NO.PZ2018091702000039
问题如下：
Owen and Yang meet with Callie Steven, an upper
level executive with AutoPay, a small but fast growing privately held company.
She has been employed with AutoPay for more than 15 years and as a result, her
holdings in AutoPay are estimated to be more than 30% of her total portfolio.
She believes that over the next several years AutoPay will put together an
initial public offering, resulting in a huge windfall. She states that she has
a significant portion of her portfolio in short-term bonds and money market
funds to offset the risk of her AutoPay shares. Owen points out to Steven that
her current portfolio is subject to mental accounting, is not constructed in
layers, and does not take into consideration covariance between assets.
Is Owen’s comment regarding
Steven’s current portfolio correct?
选项：
A.No, he is incorrect with
regard to portfolio construction
Yes
C.No, he incorrect with regard
to covariance between assets
解释：
A is correct.
Owen’s comment regarding Steven’s current portfolio construction is not correct. Her current portfolio is subject to mental accounting, has been constructed in layers and does not take into consideration covariance between assets.
NO.PZ2018091702000039 对于Mental Accounting的陈述本身是错的，但题干能否分析出Steven的组合构建是基于layers的？
"Owen points out to Steven that her current portfolio is subject to mental accounting, is not constructed in layers."能够理解这句话本身是错的，即基于Mental accounting bias构建出的组合本身就是分层构建的。但体局解析中指出，Steven的组合构建是分层构建的，这个结论是如何得出的？因为题干中仅是说选择了三类产品，没提及组合构建是基于资金来源或资金用途的。
