从波动率的角度去理解

NO.PZ201805280100000303 问题如下 Emma Young, a 47-year-olsingle mother of two ughters, ages 17 an20, recently sola business for $5.5 million net of taxes anput the procee into a money market account. Her other assets inclu a tax-ferreretirement account worth $3.0 million, a $500,000 after-taccount signatefor her ughters’ ecation, a $400,000 after-taccount for unexpectenee, anher home, whishe owns outright.Her living expenses are fully covereher joYoung wants to retire in 15 years anto funher retirement from existing assets. orpheight who experiencechiloofinanciharhips, she places a high priority on retirement security anwants to avoilosing money in any of her three accounts. The broker suggests thYoung rebalanher $5.5 million money market account anthe $3.0 million tax-ferreretirement account periocally in orr to maintain their targeteallocations. The broker proposes the same risk profile for the equity positions with two potentitarget equity allocations anrebalancing ranges for the two accounts follows:■ Alternative 1: 80% equities +/– 8.0% rebalancing range■ Alternative 2: 75% equities +/– 10.7% rebalancing range When he retire the tlevel woulless because he is no longer employee The capitgain tfor the longer term woulless too. So allocating more equities woulappropriate. 我是加了一个这条，您看这条能做不，在volatility和ttransaction cost这两点都回答了的情况下

NO.PZ201805280100000303 问题如下 The broker suggests thYoung rebalanher $5.5 million money market account anthe $3.0 million tax-ferreretirement account periocally in orr to maintain their targeteallocations. The broker proposes the same risk profile for the equity positions with two potentitarget equity allocations anrebalancing ranges for the two accounts follows:■ Alternative 1: 80% equities +/– 8.0% rebalancing range■ Alternative 2: 75% equities +/– 10.7% rebalancing range Alternative 2.Sin$5.5 million money market account is a taxable account, anwe cgive a wir reblancing range.Alternative 1.Sin$3.0 million tax-ferreretirement account, anwe cgive a thiner reblancing range.

NO.PZ201805280100000303 问题如下 The broker suggests thYoung rebalanher $5.5 million money market account anthe $3.0 million tax-ferreretirement account periocally in orr to maintain their targeteallocations. The broker proposes the same risk profile for the equity positions with two potentitarget equity allocations anrebalancing ranges for the two accounts follows:■ Alternative 1: 80% equities +/– 8.0% rebalancing range■ Alternative 2: 75% equities +/– 10.7% rebalancing range 解析也没看懂

NO.PZ201805280100000303 问题如下 Emma Young, a 47-year-olsingle mother of two ughters, ages 17 an20, recently sola business for $5.5 million net of taxes anput the procee into a money market account. Her other assets inclu a tax-ferreretirement account worth $3.0 million, a $500,000 after-taccount signatefor her ughters’ ecation, a $400,000 after-taccount for unexpectenee, anher home, whishe owns outright.Her living expenses are fully covereher joYoung wants to retire in 15 years anto funher retirement from existing assets. orpheight who experiencechiloofinanciharhips, she places a high priority on retirement security anwants to avoilosing money in any of her three accounts. The broker suggests thYoung rebalanher $5.5 million money market account anthe $3.0 million tax-ferreretirement account periocally in orr to maintain their targeteallocations. The broker proposes the same risk profile for the equity positions with two potentitarget equity allocations anrebalancing ranges for the two accounts follows:■ Alternative 1: 80% equities +/– 8.0% rebalancing range■ Alternative 2: 75% equities +/– 10.7% rebalancing range $5.5 million money market account is Suitable for ALt2. $5.5 million money market account is taxable account so it hmore tcost anmore tburn. Also, taxable account hless volatility compare to tax-ffereaccount. The Wih of the rebalancing range is greater for this situation. $5.5 million tax-ferreretirement account is Suitable for ALt1.$3.0 million tax-ferreretirement account so it hless tcost anless tburn. Also, taxable account hmore volatility compare to taxable account. The Wih of the rebalancing range is smaller for this situation.