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stacie · 2020年01月14日

问一道题:NO.PZ2018011501000008

问题如下:

Müller and a client discuss other approaches to asset allocation that are not based on optimization models or goals-based models. Müller makes the following comments to the client:

Comment 1 An advantage of the "120 minus your age" heuristic over the 60/40 stock/bond heuristic is that it incorporates an age-based stock/bond allocation.

Comment 2 The Yale model emphasizes traditional investments and a commitment to active management.

Comment 3 A client’s asset allocation using the 1/N rule depends on the investment characteristics of each asset class.

Which of Müller’s comments about the other approaches to asset allocation is correct?

选项:

A.

Comment 1

B.

Comment 2

C.

Comment 3

解释:

A is correct.

Comment 1 is correct because the "120 minus your age" rule reduces the equity allocation as the client ages, while the 60/40 rule makes no such adjustment. Comments 2 and 3 are not correct. The Yale model emphasizes investing in alternative assets (such as hedge funds, private equity, and real estate) as opposed to investing in traditional asset classes (such as stock and bonds). The 1/N rule allocates an equal weight to each asset without regard to its investment characteristics, treating all assets as indistinguishable in terms of mean returns, volatility, and correlations.

请问,Comment 2 的后半句“and a commitment to active management.” 是对的吧?

1 个答案
已采纳答案

Shimin_CPA税法主讲、CFA教研 · 2020年01月15日

嗨,从没放弃的小努力你好:


是的,后半句正确。


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