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Amber · 2020年11月02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.

老師


這題答案的意思 是針對privately held stocks嗎? 未上市股票那種?


答案好奇怪

2 个答案

王暄_品职助教 · 2020年11月03日

同学说的是monetization里的,而monetization属于处理上市公司股票的一个大类,你提到的yield enhancement是monetization下的。

王暄_品职助教 · 2020年11月03日

嗨,努力学习的PZer你好:


本题case里K对M说: mitigate the risk of a concentrated single stock position

所以我们要写的是针对手上过分集中的已经上市的股票

我上图框出来的地方说明了是已经上市的股票


-------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!


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