标题: Reading 15: Managing Individual Investor Portfolios －LOS a [打印本页]
作者: tycoon 时间: 2008-9-16 17:58 标题: [2008] Session 4－Reading 15: Managing Individual Investor Portfolios －LOS a
CFA Institute Area 3-5, 7, 12, 14-18: Portfolio Management
Session 4: Private Wealth Management
Reading 15: Managing Individual Investor Portfolios
LOS a: Discuss how source of wealth, measure of wealth, and stage of life affect individual investors' risk tolerance.
作者: tycoon 时间: 2008-9-16 18:02
Which of the following is NOT determined using situational profiling? Investor:
Answer and Explanation
Situational profiling does not determine investor behavior, but represents an analysis of behavior in determining preferences, philosophy, and biases. Situational profiling is the method in which advisors can classify investors according to their preferences, philosophy, and biases.
作者: tycoon 时间: 2008-9-16 18:02
Situational profiling often uses measures of wealth in determining investor risk preferences. Which of the following is the best definition for measure of wealth within a situational profiling context? The:
A) | perceived amount of wealth held. |
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| B) | absolute amount of wealth held. |
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| C) | amount of wealth held in the stock market. |
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| D) | amount of wealth held in the bond market. |
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Answer and Explanation
The amount of wealth important to an investor in a situational profile is the amount of wealth perceived as large or small by the investor. If the investor perceives his amount of wealth to be large, he may be more tolerant of risk taking activities. If the amount of wealth is perceived to be small, the investor may be less tolerant of risk taking activities.
作者: tycoon 时间: 2008-9-16 18:02
An investors source of wealth is often considered important in determining attitudes towards risk taking. Which source of wealth is considered commensurate with greater risk tolerant profiles?
| A) | Passively acquired sources of wealth. |
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B) | Actively acquired sources of wealth. |
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| C) | Inherited sources of wealth. |
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| D) | One-time payment sources of wealth. |
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Answer and Explanation
Actively acquired sources of wealth are often associated with entrepreneurial or other risk taking activities. Individuals with actively acquired sources of wealth are often considered to have taken risk and know and understand what it means to take risks in order to create wealth.
作者: tycoon 时间: 2008-9-16 18:03
Sheryl Rubenstein is a stunt double in Hollywood. Her studio took out a life insurance policy on her. What method of handling risk is her studio using? Risk:
Answer and Explanation
The studio is using a risk transference method by purchasing life insurance. That way, they will not bear the risk of lost income if she dies while performing a stunt. Instead, they will receive the insurance proceeds.
作者: tycoon 时间: 2008-9-16 18:04
Jennifer Moore has worked in a governmental position (administrative assistant) since graduating from high school. She loves her job because she is very good at following her bosses orders. At office functions, many of her colleagues ranted and raved about the quality of her baked goods. Some even suggested that they tasted so good that she should quit her job and sell baked goods. Moore is 50 years old and never paid attention to the suggestions of her colleagues. She plans on retiring from the government in three years.
Based on her personality type, what type of investor is Moore?
Answer and Explanation
Moore appears to be a cautious investor. She appears unwilling/unsure about making decisions on her own (following bosses orders), which goes against the individualist and methodical investor. By not pursuing the baked good business (even on the side), she is not spontaneous.
Jennifer Moore recently came into a seven-figure inheritance from a long-lost uncle. Which of the following statements about Moore is TRUE?
| A) | Since she didn't count on the inheritance, she will be willing to take on substantial investment risks. |
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B) | Moore has little to no familiarity with risk taking and will tend to be more cautious in her investment approach. |
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| C) | She will be willing to take an active role in the investment process. |
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| D) | Moore will come up the learning curve quickly with respect to investment knowledge. |
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Answer and Explanation
Wealth acquired through inheritance could indicate an individual who has less familiarity with risk taking activity. Given her other personality traits, it appears unlikely that Moore will want to take an active role in the investment process and/or knowledge. She enjoys taking orders.
[此贴子已经被作者于2008-9-16 18:04:03编辑过]
作者: tycoon 时间: 2008-9-16 18:05
Which of the following statements regarding situational profiling is FALSE?
A) | When properly used, situational profiling will provide a great degree of insight into an investor's preferences, economic situation, goals, and desires. |
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| B) | Situational profiling considers an individual's preferences, economic resources, goals, and desires. |
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| C) | Sources of wealth, measures of wealth, and an individual's age are considered when developing a situational profile for an individual investor. |
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| D) | With situational profiling, the source of an investor's wealth is considered an indicator of the investor's risk tolerance. |
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Answer and Explanation
Due to the extensive number of possible individual situations, situational profiling must be applied cautiously. It should be applied as only an initial step in developing an understanding of an individuals preferences, economic situation, goals, and desires.
作者: yangxi_sisi 时间: 2011-2-10 22:44
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