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Yaq7 · 2021年11月17日

Vinken的表述不存在misrepresentation吗

* 问题详情,请 查看题干

NO.PZ201604030300004501

问题如下:

1. In his letter regarding the stock-selection model, does Vinken violate any CFA Institute Standards of Professional Conduct?

选项:

A.

No.

B.

Yes, because he uses simulated performance results.

C.

Yes, because he claims that the new model will yield better performance results.

解释:

A is correct.

Vinken does not violate any CFA Standards of Professional Conduct in his letter. In accordance with Standard III(D) —Performance Presentation, he presents fair, accurate, and complete information when he identifies actual and simulated performance results. Also in accordance with the Standard, he does not guarantee superior future investment returns. In accordance with Standard V(B) —Communication with Clients and Prospective Clients, Vinken describes to his clients and prospective clients the process and logic of the new investment model. By providing the basic details of the model, Vinken provides his clients the basis for understanding the limitations or inherent risks of the investment strategy.

Vinken writes, "Using the proprietary selection model for the past three years, the Stonebridge Fund would have earned an average annual return of almost 300 basis points in excess of the fund’s actual return. Based on these simulated results, I am confident that employing the model will yield better performance results in the future; however, Silk Road Capital Management can make no statement of assurances or guarantee regarding future investment returns."


这个有一点夸大自己model的效果的感觉诶 而且用的是will

1 个答案
已采纳答案

王暄_品职助教 · 2021年11月17日

夸大其实没事拉,对自己overconfidence并不违反准则啊

他也说了:i am confident that..他说的是我们有信心这个model会表现得更好。并没混淆事实啊,只是对自己有信心而已。

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NO.PZ201604030300004501问题如下1. In his letter regarng the stock-selection mol, es Vinken violate any CFA Institute Stanr of ProfessionConct?A.No.B.Yes, because he uses simulateperformanresults.C.Yes, because he claims ththe new mol will yielbetter performanresults.A is correct.Vinken es not violate any CFA Stanr of ProfessionConin his letter. In accornwith StanrIII( —PerformanPresentation, he presents fair, accurate, ancomplete information when he intifies actuansimulateperformanresults. Also in accornwith the Stanr he es not guarantee superior future investment returns. In accornwith StanrV(—Communication with Clients anProspective Clients, Vinken scribes to his clients anprospective clients the process anlogic of the new investment mol. proving the basic tails of the mol, Vinken provis his clients the basis for unrstanng the limitations or inherent risks of the investment strategy.I confint themploying the mol will yielbetter performanresults in the future;1.这句话无论从未区分opion和fact角度,课上老师专门说了“will”这个词不能乱用,就是表明了错把opinion当fact2.还是是吹牛角度我觉得都违反了啊,其次这肯定是imply guarantee 收益啊

2022-06-09 14:42 2 · 回答

NO.PZ201604030300004501  I confint themploying the mol will yielbetter performanresults in the future;这句话无论从未区分opion和fact角度还是吹牛角度我觉得都违反了啊

2021-11-21 19:58 1 · 回答

请教下老师,答案中最后一句话,说提供了inherent risks of the investment strategy, 但是我在原文case中没又看到risks、volatility之类的描述,能否帮忙指明一下?

2020-10-31 18:10 2 · 回答

Yes, because he uses simulateperformanresults. Yes, because he claims ththe new mol will yielbetter performanresults. A is correct. Vinken es not violate any CFA Stanr of ProfessionConin his letter. In accornwith StanrIII( —PerformanPresentation, he presents fair, accurate, ancomplete information when he intifies actuansimulateperformanresults. Also in accornwith the Stanr he es not guarantee superior future investment returns. In accornwith StanrV(—Communication with Clients anProspective Clients, Vinken scribes to his clients anprospective clients the process anlogic of the new investment mol. proving the basic tails of the mol, Vinken provis his clients the basis for unrstanng the limitations or inherent risks of the investment strategy.这个模型适合growth stock呀,那他现在想用在large capitalize equity 并写letter,虽然是详细证明,但是仅仅写了收益超过actual,也没有写风险呀,而且grow stock模型为什么能适用large capitalize equity?明显不适合呀

2020-09-20 10:49 1 · 回答