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徐威廉 · 2021年10月14日

pp ff ii aa

  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.)

请问这四类PP FF II AA投资者有没有对应的表格？给具体细节建议还是宏观建议的表格嘛？
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王琛_品职助教 · 2021年10月14日

嗨，努力学习的PZer你好：


1

有呀，关于 BIT 的详细介绍，我放到「视频加餐」中了哈，有视频有讲义

「视频加餐」位置：


BIT 主要偏差分类表格：

2

关于给不同投资者分类，给哪种建议，主要是取决于投资者分类的主要偏差哈

请参考原版书 P52 的结论

当向有 emotional bias 的投资者提供建议时，顾问应着重解释正在创建的投资方案，如何影响诸如财务安全、退休或未来几代人的问题，而不是专注于标准偏差和夏普比率等定量细节。量化措施对有 cognitively biased 的投资者来说效果更好

"When advising emotionally biased investors, advisers should focus on explaining how the investment program being created affects such issues as financial security, retirement, or future generations rather than focusing on such quantitative details as standard deviations and Sharpe ratios. Quantitative measures work better with cognitively biased investors"

3

PP 的主要偏差都是 emotional，所以不建议给具体细节建议，所以这道题选 C

在介绍 PP 的特点时，原版书又重复了一下上述观点，请参考 P53

PP 更容易接受不纠缠于标准差和夏普比率等细节的宏观建议，因为 PP 是 emotional bias 的，提供过多的认知细节会失去他们的注意力。顾问应该把重点放在资金将实现的目标上，如家庭遗产目标、教育等等

"PPs are more receptive to “big picture” advice that does not dwell on such details as standard deviations and Sharpe ratios. 

Because PPs are emotionally biased, providing excessive cognitive detail will lose their attention. Advisers should focus on what the money will accomplish, such as family legacy goals, education, and so on."

4

其他投资者分类，在介绍特点时，没有再重复上述观点了，所以咱只要知道不同投资者分类，主要的偏差是哪种类型，即可判断是给宏观还是细节的建议哈

我个人理解，这里如果要考给宏观还是细节的建议，大概率也是考查 PP，因为原版书在这里是有明确提到关键句的

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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