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"Portfolio Management":Basics of Portfolio Planning and Construction
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Questions 1:
A financial adviser gathers the following information about a new client:
● The client is a successful economics professor at a major university.
● The client plans to work full time for seven years and then will work part
time for three years before retiring.
● The client owns two homes and does not have any outstanding debt.
● The client has accumulated retirement savings of approximately $2 million
through his employer’s retirement plan and will have anticipated retirement
spending needs of $60,000 per year.
● The client reads numerous financial publications and follows markets
closely.
● Although concerned about the current health of the global economy, the client maintains that he is a long-term investor.
Based on the above information, which of the following best describes this client?
A 、High ability to take risk but a low willingness to take risk
B 、High ability to take risk and a high willingness to take risk
C、 Low ability to take risk but a high willingness to take risk
Questions 2:
An analyst observes that the historic geometric nominal return for equities is 9%. Given a real return of 1% for riskless Treasury bills and annual inflation of 2%, the real rate of return and risk premium for equities are closest to:
A 、7.9% and 5.8%.
B 、6.9% and 7.9%.
C 、6.9% and 5.8%.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. The client is in a strong financial situation (stable job, no debt), has a reasonably long time horizon before needing any liquidity (10 years), and reasonable retirement spending needs relative to total assets. These factors indicate a high ability to take risk. In addition, the client’s knowledge of financial markets, experience, and focus on the long term also indicate a high willingness to take risk.
A is incorrect because the client’s investing knowledge, experience, and focus on long-term investing indicate a willingness to withstand investment risk.
C is incorrect because the client has a high ability to withstand investment risk for the reasons identified above.
【Answer to question 2】C
【analysis】
C is correct. [(1 + 0.09)/(1 + 0.02)] – 1 = 6.9%, and [(1 + 0.69)/(1 + 0.01)] – 1 = 5.8%
A is incorrect. [(1 + 0.09)/(1 + 0.01)] – 1 = 7.9%, and [(1 + 0.079)/(1 + 0.02)] – 1 = 5.8%
B is incorrect. [(1 + 0.09)/(1 + 0.02)] – 1 = 6.9%, and [(1 + 0.09)/(1 + 0.01)] – 1 = 7.9%
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