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一千个伤心的Leo · 2021年08月19日

我明白C为什么是对的，但是A中的Perez 按照分类来说是PP， 也是应该在给advice时候用big picture， 在这里educate about diversification算是too detailed吗？

  1. CFA III
  2. Behavioral Finance

* 问题详情，请 查看题干

NO.PZ201511190100000401

问题如下：

When advising his clients, Wang is least likely to:

选项：

A.

educate Perez on the benefits on portfolio diversification.

B.

limit Johnson’s role in the investment decision-making process.

C.

provide Patel with details like standard deviations and Sharpe ratios.

解释：

C is correct.

This would not be an effective way to advise Patel. Given Patel’s information, he is likely to be more receptive to “big picture” advice that does not dwell on details like standard deviations and Sharpe ratios. He is emotionally biased and providing excessive cognitive detail will lose his attention. He needs to be convinced of his advisor’s general philosophy first and then, as trust is gained, he will respond to advice and take action. (Patel is a Passive Preserver.)

我明白C为什么是对的，但是A中的Perez 按照分类来说是PP， 也是应该在给advice时候用big picture， 在这里educate about diversification算是too detailed吗？

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王琛_品职助教 · 2021年08月19日

嗨，努力学习的PZer你好：


先说结论哈：选项 A 的 Perez，投资者分类是 FF，教育客户组合分散化的益处，一般是最好的方式，所以选项 A 说的没错

1

判断客户的投资者分类，先分别看三个主要的区分维度

1）客户的 Basic type 是 Passive "as a passive investor"，所以投资者分类对应 PP 或者 FF

2）客户的风险容忍度是 low to medium，其实从这个就可以分析是 FF，而非 PP 了，因为 PP 的风险容忍度是 low。当然有时我们还需要再看一下后面的条件，再验证一下，看还有没有其他能证明是 FF 的证据

3）主要偏差是 cognitive "hindsight, framing, and regret aversion"，前两个是 cognitive，第三个是 emotional，所以主要是 cognitive。验证是 FF，因为 PP 的主要偏差是 emotional

再看有没有描述其特点的关键词

有的，是：客户会高估其风险容忍度，"but often overestimates his risk tolerance"，这个只有在 FF 时才提到，介绍其他投资者分类时并没有提到这个特点

综上所述，Perez 是 FF 哈

2

再看针对 FF，顾问的建议教育方式 ，可以从两个角度分析

1）对 FF 的建议，原版书的原文就是：因为 FF 的偏见主要是认知上的，关于投资组合多样化好处的教育，通常是最好的行动方案

"Because FF biases are mainly cognitive, education on the benefits of portfolio diversification is usually the best course of action."

当然有时我们可能不一定会记住这些细节，再看题干正文，其实也给了我们提示

2）题干最后一句提到：客户希望将其资产的很大一部分投资于其雇主的股票 "wanting to invest a significant portion of his assets in his employer’s stock."

基于这点，和客户沟通一下关于投资组合分散化的益处，也是推荐的呀

3

关于 FF，可以再看一下课后题第 8 和 16 题

关于 PP 和 FF 的区别，也请参考: https://class.pzacademy.com/qa/69031

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努力的时光都是限量版，加油！

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