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lcrcp3 · 2023年10月11日

如题

NO.PZ2023040601000089

问题如下:

Some of Morgan’s work involves making investment recommendations based on his economic forecasts. Pinnacle’s global economic model has signaled that Italy’s economy, which is currently in a recession, will show signs of improvement in the coming months. He is considering the following recommendations for investors in the Italian markets: Implement a trade that will steepen the yield curve now and prepare to rotate from small-cap stocks into large-cap stocks and from value stocks into growth stocks over the next several months.

Morgan’s investment recommendations are most likely appropriate regarding:

选项:

A.

the recommended yield curve trade.

B.

growth versus value stocks.

C.

large-cap versus small-cap stocks.

解释:

A is correct. Morgan’s recommendations to implement a trade that steepens the yield curve in the midst of the recession is consistent with the economic cycle. The yield curve typically steepens when the economy is in recession. But given that value stocks are likely to outperform growth stocks and that small-cap stocks are likely to outperform large-cap stocks in the immediate aftermath of a recession, Morgan’s recommendation regarding growth equities is less likely to succeed.

C is incorrect because large cap stocks tend to outperform going into and during a recession, but small cap stocks tend to outperform coming out of a recession.

B is incorrect because yield curves tend to steepen during a recession, so the recommendation to implement a yield curve steepening trade now is consistent with the economic cycle.

小盘股和成长股是一回事,大盘股和价值股也就是白马股是一回事,经济由差变好,不就是要买小盘股和成长股这种风险大成长性好收益高的股票吗?我看之前回答的,说经济由差变好要买小盘股和价值股,茅台才叫价值股,小盘股和价值股那是相反的两个东西!

3 个答案

星星_品职助教 · 2023年10月22日

回复追问二:经济好的时候去买价值股,不好的时候去买成长股?有这种逻辑?---没有,本题不是经济好,而是经济由差转好的节点。

星星_品职助教 · 2023年10月22日

回复追问一:经济好的时候买小盘股,不好的时候买大盘股,这没错吧?---对


星星_品职助教 · 2023年10月14日

​小盘股和成长股不是一回事,和价值股也不相反。 和小盘股对比的是大盘股,和成长股对比的是价值股。

lcrcp3 · 2023年10月14日

经济好的时候买小盘股,不好的时候买大盘股,这没错吧?经济好的时候去买价值股,不好的时候去买成长股?有这种逻辑?

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NO.PZ2023040601000089 问题如下 Some of Morgan’s work involves making investment recommentions baseon his economic forecasts. Pinnacle’s globeconomic mol hsignalethItaly’s economy, whiis currently in a recession, will show signs of improvement in the coming months. He is consiring the following recommentions for investors in the Italimarkets: Implement a tra thwill steepen the yielcurve now anprepare to rotate from small-cstocks into large-cstocks anfrom value stocks into growth stocks over the next severmonths.Morgan’s investment recommentions are most likely appropriate regarng: A.the recommenyielcurve tra. B.growth versus value stocks. C.large-cversus small-cstocks. A is correct. Morgan’s recommentions to implement a tra thsteepens the yielcurve in the mit of the recession is consistent with the economic cycle. The yielcurve typically steepens when the economy is in recession. But given thvalue stocks are likely to outperform growth stocks anthsmall-cstocks are likely to outperform large-cstocks in the immeate aftermath of a recession, Morgan’s recommention regarng growth equities is less likely to succeeC is incorrebecause large cstocks tento outperform going into anring a recession, but small cstocks tento outperform coming out of a recession.B is incorrebecause yielcurves tento steepen ring a recession, so the recommention to implement a yielcurve steepening tra now is consistent with the economic cycle. A是什么意思

2024-07-31 18:37 1 · 回答

NO.PZ2023040601000089 问题如下 Some of Morgan’s work involves making investment recommentions baseon his economic forecasts. Pinnacle’s globeconomic mol hsignalethItaly’s economy, whiis currently in a recession, will show signs of improvement in the coming months. He is consiring the following recommentions for investors in the Italimarkets: Implement a tra thwill steepen the yielcurve now anprepare to rotate from small-cstocks into large-cstocks anfrom value stocks into growth stocks over the next severmonths.Morgan’s investment recommentions are most likely appropriate regarng: A.the recommenyielcurve tra. B.growth versus value stocks. C.large-cversus small-cstocks. A is correct. Morgan’s recommentions to implement a tra thsteepens the yielcurve in the mit of the recession is consistent with the economic cycle. The yielcurve typically steepens when the economy is in recession. But given thvalue stocks are likely to outperform growth stocks anthsmall-cstocks are likely to outperform large-cstocks in the immeate aftermath of a recession, Morgan’s recommention regarng growth equities is less likely to succeeC is incorrebecause large cstocks tento outperform going into anring a recession, but small cstocks tento outperform coming out of a recession.B is incorrebecause yielcurves tento steepen ring a recession, so the recommention to implement a yielcurve steepening tra now is consistent with the economic cycle. 我理解题干是说现在处于衰退,预测过段时间会好转(退出衰退)。那么根据课上讲的,衰退时收益率曲线steepen,所以好转后,应该会变平;同样的对于退出衰退时,应该投资小盘股和成长型股票。为什么答案正好是反着的?

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