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chen · 2020年01月31日

问一道题:NO.PZ2019012201000055

问题如下:

Leeter then uses a firm- generated brochure (Exhibit 1) to inform Clickman about some other potential funds that may interest him.

Exhibit 1 Funds in Brochure

Leeter states that although Altitude Funds and Pioneer Funds both use P/Es in their strategies, both funds incorporate a growth strategy.

Using Exhibit 1, Leeter’s statement about Altitude Funds and Pioneer Funds is most likely:

选项:

A.

correct

B.

incorrect in regard to Altitude Funds

C.

incorrect in regard to Pioneer Funds

解释:

The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Pioneer Funds uses a relative value strategy (i.e., seeks under-priced securities relative to an industry value benchmark) that has no aspects of a growth strategy.

Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).

A is incorrect. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Pioneer Funds uses a relative value strategy (i.e., seeks under-priced securities relative to an industry value benchmark) that has no aspects of a growth strategy.

B is incorrect. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).

我觉得这道题跟二级的知识点联系在一起,但是隐隐约约有点忘记了。就是二级的时候老师重复强调要理解g的含义,有没有相关的章节可以po在下面给我门看一下。

比如说 Forward earning =E0*(1+g)?

谢谢了。

1 个答案

maggie_品职助教 · 2020年02月07日

1、如果需要二级权益的讲义可以在学员群和辅导员联系,有问必答中没法上传文件。谢谢理解。

2、说回这道题:单看PE ratio,使用乘数法估值相当于我们用自己的PE和和某个基准平均来做比较找到被低估或高估的股票,这是基于价值的分析策略。但是这里用的是forward PE这个指标,forward PE的分子时E1,E1是我们的预测,相当于我们要预测盈利的成长性。因此综合来看A使用的是混合的指标(既包含价值又包含成长)。


昆汀的低俗小说 · 2020年02月16日

forward PE,分子不是P吗?怎么是E1?

maggie_品职助教 · 2020年02月17日

抱歉,笔误应该是分母。谢谢指正。

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