李梦璐 · 2022年02月01日
NO.PZ2015121801000038
问题如下：
Which of the following return calculating methods is best for evaluating the annualized returns of a buy-and-hold strategy of an investor who has made annual deposits to an account for each of the last five years?
选项：
A. Geometric mean return.
B. Arithmetic mean return.
C. Money-weighted return.
解释：
A is correct.
The geometric mean return compounds the returns instead of the amount invested.
老师，题中说每年都存，那不是每年都有现金流么？这种情况下用twrr衡量岂不是没有考虑现金流进入时点不同？
Kiko_品职助教 · 2022年02月04日
嗨，爱思考的PZer你好：
geometric mean return其实就是time weighted rate of return, 什么时候用TWRR呢？我们有个结论是：当基金经理没有办法控制投资资金的金额大小以及流入流出，用TWRR；当基金经理可以控制投资者投入资金和现金流，就可以用MWRR。
这道题目中，投资者每年往账户里储蓄一笔钱，所以基金经理是没有办法控制住账户资金大小和现金流的，所以用TWRR，选A。
----------------------------------------------加油吧，让我们一起遇见更好的自己！
NO.PZ2015121801000038 问题如下 Whiof the following return calculating metho is best for evaluating the annualizereturns of a buy-anholstrategy of investor who hma annuposits to account for eaof the last five years? A.Geometric mereturn. B.Arithmetic mereturn. C.Money-weightereturn. is correct.The geometric mereturn compoun the returns insteof the amount investe 这题看起来是从投资者角度去评估收益的，为什么还用TWRR？作为基金经理角度，是否存在用MWRR更好的情况？看到其他解答里有说，基金经理能控制现金流流入流出的情况用MWRR更好，有更具体一点的例子吗？
NO.PZ2015121801000038 问题如下 Whiof the following return calculating metho is best for evaluating the annualizereturns of a buy-anholstrategy of investor who hma annuposits to account for eaof the last five years? A.Geometric mereturn. B.Arithmetic mereturn. C.Money-weightereturn. is correct.The geometric mereturn compoun the returns insteof the amount investe 这道题目的意思是从投资者角度，衡量投资的年化收益，就是和基金经理无关。那不是应该用MWR？
NO.PZ2015121801000038问题如下Whiof the following return calculating metho is best for evaluating the annualizereturns of a buy-anholstrategy of investor who hma annuposits to account for eaof the last five years?A.Geometric mereturn.B.Arithmetic mereturn.C.Money-weightereturn.is correct.The geometric mereturn compoun the returns insteof the amount investetwr是没年的收益率做几何平均，但除了最后一年能算收益，之前的每一年没法算收益啊，请指教
NO.PZ2015121801000038问题如下Whiof the following return calculating metho is best for evaluating the annualizereturns of a buy-anholstrategy of investor who hma annuposits to account for eaof the last five years?A.Geometric mereturn.B.Arithmetic mereturn.C.Money-weightereturn.is correct.The geometric mereturn compoun the returns insteof the amount investeMWRR就是Geometric me为社么不选C（我觉得MWRR更确切）
NO.PZ2015121801000038 问题如下 Whiof the following return calculating metho is best for evaluating the annualizereturns of a buy-anholstrategy of investor who hma annuposits to account for eaof the last five years? A.Geometric mereturn. B.Arithmetic mereturn. C.Money-weightereturn. is correct.The geometric mereturn compoun the returns insteof the amount investe 是否无论题干怎么描述，永远都是TWRR比MWRR要好？
