企鹅_品职助教 · 2019年10月10日
回答评论和追问，Stoffer这道题出自2012年BF的真题。
我贴一下题目相关的部分：
In discussing her investment philosophy, Stoffer explains that she likes to keep separate investment accounts for her savings, stock options, and restricted stock. She has a distinct investment strategy for each account. In addition, Stoffer says that she always follows her father’s investment advice of “invest only in what you know.” Stoffer also believes that she is personally contributing to the performance of her bank’s stock price. Combined, these factors have led Stoffer to keep a large percentage of her total portfolio in her bank’s stock and options. The advisor tells Stoffer that this concentrated holding represents significant risk in achieving her primary goal. Stoffer refuses to consider the suggestion that she partially hedge the risk of her bank’s stock.
Recommend whether the advisor should primarily attempt to moderate Stoffer’s biases, or adapt his recommendations to better reflect Stoffer’s biases. Justify your response with two reasons.
Answer：
The advisor should attempt to moderate Stoffer’s behavioral biases because her biases are cognitive (mental accounting and illusion of control), not emotional, biases, so she can be educated to avoid these biases.
Also, because of her concentrated investments, the risk to Stoffer’s ability to maintain her standard of living is high. Adapting to her biases could prevent Stoffer from achieving her investment goals.
这个类型的问题通常是给一个客户的条件，问是应该moderate还是adapt. 取决于两个要素，一个是Bias的类型，一个是财富水平。
这个知识点老师上课讲过的。你再去听一下基础班讲义111-112页 对应的视频吧。
肥橘正在考三级 · 2019年10月10日
谢谢老师！
