What are the four steps in the portfolio management process?

The four steps in the portfolio management process are:

1. Establishing Investment Objectives: Define the investor's goals, risk tolerance, and time horizon.
2. Asset Allocation: Determine the appropriate mix of asset classes (such as stocks, bonds, and cash) that align with the investment objectives.
3. Portfolio Construction: Select specific investments within each asset class to build a diversified portfolio.
4. Monitoring and Rebalancing: Regularly review portfolio performance and make adjustments as necessary to stay aligned with the investment objectives and market conditions.