作完CFA INSTITUTE五套以后一点小的总结 person, 要抱抱, style, class, house

jessie1981

感觉有一些考点是很可能遇到的，比如SOFT DOLLOR，五套题里面每次遇到ETHICS都考到了，今天还要再看一次。感觉JUDGEMENT CALLS比较多的是在PORTFOLIO MANAGEMENT里面。总结了一点，请大家来补充。有点临时抱佛脚了，但是总要抱抱阿。临阵磨枪，不快也光！

Things to note:
35% tax means significant tax considerations
If person is going to pay-off his house soon and will use 1/3 of his portfolio this is a liquidity constraint
If person has significant investments in real estate this is a liquidity constraint on the ASSET side
If person has an annual pension which is 1/3 of his annual spending and the rest he will take from his investment portfolio this is significant liquidity constraint on LIABILITY side
Sometimes ability to take risk is different from willingness to take risk. In this case some resolution is required (your judgment call)
Value at risk is the measure of DOWNSIDE risk. Standard deviation is the measure of total risk.
If person’s portfolio yields less than necessary to pay for living expense and risk-tolerance level is low then there is a conflict and resolution is required (invest more aggressively or reduce living expenses)

任平生

非常感谢!

jessie1981

有几个公式，大家看看总结得对不对

Cash effect of growth and profitability and efficiency:

growth effect = delta revenue*last period's margin

profitability and efficiency effect = this period's revenue*delta margin

Flow effect and holding gains/losses effect:

Flow effect = delta exposure*(ending rate-average rate)

Flow effect = item in IS for this period*(this period's average rate-last period's average rate)

holding effect = beginning exposure*(ending rate-beginning rate)

operational effect = Change in Income Statement Item in Local Currency * Avg Rate

nolatl

thanks for sharing, looks correctly to me

danfeiyu

非常感谢,受益匪浅

annustc

如果是别人的工作

需要引用!

CFA的ethics这样要求