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开泰-王飞 · 2022年10月20日

这类题型的考点如何把握?

* 问题详情,请 查看题干

NO.PZ201710200200000107

问题如下:

7. Based on Exhibit 1, which portfolio best meets the Laws’ goal to fund an endowment for their alma mater?

选项:

A.

Portfolio 1

B.

Portfolio 2

C.

Portfolio 3

解释:

B is correct.

Portfolio 2 best meets the Laws’ goal to fund an endowment for their alma mater in 20 years. In present value terms, the gift is valued at $500,000, with the Laws desiring a high probability of achieving this goal. Although slightly more conservative than the 75/25 global equity/bond mix, Portfolio 2 has a greater growth emphasis compared with Portfolios 1 and 3. Therefore, Portfolio 2 is best for funding the endowment at their alma mater given the goal’s long-term horizon and the Laws’ desire for a high probability of achieving it.

考点:goal-based approach

解析:投资期:20 years,长期。实现目标的程度:high probability(与education expense的very strong desire相比,程度略低)。

因为投资期长,所以cash占比可以放低:portfolio 1 cash占比35%偏高,排除。

因为实现目标的程度高,但不是非要满足,所以可以承担一些风险。Portfolio 2和3的差别不仅仅只有diversifying strategy,还有fixed income和global equities。发现portfolio 2的FI占比低,GE占比很高,虽然diversifying strategy略低于portfolio 3,但是由于投资了大量的股票,所以portfolio 2整体上更有成长空间。

按照endowment的需求可以投equity,按照500/(800+450)=36%,难道不是portfolio 3最好嘛?

1 个答案

lynn_品职助教 · 2022年10月21日

嗨,爱思考的PZer你好:


这类题型其实同学对相关知识点掌握得很好了,对得分重要的是如何读题我们应该把题干中的背景放在最重要的位置上。从题目的字里行间很快地get出题人的点,这个一方面需要大量的练习,一方面在遇到这类很“轴”的题目时,建议像李老师说的那样,抛弃自己之前的分析,跟着老师讲解或者助教答疑的思路来思考。最后呢,按照我纸考机考都一次性通过的经验,可以肯定地说考题没有官网练习题“绕”,非常地直来直去。

best meets the Laws’ goal to fund an endowment for their alma mater

这道题是想实现老罗家fund母校基金的目标,同学认为“那就应该投的更稳健一些”,但是我们看题目中有这么一句话“Raya concludes that a portfolio of 75% global equities and 25% bonds”,给出了一个75/25的参考。再就是funding母校基金这个目标是high probability,不像达成学费支出的目标是very strong desire,实现目标的迫切程度略低,可以承担一些风险。而且金额较大,需要portfolio有一定的盈利能力和成长性。上面两点都能解释,GE更高的2明显更适合成立母校基金会的目标。

按照endowment的需求可以投equity,按照500/(800+450)=36%,难道不是portfolio 3最好嘛?

至于为什么从题干中读到的75/25是参考,而同学算的500占权益+债的比例不是一个很好的参考,是因为800+450是current financial position,而500是未来的支出,放在一起没有太大的参考价值。

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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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