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Kate · 2024年06月23日

为什么不选a

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NO.PZ202212280100000502

问题如下:

Based on Exhibit 1, which portfolio best meets the Laws’ goal to fund an endowment for their alma mater?

选项:

A.

Portfolio 1

B.Portfolio 2

C.

Portfolio 3

解释:

B is correct. Portfolio 2 best meets the Laws’ goal to fund an endowment for their alma mater in 20 years. In present value terms, the gift is valued at $500,000, with the Laws desiring a high probability of achieving this goal. Although slightly more conservative than the 75/25 global equity/bond mix, Portfolio 2 has a greater growth emphasis compared with Portfolios 1 and 3. Therefore, Portfolio 2 is best for funding the endowment at their alma mater given the goal’s long-term horizon and the Laws’ desire for a high probability of achieving it.

这道题我是这样做的:goal是20年后需要500k,那么最能让它实现目标的方式就是把这 500k放在安全的产品上,即FI。

500/(500+225) = 65% 所以我觉得最恰当的投资是65%的FI,没有这个选项所以我选了最接近的A

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已采纳答案

lynn_品职助教 · 2024年06月25日

嗨,爱思考的PZer你好:


因为安全只是一个方面,还要考虑到我20年后能不能有500K,所以收益率也不能太低,同学想一想我们自己的资产管理,也不会把所有的钱都存在银行。


1、跟case中另一道小题教育费用的very strong desire相对比。通过文字描述, endowment的目标迫切程度比教育费用低,所以风险容忍度相对较高,但也不是完全无所谓目标是否能实现( high probability of success),所以也不能投资得太激进。


2、由于他们打算是20年后才打算投资捐赠基金,投资期限足够长,所有他们是可以承担在投资期间的波动的,承受风险的能力是很强的。


3、这里用的词是“want”,投资又是校友基金,典型地暗示并不是一个必须实现的需求,所以承担风险的能力也强。


4、题目中“Raya concludes that a portfolio of 75% global equities and 25% bonds”,给出了一个75/25的参考。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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