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我叫仙人涨 · 2021年05月20日

non public material



Cutty learns that a Simpson engineer has filed for a series of patents related to the new technology over the past 18 months and confirms Catcher's information on the performance of the new chip.




老师,请问下,cuttty提供了information of the new chip,这些信息是不对外公开的吧?这些信息可以导致大家去买股票, 为什么不能算material non public information ?

2 个答案

王暄_品职助教 · 2021年05月21日

核实一下,所以分析师通过各种小道消息,公开消息,然后自己拼接在一起,然后去做调查,得出来的结果,是可以的是吧?


是的


再总结下:

小道消息-->nonpublic nonmaterial,所以能用(但注意,如果时偷听到CEO/CFO等人说的就属于nonpublic, but material),注意小道消息的来源

做调查-->public material,所以也能用


所以如果分析师将上述两种类型合并得到报告结果,就是使用了马赛克理论,不违反重大非公开这条。


祝考试成功!

我叫仙人涨 · 2021年05月21日

完美的回答!多谢老师!

王暄_品职助教 · 2021年05月21日

我一段一段给你分析:

Gerard Curry, CFA, a technology-stock analyst and money manager at Unique Investments, has been hearing rumors for months that Simpson Semiconductor was near a breakthrough on a next-generation telecommunications microchip. Simpson is best known on the street for its expert design engineers, perennially shaky balance sheet, and extremely volatile stock.

这里的时关于Simpson要破产的谣言,所以并非material,即nonmaterial nonpublic


One morning, as he is listening to a recorded Barron's interview with Simpson's CEO, who is also a CFA charterholder, he learns that Simpson has struck a licensing agreement with Simak Foundry, a privately held chip fabricator in Malaysia. Then he reads in The Asian Wall Street Journal that a Malaysian bank has loaned $500 million to Simak for construction of a new plant.

这里Curry在听访谈,听说Simpon在和Simak Foundry 签订合同,所以这里属于nonmaterial public


Cutty owns an apartment in Paris which is leased to Gladys Catcher, CFA. The lease is about to expire and Cutty and Catcher are currently in the process of renegotiating the terms of the lease. Cutty has other potential tenants for the apartment who are willing to pay more than what Catcher is currently paying, so he would like to negotiate a significant increase in the monthly payments.


Catcher works for a Paris public relations firm that handles accounts for a lot of Asian technology companies. Cutty calls Catcher, and after learning that her firm handled the Simak account, he asks what she knows about the Simak loan. Catcher says Simak has inked a deal with a big U.S. firm to make a new kind of microchip. She refuses to identify the firm but does provide some impressive performance numbers for the new chip.

这里Catcher提到的Simak这家公司正在和美国某家公司一起研制新型芯片,且Gatcher并没有说出美国某公司的名字。所以这里依然不是关于Simpon这家公司的重大非公开信息。这里Curry仅仅从Catcher这里知道Simak这家公司在和美国某公司研究芯片,所以Curry也仅仅是猜这家美国公司会不会是

Simpon。这里也属于nonmaterial non public,因为知道Simark在和美国某公司一起研究芯片这件事不会对Simpon的股价产生重大影响。(注意这里是两家公司,一家叫Simar,一家叫Simpon即Curry在研究的公司,都是S开头,不要混淆)


After conducting a detailed patent search using the chip performance figures as a guide, Cutty learns that a Simpson engineer has filed for a series of patents related to the new technology over the past 18 months and confirms Catcher's information on the performance of the new chip.

这里是说Cuttty经过研究专利权,发现最近Simpson这家公司确实填写了一系列关于专利的文件。

 

所以经过我上述这么多分析,没有一项Cutty是直接用了关于Simpon这家公司的重大非公开信息来写报告的,而是结合nonmaterial public information & material nonpublic information即马赛克理论

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