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Erinwu · 2019年11月14日

问一道题:NO.PZ2018091705000063

问题如下:

Hill refers his friend, Richard Morrison, the former CEO of Masury Bridge and Iron (MBI), to Keller to discuss his wealth goals.

Keller realizes that the Morrisons’ decision making is influenced by psychological considerations and decides to use a goal-based planning approach. Keller constructs the table below to simplify the discussion at their next scheduled meeting.

TableMorrison Family Wealth Distribution

Keller tells the Morrisons:

"Diversification is a bedrock investment principle, and there are several tools that can be used to mitigate the risk of a concentrated single stock position."

Identify and describe three tools Keller is referring to in the above statement.

选项:

解释:

The three tools for addressing a concentrated position in a publicly traded common stock include outright sale, monetization, and hedging. With an outright sale, owners can sell the concentrated position, which gives them funds to meet a spending need or reinvest. An outright sale typically results in significant tax liabilities. Monetization strategies provide the owners with funds to spend or reinvest without triggering a taxable event. A loan against the value of a concentrated position is an example of a monetization strategy. The owner of a concentrated position can hedge the value of the concentrated position with derivatives. A long put position is an example of a hedge.

第三种方法为什么不是yield enhancement?而是outright sale呢?

1 个答案

包包_品职助教 · 2019年11月15日

嗨,努力学习的PZer你好:


如果是common stock可以写equity monetization、hedging和yield enhancement。

但是这道题目问的是several tools that can be used to mitigate the risk of a concentrated single stock position,也就是针对单一股票的风险降低的方法,那就是outright sale, monetization, and hedging.

虽然答案里面有句话说是a concentrated position in a publicly traded common stock ,但是从题目我们是看不出来这个股票是publicly traded common stock。所以我觉得我们就还是把写outright sale, monetization, and hedging. 比较合适

 


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pepperhyp · 2019年12月22日

老师好,您这边写的common stock和single stock有什么区别呢?

包包_品职助教 · 2019年12月22日

single stock指的是投资集中在单一的股票上,这个单一的股票可能是public traded common stock ,即上市公司的普通股,也包括non public traded common stock ,即非上市公司的股票

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NO.PZ2018091705000063 Hill refers his frien RicharMorrison, the former CEO of Masury Brie anIron (MBI), to Keller to scuss his wealth goals. Keller realizes ththe Morrisons’ cision making is influencepsychologicconsirations ancis to use a goal-baseplanning approach. Keller constructs the table below to simplify the scussion their next schelemeeting. TableMorrison Family Wealth stribution Keller tells the Morrisons: \"versification is a beoinvestment principle, anthere are severtools thcuseto mitigate the risk of a concentratesingle stoposition.\" Intify anscrithree tools Keller is referring to in the above statement. The three tools for aressing a concentrateposition in a publicly tracommon stoinclu outright sale, monetization, anheing. With outright sale, owners csell the concentrateposition, whigives them fun to meet a spenng neeor reinvest. outright sale typically results in significant tliabilities. Monetization strategies provi the owners with fun to spenor reinvest without triggering a taxable event. A loagainst the value of a concentrateposition is example of a monetization strategy. The owner of a concentrateposition chee the value of the concentrateposition with rivatives. A long put position is example of a hee. 在equity monetization的方法中就可以写三个tool,short sell against the box、totreturn equity swap、forwarconversion 、equity forwarsale contract...不知道问的是整体层面的,还是细节层面的

2021-07-25 18:06 1 · 回答

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2020-11-02 23:40 2 · 回答

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