Week3-Quiz-Going Deeper into Business Metrics

2017-07-07 蓋樓[198]

Quiz:Going Deeper into Business Metrics 題目檢討

昨天做了第三週"Going Deeper into Business Metrics"課程的測驗，錯得很多題，今天來檢討錯的題目。

第10題：

The “Expense Ratio” is a profitability/efficiency metric - the money spent on operating a passive fund, divided by the total market value of the fund assets.

What expense associated with the fund is NOT included in the money spent operating the fund in calculating the expense ratio?

A)Operating expenses associated with marketing the fund

B)Brokerage fees the fund pays to buy and sell assets

C)The manager’s performance bonus

D)Costs incurred in fighting shareholder lawsuits against the fund managers

D這個選項的答案不正確 在課堂上談到，Brokerage fees the fund pays to buy and sell assets，不慣我查了資料財經詞彙，當中提到，基金的交易費用不算進操作費用內。

第11題：

If active fund managers picked their portfolios from an Index “universe” at random, weighted them by relative market capitalization, and held them for a given time interval, what percentage of managers would be expected to out-perform the Index return, before taking their fees into account?

A)10%

B)28%

C)50%

D)80%

課文提到，約有50％的經理人會超出此指數

第12題：

Why is it considered undesirable for a fund manager to have a large tracking error?

A)Tracking error is a kind of risk metric – it implies wide variation from the appropriate benchmark

B)Tracking errors are closely correlated with decreased profit

C)Tracking errors are the standard deviation of "excess" returns.

D)None of the above

在綠角網站中提到什麼是tracking error(追蹤誤差)概念，代表（基金）與（同期間對應指數的報酬率）差異的變異性， 差越大代表浮動性越高、風險也越高，但是，這個差異是指不一樣，不能代表是勝出。

第13題

What is the most established metric for evaluating Venture Capital and Private Equity Funds?

A)Internal Rate of Return (IRR)

B)Tracking Error

C)Quality Score

D)Positive cash flow

D這個選項的答案不正確 The way Venture Capital funds receive investors’ money on a “call” basis, so that investment performance needs to take into account multiple investment dates，另外風險投資時，資金並不能固定，有時候會分期去付，而在不同時間要去計算revenue，IRR是相對適合的指標。

第14題

Why would investors in hedge funds typically want performance that has low correlation to the major equity markets?

• A)They invest in many different types of assets, including options and derivatives

• B)They are typically permitted to structure a deal so that they make money when a stock goes down in price

• C)Investors like to see a strong linear trend in the log value of wealth in a fund.

• D)Hedge fund investors typically also invest large amounts of capital in major equity markets, and target the highest possible risk-adjusted return on their combined portfolio.

(A)只是提到很多資產，但是詳細看課文後，發現英語斷句還是有因果的，題目最主要的主因是diversification，意味著多元化、多角投資，更進一步來說是種高度不相关的、跨产业的多种产品经营，所以D)是最適合答案。

總結：

• 一開始從錯的題數來看，覺得自己沒有把這些知識點弄清楚，看中文字幕文本，是一種手法，但是換程英語時，也要能逐字逐句肯看懂，這次就是突然多了很多英語名詞，而且有些沒有中文翻譯，加上自己沒有靜下心啃，才會錯這麼多。

• 與其錯題後，去到處搜尋資料（基礎不夠，搜尋時會很痛苦），不如一開始把每個概念都搞懂，而且能逐字逐句理解，另外，還有課程資料的index、跟名詞解釋，直接從課程內容啃，找不到再去外面搜尋，弄懂課程內容90%，好過弄懂70%就去搜尋，前者效率高很多。

• 三年前，去NUS修全球經濟課，當時對自己要求太不嚴格了，那時工程背景的我上起來挺新鮮，但是現在，我覺得盡可能要搞懂每一個term，才是比較好的學習方式。