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Normy · 2020年11月20日

问一道题:NO.PZ201704060100000308 [ CFA III ]

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问题如下:

Adrian and Olivia Barksdale live in Australia with their 16-year-old twins. Adrian,47, works in a highly cyclical industry as an engineering manager at a bauxite mine. Olivia, 46, is an accountant. The Barksdales are saving for their retirement and college funding for both children. Adrian’s annual salary is A$190,000; Olivia’s annual salary is A$85,000. The family’s living expenses are currently A$95,000 per year.

Both Adrian and Olivia plan to work 18 more years, and they depend on their combined income and savings to fund their goals. The Barksdales’ new financial adviser, Duncan Smith, recommends an appropriate disability insurance policy to cover Adrian, given his large salary. Because he has a highly specialized job, Adrian is willing to pay for the most comprehensive policy available. Smith is also concerned about the Barksdales’ existing life insurance coverage. Currently, the Barksdales have a term life policy insuring Adrian with a death benefit of A$100,000. Smith assesses the family’s insurance needs in the event Adrian were to die this year. To do so, Smith uses the needs analysis method based on the financial data presented in Exhibit 1 and the following assumptions:

The discount rate is 6.0%, and the tax rate is 30%.

Salary and living expenses grow at 3.5% annually.

Salary and living expenses occur at the beginning of each year.

The following assumptions apply in the event of Adrian’s death:

Olivia will continue to work until retirement;

Family living expenses will decline by $30,000 per year;

Olivia’s projected living expense will be $50,000 per year for 44 years; and

The children’s projected living expenses will be $15,000 per year for 6 years.

Next, Smith discusses the advantages and disadvantages of annuities. The Barksdales are interested in purchasing an annuity that offers the following characteristics: a payout that begins at retirement,the ability to invest in a menu of investment options, and a payout that continues as long as either Olivia or Adrian is living.

Olivia’s mother, Sarah Brown, is also a client of Smith. She is age 75 and retired, and she needs a known income stream to assist her with current and future expenses.

Brown’s parents both lived longer than average, and she is concerned about outliving her assets. Smith recommends an annuity. The Barksdales also worry about longevity risk given their family history and healthy lifestyle. Both spouses want an annuity for their later years (beginning in 40 years) that will ensure the greatest supplemental, level income stream relative to the cost. The Barksdales are willing to forgo the right to cash out the policy. Smith turns to a discussion about the Barksdales’ investment portfolio and how total economic wealth (human capital plus financial capital) might aect asset allocation decisions. The Barksdales’ human capital is valued at $2.9 million and estimated to be 35% equity-like. Smith determines that an overall target allocation of 40% equity is appropriate for the Barksdales’ total assets on the economic balance sheet. Smith makes two recommendations regarding the Barksdales’ investment portfolio.

Recommendation 1: The portfolio should have lower risk than a portfolio for similar investors in the same lifestyle stage.

Recommendation 2: The portfolio should underweight securities having a high correlation with bauxite demand.


Which of Smith’s recommendations regarding the Barksdales’ investment portfolio is/are correct?

选项:

A.

Recommendation 1 only

B.

Recommendation 2 only

C.

Both Recommendation 1 and Recommendation 2

解释:

C is correct.

People with higher risk and potential volatility in income (human capital) should take on lower risk in their investment portfolios. Adrian’s income is more than two-thirds of the household total and is somewhat volatile because of cyclical demand for his employer’s product. Additionally, because income is tied to a particular industry or sector, the Barksdales should underweight securities having a high correlation with bauxite demand.

这超什么意思?什么知识点?

1 个答案

王暄_品职助教 · 2020年11月21日

这就是一个典型情景题,根据主人公的自身条件,来判断这两个recommandation是否正确

Recommendation 1正确: 因为Adrian支撑着大部分家庭的income,如果anthing happens to Adrian,那么这个portfolio 的income就会特别重要,再加上本来Adrian的income就随着周期所变动,所以其实这个portfolio的income对于这个家庭是非常重要的,因此这个portfolio不能太risky。 所以相对于别的的similar investor,这个家庭的就要有lower risk

Recommendation 2正确:因为文中说了“ Adrian,47, works in a highly cyclical industry as an engineering manager at a bauxite mine.”所以Adrian本身的工作就和bauxite有很大的关系,所以建议2建议的是“少投资一些和铝土矿相关的债券”,就是为了分散化。

 

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NO.PZ201704060100000308问题如下 Whiof Smith’s recommentions regarng the Barksles’ investment portfolio is/are correct? Recommention 1 only Recommention 2 only Both Recommention 1 anRecommention 2 C is correct. People with higher risk anpotentivolatility in income (humcapital) shoultake on lower risk in their investment portfolios. Aian’s income is more thtwo-thir of the householtotanis somewhvolatile because of cyclicmanfor his employer’s proct. Aitionally, because income is tieto a particulinstry or sector, the Barksles shoulunrweight securities having a high correlation with bauxite man 我看了之前同学的提问和助教的答案。助教无非两点1、aian从事周期性行业,2、他是家里顶梁柱。但文中说是similinvestor,说明是一样的,从事行业的波动和回报都是相似的,同样年龄阶段,高风险高收益的工作,可以认为也是家里顶梁柱。况且题目问的是他家的资产咋配置,不是他个人咋配置。如果按助教所说,他比similinvestor的工作更波动,更顶梁柱。那我是否我也可以这么说,一个similinvestor,他老婆比他更能赚钱,他也可以不是家里顶梁柱,所以应该可以更高风险投资FC?请问这里similar到底如何理解?如果认为similar的人也会不一样,那是否也可以认为可能可以更高风险投资FC呢?无论如何也不能说statement1正确吧

2022-04-17 23:30 1 · 回答

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2021-11-20 08:52 2 · 回答

NO.PZ201704060100000308 C is correct. People with higher risk anpotentivolatility in income (humcapital) shoultake on lower risk in their investment portfolios. Aian’s income is more thtwo-thir of the householtotanis somewhvolatile because of cyclicmanfor his employer’s proct. Aitionally, because income is tieto a particulinstry or sector, the Barksles shoulunrweight securities having a high correlation with bauxite man 1为什么是对的?他的妻子也有稳定的收入,而且孩子只需要再支持几年

2021-09-27 09:55 1 · 回答

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2021-03-27 22:34 1 · 回答