CFA二级绝密考前押题（一）A卷第一个道德case

第一问和第二问的解析没看太明白。第一问，他动用私人关系问到的内幕消息不算做material nonpublic information吗？

关于第一题，一段一段分析一下吧：

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

第二问的A选项用 i believe ...bring back the days of 250/0 revenue growth.请老师帮忙解答一下

抱歉，这个问题我没有理解，同学是第二题哪里不明白吗？是A选项没懂意思，还是整题都没懂？

A选项没太懂这句话的意思。

Simpson's sales have faltered in recent years, but I believe the new technology will bring back the days of 250/0 revenue growth.

他说：Simpson近年的销售额下降，但我相信如果新科技研发出了，每天的收入增长可达到250/0的增长

这250/0这种表达方式我确实没太懂...应该是想表达一个日增长率。但这不影响我们做题。因为上述内容均是cutty的个人opinion，也用了believe这个词表达这是他的个人想法。所以没有违反准则的要求。