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CFA三級培訓項目
講師:
Reading7
TheBehavioralFinancePerspective
MimiFong,CFA,aprivatewealthmanagerwithanassetmanagement
firm,hasbeenaskedtomakeapresentationtohercolleagues
comparingtraditionalandbehavioralfinance.Shedecidestoenliven
herpresentationwithstatementsfromcolleaguesandclients.These
statementsareintendedtodemonstratesomekeyaspectsofand
differencesbetweentraditionalandbehavioralfinance.
Statement1
(fromacolleague):“Whennewinformationonacompanybecomes
available,Iadjustmyexpectationsforthatcompany’sstockbasedon
pastexperienceswithsimilarinformation.”
(fromaclient):“Whenconsideringinvestments,Ihavealwaysliked
usinglongoptionpositions.Iliketheirrisk/returntradeoffs.My
personalestimatesoftheprobabilityofgainsseemtobehigherthan
thatimpliedbythemarketprices.Iamnotsurehowtoexplainthat,but
tomelongoptionsprovidetremendousupsidepotentialwithlittlerisk,
giventhelowprobabilityoflimitedlosses.”
(fromaclient):“Ihavealwaysfollowedabudgetandhavebeena
disciplinedsaverfordecades.EveninhardtimeswhenIhadtoreduce
myusualdiscretionaryspending,Ialwaysmanagedtosave.”
(fromacolleague):“WhileItrytomakedecisionsanalytically,Ido
believethemarketscanbedrivenbytheemotionsofothers.SoIhave
frequentlyusedbuy/sellsignalswheninvesting.Also,my20yearsof
experiencewithmanagerswhoactivelytradeonsuchinformation
makesmethinktheyareworththefeestheycharge.”
Statement5
(fromacolleague):“Mostofmyclientsneedawell-informedadvisorto
analyzeinvestmentchoicesandtoeducatethemontheiropportunities.
Theyprefertobepresentedwiththreetosixviablestrategiestoachieve
theirgoals.Theyliketobeabletomatchtheirgoalswithspecific
investmentallocationsorlayersoftheirportfolio.”
(fromaclient):“Ifollowadisciplinedapproachtoinvesting.Whena
stockhasappreciatedby15percent,Isellit.Also,Isellastockwhenits
pricehasdeclinedby25percentfrommyinitialpurchaseprice.”
(fromaclient):“Overall,Ihavealwaysbeenwillingtotakeasmall
chanceoflosingupto8percentoftheportfolioannually.Icanaccept
anyassetclassestomeetmyfinancialgoalsifthisconstraintis
considered.Inotherwords,anacceptableportfoliowillsatisfythe
followingcondition:Expectedreturn–1.645×Expectedstandard
deviation≥–8%.”
Whichofthefollowingstatementsismostconsistentwithexpected
A.Statement1.
B.Statement2.
C.Statement3.
Statement3ismostconsistentwithexpectedutilitytheory.Theclient
exhibitsself-controlandisabletodeferconsumption.Thisclientis
consideringshort-termandlong-termgoalsandattemptingto
maximizethepresentvalueofutility.InStatement1,beliefsarebeing
updatedusingheuristicsratherthanBayes’formula.Statement2is
consistentwithprospecttheory;theclientisoverweightingthe
probabilityofahighfinancialimpactoutcome(gainsonoptions)and
underweightingtheprobabilityofaloss(theoptionpremiumcost).
Whichofthefollowingstatementsmostlikelyindicatesabeliefthat
A.Statement2.
B.Statement4.
C.Statement6.
Statement4indicatesthebeliefthatbuy/sellsignalscanbeusedto
earnexcessreturns.
Statement4indicatesthatmarketscanbeinfluencedbytheemotions
ofothers(sentiment).Thisisconsistentwithabehavioralapproachto
assetpricingthatincludessentimentsuchasthebehavioralstochastic
discountfactor-basedassetpricingmodelproposedbyShefrin.
B.boundedrationality.
TheclientsdiscussedinStatement5exhibitmentalaccountingbias
becausetheyconsidertheirportfoliobymatchingitslayerstogoals.
Theclientsmaynothavetimethemselvestoexaminetheinvestment
universeandarriveatoptimalsolutions,buttheyrelyontheiradviser
todothisforthem.Thus,theydonotexhibitboundedrationality.
