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CFA一定过! · 2024年01月07日

这种题总是错。

NO.PZ2023040301000002

问题如下:

Akihiko Takabe has designed a sophisticated forecasting model, which predicts the movements in the overall stock market, in the hope of earning a return in excess of a fair return for the risk involved. He uses the predictions of the model to decide whether to buy, hold, or sell the shares of an index fund that aims to replicate the movements of the stock market. Takabe would best be characterized as a(n):

选项:

A.

hedger

B.

investor

C.

information-motivated trader

解释:

Takabe is best characterized as an information-motivated trader. Takabe believes that his model provides him superior information about the movements in the stock market and his motive for trading is to profit from this information

这种题总是错,我选A。因为有”in excess of a fair return” 但又错了,还是不理解A和C区分要看什么关键词

1 个答案

王园圆_品职助教 · 2024年01月07日

同学你好,hedger投资金融资产不是为了赚取利润,而是为了规避风险。通常对冲者手里是已经持有一定的资产的,但是担心手里这些资产未来价格会下跌,所以通过购买衍生产品来规避这些资产日后真的下跌时的风险。比如农名伯伯(hedger)为了规避自己种的粮食(已经持有了粮食资产)未来价格下跌的风险而进入期货交易。

information-motivated trader是有能力分析信息的类似于基金经理一类的人,他们可以通过承担风险获得超额收益(也就是in excess of a fair return)

investor是指通过投资获得匹配自己风险承受能力的收益的一类人,他们通常没有能力分析信息而是被动的接受投资建议等来投资

通过上面三种人的区分,你应该可以看出来肯定本题不能选A而因该选C了