问题如下图：
选项：
A. 
B. 
C. 
解释：
但是owen也说了steven没有consider covariance among assets，实际上steven有考虑阿？：steven另外的投资集中在money market和s-t bonds，which has low correlation with private owned equity she has now（auto pay 的没有上市的股票），这样来说， owen所说他没有考虑这条不是也应该是错的么？？？
企鹅_品职助教 · 2019年10月14日
同学你好，这道题是CFA协会出的2017年的模考题。
CFA原版书中有一段话把BPT和Markowitz’s portfolio theory做了对比。
"The optimal portfolio under BPT can differ from the perfectly diversified portfolio of Markowitz. In Markowitz’s portfolio theory, risk-averse investors construct diversified portfolios based on mean–variance analysis and consideration of the covariance between assets. They are concerned about the expected return and variance of the portfolio as a whole. In behavioral portfolio theory, however, investors construct their portfolios in layers and expectations of returns and attitudes toward risk vary between the layers. The resulting portfolio may appear well-diversified, but diversification is incidental to and not necessarily an objective of the portfolio construction."
这段话是说，行为金融学中的BPT的最佳投资组合与传统金融学中的Markowitz portfolio不同。 在Markowitz’s portfolio theory中，risk averse的投资者基于均值方差分析和对资产之间协方差的考虑（consideration of covariance between assets），构建了多元化的投资组合。 他们关注整个投资组合的预期收益和方差。
而在BPT中，投资者将投资组合分层构建，并且收益期望和风险态度在各层之间有所不同。 最终的投资组合可能看起来很多样化，但是多样化是投资组合构建的附带条件，并不一定是目标。
因此，像你说的 “steven另外的投资集中在money market和s-t bonds，which has low correlation with private owned equity she has now（auto pay 的没有上市的股票）” 这是正确的，但这只是steven 由于mental accounting 带来的附加结果，并不一定是他一开始的目标，所以不能说明steven take into consideration covariance between assets.
而mental accounting=分层，所以文中说的"steven 的portfolio 是mental accounting但又不是constructed in layers" 这就一定是错误的，所以选A。
debbie · 2019年10月15日
明白的 其实可以理解为Steven所谓的投低风险的asset class 并没有按照mean variance 进行diversification （没有进行research 哪个投多少为optimal的行为） 只是自己想当然的投了一些，所以并达不到owen“mean-variance 定义下的diversification“， 即使有点diversify也并不是traditional 定义的optimal diversify 所以这点owen说的是对的！🐭
NO.PZ2018091702000039 问题如下 Owen anYang meet with Callie Steven, upperlevel executive with AutoPay, a small but fast growing privately helcompany.She hbeen employewith AutoPfor more th15 years ana result, herholngs in AutoPare estimateto more th30% of her totportfolio.She believes thover the next severyears AutoPwill put together aninitipublic offering, resulting in a huge winall. She states thshe hasa significant portion of her portfolio in short-term bon anmoney marketfun to offset the risk of her AutoPshares. Owen points out to Steven thather current portfolio is subjeto mentaccounting, is not constructeinlayers, anes not take into consiration covarianbetween assets.Is Owen’s comment regarngSteven’s current portfolio correct? A.No, he is incorrewithregarto portfolio construction B.Yes C.No, he incorrewith regaro covarianbetween assets A is correct.Owen’s comment regarng Steven’s current portfolio construction is not correct. Her current portfolio is subjeto mentaccounting, hbeen constructein layers anes not take into consiration covarianbetween assets. 老师请问，C是不对的，那就是说covarianbetween asset观点是正确的，题目covarianbetween asset的观点是没有考虑资产间的协方差，对吧？为何加入了short term bon资产表示没有考虑资产间的协方差呢？
NO.PZ2018091702000039 问题如下 Owen anYang meet with Callie Steven, upperlevel executive with AutoPay, a small but fast growing privately helcompany.She hbeen employewith AutoPfor more th15 years ana result, herholngs in AutoPare estimateto more th30% of her totportfolio.She believes thover the next severyears AutoPwill put together aninitipublic offering, resulting in a huge winall. She states thshe hasa significant portion of her portfolio in short-term bon anmoney marketfun to offset the risk of her AutoPshares. Owen points out to Steven thather current portfolio is subjeto mentaccounting, is not constructeinlayers, anes not take into consiration covarianbetween assets.Is Owen’s comment regarngSteven’s current portfolio correct? A.No, he is incorrewithregarto portfolio construction B.Yes C.No, he incorrewith regaro covarianbetween assets A is correct.Owen’s comment regarng Steven’s current portfolio construction is not correct. Her current portfolio is subjeto mentaccounting, hbeen constructein layers anes not take into consiration covarianbetween assets. A怎么理解？
NO.PZ2018091702000039 问题如下 Owen anYang meet with Callie Steven, upperlevel executive with AutoPay, a small but fast growing privately helcompany.She hbeen employewith AutoPfor more th15 years ana result, herholngs in AutoPare estimateto more th30% of her totportfolio.She believes thover the next severyears AutoPwill put together aninitipublic offering, resulting in a huge winall. She states thshe hasa significant portion of her portfolio in short-term bon anmoney marketfun to offset the risk of her AutoPshares. Owen points out to Steven thather current portfolio is subjeto mentaccounting, is not constructeinlayers, anes not take into consiration covarianbetween assets.Is Owen’s comment regarngSteven’s current portfolio correct? A.No, he is incorrewithregarto portfolio construction B.Yes C.No, he incorrewith regaro covarianbetween assets A is correct.Owen’s comment regarng Steven’s current portfolio construction is not correct. Her current portfolio is subjeto mentaccounting, hbeen constructein layers anes not take into consiration covarianbetween assets. 如果出现什么样的构建portfolio的关键词可以说明没有mentaccounting呢？
NO.PZ2018091702000039问题如下Owen anYang meet with Callie Steven, upperlevel executive with AutoPay, a small but fast growing privately helcompany.She hbeen employewith AutoPfor more th15 years ana result, herholngs in AutoPare estimateto more th30% of her totportfolio.She believes thover the next severyears AutoPwill put together aninitipublic offering, resulting in a huge winall. She states thshe hasa significant portion of her portfolio in short-term bon anmoney marketfun to offset the risk of her AutoPshares. Owen points out to Steven thather current portfolio is subjeto mentaccounting, is not constructeinlayers, anes not take into consiration covarianbetween assets.Is Owen’s comment regarngSteven’s current portfolio correct? A.No, he is incorrewithregarto portfolio construction B.Yes C.No, he incorrewith regaro covarianbetween assets A is correct.Owen’s comment regarng Steven’s current portfolio construction is not correct. Her current portfolio is subjeto mentaccounting, hbeen constructein layers anes not take into consiration covarianbetween assets. 为什么说没有考虑covariance
NO.PZ2018091702000039 没有理解为什么又mentaccouting bias