开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

Sam · 2022年09月12日

考点的疑惑，以及干扰项

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000305

问题如下：

Young decides to accept the retirement offer. Having very low liquidity needs, she wants to save part of the retirement payout for unforeseen costs that might occur more than a decade in the future. The broker’s view on long term stock market prospects is positive and recommends additional equity investment.

Determine which of Young’s accounts (education, retirement, reallocated money market, or unexpected needs) is best suited for implementing the broker’s recommendation.

选项：

解释：

我对这道题的考点理解，没有错的话，其实是考goal-based中第二步select sub-portfolio. 但我看到young 想用retirement payment的一部分钱来fund unexpected payment， 但是是长期以后才发生的payment（ in a decade），然后题目又说broker 建议投长期股票。因为我看到long-term， 潜意识就会想到growth，就会觉得unexpected account 投股票也可以。现在看来这个条件是不是干扰项（但我看到young 想用retirement payment的一部分钱来fund unexpected payment， 但是是长期以后才发生的payment（ in a decade））？因为其实题目中的unexpected account本来就是urgent的，high liquidity needs的？

添加评论
1 个答案

lynn_品职助教 · 2022年09月14日

嗨，爱思考的PZer你好：


1、考点确实是goal-based中第二步select sub-portfolio

2、我们先来分析这道题，这道题case背景中的题眼就是这句话，同学也提到了，broker 建议投长期股票。所以，要投入到股票市场的这笔钱必须是短期用不上的钱，以获得股票市场的长期收益。Unexpected needs意味着这笔现金流流出的时间和金额是不确定，极端情况可能下一秒或者第二天就要用上这笔钱，所以直接从liquidity needs的角度排除这个选项。

3、再来看看同学的角度，因为我看到long-term， 潜意识就会想到growth，就会觉得unexpected account 投股票也可以。由Long-term出发想到growth是可以的，但是后半句的分析没有相应的依据。同学自己也发现了，确实是存在干扰，即fund unexpected payment与4个account中unexpected account是不相关的，只表示了这些payment时间长，不紧急。

这道题是Reading 7 ■ Asset Allocation with Real- World Constraints课后题第18题，视频在原版书习题课AA R7 Q14-18。

----------------------------------------------
加油吧，让我们一起遇见更好的自己！

  • 1

    回答

  • 0

    关注

  • 487

    浏览
相关问题

NO.PZ201805280100000305 问题如下 Young cis to accept the retirement offer. Having very low liquity nee, she wants to save part of the retirement payout for unforeseen costs thmight occur more tha ca in the future. The broker’s view on long term stomarket prospects is positive anrecommen aitionequity investment.termine whiof Young’s accounts (ecation, retirement, reallocatemoney market, or unexpectenee) is best suitefor implementing the broker’s recommention. 这种账户都是taxable account, low liquity nee吗？我这道题选了retirement 因为没看到题目说reallocatemoney account是long term holng 的 taxable account呀？

2024-08-16 12:14 1 · 回答

NO.PZ201805280100000305 问题如下 Young cis to accept the retirement offer. Having very low liquity nee, she wants to save part of the retirement payout for unforeseen costs thmight occur more tha ca in the future. The broker’s view on long term stomarket prospects is positive anrecommen aitionequity investment.termine whiof Young’s accounts (ecation, retirement, reallocatemoney market, or unexpectenee) is best suitefor implementing the broker’s recommention. Emma Young, a 47-year-olsingle mother of two ughters, ages 7 an10, recently sola business for $5.5 million net of taxes anput the procee into a money market account. Her other assets inclu a tax-ferreretirement account worth $3.0 million, a $500,000 after-taccount signatefor her ughters’ ecation, a $400,000 after-taccount for unexpectenee, anher home, whishe owns outright.Her living expenses are fully covereher joYoung wants to retire in 15 years anto funher retirement from existing assets. orpheight who experiencechiloofinanciharhips, she places a high priority on retirement security anwants to avoilosing money in any of her three accounts.NO.PZ201805280100000305问题如下Young cis to accept the retirement offer. Having very low liquity nee, she wants to save part of the retirement payout for unforeseen costs thmight occur more tha ca in the future. The broker’s view on long term stomarket prospects is positive anrecommen aitionequity investment.termine whiof Young’s accounts (ecation, retirement, reallocatemoney market, or unexpectenee) is best suitefor implementing the broker’s recommention.我的回答The reallocatemoney market account shoulimplement the recommention. Equities have lower trate thbon, so it shoulput into taxable account.Young hlittle liquity nee, so holng stocks longer in taxable account is better while ecation anunexpectenee accounts neemore liquity.老师，第三句我是否可以不写？因为考试时可能来不及。

2023-12-26 14:17 1 · 回答

NO.PZ201805280100000305 问题如下 Young cis to accept the retirement offer. Having very low liquity nee, she wants to save part of the retirement payout for unforeseen costs thmight occur more tha ca in the future. The broker’s view on long term stomarket prospects is positive anrecommen aitionequity investment.termine whiof Young’s accounts (ecation, retirement, reallocatemoney market, or unexpectenee) is best suitefor implementing the broker’s recommention. 通过流动性我们可以排除ecation和Unexpectenee这两个账户，因为他们要求的流动性较高，所以长期持有股票不合适。以上助教的没有看懂。 unexpectenee考虑是明白的。但是主人公由于儿时经历，对retirement的安全度要求非常高，所以应该少配置equity啊。另外两个孩子7岁和10岁，上大学还早，所以时间期限比较长，可以投资equity，为什么不选呢

2023-06-12 17:00 2 · 回答

NO.PZ201805280100000305 问题如下 Young cis to accept the retirement offer. Having very low liquity nee, she wants to save part of the retirement payout for unforeseen costs thmight occur more tha ca in the future. The broker’s view on long term stomarket prospects is positive anrecommen aitionequity investment.termine whiof Young’s accounts (ecation, retirement, reallocatemoney market, or unexpectenee) is best suitefor implementing the broker’s recommention. 如果长期观点是正向的，说明股权价值会大幅涨价，产生大量的capitgain tax。如此一来，不是放在tefficient accounts比放在taxable accounts更合理吗？

2023-06-03 15:40 2 · 回答

NO.PZ201805280100000305 问题如下 Young cis to accept the retirement offer. Having very low liquity nee, she wants to save part of the retirement payout for unforeseen costs thmight occur more tha ca in the future. The broker’s view on long term stomarket prospects is positive anrecommen aitionequity investment.termine whiof Young’s accounts (ecation, retirement, reallocatemoney market, or unexpectenee) is best suitefor implementing the broker’s recommention. reallocatemoney market account is most suitable to implement the suggestion. Young hlow liquity nee. long term stomarket prospects is positive. so holng stolonger ha best favorable ttreatment. it shoulallocateinto taxable account. 最后一句表达的意思就是 对于有税收优惠的产品 应该放在纳税账户中；而对于没有税收优惠的产品应放在T或TEA中，不知道以上的答法怎么样？考试时间紧，我觉得也就是也个三句话的样子，做不到答案那么精准的描述。

2023-05-04 22:38 1 · 回答