1）框架图说deep value是bottom up strategy， CFAI topic question （以下）说是to p down。 哪个是正确的？
One of the reports noted, “During the last recession, we rotated into deep-value companies likely to deliver superior returns as a risk-on environment returned.”
Analyst 1: “The fund is following a top-down approach.”
Q. Which of the analysts’ comments regarding the Lunnar fund’s annual report is the most accurate?
- Analyst 1
- Analyst 2
- Analyst 3
Solution
A is correct. The comment made by Analyst 1 is correct regarding style rotation into deep value as motivated by the economic cycle. This is a top-down strategy.
2）Look ahead bias yong用基本面分析并拿到更新data后加以纠正，问什么说是quantitative而不是fundament?
Q. Evidence of which behavioral bias is most likely to be found when analyzing the Lunnar C fund?
- Survivorship.
- Look-ahead
- Confirmation
CFAI 答案：
B is incorrect because look-ahead bias is a risk inherent in backtesting a quantitative active strategy. This bias results from using information that was unknown or unavailable at the time an investment decision was made. An example of this bias is the use of financial accounting data for a company at a point in time before the data were actually released by the company.
