leon2003

比较支持human capital是treasury的说法。。。当时我也是在aaa和treasury之间游走，但考虑到老头的hc是downward trend，只是公司给了个guarantee，还是决定选treasury。。。

漏题的同学悲催的飘过。。。

huanleshalemei

老头子那题偶选的是ABS, 因为有信用风险，因为公司虽然guarantee，但是如果公司倒闭了咋办？什么都打水漂了，就像ABS一样，payoff 是看后面的asset quality的。。。

发觉这讨论真是越抹越黑啊。。。只求低空飞过就可以了。

桃谷四仙

哥们你写这么多，都没答到点上。。。。。T-bond根本也没有提供inflation protection, T-bond不是TIPS
我觉得amortized bond是对的，因为contract是10年，每年收入是那么多，amortized的就是本金也摊到每期去了，最后没有还本一说；但是其他的各种bond，最后都有principal，这大哥的工资最后也没有一个lump sum神马的

I chose Treasury bill. It may sound ridiculous but my reason is that now his salary is indexed to ...
Allenden 发表于 2012-6-8 17:53

桃谷四仙

我认为你是对的，公司以前出过问题，是corporate sponsor的俱乐部，corporate出问题，club就会有问题，所以A rated Amortized Bond

老头子那题偶选的是ABS, 因为有信用风险，因为公司虽然guarantee，但是如果公司倒闭了咋办？什么都打水漂了 ...
huanleshalemei 发表于 2012-6-12 21:42

gcaxu

老头子那题偶选的是ABS, 因为有信用风险，因为公司虽然guarantee，但是如果公司倒闭了咋办？什么都打水漂了 ...
huanleshalemei 发表于 2012-6-12 21:42

In North America, People most likely chose Big Cap Equity. I asked few exam taker.
Reasons: inflation-linked preclude Bond and treasure unless it is tips. ABS amortize, so it is out. small cap is just too risky.
Big Cap Equity provides inflation pretection and it is stable yet not guranteed.
So it seems fit

The reason you guys gave sound plausible but just not in sync with the real world experience.
Do you guys invest in Equity or bond?

ABS amortize, so it is out.

Allenden

In North America, People most likely chose Big Cap Equity. I asked few exam taker.
Reasons: inflat ...
gcaxu 发表于 2012-6-13 05:33

I also think ABS is not likely because its CF uncertainty and most importantly, maturity date uncertainty.
Which means you don't know exactly how much you will get and when you will not be paid.But it is not the case in the question. The length of salary contract is 10 year for sure. and I believe the amount of salary become certain when you know the inflation number. But I do think the amortization feature resembles its human capital because you get periodic cash flow.

Overall I think Treasury, ABS, Big Cap Equity in some aspects resemble its human capital but in other ways they don't mimic its human capital at all. In the end CFA's words count !

桃谷四仙

我没印象他合约结束后会收到一大笔钱，我记得他应该是有不确定的奖金。即使合约结束收到钱，那也要是每年工资的10倍左右才make sense (assume 10% coupon rate on the bond)
并且ABS和amortized bond是不一样的

回复  桃谷四仙


   原文提到这人退休时会收到一笔一大笔一次性的收入啊，而ABS的话到最后一期不是就等于 ...
cfasift 发表于 2012-6-13 00:32

桃谷四仙

LOL,我觉得还是别讨论这个题目了，还是等题目出来，大家都有足够的时间看题目和分析，估计答案也很明显。考试的时候大家不是漏看这个就是漏看那个，信息量这么大也正常。
反正这个题目的考点大概就是那几个金融产品的cash flow特性以及human capital的特点，谁要是这次运气背，下次还要考，没明白的就多看看这个部分呗。

In North America, People most likely chose Big Cap Equity. I asked few exam taker.
Reasons: inflat ...
gcaxu 发表于 2012-6-13 05:33

Allenden

回复  Allenden


    so which one did you choose? I still prefer Treasury.First ABS is not suitable ...
cfasift 发表于 2012-6-13 10:20

I chose Treasury too.

桃谷四仙

那个说的是yield，这个题目你要看coupon rate是怎么定的，要是coupon rate根据inflation 调整，那么就是有inflation protection

回复  桃谷四仙


    这种对题干回忆不一致的地方就没办法啦。。。至少我是这么记得哒~而且你看楼上我发 ...
cfasift 发表于 2012-6-13 10:22