Solution:C
TheclientofStatement6isbehavingconsistentlywithbehavioral
portfoliotheory.Theclientsellsandholdsastocknotbecauseofthe
stock’spotential,butratherfromafearofthestockdeclininginvalue
andgainsdissipatingandanaversiontorealizinglosses.Loss-aversion
inprospecttheoryisdiscussedfromadifferentperspective.
TheclientofStatement7wouldmostlikelyagreewithwhichofthe
C.Iamloss-averseandhaveavaluefunctionthatissteeperfor
lossesthangains.
Theclientisexpressingaportfoliogoalthatconsidersexpectedreturn
andstandarddeviation.Thisisconsistentwithtraditionalfinanceand
theclientislikelytopreferamean–varianceefficientportfolio.Thereis
nothinginthestatementthatindicatesloss-aversionasopposedto
risk-aversionorapreferenceforconstructingaportfolioinlayers.
Reading8
TheBehavioralBiasesofIndividuals
TiffanyJordanisahedgefundmanagerwithahistoryofoutstanding
performance.Forthepast10years,Jordan’sfundhasusedanequity
marketneutralstrategy(long/shortstrategythatstrivestoeliminate
marketrisk;i.e.,betashouldbezero)whichhasprovedtobeeffective
asaresultofJordan’shardwork.Anequitymarketneutralstrategy
normallygenerateslargedailytradingvolumeandshiftsinindividual
securitypositions.Jordan’sreputationhasgrownovertheyearsasher
fundhasconsistentlybeatenitsbenchmark.Employeeturnoveron
Jordan’steamhasbeenhigh;shehasatendencytobequicktoblame,
andrarelygivescredittoteammembersforsuccess.Duringthepast
twelvemonths,herfundhasbeensignificantlyunderperforming
againstitsbenchmark.
OneofJordan’sjunioranalysts,JeremyTang,isconcernedaboutthe
underperformanceandnotesthefollowing:
Certainpositionsaresignificantlyunderwater,havemuchhigherrisk
profiles,andhavebeenheldformuchlongerthannormal.
Observation2
Thetradingvolumeofthefundhasdecreasedbymorethan40
percentduringthepastyear.
Theportfolioismoreconcentratedinafewsectorsthaninthepast.
Tangisworriedthattheportfoliomaybeinviolationofthefund’s
InvestmentPolicyStatement(IPS).TangbringsthistoJordan’sattention
duringaregularweeklyteammeeting.JordandismissesTang’sanalysis
andtellstheteamnottoworrybecausesheknowswhatsheisdoing.
Jordanindicatesthatsinceshebelievesthepricingmisalignmentwill
correctitself,theportfoliowillnotbeabletotakeadvantageofthe
reversiontothemeanifshesellscertainlosingpositions.Shereassures
theteamthatthisstrategyhasperformedwellinthepastandthatthe
marketswillrevertandthefund’sreturnswillreturntonormallevels.
Tangtactfullysuggeststhattheteamreviewthefund’sIPStogether,
andJordaninterruptshimandremindstheteamthatshehas
memorizedtheIPSbyheart.Tangcontemplateshisnextstep.Heis
concernedthatJordanisdisplayingbehavioralbiaseswhichare
affectingthefund’sperformance.
Bytakingcreditforsuccessesbutassigningblameforfailures,Jordan
ismostlikelydemonstrating:
Self-attributionisabiasinwhichpeopletakecreditforsuccessesand
assignresponsibilitiesforfailure.Jordanattributessuccessfuldecisions
toherselfwhilepoordecisionsareattributedtotheteam.Herself-
esteemaffectshowshelooksatsuccessandfailure.Self-attribution
andillusionofknowledgebiasescontributetooverconfidencebias,
whichJordanclearlydemonstrateslaterwhenshetellstheteamthat
sheknowswhatsheisdoing.
WhichofTang’sobservationsisleastlikelytobetheconsequenceof
Lossaversionbyitselfmaycauseasectorconcentration;however,a
marketneutralstrategytendstofocusonindividualstockswithout
regardtothesector.Thesectorexposurewouldbemitigatedwiththe
balancingoftheindividuallongandshortpositions.
WhichofJordan’sactionsleastsupportsthatshemaybeaffectedby
B.Herroutineofholdingweeklyteammeetings.
C.Hercommentonmarketturnaroundandcurrentholdings.
