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发表于 2013-8-9 09:15
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from what i remember reading, there was definitely something said that WIDELY READ PUBLIC INFO like Wall street journal did not need to cited as a source. then again, this was a question on Schweser practice exam 3:
Ann Smith, CFA calls Bill Jones, CFA, and tells him her research shows that Biokem Company is underpriced and EPS will exceed $3.00 this year. Jones never heard of Biokem but knows that Smith is widely considered to be the best analyst in her sector. Smith’s research has been released publicly and Smith tells Jones he’s “welcome to it”. After their conversation Jones arranges a conference call with his portfolio managers and announces that Biokem is underpriced and will likely earn more than $3 this year. He does not reference his conversation with Smith. According to the standards that concern misrepresentation and diligence and reasonable basis, Jones violated:
a. both
b. one
c. neither
Obviously diligence and reasonable basis is violated, but considering Smith’s information is publicly released and Smith is widely considered to be the best analyst in her sector, I thought this would constitute her to be a well known public source, so he needn’t cite her. But the answer is both, meaning I was wrong
I guess only if it is mentioned that it is a newspaper or some finance monthly publication, we can’t take anything to be a well known public source. |
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