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moon · 2022年07月25日

这个知识点考的是什么？没有印象，这个知识点重要吗

  1. CFA III
  2. 机构IPS

* 问题详情，请 查看题干

NO.PZ202205190400000101

问题如下：

Q. Discuss the relevance of the endowment’s spending policy to Brodka’s expressed concerns.

选项：

解释：

Solution

In voicing his concerns, Brodka is cautioning that a higher allocation to illiquid investments may have adverse effects on the endowment’s spending rate and risk profile. Kemney University’s spending policy is an example of a geometric smoothing rule, sometimes called the Yale formula. It is intended to bring about a predictable pattern of distributions for better planning of resource deployment through its programs across varying conditions, even as extreme as the 2008 global financial crisis.

While this spending policy would be consistent with an investment objective of achieving long-term returns that support the spending rate while preserving the value of the endowment in real terms over time, the policy design also incorporates a smoothing, countercyclical element. This leads to lower spending rates in a period of sustained strong investment returns but higher spending rates in a protracted weak return environment.

这个知识点考的是什么？没有印象，这个知识点重要吗

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林夕 · 2023年02月10日

机构投资者那门课foundation and enodwment的liabilities的spending policy。有constant growth rule和market value rule两种。这是混合方法，但是答案提到的新名词我也是第一次看到

3 个答案

lynn_品职助教 · 2023年02月10日

嗨，从没放弃的小努力你好：


是的，这个case完全是独立在教材之外的内容。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

lynn_品职助教 · 2022年08月14日

嗨，努力学习的PZer你好：


这里直接是题干中提到的Brodka has three related concerns given that the higher allocation toilliquid investments may reduce the liquidity profile of the endowment.

这道题的答案就当是一个协会想让我们知道的知识点吧，没有其他的可以判断有什么相关性的办法。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

lynn_品职助教 · 2022年07月26日

嗨，爱思考的PZer你好：


这个考点是endowment’s spending policy，在基础班讲义的110-113页，如下图。视频在基础班private foundations：liabilities and investment horizon1倍速4分钟处。但是答案中提到的geometric smoothing rule是老考纲中的说法（为了避免同学搞混，我就不把内容放在下面了），现在原版书中只在Quinco case里提到了，其实就是hybrid，视频在Case study：Quinco case第一个视频两倍速07:30分处。

不算是重点的核心内容。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

椰子皮 · 2022年08月12日

“In voicing his concerns, Brodka is cautioning that a higher allocation to illiquid investments may have adverse effects on the endowment’s spending rate” 请问老师，哪里看出来配置非流动性资产会改变支出率？

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