标题: Schweser book 3 pg. 208 q7 [打印本页] 作者: brain_wash_your 时间: 2011-7-11 19:13 标题: Schweser book 3 pg. 208 q7
The answer says you multiply (1+ spending) * (1+ fees) * (1+inflation) then adjust with tax to get the before tax required return
I'm strongly believe schweser got it wrong because in real life inflation cannot be taxed and therefore the solution should be [ (1+spending)*(1+fees) ] / (1-tax) + inflation
Can someone clarify? Thanks作者: pennyless 时间: 2011-7-11 19:13
Expenses are 100k in Year 0.
Expenses are 103k in Year 1.
Revenues have to increase 3k post tax in order to maintain real value of portfolio.
