daiwin18 · 2023年12月23日

这题目的答案是否为contrarain investing更合适？

NO.PZ2023010903000040

问题如下：

Jack Dewey is managing partner of DC&H,an investment management firm, and Supriya Sardar is an equity analyst with the firm. Dewey recently took over management of the firm’s Purity Fund. He is developing a fundamental active investment process for managing this fund that emphasizes financial strength and demonstrated profitability of portfolio companies.

Dewey and Sardar meet again to discuss potential new investment opportunities for the fund. Sardar recommends the purchase of AZ Industrial, which she believes is trading below its intrinsic value, despite its high price-to-book value (P/B) relative to the industry average.

Which investment approach is the most likely basis for Sardar’s buy recommendation for AZ Industrial?

选项：

Relative value

High-quality value

deep-value investing

解释：

Dewey has developed a fundamental active investment process for the Purity Fund that emphasizes financial strength and demonstrated profitability. High-quality value investors focus on companies’ intrinsic values that are supported by attractive valuation metrics, with an emphasis on financial strength and demonstrated profitability. In their view, investors sometimes behave irrationally, making stocks trade at prices very diﬀerent from intrinsic value based on company fundamentals.

A is incorrect because investors who pursue a relative value strategy evaluate companies by comparing their value indicators (e.g., P/E or P/B multiples) with the average valuation of companies in the same industry sector, in an eﬀort to identify stocks that oﬀer value relative to their sector peers. AZ Industrial is trading at a high P/B relative to the industry average, which is contrary to relative value and suggests that the relative value approach was not the basis for Sardar’s buy recommendation.

C is incorrect because a deep-value investing approach focuses on undervalued companies that are available at extremely low valuation relative to their assets. Such companies are often those in financial distress, which is not reﬂective of financial strength or demonstrated profitability. Therefore, Sardar’s buy recommendation was not based on a deep-value investing orientation.

因为题干提及到price 与 intrinsic value 之间的关系，所以认为contrarain investing更合适？

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2 个答案

笛子_品职助教 · 2023年12月26日

嗨，爱思考的PZer你好：

但题干是she believes is trading below its intrinsic value。这是否属于框架图里面的“non-contrarian value investors: rely on fundamental metrics”?

Hello，亲爱的同学~

题干里的she believes is trading below its intrinsic value与contrarain investing并没有对应关系。

she believes is trading below its intrinsic value体现了基本面分析。

而contrarain investing既要体现基本面分析，也要体现技术面分析。

只有基本面，没有技术面，就不能说是contrarain investing。

框架图里说的是non-contrarian value investors，non是否定词。

因此，non-contrarian value investors并不是contrarain investing。