Holdingweeklyteammeetings,whichwouldindicateawillingnessto
listentofeedbackfromothers,isnotrepresentativeoftheillusionof
controlbias.Theillusionofcontrolbiasisoneinwhichpeoplebelieve
theycancontroloutcomes.Individualsexhibitingthisbiasdisplaygreat
certaintyintheirpredictionsofoutcomesofchanceeventsandignore
others’viewpoints.Jordanissurethatthemarketwillturnaroundeven
thoughitisoutofhercontrol.ShechoosesnottolistentoTangwhois
questioningherviewpoint.
B.Reducingtheportfolioturnoverthisyear.
Jordan’sbehaviorisaclassicexampleoflossaversion:Whenaloss
occurs,sheholdsontothesepositionslongerthanwarranted.By
doingso,Jordanhasacceptedmoreriskintheportfolio.Loss-aversion
biasisoneinwhichpeopleexhibitastrongpreferencetoavoidlosses
versusachievinggains.Oneoftheconsequencesoflossaversionbias
isthatthefinancialmanagementprofessional(inthiscase,Jordan)may
holdlosinginvestmentsinthehopethattheywillreturntobreak-even
orbetter.
Whichofthefollowingemotionalbiaseshas
Jordanmostlikelyexhibited?
A.Endowment.
Jordanexhibitsoverconfidenceinseveralways.Sheignorestheanalysis
donebyTang.ThismaybebecauseJordanbelievessheissmarterand
moreinformedthanherteammembers,whichistypicalofan
individualwithanillusionofknowledgebias.Thecertaintyshe
demonstratesthatthemarketwillrevertisevidenceofoverconfidence.
Heroverconfidenceisintensifiedbyherself-attributionbias,whichis
demonstratedthroughherdealingswithherteamwhensheblames
themforlosseswhiletakingcreditforthegains.Finally,herportfolio’s
underperformanceagainstthebenchmarkisaconsequenceof
overconfidencebias.
B.Representativeness.
Biscorrect.NowhereinthescenariodiditmentionthatJordan
classifiedcertaininformationintoapersonalizedcategory.
Representativenessbiasisacognitivebiasinwhichpeopletendto
classifynewinformationbasedonpastexperiencesandclassifications.
Jordanisnotrelatingthecertaintyaboutthefutureorherdecisionto
holdlosingpositionsbacktosomethingshehasdoneorexperienced
inthepast.
WhichofTang’sfindingsisnotatypicalconsequenceofself-control
B.Assetallocationimbalanceproblemsintheportfolio.
C.Ahigherriskprofileintheportfolioduetopursuitofhigher
returns.
Failingtoexploreotheropportunitiesisademonstrationofstatusquo
bias,notself-control.Self-controlbiasoccurswhenindividualsdeviate
fromtheirlong-termgoals,inthiscase,theinvestmentpolicy
statement,duetoalackofself-discipline.Jordanisnotadheringtothe
strategywhichhasbeensuccessfulinthepast.Theconsequencesof
self-controlbiasincludeacceptingtoomuchriskintheportfolio(C)
andassetallocationimbalanceproblems(B)asJordanattemptsto
generatehigherreturns.
Reading9
BehavioralFinanceandInvestmentProcesses
IanWang,CFA,isafinancialadvisoratGarnierBrothers,aUSmoney
managementfirm.Hebecameafinancialadvisorseveralyearsago
afterreceivinghisCFAcharterandcurrentlyhasthreehigh-net-worth
individualsasclients.Wangisconductinghisannualreviewofeach
client’sinvestmentpolicystatementalongwiththeirrecently
completedrisktolerancequestionnaires.Heisreflectingontheir
varyingpsychographiccharacteristics:
MichaelPerezisasuccessful45-year-oldinvestmentbanker.Wang
describesPerezasapassiveinvestorwhoissensibleandsecure.
Perezexhibitslowtomediumrisktolerancebutoften
overestimateshisrisktolerance.Hisbiasesincludehindsight,
framing,andregretaversion.Onhisquestionnaire,Perezindicated
adesireforwealthpreservationwhilewantingtoinvesta
significantportionofhisassetsinhisemployer’sstock.
SarahJohnsonisanindependent-minded45-year-oldrealestate
developerwhohashistoricallyutilizedsignificantamountsof
financialleverage.PriortobecomingaGarnierclient,Johnson
managedherowninvestmentportfolio,whichwasconcentratedin
justafewstocks.Johnsonexhibitsagreatdealofconfidenceand
highrisktolerance.Johnson’sbiasesincludeillusionofcontroland
overconfidence.Onherquestionnaire,Johnsonindicatedadesire
forwealthaccumulationandanaversiontoinvestinginnon-US
equities.Inaddition,sheindicatedthatherrisktolerancetowarda
stockinvestmentwouldincreasesignificantlyifsheknewthatmore
thanoneofGarnier’sresearchanalystssupportedit.
