CFA LevelⅠ:至优投资组合；资产收益度量
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1、 If Investor A has a lower risk aversion coefficient than Investor B, on the capital allocation line, will Investor B's optimal portfolio most likely have a higher expected return?
A. No, because Investor B has a higher risk tolerance
B. No, because Investor B has a lower risk tolerance
C. Yes
2、The return measure that best allows one to compare asset returns earned over different length time periods is the:
A. annualized return.
B. net portfolio return.
C. holding period return.
Investor B has a higher risk aversion coefficient, thus a lower risk tolerance and a lower expected return on the capital allocation line.
The annualized return is an average return measure that can be calculated using return data for a period that is shorter (or longer) than one year. In many cases, it is most convenient to annualize all available returns in order to compare returns when the time periods during which a return is earned or computed vary. It reflects the return that would be earned over a one-year period, assuming that money can be reinvested repeatedly while earning a similar return.
有时候，你必须一个人走，这不是孤独，而是选择。我们时时刻刻都在选择，你选择过什么样的生活就需要付出什么样的代价。既然选择了CFA，就要朝着它勇敢向前，每天进步一点点，基础扎实一点点，通过考试也就会更容易一点点。
