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Basel Zhang · 2023年06月21日

看不懂题目。。。

NO.PZ2023012803000018

问题如下:

Owen’s next meeting is with George Bailey, an entrepreneur and self-made mil¬lionaire. Owen and Yang talk prior to the meeting and he makes the following obser¬vations: 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.

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.


看不懂他demonstrate了什么shortcoming。


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


看不懂题目。怎么limit了applicability,这里的behavioral models是什么?

1 个答案

王琛_品职助教 · 2023年06月25日

嗨,从没放弃的小努力你好:


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

看不懂题目。怎么limit了applicability,这里的behavioral models是什么?

先回答同学的第二个问题

背景是这样的,Owen 和 Yang 都是分析师,Bailey 是客户

分析师在给客户配置投资组合时,可以考虑客户的行为偏差,然后根据不同的行为模型,对投资者进行分类,然后根据分类的具体结果,给客户提供建议

behavioral models,咱们介绍了三个,分别是 Barnewall Two-Way Model,Bailard, Biehl, And Kaiser (BB&K) Five-Way Model,和 Behavioral Investor Types (BITs)

这些模型,都是有限制的,或者说是缺陷,也就是同学的第二个问题

2)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.

看不懂他demonstrate了什么shortcoming。

分析师 Yang 就是在问 Owen,是否考虑使用上面的三个模型给客户做投资者分类

所谓 shortcoming 就是说,每个模型都有缺陷,因为客户的情况千差万别,模型无法考虑到个体差异

而且客户本身也在变,会造成模型分类不准

比如,客户可能会对应多个投资者分类、客户可能会既有 cognitive errors 又有 emotional biases、随着客户年龄增加,行为特征可能会变,并不是一生只对应一种投资者分类

详细解题思路,也请参考:https://class.pzacademy.com/qa/113965

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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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