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fengsj · 2021年03月27日

LEVEL 3 human capital equity like

  1. CFA III
  2. 个人IPS

* 问题详情，请 查看题干

NO.PZ201704060100000308

问题如下：

Which of Smith’s recommendations regarding the Barksdales’ investment portfolio is/are correct?

选项：

A.

Recommendation 1 only

B.

Recommendation 2 only

C.

Both Recommendation 1 and Recommendation 2

解释：

C is correct.

People with higher risk and potential volatility in income (human capital) should take on lower risk in their investment portfolios. Adrian’s income is more than two-thirds of the household total and is somewhat volatile because of cyclical demand for his employer’s product. Additionally, because income is tied to a particular industry or sector, the Barksdales should underweight securities having a high correlation with bauxite demand.

The Barksdales’ human capital is valued at $2.9 million and estimated to be 35% equity-like. 只有35% equity like ，并没有超过50%，为什么不能认定为human capital volatility 较小呢？我觉得这里题目出的不好，既然A是家庭主要收入来源，A的income volatility 较大，那么family总体Human capital 应该超过50%，请问我这么理解有问题吗？

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王暄_品职助教 · 2021年03月28日

  1. 根据前文提到的A同学是在一个高度周期化的行业工作的，说明他收入的volatility较高
  2. 同学要把你提到的这句话结合上下文一起分析：Smith turns to a discussion about the Barksdales' investment portfolio and how total economic wealth (human capital plus financial capital) might afect asset allocation decisions. The Barksdales' human capital is valued at $2.9 million and estimated to be 35% equity-like. Smith determines that an overall target allocation of 40% equity is appropriate for the Barksdales' total assets on the economic balance sheet. Smith makes two recommendations regarding the Barksdales' investment portfolio.你全部连起来看，会发现这35%其实指的是占over target allocation的35%，所以针对一个target为40%的目标，35%占了很大的部分，所以investment portfolio要投资少一些equity

弓 · 2021年10月28日

第一，35%占的是 “human capital =2.9m”，overall target allocation里占的是40%吧，否则上一道题也算不出来0.9million的financial capital里的equity应该占比多少。 第二，如果这个portfolio真的对家庭很重要，压根smith就不该把equity的占比搞这么高嘛，一口气给人干到40%，然后又假惺惺地拍人肩膀说“你要把风险搞低点哟”

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NO.PZ201704060100000308问题如下 Whiof Smith’s recommentions regarng the Barksles’ investment portfolio is/are correct? Recommention 1 only Recommention 2 only Both Recommention 1 anRecommention 2 C is correct. People with higher risk anpotentivolatility in income (humcapital) shoultake on lower risk in their investment portfolios. Aian’s income is more thtwo-thir of the householtotanis somewhvolatile because of cyclicmanfor his employer’s proct. Aitionally, because income is tieto a particulinstry or sector, the Barksles shoulunrweight securities having a high correlation with bauxite man 我看了之前同学的提问和助教的答案。助教无非两点1、aian从事周期性行业，2、他是家里顶梁柱。但文中说是similinvestor，说明是一样的，从事行业的波动和回报都是相似的，同样年龄阶段，高风险高收益的工作，可以认为也是家里顶梁柱。况且题目问的是他家的资产咋配置，不是他个人咋配置。如果按助教所说，他比similinvestor的工作更波动，更顶梁柱。那我是否我也可以这么说，一个similinvestor，他老婆比他更能赚钱，他也可以不是家里顶梁柱，所以应该可以更高风险投资FC？请问这里similar到底如何理解？如果认为similar的人也会不一样，那是否也可以认为可能可以更高风险投资FC呢？无论如何也不能说statement1正确吧

2022-04-17 23:30 1 · 回答

NO.PZ201704060100000308 C is correct. People with higher risk anpotentivolatility in income (humcapital) shoultake on lower risk in their investment portfolios. Aian’s income is more thtwo-thir of the householtotanis somewhvolatile because of cyclicmanfor his employer’s proct. Aitionally, because income is tieto a particulinstry or sector, the Barksles shoulunrweight securities having a high correlation with bauxite man 可以帮忙分析一下statement 2为什么对吗？

2021-11-20 08:52 2 · 回答

NO.PZ201704060100000308 C is correct. People with higher risk anpotentivolatility in income (humcapital) shoultake on lower risk in their investment portfolios. Aian’s income is more thtwo-thir of the householtotanis somewhvolatile because of cyclicmanfor his employer’s proct. Aitionally, because income is tieto a particulinstry or sector, the Barksles shoulunrweight securities having a high correlation with bauxite man 1为什么是对的？他的妻子也有稳定的收入，而且孩子只需要再支持几年

2021-09-27 09:55 1 · 回答

Recommention 2 only Both Recommention 1 anRecommention 2 C is correct. People with higher risk anpotentivolatility in income (humcapital) shoultake on lower risk in their investment portfolios. Aian’s income is more thtwo-thir of the householtotanis somewhvolatile because of cyclicmanfor his employer’s proct. Aitionally, because income is tieto a particulinstry or sector, the Barksles shoulunrweight securities having a high correlation with bauxite man 这超什么意思？什么知识点？

2020-11-20 21:31 1 · 回答