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倩倩加油鸭 · 2023年01月16日

这道题答案没太读明白，能麻烦老师解答一下吗，谢谢

  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：

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lynn_品职助教 · 2023年01月17日

嗨，爱思考的PZer你好：


这道题目问的是，以下哪一个投资账户适合投资broker的建议（即投入更多的资金到股票账户）


考察的知识点就是不同账户税收对收益或者说投资的影响。因为符合长期和流动性需求低要求的两个账户retirement和reallocated区别只在于税。


原文中提到，broker对于股票市场的长期表现是持positive的观点。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，因而肯定不可能投入到股票市场上的，更应该投的是货币市场基金，比方说T+0可随时申购赎回产品，以应对不确定性。通过流动性我们可以排除education和Unexpected needs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。


剩下两个账户投哪个，就要看这两个账户的区别。他们的区别恰恰在于他们的税收类型不一样。没有另外交代，reallocated money market就是普通的税收账户，没有税收优惠；而题目开始之初，则指出了retirement account是tax-deferred account。


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。

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