of financial instruments or financial opportunities in which an old couple will go, there are different kinds of financial opportunities or instruments in which the young couple who recently married will define, so these are the key things which we need to understand that in portfolio selection, life cycle plays a critical role. Similarly, you have so much money for inheritance, your father is so rich, you belong to a rich family, you fall in a middle income group, all these elements together, they help you in influencing your decisions and they will help you in deciding how your portfolio will be decided. Another important thing which we need to understand is that as I said earlier, even if your conditions are similar to another individual, there could be certain preferences which may influence the eventually selection of the portfolio. So you might end up in altogether a different portfolio, even if you are similar in a number of characteristics. So a portfolio will not be appropriate for all people, their life cycle can help us in understanding what type of different possible instruments or different possible investment opportunities they would like to go for.