2020 CFA L3 原版书之资产配置课后习题.pdfVIP

Practice Problems 57 PRACTICE PROBLEMS The following information relates to Questions 1–8 Meg and Cramer Law, a married couple aged 42 and 44, respectively, are meeting with their new investment adviser, Daniel Raye. The Laws have worked their entire careers at Whorton Solutions (WS), a multinational technology company. The Laws have two teenage children who will soon begin college. Raye reviews the Laws’ current financial position. The Laws have an investment portfolio consisting of $800,000 in equities and $450,000 in fixed-income instruments. Raye notes that 80% of the equity portfolio consists of shares of WS. The Laws also own real estate valued at $400,000, with $225,000 in mortgage debt. Raye estimates the Laws’ pre-retirement earnings from WS have a total present value of $1,025,000. He estimates the Laws’ future expected consumption expenditures have a total present value of $750,000. The Laws express a very strong desire to fund their children’s college education expenses, which have an estimated present value of $275,000. The Laws also plan to fund an endowment at their alma mater in 20 years, which has an estimated present value of $500,000. The Laws tell Raye they want a high probability of success funding the endowment. Raye uses this information to prepare an economic balance sheet for the Laws. In reviewing a financial plan written by the Laws’ previous adviser, Raye notices the following asset class specifications. Equity: US equities Debt: Global investment-grade corporate bonds and real estate Derivatives: Primarily large-capitalization foreign equities The previous adviser’s report notes the asset class returns on equity and derivatives are highly correlated. The report also notes the asset class returns on debt have a low correlation with equity