CFA考试备考计划，如何学习重难点
2018-09-14dgh
经过上节课的学习，CFA考试备考计划，如何学习重难点。我们已经知道了身为一个基金经理要了解不同的投资主体。了解自己的客户，包括他们的风险和收益要求等情况，也知道了该怎么组建一个投资组合。那么这一次，我们就要来一起看一看金融学历史上最著名的三个组合管理的理论，其中蕴含了什么样的道理呢？
.jpg)
.jpg)
我们学习的进程来到了Reading 41: Portfolio Risk and Return: Part I和Reading 42: Portfolio Risk and Return: Part II，在我们历年的CFA考试中，这一部分一直以来占据了组合管理中的大部分CFA考点，重要程度不言而喻。
1、市场配置理论
首先就是市场配置理论，我们从两个资产的组合方差的计算开始，
推知两种资产组合在相关系数从-1到1的情况，
最后得到我们MPT理论中最重要的图形：
在市场配置理论中，我们需要着重掌握以下概念：
Minimum-variance frontier of risky assets: the investment portfolios of risky assets that provide minimum variance (the lowest risk) given a certain level of return.
Global minimum-variance portfolio: the investment portfolio that has the lowest variance on minimum-variance frontier of risky assets.
Efficient frontier of risky assets: the portfolios that not only provide the lowest risk given a certain level of return, but also offer the highest return given certain level of risk.
The investment portfolios on minimum-variance frontier that are above the global minimum-variance portfolio.
Portfolios above efficient frontier is not achievable, and portfolios below efficient frontier is un-efficient. Also called Markowitz efficient frontier.
2、资本市场理论
接下来是第二个重要理论Capital Market Theory（资本市场理论）。
CML线的含义和性质Capital market line (CML) is a special CAL that includes all possible combinations of risk-free asset and market portfolio.
CML is tangent to the efficient frontier at a point representing market portfolio.
系统性风险和非系统性风险的区分并引入了β的概念，要记住非系统性风险可以通过资产配置完全消除，所以只有承担系统性风险会被补偿。
Beta (β) can be used to measure the systematic risk of an asset, representing how sensitive an asset’s return is to the market as a whole.
这一部分最后一个重要的模型叫做资本资产定价模型（CAPM），是用来给系统性风险定价的模型，我们通过公式算出一个资产的合理收益，如果它现在在市场上的收益高于这个理论收益，就相当于价格被低估，我们应该买入；反之，我们则选择卖出该资产。
Any asset or portfolio that are properly priced plots on SML.
Any asset or portfolio that are overpriced plots below SML.
Any asset or portfolio that are underpriced plots above SML.
CFA考试究竟能不能通过，其实重点在这
CFA考试如何更容易？看他异国他乡的备考
CFA考试难不难？先看CFA考试科目的投资组合管理
CFA考试究竟能不能通过，其实重点在这
CFA考试如何更容易？看他异国他乡的备考
CFA考试难不难？先看CFA考试科目的投资组合管理
L I V E
-
CFA90天冲刺计划|CFA EXAM 90 day sprint plan
Download Now
-
CFA城市福利政策|Urban welfare policies regarding CFA
Download Now
-
Certificate
Receive a shareable digital badge and printable certificate upon finishing all courses and passing the final assessment.
-
Study time
70-90 hours to complete
-
12-month access to coursework
Online self-paced All coursework can be completed online at you
-
Interested in team or group purchases?
Submit an inquiry and one of our specialists will contact you to discuss.
