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Lich · 2023年07月23日

请教老师这个题没太理解思路

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ202212280100005202

问题如下：

(2) 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.

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解释：

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lynn_品职助教 · 2023年08月02日

嗨，从没放弃的小努力你好：


原来如此，已经有deferred capital gain tax treatment效果的话放在TDA账户浪费了


对，没有错~下次我加上同学这句话，更好理解了。

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lynn_品职助教 · 2023年08月02日

嗨，从没放弃的小努力你好：


那为什么会获得收益的股票市场是要用taxable 的 账户呢？



原文红框这句话说，broker对于长期股票市场的预期是积极的并建议增加投资，说明现在股票是做长期持有而不是短期投机高频交易。

对于长期持有的股票，一个收益是期间现金流（股利），它相较于bond每年产生的利息而言是比较少的；另一个收益是卖出股票时产生资本利得，因为是长期持有，其实这里已经有了deferred capital gain tax treatment的效果。

综合以上两点，对于长期持有的股票，可以将它放在taxable accout。

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Lich · 2023年08月02日

原来如此，已经有deferred capital gain tax treatment效果的话放在TDA账户浪费了

lynn_品职助教 · 2023年07月24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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羽要过 · 2023年08月02日

那为什么会获得收益的股票市场是要用taxable 的 账户呢？

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