答案和详解如下： Q6. Jessica Paskiet, a portfolio manager for Porthouse Investment Management is drafting an investment policy statement for her new client, Kenneth Moon. Which of the following procedures should Paskiet follow when drafting the risk and return objectives for her client? Procedure 1: Consider the client’s risk tolerance and return objective separately from one another. Procedure 2: Focus on the investor’s required returns only, as desired returns are not important when drafting the IPS. With regard to the procedures Paskiet has proposed: Procedure 1 Procedure 2
A) Incorrect Correct B) Correct Incorrect C) Incorrect Incorrect Correct answer is C) Procedure 1 is incorrect – the process of identifying desired and required returns should take place concurrently – ultimately, the investment policy statement must present a return objective that is attainable within the risk constraints of the portfolio. Procedure 2 is also incorrect – the investment manager should address both required and desired returns in the IPS, although when balancing the return objective with risk tolerance, the investor may have to dismiss less important objectives and focus on required return, putting less emphasis on desired returns. Q7. Which of the following statements distinguishes the ability to take risk from the willingness to take risk? The:
A) ability to take risk is more amenable to quantitative measures whereas the willingness to take risk is more qualitative in nature. B) ability to take risk is more qualitative in nature whereas the willingness to take risk can be measured in a quantitative nature. C) willingness to take risk is connected with primary goals and objectives. Correct answer is A) The ability to take risk is usually associated with specific goals and time horizons and is more quantitative than willingness to take risk. Willingness to take risk is more subjective from the investor’s perspective and is therefore more qualitative in nature. | 
发表于 2009-1-20 10:26
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