Kam Bergeron, CFA, is an equity portfolio manager who often takes time off in the
afternoon to play golf with important clients. Today, Bergeron is on the golf course
when his game is interrupted by a phone call from his office. The call is from
Bergeron’s assistant, who notifies him of a steep and accelerating market decline.
Bergeron, eager to get back to his golf game, tells his assistant to raise cash by selling
15% of all clients’ holdings. Bergeron instructs his assistant to first sell the most liquid
stocks in each client’s portfolio and then do the same for his personal account.
Bergeron is least likely to be in violation of which of the CFA Institute Standards of
Professional Conduct?
A. Suitability
B. Priority of transactions
C. Diligence and reasonable basis
做错的人应该都是选A，但答案是B。
首先，为什么我觉得B是错的，因为它给客户交易后紧接着就给自己操作，而且只是仓位的15%，所以这个操作不能完全避免给客户带来影响；
其次Suitability没有违反，是『莫须有』的，反正从题面上看不出出售的那15%就违反了。
