想請(qǐng)問如果是actively trading 的狀況下不是應(yīng)該要放入taxable account 嗎?
【2012年Q2 A問】如果taxable 賬戶和 tax-exempt的賬戶都出現(xiàn)了虧損，如果加大投資在taxable 賬戶，則taxable 賬戶的稅后收益更高，同時(shí)investment risk 更低，政府也同樣承擔(dān)了部分風(fēng)險(xiǎn)； 答案說(shuō)：Alonso’s after-tax return would have been greater than or equal to his actual return, if a greater proportion of his investments had been in taxable accounts. This is because he can use losses to offset other income or realized gains. 我的問題：如果加大比例在tax-able 賬戶，確實(shí)前面的損失可以抵扣一部分relaized gian，但是在相同的收益情況下，tax-exempt賬戶是不收稅的，那么其實(shí)為什么就一定可以得出tax-able 賬戶的稅后價(jià)值就一定高于或者等于tax-exempt？
百題private wealth case 7,第一題。為什么把vocation home 算作liability呢？是因?yàn)関ocation home不在real-estate asset 的范圍內(nèi)么？（residence、commercial、land）。 所以屬于消費(fèi)商品，也不能在二手房市場(chǎng)流通？
老師上課說(shuō)PVF是short forward＋從dealer手里獲取相對(duì)hedge掉風(fēng)險(xiǎn)的高LTV loan，應(yīng)該是remove了股票upside和downside risk？為什么這里解析還會(huì)retain部分的upside poential呢
本章15，16題麻煩解釋一下 ，感覺答案不對(duì)
請(qǐng)問這題這樣寫是否足夠 Approach 1: the approach that Sili takes is mortality table. The mortality table approach is to take the probability of living and spending needs into account at the same time. According to the approach that sili used, he estimate the probability of living and the PV of retirement spending needs which matches the description of mortality table approach; Approach 2: the approach that Sili uses is annuity pricing. The pricing strategy is to estimate the expected spending need and derive the amount of capital needed. The approach Sili used is to estimate the PV of payments after the retirement, which matches the description of annuity pricing approach; Approach 3: the approach that Sili uses is Monte Carlo simulation. The simulation is to estimate the probability of distribution of possible results. The approach used by Sili is to models the uncertainty of each key variable individually by assigning each one its own probability distribution and obtains a large number of rand
請(qǐng)問有關(guān)於這題Investment objectives 這樣寫足夠嗎? The investment objectives can be prioritized into two categories. 1. The primary goal is to fund his living expense, maintain his current living style, and provide for his family’s needs; 2. The secondary goal is to charity donations and to leave an inheritance to his kids.
真題的IPS的2014年的Q1的第B問，在計(jì)算流動(dòng)性需求的時(shí)候，不考慮net saving的35000，是因?yàn)轭}目說(shuō)the saving are USD 35000，which are transferred directly into their investment portfolio and immediately invested in the existing asset allocation. 直接存入資產(chǎn)組合，不能作為流動(dòng)性的資金所以才不算的嗎？是不是沒有這個(gè)說(shuō)明的化，這35000是可以作為流動(dòng)性資產(chǎn)的，減去流動(dòng)性的資金需求才是liquidity requirement？
真題的個(gè)人IPS的2017年的case6 的A問，其中的pension 為什么第一年是不加inflation1.25%，以后在題目中應(yīng)該如何判斷第一年要不要加上通脹進(jìn)行計(jì)算？
老師，R20第27題在計(jì)算Mexico5年債半年收益率的時(shí)候?yàn)槭裁匆肞V計(jì)算，而計(jì)算Greek5年債半年收益率的時(shí)候直接用5年年化/2？
請(qǐng)問這題這樣寫是否足夠? Determine the client segment or adviser type that is most appropriate for each stage of Sili’s plan. Justify each response. 1. Stage 1: this stage belongs to robot-advisor. The client’s asset value is below $250,000 level and the client construct his portfolio with ETFs, Mutual funds, and low-cost alternatives; 2. Stage 2: this stage is a mass affluent segment. The client’s asset is between $250,000 to $1mn and the client starts having a need for financial plans; 3. Stage 3: this is stage is a high-net-worth client. The client’s asset is between $1mn to $10mn and the client has specific financial services; 4. Stage 4: this stage is ultra-high-net-worth. The client’s asset is above $50mn and the client has needs for highly customized financial services.
請(qǐng)問有關(guān)於這題goal achievement, process consistency, and portfolio performance 這樣寫可以嗎? goal achievement. 1. The manager is successful to achieve the goal because the portfolio achieved a better-than-expected return with an acceptable level of risk; 2. According the capital sufficiency analysis, the portfolio is likely to meet the client’s need. process consistency. 1. The portfolio has consistently delivered a desired result over the investment horizon, which suggests the manager achieved the goal based on the skills; 2. The manager followed the investment guideline stated in the IPS in terms of rebalancing the portfolio and communicating with the client. portfolio performance. 1. The portfolio delivered a better-than-expected result because the return is higher than the target and the expenses are reduced.
IPS真題的2009年的第三小問，題目問退休后比退休前的risk tolerance ，我覺得老師上課時(shí)候說(shuō)過，隨著年齡變大，客戶的風(fēng)險(xiǎn)承受意愿和能力是下降的，為什么這里卻說(shuō)客戶的risk tolerance變高呢？
IPS真題的2011年的question 1，的第A問的目標(biāo)1，在revocable 的cost basis increase the market value 從這里可以理解，這個(gè)信托計(jì)劃的資本利得稅沒有，但是要交20%的遺產(chǎn)稅； 但是在irrevocable trust 中cost basis不變，就是要交資本利得稅，但是不用交遺產(chǎn)稅，但是轉(zhuǎn)給的資本利得的部分低于1million，所以應(yīng)該是irrevocable trust 的總體的稅是最少的？為什么答案說(shuō)的是第一個(gè)計(jì)劃的總體稅是最低的
真題 IPS的2013年的question2的第C問，答案中的這句話以后依據(jù)怎么理解？：Because gift taxes are paid from Puente’s estate, the size of his taxable estate is reduced. Because his daughter’s estate will not be taxed, The present value of this tax benefit is equal to the gift tax rate, multiplied by the estate tax rate, multiplied by the size of the gift.
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