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Question #1 of 6
B) Berg is incorrect regarding both statements.
Explanation
Berg is incorrect about both. Berg is wrong on both counts. A conflict between quantitative and
qualitative data is worrisome and would lead to a need for more investigation or excluding that
manager from consideration. Regarding top-down versus bottom-up, Berg is performing the topdown macroeconomic analysis and then relying on managers to add value with individual
security selection. She is using the managers for bottom-up security selection.
Question #2 of 6
A) Topic 4, competitive position.
Explanation
Topic 4, competitive position, is not typically included in a manager questionnaire. The section
not listed in Berg's questionnaire that would usually be listed is resources and research.
Question #3 of 6
C) A principal advantage of performance-based fees is that they help managers retain staff
since they reward good performance.
Explanation
A principal disadvantage of performance-based fees is that the increased volatility of a
manager's compensation can create problems with retaining staff. The other statements are
accurate.
Question #4 of 6
B) Corbin is incorrect regarding both statements.
Explanation
Corbin is incorrect on both points. A contrarian strategy (e.g., investing in recent losers) often
works as well with managers as it does with stocks. Ad-valorem fees are also referred to as