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

nuankaka · 2023年01月31日

这道题 如何确定是看表1 还是表2?

* 问题详情,请 查看题干

NO.PZ201809170400000403

问题如下:

Which manager is most likely to get caught in a value trap?

选项:

A.

Furlings

B.

Asgard

C.

Tokra

解释:

C is the correct answer. A value trap occurs when a stock that appears to have an attractive valuation because of a low P/E and/or P/B multiple (or other relevant value proxies) appears cheap only because of its worsening growth prospects. Although a pitfall such as value trap is more common in fundamental investing, a quantitative process that relies on historical information and does not integrate future expectations about cash flows or profitability may be unable to detect a value trap.

A is an incorrect answer. Although Furlings is a top-down manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have dissected the financial statements and analyzed the competitive landscape and growth prospects. Managers at Furlings are more likely than managers at Tokra to be aware of the significant deteriorating prospects of a security they are considering for investment.

B is an incorrect answer. One of Asgard’s investment criteria is identifying firms that have good potential cash flow growth over the next three years. The firm has access to database and support tools, allowing its analysts to evaluate many potential growth metrics. Managers at Asgard are more likely than managers at Tokra to be aware of the significant deteriorating prospects of a security they are considering for investment.

这道题 如何确定是看表1 还是表2?因为如果看表2的话 T的 P/E P/B 都很高啊,不是不会在value trap里面吗? 谢谢

awen · 2023年08月17日

不能看表2 ,表2是说这3个基金的盈利情况(管理者自身的情况),和他们要买的产品无关,看value trap核心是看这3个基金要买的产品是啥样的(要看被投资产品的盈利情况表,没给,只能从表1找)

1 个答案
已采纳答案

笛子_品职助教 · 2023年02月01日

嗨,爱思考的PZer你好:


这道题 如何确定是看表1 还是表2?因为如果看表2的话 T的 P/E P/B 都很高啊,不是不会在value trap里面吗? 谢谢

value trap是指现在静态看,P/E 和P/B都很低,看上去很便宜。

但是未来盈利前景很差,考虑到未来盈利下滑,实际上并不便宜。

这是value trap。


比如一个公司,现在EPS是3元,股价是9元,3倍P/E,而同行业公司要6倍P/E,看上去很便宜,于是买了。

但是第二年,它的EPS跌到0.3元,股价还是9元的话,就是30倍P /E ,这就不便宜了。

这就是value trap。


所以value trap是看未来的,所有不看未来盈利预期,只看当下是否便宜的,都可能掉进value trap。


是否看未来这个信息要在表1里找。Tokara只看静态财务指标,因此会掉进value trap。


furling说会看公司品牌,竞争力,这就是用来预测未来的。

ASGard说要找有强悍商业模式和良好治理结构的公司,这也是用来预测未来的。

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

hyi725 · 2024年07月04日

我真的很晕,这个问题的前一道题才说Tokra用的不是profitability而是price momentum的指标,这会儿怎么又是静态指标的value trap了?

  • 1

    回答
  • 5

    关注
  • 428

    浏览
相关问题

NO.PZ201809170400000403 问题如下 Which manager is most likely to get caught in a value trap? Furlings Asgard Tokra C is the correanswer. A value troccurs when a stothappears to have an attractive valuation because of a low P/E anor P/B multiple (or other relevant value proxies) appears cheonly because of its worsening growth prospects. Although a pitfall suvalue tris more common in funmental investing, a quantitative process threlies on historicinformation anes not integrate future expectations about cash flows or profitability mbe unable to tea value trap. A is an incorreanswer. Although Furlings is a top-wn manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have ssectethe financistatements and analyzethe competitive lancape angrowth prospects. Managers Furlings are more likely thmanagers Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. B is an incorreanswer. One of Asgars investment criteria is intifying firms that have goopotenticash flow growth over the next three years. The firm has access to tabase ansupport tools, allowing its analysts to evaluate many potentigrowth metrics. Managers Asgarare more likely thmanagers at Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. Although a pitfall suvalue tris more common in funmentinvesting, a quantitative process threlies on historicinformation anes not integrate future expectations about cash flows or profitability munable to tea value trap.C答案解析说基本面分析相比量化分析更容易出现value trap,这个写反了吧,量化模型只看历史价格变化规律,不看未来前景,更容易出现value trap吧

2024-10-30 13:13 1 · 回答

NO.PZ201809170400000403问题如下 James Leonaris a funof-fun manager with Future Generation, a large sovereign fun He is consiring whether to pursue more in-pth e ligenprocesses with three large-clong-only fun proposehis analysts. Although the fun emphasize fferent financimetrianuse fferent implementation methologies, they operate in the same market segment anare evaluateagainst the same benchmark. The analysts preparea short scription of eafun presentein Exhibit 1.When Leonars analysts met with Asgar they inquirewhether its managers engage in activist investing because Asgars portfolio frequently hol significant positions, because of their large asset size, anbecause of their emphasis on strong governanantheir ability to mol sources of cash-flow strengths anweaknesses within eabusiness. The manager incatethAsgarengages with companies from a long-term shareholr’s perspective, whiis consistent with the firm’s low portfolio turnover, anuses its voice, anits vote, on matters thcinfluencompanies’ long-term value.Leonarwants to confirm theamanager’s portfolios are consistent with its clarestyle. To this en Exhibit 2 presents key financiinformation associatewith eamanager’s portfolio analso with the inx thall three managers use. Which manager is most likely to get caught in a value trap? Furlings Asgard Tokra C is the correanswer. A value troccurs when a stothappears to have an attractive valuation because of a low P/E anor P/B multiple (or other relevant value proxies) appears cheonly because of its worsening growth prospects. Although a pitfall suvalue tris more common in funmental investing, a quantitative process threlies on historicinformation anes not integrate future expectations about cash flows or profitability mbe unable to tea value trap. A is an incorreanswer. Although Furlings is a top-wn manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have ssectethe financistatements and analyzethe competitive lancape angrowth prospects. Managers Furlings are more likely thmanagers Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. B is an incorreanswer. One of Asgars investment criteria is intifying firms that have goopotenticash flow growth over the next three years. The firm has access to tabase ansupport tools, allowing its analysts to evaluate many potentigrowth metrics. Managers Asgarare more likely thmanagers at Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. 题目也没说根据表1啊,那按照你的根据表2我还能选出另外的答案

