Question 1:
From Ch. 17:   Identify the advantages of Monte Carlo simulation. Also, describe total portfolio management. Any similarities or differences?
Student 1:
There are multiple advantages to the Monte Carlo simulation such as the pure knowledge that every outcome from the MC simulation will provide distinct variables. Another advantage is that the initial analysis is performed using graphical results which are easy for most to interpret and understand. Also, the information generated within the graphical results shows the runner-up estimates, not just the best result. Furthermore, the MC simulation allows sensitivity and scenario analysis’s to provide larger, more impactful variables and variable effects in different situations, respectively.
On the other hand, total portfolio management is when you focus on a maximized return by minimizing the risks by utilizing a long term horizon. The purpose of TPM is to help put a stop to short term stock collapses and help gain a long lasting portfolio with a maximized return. TPM is ideal to those looking to truly minimize the associated risks with investing. A very common example are pension plans. 
The main similarity between the Monte Carlo simulation and Total Portfolio Management is that the investor is able to view how much their potential investment could bring them once they consider all potential associated risks. The main difference is how the risks and rewards are presented. MC simulation is a preamble to investing whereas TPM you have to invest to understand the true risks or rewards.
Sources:
Monte Carlo Simulation. (2020). Investopedia. https://www.investopedia.com/terms/m/montecarlosimulation.asp
Total Fund Management | CPP Investments. (2019). CPP Investments. https://www.cppinvestments.com/about-us/our-investment-teams/team-total-portfolio-management

Question 2:
From Ch. 17:  Should a comedian and a government employee receive the same financial asset allocation if they have similar tolerances for risk? Why?
Student 2:
A comedian and a government employee should receive the same financial asset allocation if they have similar risk tolerances because risk tolerances directly affect portfolio diversification. Even though a comedian is very different from a government employee in terms of how each generates their income, the stability of their jobs, benefits received from the employers, etc., retirement risks are similar for everyone and can be divided into investment risk, inflation risk, longevity risk, and health risk (Altfest, 2017). Since these risks have little correlation with the differences, how each person responds to them, which determines their risk tolerances, influences their decisions to allocate their assets. To specify, if both the comedian and the government employee worry about a possibility of their premature death due to health-related reasons, they will allocate more assets to investments with lower risk. 
Reference
Altfest, L. J. (2017). Personal financial planning. McGraw-Hill Education.