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发表于 2011-3-24 16:11 | 只看该作者

Reading 54: Basics of Portfolio Planning and Construction-LO

2011, investment, following, investing, written
Session 12: Portfolio Management
Reading 54: Basics of Portfolio Planning and Construction

LOS a: Explain the reasons for a written investment policy statement (IPS).

 

 

Which of the following is NOT a rationale for the importance of the policy statement in investing? It:

A)
 identifies specific stocks the investor may wish to purchase.
B)
 helps investors understand the risks and costs of investing.
C)
 forces investors to understand their needs and constraints.

 

The policy statement outlines broad objectives and constraints but does not get into the details of specific stocks for investment.

 

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发表于 2011-3-24 16:12 | 只看该作者

Which of the following best describes the importance of the policy statement? It:

A)
 outlines the best investments.
B)
 states the standards by which the portfolio's performance will be judged.
C)
 limits the risks taken by the investor.

The policy statement should state the performance standards by which the portfolio's performance will be judged and specify the benchmark that represents the investors risk preferences.

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发表于 2011-3-24 16:12 | 只看该作者

Which of the following is NOT a rationale for the importance of the policy statement in investing? It:

A)
 allows the investor to judge performance by objective standards.
B)
 specifies a benchmark against which to judge performance.
C)
 forces investors to take risks.

By no means should the policy statement force the investor to take risks. The statement forces investors to understand the risks of investing.

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