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猫猫酱 · 2021年05月22日

P/E1

NO.PZ2019012201000055

问题如下:

Leeter then uses a firm- generated brochure (Exhibit 1) to inform Clickman about some other potential funds that may interest him.

Exhibit 1 Funds in Brochure

Leeter states that although Altitude Funds and Pioneer Funds both use P/Es in their strategies, both funds incorporate a growth strategy.

Using Exhibit 1, Leeter’s statement about Altitude Funds and Pioneer Funds is most likely:

选项:

A.

correct

B.

incorrect in regard to Altitude Funds

C.

incorrect in regard to Pioneer Funds

解释:

The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Pioneer Funds uses a relative value strategy (i.e., seeks under-priced securities relative to an industry value benchmark) that has no aspects of a growth strategy.

Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).

A is incorrect. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Pioneer Funds uses a relative value strategy (i.e., seeks under-priced securities relative to an industry value benchmark) that has no aspects of a growth strategy.

B is incorrect. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).

use a forward P/E over a forecasted EPS这话表述好有问题,很容易误解成P/E1再除以E1,一脸懵逼。其实就是指P/E1对吧?

1 个答案
已采纳答案

maggie_品职助教 · 2021年05月23日

嗨,努力学习的PZer你好:


GARP是一个兼具成长型和价值型的投资方法即我们关注的是那些成熟的公司但其增长性又高于平均水平。单看 forward PE其实并不是GARP,而是应该结合PE和g一起看。但是这道题的表述不太好,题干应该是Uses the 12-month forward price-to-earnings ratio (P/E)over forecasted earnings growth rate(而不是forecasted earnings per share (EPS) ),P/E over g才是PEG。

这道题来自协会的模考题,模考题本身很多的话术就不是很严谨,不过你问题挺好的。如下我把这个知识点在讲义中位置红框框出来了,供你参考。



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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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