The first step any investor should take before beginning to invest is to ________.

A) establish investment objectives
B) develop a list of investment managers with superior records to interview
C) establish asset allocation guidelines
D) decide between active management and passive management

The first step any investor should take before beginning to invest is to establish investment objectives. This will help the investor to determine the type of investments to make, their risk tolerance level, and the time horizon for investing. Once the investment objectives are established, the investor can then move on to developing an asset allocation plan, deciding between active and passive management, and researching investment managers.