NealPatelisa66-year-oldbillionairewhoaccumulatedhiswealth
bystartingasuccessfulretailbusiness.WangdescribesPatelas
cautiousandconcernedaboutthefuture.Patelisconcernedabout
protectinghisassetsandoftenseeksadvicefromthosehe
perceivesasbeingmoreknowledgeablethanhimself.Patelexhibits
lowrisktolerance.Patel’sbiasesincludeendowment,lossaversion,
andstatusquo.Patelindicatedthathisrisktolerancewould
increasesignificantlyifheknewthataninvestmenthadthe
unanimoussupportofGarnier’sPrivateWealthInvestment
Committee.
TherewasonecommonobservationthatWangnotedinallthree
questionnaires:Allthreeclientsindicatedthattheywouldperceivea
companywithagoodgrowthrecordandgoodpreviousshareprice
performanceasagoodinvestment.
OnceWangcompleteshisannualreview,herevisestheinvestment
policystatementfortheclient’sapproval.Aftertheclientapprovesthe
revisedpolicystatement,theportfoliofortheclientwillbereviewedto
determineanynecessaryreallocations.WangislimitedbyGarnierasto
thespecificinvestmentoptionsthatcanbeplacedinaclient’sportfolio;
onlysecuritiesthatarecoveredbyGarnier’sresearchanalystsand
approvedbythePrivateWealthInvestmentCommitteecanbeplaced
inaclient’sportfolio.Garnierisconfidentthatitsanalystsprovide
superiorforecastsandratingsbecausetheyuseaBayesianapproach.
Garnierisalsoproudofitsinvestmentapprovalprocess.ThePrivate
WealthInvestmentCommitteeregularlymeetstodiscussanddebate
eachsecurityandthenvotesonwhichwillbeapproved.
Wangisscheduledtomeetwithhissupervisornextweektodiscussthe
resultsofhisannualreviewandrecommendedportfolioreallocations.
Whenadvisinghisclients,Wangisleastlikelyto:
A.educatePerezonthebenefitsonportfoliodiversification.
B.limitJohnson’sroleintheinvestmentdecision-makingprocess.
C.providePatelwithdetailslikestandarddeviationsandSharpe
ratios.
ThiswouldnotbeaneffectivewaytoadvisePatel.GivenPatel’s
information,heislikelytobemorereceptiveto“bigpicture”advice
thatdoesnotdwellondetailslikestandarddeviationsandSharpe
ratios.Heisemotionallybiasedandprovidingexcessivecognitive
detailwilllosehisattention.Heneedstobeconvincedofhisadvisor’s
generalphilosophyfirstandthen,astrustisgained,hewillrespondto
adviceandtakeaction.(PatelisaPassivePreserver.)
Atraditionalrisktolerancequestionnaireismostlikelytobeeffectiveas
Perezexhibitsprimarilycognitiveratherthanemotionalbiases.
Althoughrisktolerancequestionnairesmayfailforemotionallybiased
individualsandworkbestforinstitutionalinvestors,theyaregenerally
effectiveforcognitive-basedindividuals.
Whichofthefollowingbehavioralbiaseswouldbemostrelevantin
A.Homebias.
Solution:A
HomebiasisevidentinJohnson’squestionnaire.Johnsonhas
expressedanaversiontoinvestinginnon-USequities.Familiaritywith
theircountrymayleadinvestorstoownhighconcentrationsof
domesticassetsandignorethebenefitsofinternationaldiversification.
Whichinvestmentportfolioisleastlikelytodeviatefromthemean–
C.Johnson.
Solution:B
Perezhasprimarilycognitiveerrorbiases.Accordingly,itislikelythat,
witheducation,theimpactofthesebiasescanbereducedoreven
eliminated.Becausecognitivebiasesdominate,Wangshouldseekto
moderatetheeffectofthesebiasesandadoptaprogramtoreduceor
eliminatethebiasratherthanacceptthebias.Theresultwillbea
portfoliothatissimilartothemean–varianceportfolio.
WithregardtoJohnson’scommentrelatingtoGarnier’sresearch
analysts,whichofthefollowingbiasesismostlikelytobepresentin
theanalysts’data?
C.Self-attributionbias.
