_______ prefer to select stocks with cheap fundamental and its valuation has characteristics of
Q23, determine the largest typical contributor to the total return of a bottom up investment
答案是capital gain.为何不能选dividend income呢，value manager也属于bottom up stock picker, 这种manager seeks for high devidend
在slides p24关于portfolio approach，如何得出 SLE >1？请问有什么公式算出吗？
第一题是说Value manager选股票的特点，价值投资者人会选择cheap fundamentals，比如：Low price-to-earnings ratio
Low price-to-book value ratio， Low price-to-cash flow ratio， High dividend yield
第二题，value manager准确说是bottom-up approach with intensive research, while growth manager更偏向于bottom-approach.只需要记住value manager和growth manager的特点。
Any equity or equity portfolio that moves up or down to the same degree as the stock market has a beta of 1.0. Any
security or portfolio that moves up or down more than the market has a beta greater than 1.0, and a security that
moves less than the market has a beta of less than 1.0.
If the S&P/TSX Composite Index rose 10%, an equity fund with a beta of 1.0 would be expected to rise
• If the S&P/TSX Composite Index fell by 5%, the equity fund would be expected to fall by 5%.
• An equity portfolio with a beta of 1.30, would be expected to rise 13% (calculated as 1.3 × 10%) when the
S&P/TSX Composite Index rose 10%.
• An equity portfolio with a beta of 0.80 would be expected to rise only 8% when the S&P/TSX Composite
Index rose 10%.