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Normy · 2021年02月20日

这样回答是否可以?谢谢

NO.PZ2018091702000029

问题如下:

Luca Gerber recently became the chief investment officer for the Ludwigs Family Charity, a mid-size private foundation in Switzerland. Prior to assuming this role, Gerber was a well-known health care industry analyst. The Ludwigs’ family fortune is primarily the result of entrepreneurship. Gerhard Ludwigs founded ABC Innovations (ABC), a biotech company dedicated to small cell lung cancer research. The foundation’s portfolio is fifteen percent invested in ABC.

Gerber initially feels that fifteen percent investment in ABC is high. However, upon review, he decides it is appropriate based on Ludwigs’ involvement and their past success with similar ventures. Gerber makes a mental note to himself to closely monitor the investment in ABC because he is not familiar with small-cap startup companies. The remaining 85 percent of the foundation’s portfolio is invested in equity of high quality large-cap pharmaceutical companies. Gerber deems this allocation appropriate and is excited that he is able to continue to use his superior knowledge of the health care industry.

Discuss how Gerber displayed availability bias with one example. Determine the implications of availability bias for financial decision making and describe one way Gerber could overcome the bias.

选项:

解释:

Availability bias, a cognitive error, is an information-processing bias. Individuals exhibiting this bias will assess the likelihood of an outcome based on how easily they can recall the information. Gerber exhibits this bias in two ways:

 Although Gerber felt the foundation’s investment in ABC was high, he decided that Ludwigs’ involvement and their past success justified the investment in ABC. The information on the past success of Ludwigs’ investments came easily to mind.

 Gerber believed 100 percent of the foundation’s portfolio in the health care industry was appropriate, most likely because of his experience as an analyst in the industry. It is easier for Gerber to recall information from his past than to develop a diversified investment portfolio. Investors who exhibit availability bias may limit their investment opportunity set, may choose an investment without doing a thorough analysis of the stock, may fail to diversify, and may not achieve an appropriate asset allocation. Gerber exhibits all of these tendencies when he is evaluating the foundation’s portfolio.

The implications of this bias lead the portfolio to be undiversified, and as a result, the portfolio holds assets that may not be appropriate. Gerber is only investing in pharmaceutical companies. The following is a summary of issues with the foundation’s portfolio:

 No thorough analysis regarding investment in ABC.

 A limited investment opportunity set; invested only in the health care sector.

 An undiversified portfolio.

 An inappropriate asset allocation; invested only in equity.

Gerber could overcome this bias by developing an appropriate investment policy strategy, with a focus on appropriate goals (short- and long-term) and having a disciplined approach to investment decision making. An investment policy statement would help provide discipline and would alert Gerber and his team that he really has only considered investments that he is familiar with. Further, Gerber and his investment team should consider the asset allocation within the portfolio.

 availability bias in which people tend to recall things that comes to mind easily. Gerber initially feels that 15% investment in ABC is high, but he recalls the past success with similar ventures, so he decides to keep it going.

This will make investors put too much money into the memorable stock which has higher risk.

Ask more questions and think about other investments.

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王琛_品职助教 · 2021年02月21日

- 这道题共有三问,你针对每一问的回答,感觉可以再结合题目增加关键词,比如第一问的回答,没有提到 health care industry 的集中持仓情况。第二问的回答,可以再参考基础班讲义 P88,结合题干的信息回答
- 这道题不太像真题的出题方式,所以用来辅助理解知识点即可。经典题中老师会通过近几年的真题,给大家讲解主观题的套路,还会在真题答案中带大家画重点。所以同学现在不用担心具体的回答,在现阶段以理解知识点为主,对课后题的总结,可以更多关注客观题哈

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LuGerber recently became the chief investment officer for the Luigs Family Charity, a misize private fountion in Switzerlan Prior to assuming this role, Gerber wa well-known health care instry analyst. The Luigs’ family fortune is primarily the result of entrepreneurship. GerharLuigs founAInnovations (ABC), a biotecompany cateto small cell lung cancer research. The fountion’s portfolio is fifteen percent investein ABGerber initially feels thfifteen percent investment in Ais high. However, upon review, he cis it is appropriate baseon Luigs’ involvement antheir past success with similventures. Gerber makes a mentnote to himself to closely monitor the investment in Abecause he is not familiwith small-cstartup companies. The remaining 85 percent of the fountion’s portfolio is investein equity of high quality large-cpharmaceuticcompanies. Gerber ems this allocation appropriate anis excitethhe is able to continue to use his superior knowlee of the health care instry. scuss how Gerber splayeavailability biwith one example. termine the implications of availability bifor financicision making anscrione wGerber coulovercome the bias. Availability bias, a cognitive error, is information-processing bias. Invials exhibiting this biwill assess the likelihooof outcome baseon how easily they crecall the information. Gerber exhibits this biin two ways: • Although Gerber felt the fountion’s investment in Awhigh, he cithLuigs’ involvement antheir past success justifiethe investment in ABThe information on the past success of Luigs’ investments came easily to min • Gerber believe100 percent of the fountion’s portfolio in the health care instry wappropriate, most likely because of his experienanalyst in the instry. It is easier for Gerber to recall information from his past thto velop a versifieinvestment portfolio. Investors who exhibit availability bimlimit their investment opportunity set, mchoose investment without ing a thorough analysis of the stock, mfail to versify, anmnot achieve appropriate asset allocation. Gerber exhibits all of these tenncies when he is evaluating the fountion’s portfolio. The implications of this bilethe portfolio to unversifie ana result, the portfolio hol assets thmnot appropriate. Gerber is only investing in pharmaceuticcompanies. The following is a summary of issues with the fountion’s portfolio: • No thorough analysis regarng investment in AB• A limiteinvestment opportunity set; investeonly in the health care sector. • unversifieportfolio. • inappropriate asset allocation; investeonly in equity. Gerber coulovercome this biveloping appropriate investment polistrategy, with a focus on appropriate goals (short- anlong-term), anhaving a sciplineapproato investment cision making. investment polistatement woulhelp provi scipline anwoulalert Gerber anhis tethhe really honly consireinvestments thhe is familiwith. Further, Gerber anhis investment teshoulconsir the asset allocation within the portfolio. 我给的答案The client only consirs the pharmaceuticcompanies they are familito the client.

2019-11-30 23:19 1 · 回答

另外讲义上没有这些句子,要怎么答,需要自己看原版书吗?

2019-09-30 10:01 1 · 回答