CFA三级培训项目：经典题_行为金融学（Behavioral Finance）_标准版.docVIP

CFA三级培训项目 讲师： Reading 7 The Behavioral Finance Perspective ? Mimi Fong, CFA , a private wealth manager with an asset management firm, has been asked to make a presentation to her colleagues comparing traditional and behavioral finance. She decides to enliven her presentation with statements from colleagues and clients. These statements are intended to demonstrate some key aspects of and differences between traditional and behavioral finance. ? Statement 1 ? (from a colleague): “When new information on a company becomes available, I adjust my expectations for that company’s stock based on past experiences with similar information.” ? (from a client): “When considering investments, I have always liked using long option positions. I like their risk/return tradeoffs. My personal estimates of the probability of gains seem to be higher than that implied by the market prices. I am not sure how to explain that, but to me long options provide tremendous upside potential with little risk, given the low probability of limited losses.” ? (from a client): “I have always followed a budget and have been a disciplined saver for decades. Even in hard times when I had to reduce my usual discretionary spending, I always managed to save.” ? (from a colleague): “While I try to make decisions analytically, I do believe the markets can be driven by the emotions of others. So I have frequently used buy/sell signals when investing. Also, my 20 years of experience with managers who actively trade on such information makes me think they are worth the fees they charge.” ? Statement 5 ? (from a colleague): “Most of my clients need a well-informed advisor to analyze investment choices and to educate them on their opportunities. They prefer to be presented with three to six viable strategies to achieve their goals. They like to be able to match their goals with specific investment allocations or layers of their por tfolio.” ? (from a client): “I follow a disciplined approach to investing. When a