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一只可爱的猪 · 2021年09月23日

为什么C不是呢

NO.PZ2019012201000071

问题如下:

Which fund manager’s investing approach is most consistent with fundamental management?

选项:

A.

Furlings

B.

Asgard

C.

Tokra

解释:

A is correct. Furlings combines a top-down and bottom-up approach, but in both cases, the allocation process is signifcantly determined according to the managers’ discretion and judgement. There is a strong emphasis on understanding fnancial reporting, and the sector managers focus on a relatively small number for frms. They also extend their analysis to other areas associated with fundamental management, such as valuation, competitive advantages, and governance. Finally, Furlings’s top-down process depends largely on the views and experience of its head manager.

为什么C不对

1 个答案

笛子_品职助教 · 2021年09月24日

嗨,努力学习的PZer你好:



C只看P/B,过去12个月的股价动量,以及ROA,属于量化投资,不是基本面分析。


本题还是要搞懂基本面定义是啥,一般来说可以这么理解,通过主观分析品牌,竞争地位等基本面要素,预测公司未来发展和业绩的,属于基本面分析。只看现在的各种指标的,属于量化分析。

一般这么理解就没问题了。


至于原版书上如何定义基本面的,见以下截图(基础版134-135页),综合起来也是以上的意思。







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