2024-02-07 07:50 1 · 回答

NO.PZ201809170400000403 问题如下 James Leonaris a funof-fun manager with Future Generation, a large sovereign fun He is consiring whether to pursue more in-pth e ligenprocesses with three large-clong-only fun proposehis analysts. Although the fun emphasize fferent financimetrianuse fferent implementation methologies, they operate in the same market segment anare evaluateagainst the same benchmark. The analysts preparea short scription of eafun presentein Exhibit 1.When Leonars analysts met with Asgar they inquirewhether its managers engage in activist investing because Asgars portfolio frequently hol significant positions, because of their large asset size, anbecause of their emphasis on strong governanantheir ability to mol sources of cash-flow strengths anweaknesses within eabusiness. The manager incatethAsgarengages with companies from a long-term shareholr’s perspective, whiis consistent with the firm’s low portfolio turnover, anuses its voice, anits vote, on matters thcinfluencompanies’ long-term value.Leonarwants to confirm theamanager’s portfolios are consistent with its clarestyle. To this en Exhibit 2 presents key financiinformation associatewith eamanager’s portfolio analso with the inx thall three managers use. Which manager is most likely to get caught in a value trap? Furlings Asgard Tokra C is the correanswer. A value troccurs when a stothappears to have an attractive valuation because of a low P/E anor P/B multiple (or other relevant value proxies) appears cheonly because of its worsening growth prospects. Although a pitfall suvalue tris more common in funmental investing, a quantitative process threlies on historicinformation anes not integrate future expectations about cash flows or profitability mbe unable to tea value trap. A is an incorreanswer. Although Furlings is a top-wn manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have ssectethe financistatements and analyzethe competitive lancape angrowth prospects. Managers Furlings are more likely thmanagers Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. B is an incorreanswer. One of Asgars investment criteria is intifying firms that have goopotenticash flow growth over the next three years. The firm has access to tabase ansupport tools, allowing its analysts to evaluate many potentigrowth metrics. Managers Asgarare more likely thmanagers at Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. 我看了其他答案,能够理解只看ratio确实容易出现value trap的问题。但是原版书上很明确把value trap归在pitfall in funmentinvesting,且pitfall in quantitative investing完全没有提及value trap,请问本题为什么将value trap归为quantitative的pitfall?

2023-08-28 15:37 2 · 回答

NO.PZ201809170400000403 问题如下 Which manager is most likely to get caught in a value trap? Furlings Asgard Tokra C is the correanswer. A value troccurs when a stothappears to have an attractive valuation because of a low P/E anor P/B multiple (or other relevant value proxies) appears cheonly because of its worsening growth prospects. Although a pitfall suvalue tris more common in funmental investing, a quantitative process threlies on historicinformation anes not integrate future expectations about cash flows or profitability mbe unable to tea value trap. A is an incorreanswer. Although Furlings is a top-wn manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have ssectethe financistatements and analyzethe competitive lancape angrowth prospects. Managers Furlings are more likely thmanagers Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. B is an incorreanswer. One of Asgars investment criteria is intifying firms that have goopotenticash flow growth over the next three years. The firm has access to tabase ansupport tools, allowing its analysts to evaluate many potentigrowth metrics. Managers Asgarare more likely thmanagers at Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. 可否详解一下这道题,本case前面几道题找不好题眼,反复做错

2023-08-24 17:28 1 · 回答

NO.PZ201809170400000403 问题如下 Which manager is most likely to get caught in a value trap? Furlings Asgard Tokra C is the correanswer. A value troccurs when a stothappears to have an attractive valuation because of a low P/E anor P/B multiple (or other relevant value proxies) appears cheonly because of its worsening growth prospects. Although a pitfall suvalue tris more common in funmental investing, a quantitative process threlies on historicinformation anes not integrate future expectations about cash flows or profitability mbe unable to tea value trap. A is an incorreanswer. Although Furlings is a top-wn manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have ssectethe financistatements and analyzethe competitive lancape angrowth prospects. Managers Furlings are more likely thmanagers Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. B is an incorreanswer. One of Asgars investment criteria is intifying firms that have goopotenticash flow growth over the next three years. The firm has access to tabase ansupport tools, allowing its analysts to evaluate many potentigrowth metrics. Managers Asgarare more likely thmanagers at Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. 第二和第三都是量化的方法,应该没有value trap才对呀,为何答案是furling基金有这个问题

2023-06-29 21:32 1 · 回答