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晓昀 · 2022年12月02日

客户分类已经是AA，如何体现出随着年龄变化，客户分类也会变

  1. CFA III
  2. Behavioral Finance

NO.PZ2022052301000001

问题如下：

Owen’s next meeting is with George Bailey, an entrepreneur and self-made millionaire. Owen and Yang talk prior to the meeting and he makes the following observations: Bailey is independent, strong willed, quick to make decisions, and extremely confident. Historically his portfolio has had a high turnover rate and he has tended to chase higher risk investments. He is also very “hands on.” Bailey’s youngest child is expected to graduate from university in the next couple of years and he has become increasingly more emotional about his investments. Yang questions if Owen has ever considered a behaviorally modified portfolio for Bailey, even though he demonstrates some of the shortcoming of classifying investors into personality types.

Based on Owen’s observations, which of the following would least likely limit the applicability of behavioral models to Bailey?

选项：

A.

Displaying characteristics of multiple investor types.

B.

Both cognitive and emotional biases.

C.

Behavioral changes as he ages.

解释：

Bailey is not exhibiting characteristics of multiple investor types. He is only exhibiting the investor characteristics associated with an Active Accumulator (AA) that include both cognitive and emotional biases. His in also exhibiting behavioral changes as he is aging as he has become more emotional about his investment portfolio.

随着年龄变化会变得更加emotional 这个点我理解，不理解的是文中说现在已经变得emotional了，也已经归类为AA了，那之后年龄接着变大，客户分类仍然是AA，为什么还会影响客户分类呢

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1 个答案

王琛_品职助教 · 2022年12月05日

嗨，努力学习的PZer你好：


1

首先，我们需要明确题目的考点，即：投资者分类的限制 Limitations of Classifying Investors into Various Types，对应基础班讲义 P104

明确了考点之后，有助于我们从考点本身的角度，思考出题人想考查我们的方向和角度

下面分别解释三个选项

2

选项 A

关于投资者分类，限制中有提到，一个个体，可能会体现出不同投资者分类的特征 "Individuals may exhibit characteristics of multiple investor types."

选项 A 的描述本身是没问题的，符合原文

但是案例背景中，客户 Bailey 并没有体现出多种投资者分类

全篇的描述，都是在说他的投资者分类是 AA，并没有关键描述对应到其他的投资者分类，比如 FF PP II

所以这条并不构成对 Bailey 进行投资者分类的限制，所以才选 A

3

选项 B

个体可能会既有 emotional 又有 cognitive

关于这条限制的分析，思路并不是要从题干背景当中，分别识别出 emotional 和 cognitive，而是考查大家对投资者分类的理解

四种投资者分类，都是既有 Emotional bias 又有 Cognitive errors，区别只是在于每种投资者分类所展现的主要的偏差 Primary biases 不同

请参考基础班讲义 P97

所以这条确实符合投资者分类的限制，所以不选 B

4

选项 C

随着客户变老，行为可能会改变 "Behavioral changes as he ages" 怎么理解呢？

广为人知的例子是，随着人们年龄的增长，他们对风险（即损失）的容忍度普遍降低。他们对自己的投资也可能变得更加情绪化

"The most widely recognized example is that as people age their tolerance for risk (i.e., losses) generally decreases. They may **become more emotional about their investing as well**."

原版书表述的关键词是 become more emotional about their investing，题干背景也有提到：he has become increasingly more emotional about his investments

这道题是 MOCK 题，符合 MOCK 的出题特点，就是会改写原版书的原文，之所以题干中有这句话，就是想告诉考生，Bailey 的投资者分类，会受到这条的限制，所以选项 C 是体现了，咱不选

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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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