jinnix

if you look at the question, it says for the retired portion and deferred portion, they are indexed to inflation

and if you sum up the % on the table, deferred and retired combine has the highest %, that is why I chose Real Rate Bond.

The smallest is the 5% real wage growth, that one I chose equity

楼上的表格和原题差不多,就是要把deferred和retired的%加起来

我也同意啊，可能我理解有问题噢。这个公司的利润很好，工资增加有一部分是因为实际利润的增加，通货膨胀 ...
rongsummer 发表于 2012-6-7 00:24

rongsummer

回复  FiFi49


    我怎么觉得当下还没有人退休，所以最少的应该是norminal bond啊 ...
greenturtle 发表于 2012-6-6 20:24

我也同意啊，可能我理解有问题噢。这个公司的利润很好，工资增加有一部分是因为实际利润的增加，通货膨胀率很高，工资另外一部分增加是因为通货膨胀，而且现在NOMINAL BOND的比例高，应该减少这个。现在没有退休职工，平均要5年后才退休，应该在6-10年才是一个退休的高峰。书上不是说，一般退休后就不INDEXED TO INFLATION，在退休前的还是要用来HEDGE REAL GROWTH 和INFLATION的。退休的时候再进行重新组合，现在的情况下的BENCHMARK PORTFOLIO还是应该减少NOMINAL BOND去HEDGE REAL GROWTH AND INFLATION的影响，个人理解这个问题哦，否则给你那么多通货膨胀率干嘛呢，又是公司的利润水平很好，还有公司没有退休员工，问了五年内的LIQUIDITY的要求，五年后的，我觉得有点关联的。

future2012

May anybody explain how to address the following questions:

1.    When interest rates rise but spreads narrow, how does a portfolio value change? It seems a paradox? There is a question about choosing which benchmark duration can achieve the largest portfolio value.

2. Ruin probability. Can you show your detail calculation process?

3.    A question in second last set need to compute credit risk. The options include: positive one、zero、negative one。

future2012

回复  FiFi49

GIPS 2010 Key Issues Summary
   6.     
Should the current recommendation to accrue d ...
pandagor 发表于 2012-6-6 21:09

   So which do you think is the correct answer?

neilzuo

回复 335# tt501916


   我当时看最少的分配没看出来该用哪个real growth都是将来的事情应该没有什么可以cover把？

gangdu1997

回复 274# kiniser


    几个月后有20万需求

tyggt001

回复 332# FiFi49

Please reference CFA curriculum volumn2 page 452 table 2.
Since nearly 60% liability is retired, defered and active incured, nominal bonds are best instruments to hegdge the these defined parts.
In addition to that, because payment is not linked to inflation, these parts are fixed.(The first sentence of part 2.1 Accrued benefit on page 449)

jwmeng

Take company data to home and work on Home computrr without the permission from comany.  Isn't that kinda of violation?

huanleshalemei

道德总结下:
1, analyst work at home.... 不违反
2, compliance manager: 违反没及时沟通
3, one analyst  ...
reonade 发表于 2012-6-6 17:20

    道德总结下:
1, analyst work at home.... 不违反 (同意)
2, compliance manager: 违反没及时沟通 (这个应该是因为这个人delegate吧，书上说了，delegation will not eliminate responsibility as a supervisor)
3, one analyst give low-risk, after research (medium risk), still give low-risk。 violate reasonable base? (我觉得这个是因为她抄袭第一个的low risk的opinion还不给那个analyst credit, 和第二个research report没毛关系)
4, proxy voting: 该disclose给潜在客户 (记不清了)
5, restricted list: 不违反? (我还是觉得违反，因为没有纰漏。不说是不是利益冲突的问题，因为那个让客户自己去判断，但是纰漏是最起码的)
6,只给客户介绍高收益的bond fund, 违反suitability.（记不清了）
7, 离职了，开新公司，present以前的业绩，即使经过公司同意. 违反，完全不能present以前的业绩？（违反，因为他纰漏了8年，实际上他只管了5年）
。。。。。。

huanleshalemei

回复  FiFi49


   I also read the question that the payment is not inflation linked.
i forget the  ...
tt501916 发表于 2012-6-6 20:55

    我记得也是这样，最多我选的是 nominal bond, 最少 real rate bond, 根据是题目给的%，最后两个用real rate bond ，而它们的% 最小。