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1、CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions61through6&PatWilson,CFAtisthechiefcomplianceofficerfarExcessInvestments,aglobalassetmanagemeritandinvestmeritbankingservicescompany.WilsonisreviewingtwoinvestmentreportsWrittenbyPeterHollCFA,ananalystandortfoHomanagerwhohasworked
2、forExcessforfouryears.HollysfirstreportundercompliancereviewisastrongbuyrecommendationforBlueNote,Ina,amusicalinstrumentmanufacturerThereportstatesthatthebuyrecommendationisapplicableforthenext6Io12monthswithanaveragelevelofriskandasustainablepriceta*getQf$24fortheentiretimeperiod.Further;thereports
3、tatesthattheriskanalysisisbasedon95%VaR(calculatedusingtheparametricmethod)andthatpricedeclinesovertheinvestmenthorizonshouldthusbelimitedto5%ofthecurrentprice.HollyinformsWilsonthathedeterminedhisconclusionspimarilyfinanintensivereviewOfBlueNoteSfilhgswiththeSECbutalsofromaCcilltooneofBlueNoteSsupp
4、lierswhoinformedHollythat.IheirnewinventoryprocessingsystemwouldallowformoreefficiencyinsupplyingBIUeNotQWithraWmaterials.HollyexplainstoWilsonthatheistheonlyanalystcoveringBlueNotewhoisawareofthisinformationandthathebelievesthenewinventoryprocessingsystemwillallowBlueNotetoreducecostsandincreaseove
5、rallprofitabilityforseveralyearstocome.WilsonmustalsoreviewHollysreportonBigTime,Inc.,amusicalpiomotionanddistributioncompany.InthereporHollyprovidesaveryoptimisticanalysisOfBigTimesfundamentals.Theanalysissupportsabuyrecommendationforthecompany.WilsonfindsoneproblemWithHollysreportonBigTimerelatedt
6、oHollysformerbusinessrelationshipwithBigTime,Inc.TwoyearsbeforejoiningExcess,Hollyworkedasaninvestmentbankerandreceived1,OOOrestrictedsharesofBigTimeasaresultofhisparticipationintakingthecompanyPUbIiCThesefactsarenotdisclosedinthereportbutaredisclosedonExcessInvestmentswebsiteJustbeforethereportisis
7、sued,HollymentionstoWilsonthatBigTimeunknowinglydisclosedtohimandafewotheranalystswhowerewaitingfcraconferencecalltobeginthatthecompanyisplanningtorestructurebothitssalesstaffandsalesstrategyandmayselloneofitspoorlyperformingbusinessunitsnextyearThreedaysafterissuinghisreportonBigTime,whichcausedasu
8、bstantialriseinthepriceofBigTimeshares,HollysellsalloftheBigTimesharesoutofbothhisperformancefee-basedaccountsandflat-feeaccountsandthenproceedstosellalloftheBigTimesharesoutofhisownaccountonthefollowingday.HollyobtainedapprovalfromWilsonbeforemakingthetrades.JustafterselghissharesinBigTime,Hollyrec
9、eivesacallfromtheCEOofBlueNotewhowantstoseeifHollyreceivedthedeskpenengravedwiththeBlueNotecompanylogothathesentlastweekandalsotocrfrtwofrontrowticketspluslimousineservicetoasold-outconcertforapopularbandthatusesBlueNotesinstrumentsHoilyconfirmsthatthedeskpenarrivedandthankstheCEOforthegiftandtellsh
10、imthatbeforeheacceptstheconcerttickets,hewillhavetocheckhiscalendartoseeifhewillbeabletoattend.HollydecHnestheuseCftheEmousineserviceshouldhedecidetoattendtheconcertAfterspeakingwiththeCEoofBlueNote,Hollyconstructsaletterthatheplanstosendbyemailtoall&hisclientsandprospectswithemailaddressesandbyregu
11、larmailtoallofhisclientsandprospectswithoutonailaddresses.TheletterdetailschangestoanequityvaluationmodelthatHollyandseveralotheranalystsatExcessusetoanalyzepotentialinvestmentrecommendations.Hollysletterexpldnstheitthenewmodel,whichwillbeputintousenextmonthwillutilizeMonteCarlosimulationstocreatead
12、istributionofstockvalues,asharpcontrasttotheexistingmodelwhichusesstaticvaluationscombinedWithsensitivityanalysisRelevantdetailsofthenewmodelareincludedintheletter;butsimilardetailsabouttheexistingmodelarenotincluded.TheletteralsoexplainsthatmanagementatExcesshasdecidedtoexcludealcoholandtobaccocomp
13、anysecuritiesfromtheresearchcoverageuniverse.Hollysletterconcludesbystatingthatnoothersignificantchangesthatwouldaffecttheinvestmentrecommendationprocesshaveoccurredorareexpectedtooccurinthenearfuture.Question ID: 1212854Question#1of60AccordingtoCFAInstituteStandardsofProfessionalConduct,whichofthef
14、ollowingstatementsismostaccurateWithregardtotheinvestmentreportonBlueNote,Inc.?Thereport:A)complieswiththeStandards,B)shouldnothaveincludedapricetargetasitmakesanimplicitguaranteeofinvestmentperformance.C)doesnotcomplywiththeStandardsduetoimproperriskanalysis.Question ID: 1212855Question#2of60DidHoU
15、yviolateanyCFAInstituteStandardsofProfessionalConductwithrespecttohisreportonBlueNoteorBigTime,asitrelatestopotentialuseofmaterialnonpublicinformation?A)HollyhasviolatedStandardonmaterialnonpublicinformationinthecaseofbothreportsB)ThereisaviolationregardingtheBlueNotereport,butnoviolationwiththeBigT
16、imereportC)ThereisaviolationregardingtheBigTimerepobutnoviolationWiththeBlueNotereportQuestion ID: 1212856Question#3of60AccordingtoCFAInstituteStandardsOfProfessionalConduct,whichofthefollowingstatementsismostaccuratewithregardtoHollysdisclosure东hisownershipofBigTimerestrictedsharesandpastinvestmentbankingrelationshipwithBigTime?Thedisclosure:A)isneitherrequirednorrecommendedbytheStandardssincethesharesarerestricted.B)complies
