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Rachel · 2024年07月01日

同样是买入表现不好的股票，contrarian investment和deep-value investment有什么区别？

  1. CFA III
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170400000301

问题如下：

Compared with broad-market-cap weighting, the international equity strategy suggested by McMahon is most likely to:

选项：

A.

concentrate risk exposure.

B.

be based on the efficient market hypothesis.

C.

overweight stocks that recently experienced large price decreases.

解释：

A is correct. Compared with broad-market-cap weighting, passive factor-based strategies tend to concentrate risk exposure, leaving investors vulnerable during periods when the risk factor (e.g., momentum) is out of favor.

如题

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笛子_品职助教 · 2024年07月03日

嗨，努力学习的PZer你好：


同样是买入表现不好的股票，contrarian investment和deep-value investment有什么区别？

虽然是表现不好，但表现不好的原因或形式有区别。

contrarian逆向投资，一般要求公司股价低的原因，来自投资者的情绪。

题目里会有，投资者行为这样的关键词（behavior），或者投资者情绪（sentiments），或者股价存在下跌趋势（trend）。

公司本身是基本面相对比较好的公司，只是投资者行为造成了下跌趋势。

利用投资者过度看空的行为情绪去抄底，这是contrarian。

因此，contrarian往往除了关注估值，也会关注股价趋势。


而deep value，是指公司有very low的PE，公司PE远远低于行业average。

至于为什么PE这么低，很可能是公司的基本面不太好，并不一定是投资者情绪引发的。


解题的时候，区分方法是：

如果一个公司的PE特别低，只要涉及到投资者行为，投资者情绪，股价趋势，就选contrarian。

如果没有涉及到这类信息点，仅仅说PE特别低，就选deep value。

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