交易官网题inflection 最后一题Whose comments at the weekend strategy meeting are most likely accurate? Shui Mulaney Morrison

vested pension可以当作已有资金递减保额缺口吗？

Chasing Alpha Research Case Scenario 第一题 The most appropriate performance allocation method to evaluate the effectiveness of the big data strategy is: returns-based. holdings-based. transactions-based.

官网题Chasing Alpha 第二题 的官网解析不太理解：A is correct. Given that the fund mandate requirement is for a short-term return in excess of the risk-free rate, the Sortino ratio is a more appropriate measure because it penalizes returns below a specific return—in this case, 1.5% above the risk-free rate.B is incorrect. The Treynor ratio penalizes returns below the risk-free rate. It will not measure the fund’s ability to meet the requirement of a short-term return in excess of the risk-free rate.C is incorrect. The information ratio evaluates the portfolio return relative to a benchmark. It will not measure the fund’s ability to meet the requirement of a short-term return in excess of the risk-free rate.

在选择是bequest还是gift的时候，有一个考量是bequest是资产先增值再收2遗产税，tax basis高，而gift的话是先转移收gift税，再资产增值。所以在estate tax = gift tax的情况下，bequest的estate tax应该比gift的gift tax要高？但是从relative value的公式中看不出来这一点，影响因素只能体现出来谁的return rate高，谁的后续tax rate低？

之前的这个问题，refer 百题 case Bert Emma Gondo。如果说是community property更高，那么Bert应该选community。那么剩给孩子和父母的就不足总资产的2/3了，那么是父母还是孩子承担少的那部分呢？

1.新主题常有吗？怎么就可持续了？ 2.错误定价怎么不可持续了？价值投资不就是在找错误定价嘛？ 3.情绪投资是动量吧，这不是reawarded factor嘛，怎么就不可持续了？

百题 case AmericaFirst 第4问：题目的意思是第一年手上所有的前都会再投资获得10%的收益吗? 包括第一年亏损的那个stock？但是按照解析来说，我虽然strategy能节省1.5million用于第二年的投资，但是我还是亏损了5million。1.5million对比strategy持有的5million的，就算扣掉tax，还是strategy 2赚的多呀？

百题 case AmericaFirst 第2问： B选项是不是也是high-net-worth的特点 C选项，robo-advisor算不算tech use？

百题 case Annie Alisatar 第3问，为什么不考虑allowance？题目中明确说明了Alister每年可给出tax-free gift 15000.