CFA 三级精要汇总
Behavioral Heuristics – Check Anchor/OAR Availability– Conservatism, Anchoring,
Overconfidence, Ambiguity aversion, Representativeness, Availability
Traditional Finance – TF-RAR - Risk averse, Asset integration, Rational expectations
Behavioral Finance – BF-LAB - Loss averse, Asset segregation, Biased expectations
Type of Investors – CMIS - Cautious, Methodical, Individualistic, Spontaneous
IPS Process – OCSAEEA, Old Cars Sell At Eastern European Auctions – Objectives,
Constraints, Strategy, Allocation, Execution, Evaluation, Adjustments
IPS Constraints – URLIT - Unique, Regulatory/legal, Liquidity, tIme, Tax
TDA vs. TEA – Higher Enders Take TEA – Higher Ending Tax rate TEA better
Residence vs. Source – Pay Greater rate with Credit, Exempt Source Income, Deduct Paid Taxes
If our Human Capital is Bond-like, we should invest more aggressively (equity) and our demand
for life insurance increases.
Type I & II Error – Type I, I did something (rejected H
0
) wrong; Type II, failed TO reject H
0
Null = Manager adds no value; Reject & conclude that manager adds value when he actually
does not.
DB Risk Toler/Objs. Factors– P.S. San Francisco Risked Everything With Certain Plan Features -
Pension Surplus, Sponsor Finances, Risk Exposures, Workforce Characteristics, Same
Prudent Man Rule : Foundation for all write stds. Of prudence apply in Legal/Reg.
Prudent Expert : DB/DC plan
Prudent Investor : Endowment, Life Insurance
Prudent Man Rule: the requirement that a trustee, investment manager of pension funds, treasurer of a
city or county, or any fiduciary (a trusted agent) must only invest funds entrusted to him/her as would
a person of prudence, i.e. with discretion, care and intelligence. Prudent Man Rule requires that each
investment be judged on its own merits. Under the Prudent Man Rule, speculative or risky investments
must be avoided. investments aren't viewed in a portfolio context.
Prudent Expert Rule: Revised version of the prudent man rule required by ERISA to guide managers of
pension and profit sharing portfolios. The main addition is that the manager must act as someone with
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