WOO2019 · 2022年11月05日
NO.PZ2022051904000004
问题如下：
Laura Powers is a senior investment analyst at Brotley University Foundation and works for the university endowment. Powers is preparing a recommendation to allocate more funds into illiquid investments for a higher potential return and is discussing the rationale with junior analyst Jasper Heard. Heard makes the following statements to Powers:
选项：
解释：
这题在机构IPS里也是很非主流啊？品职后面这几个题在干吗？也不讲视频，发在这里
lynn_品职助教 · 2022年11月08日
嗨，从没放弃的小努力你好：
同学你好~这几天账号设置有一点问题，回答稍迟，给同学增添麻烦啦~
这道题是Reading 28 ■ Case Study in Portfolio Management: Institutional 的课后练习，讲的是low liquidity public equity有Liquidity premium，我们计算的时候用市场指数算有流动性补偿不一定正确，因为投资者在实际投资时只会投资一部分股票，个股是否有这个流动性补偿并不好说。这种题属于开放式的问答题，基本不会在CFA的考题里出现，CFA的考题是有明确结论的，不会是这种正反两方面讨论的题目。因此本题大概看看即可。
因为这是教材上的内容所以还是放在题库里面，我个人认为协会是利用案例的方式提到了一些比较偏的知识点，何老师讲解了机构IPS的这几个case study，既然碰到了我就把这道题大概的意思翻译一下。
主题干说了，他们想投资一些illiquid investments ，这样可以赚取更多的收益。
Statement 2：他们考虑投资一点流动性较差的上市公司股票（low liquidity public equity investments），因为流动性较差的上市公司股票其实和Private equity以及Real estate差不多，因为流动性较差的上市公司股票也会有liquidity premium。
首先Statement 2说low liquidity public equity有Liquidity premium，这句是正确的，我们也经常说，流动性差的股票有流动性补偿。但是，他不构成投资投资流动性较差的上市公司股票的原因（也就是不构成用该上市公司替换Private equity以及Real estate的原因）。这是下面这句的意思：
Heard’s statement on public equities is partially true, but it does not rely on a fully defensible basis for an investment recommendation.
虽然我们说对于上市公司股票来说，流动性差和高的预期收益率存在显著的正相关（即，流动性越差，Expected return越高），但是我们很难把流动性补偿从高Expected return中剥离出来。也就说，我们投资这类股票，获得的高收益可能是因为其他因素引起的，可能不是由illiquidity引起的，或者有多少是illiquidity带来的也不知道。所以题干Statement里说投资该类股票就可以获得Liquidity premium就不够准确。这是下面这句的大概意思：
While a significant body of literature documents a positive relationship between lack of liquidity and expected returns in the case of public equity, overall it is difficult to isolate the illiquidity premium with precision and separate its effects from such other risk factors as the market, value, and size in the case of equity investments
下面这句说，在计算流动性补偿时，我们使用市场指数算的liquidity premium，但是我们投资者在实际投资时只会投资一部分股票，那用市场指数算的有流动性补偿，但投资个股是否一定有流动性补偿就不好说。那这一部分股票的表现与指数的表现就可能不同，一部分股票更容易表现出个股的特质，所以投资个股是否存在那个流动性补偿也不好说。
Furthermore, estimates of the illiquidity premium are based on broad market indexes, yet an investor in these asset classes would typically invest in only a small subset of the universe with the result that individual investment experience could be very different and more susceptible to idiosyncratic factors.
----------------------------------------------加油吧，让我们一起遇见更好的自己！
NO.PZ2022051904000004 问题如下 Laura Powers is a senior investment analyst Brotley University Fountion anworks for the university enwment. Powers is preparing a recommention to allocate more fun into illiquiinvestments for a higher potentireturn anis scussing the rationale with junior analyst Jasper Hear Hearmakes the following statements to Powers: Q. termine if Hears statements are correct. Justify your response. 请问关于statement2的知识点在哪里可以看见
NO.PZ2022051904000004 问题如下 Laura Powers is a senior investment analyst Brotley University Fountion anworks for the university enwment. Powers is preparing a recommention to allocate more fun into illiquiinvestments for a higher potentireturn anis scussing the rationale with junior analyst Jasper Hear Hearmakes the following statements to Powers: Q. termine if Hears statements are correct. Justify your response. 上面光亮的这句话是什么意思？ 老师总结一下上面这段的成三个要点的话，如何总结？
NO.PZ2022051904000004 问题如下 Laura Powers is a senior investment analyst Brotley University Fountion anworks for the university enwment. Powers is preparing a recommention to allocate more fun into illiquiinvestments for a higher potentireturn anis scussing the rationale with junior analyst Jasper Hear Hearmakes the following statements to Powers: Q. termine if Hears statements are correct. Justify your response. 请问这是基础班讲义上的哪个考点？会考吗？
NO.PZ2022051904000004 问题如下 Laura Powers is a senior investment analyst Brotley University Fountion anworks for the university enwment. Powers is preparing a recommention to allocate more fun into illiquiinvestments for a higher potentireturn anis scussing the rationale with junior analyst Jasper Hear Hearmakes the following statements to Powers: Q. termine if Hears statements are correct. Justify your response. statement 2 没有看懂，麻烦一下，谢谢了。
