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jerryhuqian · 2025年02月09日

请教一下图的含义

NO.PZ2022122801000030

问题如下:

Malala Ali, a resident of the hypothetical country of Caflandia, has sought the advice of an investment adviser concerning her retirement portfolio. At the end of 2017, she is 65 years old and holds a portfolio valued at CAF$1 million. Ali would like to withdraw CAF$40,000 a year to supplement the corporate pension she has begun to receive. Given her health and family history, Ali believes she should plan for a retirement lasting 25 years. She is also concerned about passing along a portion of her portfolio to the families of her three children; she hopes that at least the portfolio’s current real value can go to them. Consulting with her adviser, Ali has expressed this desire quantitatively: She wants the median value of her bequest to her children to be no less than her portfolio’s current value of CAF$1 million in real terms. The median is the 50th percentile outcome.

The asset allocation of her retirement portfolio is currently 50/50 Cafastani equities/Cafastani intermediate-term government bonds.

The following Exhibit gives the results of the Monte Carlo simulation. The lowest curve represents, at various ages, levels of real wealth at or below which the 10% of worst real wealth outcomes lie (i.e., the 10th percentile for real wealth); curves above that represent, respectively, 25th, 50th, 75th, and 90th percentiles for real wealth.


Is the current asset allocation expected to satisfy Ali’s investment objectives?

解释:

From Exhibit, we see that the median terminal (at age 90) value of the retirement portfolio in real dollars is less than the stated bequest goal of CAF$1 million. Therefore, the most likely bequest is less than the amount Ali has said she wants. The current asset allocation is not expected to satisfy all her investment objectives.

就这个图是不是80%左右低于1M的意思?

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NO.PZ2022122801000030问题如下 Malala Ali, a resint ofthe hypotheticcountry of Caflanhsought the aiof investmentaiser concerning her retirement portfolio. the enof 2017, she is 65years olanhol a portfolio valueCAF$1 million. Ali woullike towithCAF$40,000 a yeto supplement the corporate pension she hbegun toreceive. Given her health anfamily history, Ali believes she shoulplfora retirement lasting 25 years. She is also concerneabout passing along aportion of her portfolio to the families of her three chilen; she hopes thatleast the portfolio’s current revalue cgo to them. Consulting with heraiser, Ali hexpressethis sire quantitatively: She wants the meanvalue of her bequest to her chilen to no less thher portfolio’s currentvalue of CAF$1 million in reterms. The meis the 50th percentileoutcome.The asset allocation of her retirement portfolio is currently 50/50Cafastani equities/Cafastani intermeate-term government bon. The following Exhibit gives the results of the Monte Carlo simulation. Thelowest curve represents, various ages, levels of rewealth or belowwhithe 10% of worst rewealth outcomes lie (i.e., the 10th percentile forrewealth); curves above threpresent, respectively, 25th, 50th, 75th, an0th percentiles for rewealth. Isthe current asset allocation expecteto satisfy Ali’s investment objectives? From Exhibit, we see ththe metermin(age 90) value of the retirement portfolio in rellars is less ththe statebequest goof CAF$1 million. Therefore, the most likely bequest is less ththe amount Ali hsaishe wants. The current asset allocation is not expecteto satisfy all her investment objectives. 这个答案指的是50th的percentile吗

2023-07-10 21:48 1 · 回答