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mia · 2022年09月07日

老师，我在做这道题的时候没有想到要从tax的方面回复

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000305

问题如下：

Young decides to accept the retirement offer. Having very low liquidity needs, she wants to save part of the retirement payout for unforeseen costs that might occur more than a decade in the future. The broker’s view on long term stock market prospects is positive and recommends additional equity investment.

Determine which of Young’s accounts (education, retirement, reallocated money market, or unexpected needs) is best suited for implementing the broker’s recommendation.

选项：

解释：

老师，我在做这道题的时候没有想到要从tax的方面回复，如果只从主人公的目标、liquidity needs、priority 来回答有没有问题？

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1 个答案

lynn_品职助教 · 2022年09月07日

嗨，爱思考的PZer你好：


不行的，这道题考察的知识点就是不同账户税收对收益或者说投资的影响。因为符合长期和流动性需求低要求的两个账户retirement和reallocated区别只在于税。

只从主人公的目标、liquidity needs、priority 来回答有没有问题？

题干中是讲broker对于长期股票市场的预期是积极的并建议增加投资，说明现在股票是做长期持有而不是短期投机高频交易。


对于长期持有的股票，一个收益是期间现金流（股利），它相较于bond每年产生的利息而言是比较少的；另一个收益是卖出股票时产生资本利得，因为是长期持有，其实这里已经有了deferred capital gain tax treatment的效果。


通过主人公的目标、liquidity needs、priority可以排除其他几个选项，但是得不出最后的结论。



这道题是Reading 7 ■ Asset Allocation with Real- World Constraints课后题第18题，视频在原版书习题课AA R7 Q14-18。


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