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Carolyne · 2025年06月27日

为什么这道题不从excess ratio角度考虑

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000302

问题如下：

A broker proposes to Young three portfolios, shown in Exhibit 1. The broker also provides Young with asset class estimated returns and portfolio standard deviations in Exhibit 2 and Exhibit 3, respectively. The broker notes that there is a $500,000 minimum investment requirement for alternative assets. Finally, because the funds in the money market account are readily investible, the broker suggests using that account only for this initial investment round.


Young wants to earn at least 6.0% after tax per year, without taking on additional incremental risk. Young’s capital gains and overall tax rate is 25%.

Determine which proposed portfolio most closely meets Young’s desired objectives. (Circle one.) Justify your response.


选项：

解释：



本题，为何不考虑从这个公式出发 excess ratio=(exected return税后- minimum required)/ SD税后

麻烦老师看一下我的解题过程，如果按照这个ratio做，那么选择1.

这道题因为给出了mimum required return 所以乍一看，首先想到这个公式。为何思路不对呢。

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1 个答案

Lucky_品职助教 · 2025年06月27日

嗨，努力学习的PZer你好：


先不说同学计算的是否正确，还请考虑下，AA科目里讲到这个ratio了么？如果这个科目里压根就没有这个知识点，那自然相关的题目，就不可能以这个角度来进行解答的。我们现在学习课程也好，自己做练习题也好，目的就是一个，顺利的通过CFA三级，所以建议同学在复习的时候，尽量以应试的出发点来进行题目解析。

进一步讲，就是因为这道题给出了mimum required return ，先不管对错，你第一反应，也应该是safe first ratio啊

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努力的时光都是限量版，加油！

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