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Brownie · 2022年12月16日

继续关于B的问题

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ202206210100000505

问题如下：

In the general comments about asset classes that Fox noted, the most accurate comment is the one regarding:

选项：

A.the overlap of sources of risk.

B.emerging markets.

C.the return premiums from asset classes.

解释：

SolutionC is correct. Asset classes should have a return premium based on an underlying market risk factor (e.g., beta) and not any underlying skill of the investor. Strategies, on the other hand, involve combinations of asset classes with the objective of earning a return based on investment skill.

C is correct. Asset classes should have a return premium based on an underlying market risk factor (e.g., beta) and not any underlying skill of the investor. Strategies, on the other hand, involve combinations of asset classes with the objective of earning a return based on investment skill.

A is incorrect. There will be overlap of sources of risk when asset classes are defined, e.g., US and non-US equities, or even US small and large cap equities will have some risks in common, but there should be as few common risk factors as possible, and they should have only modest correlations.

B is incorrect. Emerging markets equities should be considered a distinct asset class as they differ from other equities in terms of diversification potential, informational efficiency, corporate governance, taxation, and currency convertibility.

我理解B翻译过来意思是：emerging markt equity 不能作为单独的Asset class 用以区别global maket equity，也就是说，Emerging maket equity 和global maket 应该属于一类


按题目提供的答案，global mkt 可以分成三个小类，emerging market equity 属于其中的一小类，意思也是emeging maket equity 和global maket 属于一类


上面两个角度看，B都应该说的对

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2 个答案

lynn_品职助教 · 2022年12月18日

嗨，努力学习的PZer你好：


嗯嗯，这种情况在考题中很少，练习题和教材会出现这种句子，对非母语考生非常不友好。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

lynn_品职助教 · 2022年12月18日

嗨，爱思考的PZer你好：


我理解B翻译过来意思是：emerging markt equity 不能作为单独的Asset class 用以区别global maket equity，也就是说，Emerging maket equity 和global maket 应该属于一类


按题目提供的答案，global mkt 可以分成三个小类，emerging market equity 属于其中的一小类，意思也是emeging maket equity 和global maket 属于一类


上面两个角度看，B都应该说的对


这句话确实很绕，不止一个同学提出过相关问题，我个人当初学习到这里的时候也很费解还把经典题中几道类似的题拿出来对比了。关键点就在于我们对B这句话的理解，B的意思是global equity中可以单独分出emerging market equity这一类，也就是说，global equity是一个大类，里面可以分为比如US equity、non US developed equity、emerging market equity这样的三类。换而言之，我们不能只把global equities分为US与Non US，而在Non US中应该有单独的一类emerging market equity，也就是说，emerging market equity是作为单独一类，归属于global equity。


临近考试了，这里有一点我自己备考的心得和同学分享一下，总的来说，协会的考试是越来越考虑到candidate来自不同国家不同母语的情况的，因此真正在考场上我们不太可能遇到类似这道题中B选项又长又绕的句子，一般都很简短直接。如果遇到了呢，我们首先还是采取排除法。当然现在是练习，同学拿出来讨论，理解后直接记住就可以了，这道题没有技术含量，纯粹是阅读理解哈。


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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

Brownie · 2022年12月18日

Oh, 明白这个翻译是啥意思了|-|

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