王10 · 2023年11月21日
NO.PZ2015121801000038
问题如下：
Which of the following return calculating methods is best for evaluating the annualized returns of a buy-and-hold strategy of an investor who has made annual deposits to an account for each of the last five years?
选项：
A.Geometric mean return.
B.Arithmetic mean return.
C.Money-weighted return.
解释：
A is correct.
The geometric mean return compounds the returns instead of the amount invested.
这道题目的意思是从投资者角度，衡量投资的年化收益，就是和基金经理无关。那不是应该用MWR？
同意，题意是衡量return of an investor，并不是衡量return of the fund
Kiko_品职助教 · 2023年11月22日
嗨，从没放弃的小努力你好：
geometric mean return其实就是time weighted rate of return, 什么时候用TWRR呢？我们有个结论是：当基金经理没有办法控制投资资金的金额大小以及流入流出，用TWRR；当基金经理可以控制投资者投入资金和现金流，就可以用MWRR。
这道题目中，投资者每年往账户里储蓄一笔钱，所以基金经理是没有办法控制住账户资金大小和现金流的，所以用TWRR，选A。
----------------------------------------------就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
温酒 · 2024年04月09日
所以应该是数量里的题目吧，咋放到组合管理里了
NO.PZ2015121801000038 问题如下 Whiof the following return calculating metho is best for evaluating the annualizereturns of a buy-anholstrategy of investor who hma annuposits to account for eaof the last five years? A.Geometric mereturn. B.Arithmetic mereturn. C.Money-weightereturn. is correct.The geometric mereturn compoun the returns insteof the amount investe 这题看起来是从投资者角度去评估收益的，为什么还用TWRR？作为基金经理角度，是否存在用MWRR更好的情况？看到其他解答里有说，基金经理能控制现金流流入流出的情况用MWRR更好，有更具体一点的例子吗？
NO.PZ2015121801000038问题如下Whiof the following return calculating metho is best for evaluating the annualizereturns of a buy-anholstrategy of investor who hma annuposits to account for eaof the last five years?A.Geometric mereturn.B.Arithmetic mereturn.C.Money-weightereturn.is correct.The geometric mereturn compoun the returns insteof the amount investetwr是没年的收益率做几何平均，但除了最后一年能算收益，之前的每一年没法算收益啊，请指教
NO.PZ2015121801000038问题如下Whiof the following return calculating metho is best for evaluating the annualizereturns of a buy-anholstrategy of investor who hma annuposits to account for eaof the last five years?A.Geometric mereturn.B.Arithmetic mereturn.C.Money-weightereturn.is correct.The geometric mereturn compoun the returns insteof the amount investeMWRR就是Geometric me为社么不选C（我觉得MWRR更确切）
NO.PZ2015121801000038 问题如下 Whiof the following return calculating metho is best for evaluating the annualizereturns of a buy-anholstrategy of investor who hma annuposits to account for eaof the last five years? A.Geometric mereturn. B.Arithmetic mereturn. C.Money-weightereturn. is correct.The geometric mereturn compoun the returns insteof the amount investe 是否无论题干怎么描述，永远都是TWRR比MWRR要好？
