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Sam · 2022年09月12日

考点的疑惑，以及干扰项

  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：

我对这道题的考点理解，没有错的话，其实是考goal-based中第二步select sub-portfolio. 但我看到young 想用retirement payment的一部分钱来fund unexpected payment， 但是是长期以后才发生的payment（ in a decade），然后题目又说broker 建议投长期股票。因为我看到long-term， 潜意识就会想到growth，就会觉得unexpected account 投股票也可以。现在看来这个条件是不是干扰项（但我看到young 想用retirement payment的一部分钱来fund unexpected payment， 但是是长期以后才发生的payment（ in a decade））？因为其实题目中的unexpected account本来就是urgent的，high liquidity needs的？

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1 个答案

lynn_品职助教 · 2022年09月14日

嗨，爱思考的PZer你好：


1、考点确实是goal-based中第二步select sub-portfolio

2、我们先来分析这道题，这道题case背景中的题眼就是这句话，同学也提到了，broker 建议投长期股票。所以，要投入到股票市场的这笔钱必须是短期用不上的钱，以获得股票市场的长期收益。Unexpected needs意味着这笔现金流流出的时间和金额是不确定，极端情况可能下一秒或者第二天就要用上这笔钱，所以直接从liquidity needs的角度排除这个选项。

3、再来看看同学的角度，因为我看到long-term， 潜意识就会想到growth，就会觉得unexpected account 投股票也可以。由Long-term出发想到growth是可以的，但是后半句的分析没有相应的依据。同学自己也发现了，确实是存在干扰，即fund unexpected payment与4个account中unexpected account是不相关的，只表示了这些payment时间长，不紧急。

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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