NO.PZ2022122801000003
问题如下：
Fox is in the process of hiring
an asset allocation analyst and has just completed interviewing two candidates,
Ambrose Kelly and Catherine Trainor, for the position. The interviews were
directed around the case study of Jane Lennon, a fictitious client, described
in Exhibit 1.
Exhibit 1 Case Study of
Jane Lennon
Fox told the
candidates to assume that Lennon would use sub-portfolios to achieve her
aspirational goals and asked them to identify which of the sub-portfolios is in
the best position to tolerate the greatest risk exposure.
Which
of the sub-portfolios dedicated to Lennon’s aspirational goals is in the best
position to tolerate the greatest risk exposure? The one dedicated to:
选项：
A.Everett’s education B. Marshall’s trust
University endowment
解释：
A is correct. Both
of the funds planned for the trust and university endowment represent an
imminent need (immediate for the trust and within two years for the endowment).
The funding needed for education, however, extends over the longest time
horizon, possibly as long as 8 to 10 years. Thus, its sub-portfolio would be in
the best position to take on the greatest risk.
B is incorrect.
Although the special needs trust for Marshall will provide benefits for his entire
life, and therefore has a long-time horizon, from Lennon’s perspective it
requires immediate funding and should be very liquid and bear little risk.
C is incorrect.
Funding of the university endowment involves a short-term time horizon (within
two years) so it should bear little risk.
我看到另一个解答
“这道题给出的最明确的信息，就是Investment horizon，投资期越长，risk tolerance就越大，虽然说18的孩子也是马上就要上大学了，也是马上就要给钱了，但是毕竟学医的，大多数都要本硕连读，再加上还有实习等等，时间跨度还是要比后面两个goal要长很多，所以education这个目标的风险承受能力越大。”
学医本硕连读实习这些信息题目都没说，这都是我们自己补充的。而且我们确实看到了很多题目投资人会认为endowment/charity goals high priority这时候是需要investment manager去教育引导投资者的。所以还是应该选endowment有最高的风险承受能力。这才是正常的推理逻辑。
另外，如果按照time horizon来，这道题三个goal都是要么已经开始，要么2年内支付，如果不脑补额外信息按照题目的条件话其实都是short term没什么区别。如果真的要用time horzion的区别，题目会专门说10年后这种信息。
请问我这样理解对吗，这道题不去管他，按照常规逻辑来做。