Confirmationbias,acognitivebias,isthetendencyforpeopleto
misreadevidenceasadditionalsupportforaninitialhypothesis.
Confirmationbiasisapotentialbiasforanalystsconductingresearch.It
isaformofresolvingcognitivedissonancethatdescribedthetendency
tosearchfor,orinterpret,informationinawaythatconfirmsthe
analyst’spriorbeliefs.Theadditionalinformationmaynotbeanalyzed
inarigorousway,butitcanneverthelessappeartomakethejudgment
orforecastmorelikelybysharingsomeofitsgeneralcharacteristics.
Patel’scommentinhisrisktolerancequestionnaireregardingthe
PrivateWealthInvestmentCommitteefailstorecognizewhichbias?
A.Socialproof.
Socialproofisabeliefinwhichindividualsarebiasedtofollowthe
beliefsofagroup.ThestructureofGarnier’sPrivateWealthInvestment
Committeeindicatesthattheymaybesusceptibletoasocialproofbias.
Thecommitteemeetstodiscussanddebateeachsecurityandthen
votesonwhichwillbeapproved.Committeemembersmaywrongly
favorthejudgmentofothers,oftenwithoutbeingfullyawarethatthey
aredoingso.Theprocessofreachingaconsensuswillusuallynarrow
therangeofviews.Ifagroupdecisionprocessdoesnotencourage
privateinformationheldbyindividualcommitteememberstobe
sharedfullywithothersbeforeadecisionismade,thedecisionmayfail
tocombinethecollectivewisdomofthegroup.Thereisnoevidence
thatthiscommitteeencouragesprivateinformation.
Theclients’commonobservationintheirrisktolerancequestionnaires
isleastlikelyindicativeof:
B.homebias.
C.haloeffect.
Solution:B
Homebiasoccurswheninvestorsexhibitastrongbiasinfavorof
domesticsecuritiesinthecontextofglobalportfolios.Thereisno
evidenceofahomebiasintheclients’commonobservation.
Case:Empire&Associates
Empire&Associates,aninvestmentmanagementfirm,hasbeenin
operationsince1974.Empireutilizesaproprietaryvaluationmodel
basedonfundamentalanalysistoselectindividualstockandbonds,
andalsoemploystechnicalanalysistohelpidentifymarketanomalies
andmomentumeffects.Theyusetheoutputoftheirfundamentaland
technicalanalysestoactivelymanageclients’accounts.Empirealso
recognizestheeffectsofinvestors’backgroundandpastexperiences
oninvestors’behaviorsanddecisionmaking,andusesabehavioral
alphaprocesstoclassifyitsclientsintobehavioralinvestortypes.
AnthonyRodriguez,investmentadviser,hasbeentaskedwith
transitioningthreenewclients’investmentportfolios.Rodriguezhas
reviewedforeachcompletednewclientquestionnaire,current
portfolio,andsomenotesontheclient.Hepreparesthefollowing
summaries:
Case:Empire&Associates
ChristineBlakeisa35-yearoldfree-lancewriterofseveralsuccessful
children’sbooks.Herprimarysourceofincomeisroyaltypayments.
Shehasaccumulatedaportfoliowithacurrentvalueof$3.6million.
Blakehasalwaysself-managedtheportfolioandhasconfidenceinher
investmentabilities.Blakewouldliketobeabletomakeindependent
decisionswhenopportunitiesarise.Onseveraloccasions,Blakehas
foundherselfholdingpositionswithsizablelossesandshehasbeen
reluctanttosellwhenasecuritydeclines.Becauseoftheselossesand
thegeneralsizeofherportfolio,sheisseekingprofessionalhelp.Sheis
willingtoconsiderhigherriskinvestmentsifherresearchidentifiesan
attractiveopportunity.Hercurrentportfolioconsistsof15equity
positionsofequaldollarvalue,diversifiedacrosseightindustriesand
fourdifferentcountries.
MargaretNeilsonisa59-year-oldseniorvicepresidentofmarketing
forahighlysuccessful,plasticinjectioncorporation.Neilsonhaslittle
investmentexperienceandcurrentlyholdsan$800,000investment
portfolio.NeilsonhascometoEmpirebecause80%ofherportfoliois
investedintheplasticinjectioncorporation’ssharesthatwereobtained
throughanemployeestockownershipplan.Neilsonisnearing
retirementandisworriedaboutaweakeningeconomyandthe
potentialeffectitcouldhaveontheplasticinjectioncorporation’s
shareprice.Neilsonwishestoavoidhighrisksituations.
