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13675759099 · 2023年05月06日

怎么答到要点上

  1. CFA III
  2. 机构IPS

* 问题详情，请 查看题干

NO.PZ202205190400000101

问题如下：

Q. Discuss the relevance of the endowment’s spending policy to Brodka’s expressed concerns.

选项：

解释：

Solution

In voicing his concerns, Brodka is cautioning that a higher allocation to illiquid investments may have adverse effects on the endowment’s spending rate and risk profile. Kemney University’s spending policy is an example of a geometric smoothing rule, sometimes called the Yale formula. It is intended to bring about a predictable pattern of distributions for better planning of resource deployment through its programs across varying conditions, even as extreme as the 2008 global financial crisis.

While this spending policy would be consistent with an investment objective of achieving long-term returns that support the spending rate while preserving the value of the endowment in real terms over time, the policy design also incorporates a smoothing, countercyclical element. This leads to lower spending rates in a period of sustained strong investment returns but higher spending rates in a protracted weak return environment.

看了答案感觉不是很有条理？这题怎么样算是答到要点了呢？烦请老师再梳理点拨一下，谢谢。

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1 个答案

lynn_品职助教 · 2023年05月08日

嗨，爱思考的PZer你好：


看了答案感觉不是很有条理？这题怎么样算是答到要点了呢？烦请老师再梳理点拨一下，谢谢。


同学有这种感受是正常的，因为原版书想要通过题目介绍一些知识点。我们对主观题的策略就是三句话。


这道题关于endowment’s spending policy，在基础班讲义的110-113页，同学只要了解一下就可以了。考场上一般不会遇到，如果碰到这类题就回到题干。


视频在基础班private foundations：liabilities and investment horizon1倍速4分钟处，同学可以看一遍。但是答案中提到的geometric smoothing rule是老考纲中的说法（为了避免同学搞混，我就不把内容放在下面了），现在原版书中只在Quinco case里提到了，其实就是hybrid，视频在Case study：Quinco case第一个视频两倍速07:30分处。


这道题目是问基金的支出政策和B同学的担忧有什么关联。


答案第一句奖励B同学的担忧，在表达他的担忧时，B同学警告说，增加对非流动性投资的配置可能会对捐赠基金的支出率和风险状况产生不利影响。


Brodka has three related concerns given that the higher allocation toilliquid investments may reduce the liquidity profile of the endowment.


主要就是因为题干中B同学说的流动性差会带来流动性风险等。是不利于endowment 想要维持spending rate的目标的。


然后答案介绍了一下geometric smoothing rule的特点。


最后第三句，说当前的策略可以达成endowment的目标，即investment objective of achieving long-term returns that support the spending rate while preserving the value of the endowment in real terms over time。甚至还有平滑、逆周期的设计， smoothing, countercyclical element，因此是符合B同学的考虑的。

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