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奔跑的咸鱼 · 2020年02月17日

问一道题:NO.PZ2019103001000088

问题如下:

Wang made the following statements about the advantages and disadvantages of the top-down and bottom-up approach

Statement 1: One advantage of the bottom-up approach is that it is easier to gain an informational advantage in individual companies or bonds rather than the overall market.

Statement 2: Another advantage of the bottom-up approach is that it can be easy to earn substantial returns from bottom-up security selection without exposing the portfolio to macro factors.

Statement 3: One advantage of the top-down approach is that sizable portion of credit returns can be attributed to macro factors.

选项:

A.

Statement 1 and statement 3 are correct.

B.

Statement 1 and statement 2 are correct.

C.

Statement 2 and statement 3 are correct

解释:

答案:A is correct.

考点:Top-down, bottom-up方法的优缺点对比

解析:Statement 1和Statement 3正确,为原版书原句。

Statement 2错误,正确的应该为:即便用Bottom-up的方法选择出了合适的个股,Credit returns中很大一部分仍可以归因于Marco factors,Statement 2中,easy to earn a substantial return without exposure to macro factors错误;

原版书原句为:

Because a sizable portion of credit returns can be attributed to macro factors, it can be difficult to earn substantial returns from bottom-up security selection without exposing the portfolio to macro factors.

能详细分析一下 2和3是什么意思吗?

1 个答案
已采纳答案

carolllll · 2020年02月18日

同学你好,

 

2和3的意思其实就是说top down是看macro influences,但是大部分的credit return都是作为macro factor所赚到的return,如果从个股层面来看的话,就很难捕捉到大部分 的credit return,所以是bottom up的缺点,而正好是top down的优点。

 

希望对你有帮助~

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NO.PZ2019103001000088 这道题的知识点可以再详细说一下吗

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