Wasn't that bad - straight forward from the book. One thing that I didn't remember from the text was calculating the discount rate using the "target IRR method" to value equity for its contribution to enterprise value. Funny thing is I got the second part to it which was to calculate the EV. I never saw that in the CFA texts so I answered 50% discount rate and I think the IRR required was 39% over 5 years.
There was no real estate which I was hoping for since I work in real estate and would've smashed it. Friends who passed last year also said there was no real estate and said there is probably a high chance this year as real estate is becoming an investment of choice in portfolios these days vs just equity and bonds. They also put a venture capital valuation question on determining the stock price - straight out of the book but no hedge fund questions which I'm thankful for - reading was too dry in the text for me to retain.
发表于 2011-7-13 17:00
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