Provide a brief assignment report. You should write around $2000$ words for this essay and not exceed $2500$ words. The traditional Modern portfolio theory $($MPT$)$ or Mean$-$Variance analysis is a mathematical framework allows investors to optimally allocate their capital between assets. However, recent academic literatures have started to emphasis another approach to investing called Goal$-$Based Investing $($GBI$).$ Many financial planning firms and advisors have implemented GBI.

In this essay, you are required to discuss the following topics.

$1.$ Modern portfolio theory $($MPT$)$s history, theory, and its real world application $($Black$$Litterman model$).$

$2.$ Modern portfolio theory $($MPT$)$s shortfalls and constraints in its real world application.

$3.$ Goal$-$Based Investing $($GBI$)$s history and origin, and its world application.

$4.$ The differences and similarities between MPT and GBI.

$5.$ Please how MPT and GBI would help you in the future.

$6.$ Which one of the two you like most and why?

$7.$ You are required to do some research to support your findings and conclusions.