问下，to maintain the real value of the portfolio，到底应该作为降低willingness to take the risk的因素呢，还是作为降低ability to take risk的因素呢？有两年的真题，分别对此做的不同处理，即2006年真题第一题的B（此处作为降低ability 的因素），还有2009年真题第一题的B（此处作为降低willingness的因素）。
多谢老师。作者: vchow3 时间: 2013-10-25 14:06
本质上, "to maintain the real value of the portfolio" 是会対 "ability to take risk (ATR)" 与 "willingness to take the risk (WTR)" 二者都可能产生负面效果的。 然而，你需看题是怎么描述的。
2006 年的题目很明确: "Serra has expressed his desire to maintain the real value of his
portfolio during retirement, ......... Serra recently hired a portfolio manager, Patrick Schneider, CFA, who expects the after-tax nominal annual return for growth equity to be 8.5 percent." Serra 設了一個 TARGET return, 這肯定限制了 Serra 的 ATR. 而且 2006 题没有问其对 WTR 的影响。
2009 年的题目比較不明确: 但是 "The Tracys worry about whether they have saved enough for retirement, and whether they will be able to maintain the real value of their portfolio. ".......... "The Tracys currently have all their assets in inflation-indexed, short-term bonds that are expected to continue to earn a return that would match the inflation rate after taxes." 這二段話中 Tracys 並没設置仼何 TARGET return，他们担心是 Inflation Hedge。 由于 "心里因素"遠大过"能力因素" ，因此 ，主要的影响是 WTR。
本质上, "to maintain the real value of the portfolio" 是会対 "ability to take risk (ATR)" 与 "willingness to take the risk (WTR)" 二者都可能产生负面效果的。 然而，你需看题是怎么描述的。
2006 年的题目很明确: "Serra has expressed his desire to maintain the real value of his
portfolio during retirement, ......... Serra recently hired a portfolio manager, Patrick Schneider, CFA, who expects the after-tax nominal annual return for growth equity to be 8.5 percent." Serra 設了一個 TARGET return, 這肯定限制了 Serra 的 ATR. 而且 2006 题没有问其对 WTR 的影响。
2009 年的题目比較不明确: 但是 "The Tracys worry about whether they have saved enough for retirement, and whether they will be able to maintain the real value of their portfolio. ".......... "The Tracys currently have all their assets in inflation-indexed, short-term bonds that are expected to continue to earn a return that would match the inflation rate after taxes." 這二段話中 Tracys 並没設置仼何 TARGET return，他们担心是 Inflation Hedge。 由于 "心里因素"遠大过"能力因素" ，因此 ，主要的影响是 WTR。
