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sion · 2021年05月14日

问一道题:NO.PZ2018091702000014 [ CFA III ]

问题如下:

There are three clients with different characteristics:

(1) Eve is a40 years old chemist anda passive investor who wants her portfolio return to be stable and safe. She has low risk tolerance and wonders if it is appropriate to invest a largeposition of money in employee stock option.

(2 )Flora is a 42 years old banker who largely uses leverage in investment and consumes with credit cards. She directly invests in three or four stocks, and shows strong confidence after she reads positive articles about these stocks in local newspaper.

(3) Jessie is a 66 years old high net-worth investor. She founded a successful manufacturing company, which is now managed by her son. Her primary goal is to maintain the real values of her assets and support her living expenses. Jessie worries about the market volatiles and regularly seeks for advice.

As a financial consultant of these clients, you are least likely to:

选项:

A.

ask Eve to diversify her investment portfolio rather than focus on her employer’s stocks.

B.

discuss with Flora to improve her investment decision-making process.

C.

give Jessie the detailed financial indicators such as PE ratio and risk-adjusted returns.

解释:

C is correct.

考点客户类型和特征

解析Jessie只要求维持现有资产而非追求收益担心变化且偏emotional bias,这些特征说明她是passive preserver对于这一类型的客户无需提供详细的指标分析因为知道得越多她反而越紧张用通俗易懂的语言获得Jessie的信任然后提供投资建议更适合

请问到底哪类型的客户可以给他提供详细的投资指标?

2 个答案
已采纳答案

Olive_品职助教 · 2021年05月16日

嗨,从没放弃的小努力你好:


一般来说要不要给detail的信息,题目比较喜欢反面考查。就是考哪些情况下投资者不喜欢听detail

1、When advising emotionally biased investors, advisers should focus on explaining how the investment program being created affects such issues as financial security, retirement, or future generations rather than focusing on such quantitative details as standard deviations and Sharpe ratios. Quantitative measures work better with cognitively biased investors.

对于emotional bias占主要地位的投资者,quantitative details as standard deviations and Sharpe ratios对投资者没什么用。反过来说,对于cognitive error占主导地位的投资者,是可以提供quantitative details的。

2、Passive Preserver (PP):PPs are more receptive to “big picture” advice that does not dwell on such details as standard deviations and Sharpe ratios.

对于PP类型的投资者,更喜欢宏观的建议,不喜欢details as standard deviations and Sharpe ratios.

上面两种不需要details的情况要特别记忆。

对于AA投资者来说,可能detail对他们更重要:Active Accumulators may be the most difficult clients to advise. They like to control, or at least get deeply involved in, the details of investment decision making.

其他类型投资者都没有特别倾向于不要details或者要details。

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xjnxxn · 2021年09月05日

这个跟老师上课说的好像不一样,课上说的是,AA是emotional biases,不要沟通过多细节 。请问哪个是正确的?

Olive_品职助教 · 2021年09月06日

@xjnxxn 同学

不矛盾。这都是教材上的原文:

从顾问建议的角度来说,如果主要bias是emotional的,那么我们在给投资建议的时候尽量不给detail,对于AA来说的确是emotional bias主导的投资者,如果题目直接问AA投资者要不要给detail,那么根据教材这个结论,我们的答案是不要。

但如果题目考查跟AA的沟通方式,那么重点在于take control而不是detail。对AA来说,是喜欢知道细节的,想深入到投资决策细节当中,他们需要更多的信息才能有掌控感。manager在跟AA投资者给投资建议的时候,重点在于控场,要比AA更能主导局势,至于是否给detail都是其次,这并不是manager能否说服AA投资者的关键。


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