Case:Empire&Associates
ThomasWilliamsonisa47-year-oldsurgeon;heisconsideredoneof
theworld’sbestinhisspecialty,andearnsseveralmilliondollarseach
year.Williamsonrecognizesthathehaslimitedinvestmentexpertise
andconsidershimselfalowtomoderaterisktaker.Williamson
establishedabrokerageaccountseveralyearsagoandfundeditwith
$4million.Hehasmadenowithdrawalsfromandnoadditional
paymentsintotheaccount.Heselectedinvestmentsbyactingonthe
adviceofotherdoctorsandfriends.Thisadviceledhimtopurchase
manypopularstocks,andhisportfolioiscurrentlyworth$3.55million.
Becausehewassobusy,hefelthemistimedbuyingandsellingstocks.
HiscurrentportfolioisconcentratedinsharesofeightUShealthcare
companies.
Case:Empire&Associates
RodriguezismeetingwithIanCarter,portfoliomanagerandLilaSuzuki,
investmentstrategist,laterintheweektoestablishaninvestmentplan
foreachclient.RodriguezhasworkedwithCarterandSuzukionother
clientaccounts.Tofacilitatediscussionatthemeeting,Rodriguezhas
emailedthesummaryoneachclientandaskedthattheyprovidesome
preliminaryviewspriortothemeeting.
Carterisaseniorportfoliomanagerwithanexcellentperformance
record.Hehasexpressedconcernabouttheuseofinvestortype
classificationmodelsduetotheirmanylimitations.Carterbelievesthat
Empire’sfundamentalapproachtoanalysisprovidesgreatvalue.
However,hebelievesthetechnicalanalysisdepartmentiscompatible
withsoundinvestmentpractices.
Case:Empire&Associates
Suzukitendstorigidlyadheretoassetselectionsbasedonthe
proprietaryvaluationmodel.Shehasstated,“Sureit’sacomplexmodel,
butitincorporateshundredsofdifferentpiecesofdatarelevanttoa
company;therefore,it’smorethoroughthananyotheranalysis.”With
respecttoEmpire’stechnicalanalysis,Suzukibelievesthatthe
identifiedopportunitiesarenot‘true’marketanomaliesbutratherthey
areassociatedwithhigherriskexposures.
Inestablishingtheportfoliosforthesenewaccounts,Rodriguezwould
liketoaddressarecentmemofromthetechnicalanalysisdepartment
thatrecommendedoverweightingclients’portfoliosinthetechnology
andconsumergoodssectors.Thememo’sconclusionstated,“These
sectorsaredepressedbelowtheirten-yearaveragelevels.Everytime
thatthishasoccurredinthepast,thesesectorshaverecoveredtotheir
meaninashortperiodoftime.”Rodriguezbelievesthattechnical
analysishasthepotentialtouncoveropportunitieswherethereare
over-orunder-reactionstorelevantinformation.
Case:Empire&Associates
Whichnewclientwouldmostlikelybeidentifiedasafriendlyfollower?
B.Neilson.
C.Williamson.
Friendlyfollowersarepassiveinvestorswithlowtomoderaterisk
tolerance.Friendlyfollowerstendtofollowleadsfromtheirfriends,
colleagues,oradvisors.Theyoftenwanttobeinthelatest,most
popularinvestmentswithoutregardtosuitabilityforlong-termgoals.
Rodriguez’snotesindicateWilliamsonconsidershimselftobealowto
moderaterisktaker.Inaddition,headmitsfollowingtheadviceof
colleaguesandthisadviceresultedinpurchaseoflatest,popularstocks
withoutconsiderationofgoals.
Case:Empire&Associates
Carter’sstatementregardingbehavioralclassificationsismost
likelyjustifiedbecauseindividualinvestorsgenerally:
Solution:A
Alimitationofbehavioralmodelsisthatindividualinvestorsdo
frequentlyexhibitcharacteristicsofmultipleinvestortypes.Thisisa
limitationofbehavioralmodelsandjustifiesCarter’sconcern.Usersof
thesemodelsshouldnotlookforpeopletofitneatlyintoone“box”or
type.
Case:Empire&Associates
GivenNeilson’sbehavioralinvestorcharacteristics,themosteffective
C.informationabouthowEmpirewillhelphermeetherinvestment
goals.
Case:Empire&Associates
Neilsonwouldbeclassif
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