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<div><br/></div><div>关于suitability, schewester上的例子说只要对entire portofolio 有利,即使是risk averse client, derivatives strategy 是可以的。</div><div><br/></div><div>可是practice 上有一道类似的题(题目见下),答案却是认为这样违反了suitability.为什么\?</div><div><br/></div><div><br/></div><div><br/></div><div>Schewester上关于suitability</div><div><br/></div><div><div>Example 1: </div><div>Ann Walters, an investment advisor, suggests to Brian Crosby, a risk-averse client, that </div><div>covered call options be used in his equity portfolio. The purpose would be to enhance </div><div>Crosby's income and partially offset any untimely depreciation in value should the stock </div><div>market or other circumstances affect his holdings unfavorably. Walters educates Crosby </div><div>about all possible outcomes, including the risk of incurring an added tax liability if a </div><div>stock rises in price and is called away and, conversely, the risk of his holdings losing </div><div>protection on the downside if prices drop sharply. </div><div>Comment: </div><div>When determining suitability of an investment, the primary focus should be on the </div><div>characteristics of the client's entire portfolio, not on an issue-by-issue analysis. The basic </div><div>characteristics of the entire portfolio will largely determine whether the investment </div><div>recommendations are taking client factors into account. Therefore, the most important </div><div>aspects of a particular investment will be those that will affect the characteristics of the </div><div>total portfolio. In this case, Walters properly considered the investment in the context of </div><div>the entire portfolio and thoroughly explained the investment to the client. </div><div><br/></div><div>下面是Practice里面的一道题</div><div><br/></div><div><div>16. Lilly Marlow is an elderly widow with a moderate risk tolerance who </div><div>depends on her investment portfolio to meet her living expenses. Marcus </div><div>Pate, CFA, has been her investment adviser for years and has always </div><div>managed Marlow's account to her satisfaction. Pate has a lunch meeting </div><div>with Marlow quarterly and has always used their discussions as a basis </div><div>for selecting investments for her account over which he has full discretion </div><div>to set the investment strategies. Pate often invests in risky derivative </div><div>strategies to increase the return on Marlow's account. As Marlow's son </div><div>is reviewing her recent year-end statement, he is shocked to discover that </div><div>Pate has invested a significant amount of the account's assets in currency </div><div>derivatives. According to the CFA Institute Standards, Pate is: </div><div>A. in violation of Standard III(C) Suitability. </div><div>B. in violation of Standard V(B) Communication with Clients and </div><div>Prospective Clients. </div><div>C. not in violation of any standard because Marlow has been satisfied </div><div>with the portfolio performance to date. </div><div><br/></div></div></div>
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