问题如下图：
选项：
A. 
B. 
C. 
解释：
一部分买了autopay未上市股票，另一部分买了货基和短债，这就是分层吗？我以为mental accounting是基于收入来源或目标所做的分层，还是没懂题目里哪里体现了分层？谢谢。
企鹅_品职助教 · 2019年10月29日
“老师。请问传统理论，把所有资金作为一个整体，也是要一部分买股票，一部分买短债的。现在这个题目，Steven 30%买了雇主的股票，剩下大部分买了货基，到底题目哪里体现了mental account?”
在Markowitz’s portfolio theory中，投资者是risk averse的，是基于expected return, variance和covariance来构建portfolio的，关注的是整个投资组合的预期收益和方差，Markowitz’s portfolio 是mean-variance efficient的。
在BPT中，投资者将投资组合分成不同的layer，并且收益期望和风险态度在各层之间有所不同。 像题目中这样，一部分买highly risky stock, 一部分买bond 是很典型的BPT的例子（参见下面的原版书截图）。
举例来说，假设手上100万，如果按照传统金融学，应该把100万看成一个整体来做资产配置。
但是如果按照BPT，分别是40万用来维持日常开支，60万用来养老/创业/环球旅行，那么就要分别对这两笔钱分别做资产配置。
40万日常开支，需要流动性高，安全性高, 所以要投短期流动性强的资产；60万养老/创业/环球旅行，是长期/aspirational goal，那么就投资风险大收益率高的投资。
这两者虽然都是一部分投风险高的，一部分投风险低的，但是目标和构建portfolio的方式都不同。
“有哪几个mental accounts呢？讲义里说mental accounts就是基于source and planned use,题目里都没体现。”
老师上课时讲过，BPT=mental accounting =goal based=分层=pyramid. CFA协会公布的真题和模考题也是这样的。本题是CFA协会出的2017年的模考题，同学在考前做真题时也会遇到这种情况。遇到这几个词可以当做同义词，互相替换。不同的layer可以看做不同的account. 本题中有两个account: autopay的股票，和bond.
出题人不一定会非常直白的说不同account是根据不同的来源或目标，基本上只要有分层或分成不同的account就可以认为是mental accounting/BPT.
企鹅_品职助教 · 2019年10月22日
“一部分买了autopay未上市股票，另一部分买了货基和短债，这就是分层吗？”
是的，这属于分层，是根据不同的风险分层/分为不同的account
"我以为mental accounting是基于收入来源或目标所做的分层"
mental accounting包括但不仅限于“基于收入来源或目标所做的分层”
YueReggy · 2019年10月27日
老师。请问传统理论，把所有资金作为一个整体，也是要一部分买股票，一部分买短债的。现在这个题目，Steven 30%买了雇主的股票，剩下大部分买了货基，到底题目哪里体现了mental account?有哪几个mental accounts呢？讲义里说mental accounts就是基于source and planned use,题目里都没体现。
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