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120555137 · 2020年05月13日

问一道题:NO.PZ2016040303000022 [ CFA III ]

问题如下:

Michelieu tells a prospective client, "I may not have a long-term track record yet, but I’m sure that you’ll be very pleased with my recommendations and service. In the three years that I’ve been in the business, my equity-oriented clients have averaged a total return of more than 26% a year." The statement is true, but Michelieu only has a few clients, and one of his clients took a large position in a penny stock (against Michelieu’s advice) and realized a huge gain. This large return caused the average of all of Michelieu’s clients to exceed 26% a year. Without this one investment, the average gain would have been 8% a year. Has Michelieu violated the Standards?

选项:

A.

No, because Michelieu is not promising that he can earn a 26% return in the future.

B.

No, because the statement is a true and accurate description of Michelieu’s track record.

C.

Yes, because the statement misrepresents Michelieu’s track record.

解释:

C is correct.

This question relates to Standard I(C) –Misrepresentation. Although Michelieu’s statement about the total return of his clients’ accounts on average may be technically true, it is misleading because the majority of the gain resulted from one client’s large position taken against Michelieu’s advice. Therefore, this statement misrepresents the investment performance the member is responsible for. He has not taken steps to present a fair, accurate, and complete presentation of performance. Answer B is thus incorrect. Answer A is incorrect because although Michelieu is not guaranteeing future results, his words are still a misrepresentation of his performance history.

他说的话是对的,为什么就违反了,只是没说的很明白,也不行吗

1 个答案

王暄_品职助教 · 2020年05月14日

嗨,努力学习的PZer你好:


  • Michelieu属于误导投资者,他这么说会让投资认为他本身很有实力,能为每一位客户每年带来超过26%的return。但实际只是因为他没有很多客户,且他的投资回报是因为某个客户的penny stock所带来的巨大收益(且这笔投资是客户自己决定的,并没有遵从Michelieu的建议)
  • 其实很多时候不用太刻板,你可以把自己带入,如果你是一个新客户,当你发现investment manager是因为他手上某个客户的penny stock而导致年化收益大幅增高,且这位客户没有听investment manager的建议,你会不会认为他有误导你的倾向呢?

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