官网“ Arzac Wealth Management Services Case Scenario”第一题
Given Arzac’s description of her ideal clients, her clients could most likely be described as which type of investor personality?
A.Celebrity
B.Individualist
C.Guardian
这题原官网上面case是不是没有贴出相关信息？原文如下：
Arzac Wealth Management Services Case Scenario
In preparing for her first meeting with David Pak, a potential new client, Arzac develops a “Know Your Client” process, including the design of several tools she can use to get to know her client’s investment objectives and risk profile. One of these tools is a risk tolerance questionnaire. Arzac’s questionnaire contains inquiries relating to mean–variance optimization and the maximum loss the client would be willing to tolerate each year. She includes a few other questions about the client’s confidence in his own abilities as an investor.
Arzac holds a meeting with David Pak, her first potential client. Arzac asks Pak to describe how he has constructed his investment portfolio over time. He informs Arzac that 12 years ago his employer offered him company shares at a discount, but share prices declined because the company wasn’t performing as well as expected. He decided he would rather construct his investment portfolio by investing in three mutual funds he had analyzed, two of which were balanced funds and the third a global equity fund. Pak allocated one-third of his available funds to each of the mutual funds. Pak then describes how over the last five years, he has reviewed his portfolio each year, leading to a higher allocation in global securities over time on the understanding they would help reduce overall risk.
One day after the Brexit referendum, Arzac met with Pak for the annual review of his portfolio and an assessment of his earlier decision to continually add global securities to his portfolio. In the meeting, Pak tells Arzac he and his friends discussed the possible impact of Brexit on their portfolios if the UK decided to leave the EU. His friends subsequently got out of the market prior to the referendum. Pak, however, decided to stay in the market. The referendum results caused a sharp drop in security prices worldwide, causing Pak’s portfolio value to decline by 20%. He now wants to sell the biggest losers so he can realign his portfolio because he thinks the market will continue to decline given the current momentum. Pak adds, “I should have known the Brexit referendum would go the way it did.”
As Arzac continues to grow the firm, she starts building a research department so the firm is less reliant on third-party research. Arzac interviews Christine Torok, who has more than 20 years of experience as an equity analyst following the banking industry. Torok considers herself to be one of the most sought after analysts in the market, ranking in the top five analysts in the industry year after year. Her earnings forecasts have tended to be within 1% of actual results. She attributes the accuracy to her firm’s highly complex forecast models, including sensitivity analysis and the confirmation of similar information sourced from multiple databases. She is regularly asked to speak at investment conferences and on TV to make comments on financial securities.
As part of the investment management process, Arzac requires her analysts to present their investment recommendations to a newly formed investment committee. The committee, made up of five highly experienced investment professionals with extensive personal investment portfolios, meets weekly. The committee members have diverse backgrounds and contrasting personal investment styles. The committee chair insists that no opinions should be expressed until such time as the analysts presenting have made their investment case and given their investment recommendations. The chair also mandates that all presentations be made available to the committee well in advance of each meeting. At the most recent investment committee meeting, one of Arzac’s analysts, despite lacking confidence in his analysis, recommends a company he knows is held in the personal portfolios of the chair and other senior members of the committee.
