关于CR 700-800难题里的一道题目求助

荠菜馒头 · 发表于 2021-11-9 14:55:26

Investment Advisor: It is well-known that investing in mutual funds reduces portfolio risk through diversification. It
is also true that past investment performance is often related to future investment prospects. Therefore, to help
my clients earn high returns with low risk, I select a group of mutual funds that meet the client’s objectives and
then invest the client’s assets in the fund that has delivered the highest returns in this group over the past 2 years.
Which of the following statements, if true, would demonstrate a serious flaw in the approach of the Investment
Advisor?
A Managers of many mutual funds that have delivered the highest returns over the past several years have already
used up their best investment ideas and are unlikely to sustain this level of performance in the future.
B Mutual funds span a wide spectrum of investment styles and performance objectives and no single fund is suitable
for every investor.
[size=10.0766pt]C Many individual investors choose to manage their own portfolios rather than consult an investment advisor.
[size=13.4355px]D The funds that have had the strongest past performance tend to continue to outperform other funds with similar
objectives for many years in the future.
E The number of clients served by the investment advisor has declined by nearly 50% over the past 5 years.
本题的结论是：为了实现高回报低收益，所以买mutual funds和未来收益好的项目。要weaken
为什么选择A呢？
A说的是经理人可能没有好的主意了

长丝弓 · 发表于 2021-11-10 11:55:25

题译:
投资顾问：众所周知，投资于共同基金可以通过多样化降低投资组合风险。过去的投资业绩往往与未来的投资前景有关，这也是事实。因此，为了帮助我的客户以低风险获得高回报，我选择了一组符合客户目标的共同基金，然后将客户的资产投资于过去两年在这组基金中回报率最高的基金。
以下哪项陈述如果为真，将表明投资顾问的做法存在严重缺陷？
A 许多在过去几年中取得最高回报的共同基金的经理已经用完了他们最好的投资理念，在未来不可能保持这种水平的表现。
B 共同基金的投资风格和业绩目标各不相同，没有一种基金适合每个投资者。
C 许多个人投资者选择管理自己的投资组合，而不是咨询投资顾问。
D 过去表现最强的基金往往在未来很多年都会继续超越其他目标相似的基金。
E 在过去5年中，投资顾问所服务的客户数量下降了近50%。

解题思路：
投资顾问的策略是在同行中选择回报率最高的基金，以满足客户的目标。这种策略的一个主要假设是，已经取得最佳回报的基金在未来将继续保持这种回报。如果这个假设不准确，投资顾问的策略就会被严重削弱。

选项(A) 是正确的。这个答案选择显示了投资顾问逻辑上的严重缺陷。如果表现最好的基金经理确实已经使用了他们最强的想法，并且不可能在未来保持这种水平的表现，那么投资顾问的赢家导向策略就不可能带来高回报。

关于CR 700-800难题里的一道题目求助

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