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一只可爱的猪 · 2022年07月05日

为什么这里是no

Cassandra Yang, age 59, is a manager at a large US manufacturing firm. Yang is single, owns a home, is debt free, and saves 20% of her pre-tax income in a company retirement plan and 15% of her after-tax income in a short-term money market account. Her accounts are self-directed; Yang makes all related decisions independently.

While Yang hates to suffer investment losses, she now seeks higher returns on 80% of the funds in her money market account. To help achieve her goal of retiring within three years, she is considering the actively managed investment funds listed in Exhibit 1.




Yang is also considering Aspen Investments (Aspen) for a portion of her money market funds. Aspen’s investment philosophy states: “We pursue a passive investment strategy, which seeks to identify and exploit structural inefficiencies through identifying mispricings created by loss aversion. Our strategy and philosophy have evolved over time in response to fund and market performance.”



为什么这里是no,老师可以解释一下吗?

这里难道不是解释到后面以后,越来越多的是将active return的部分转换为passive吗

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已采纳答案

吴昊_品职助教 · 2022年07月06日

嗨,从没放弃的小努力你好:


你说的这个是在benchmark划分的时候,我们是越来越精准。但和这道题的第二句话说的不是一个意思。

第二句现在想说的是,无论是什么类型的基金经理,一旦他的投资哲学定下来了之后,就不能跟着市场来回变化了。不能今天一个样,明天另一个样。某一个基金经理在很长一段时间内的投资哲学相对来说是恒定的。

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努力的时光都是限量版,加油!

吴昊_品职助教 · 2022年07月05日

嗨,爱思考的PZer你好:


题干中investment philosophy本身表述就是错的:被动投资无脑跟,不做主观判断,题干第一句话描述的是主动投资,但对外宣称是被动投资,显然不一致。第二句话错在,investment philosophy是不能随着市场的改变而改变的,philosophy是要保持一致的,也就是说投资哲学要经过长期的市场验证的,所以第二句话表述也有问题。

因此这道题就判断为不一致。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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