问一道题：NO.PZ201809170400000403 第3小题

NO.PZ201809170400000403问题如下 James Leonaris a funof-fun manager with Future Generation, a large sovereign fun He is consiring whether to pursue more in-pth e ligenprocesses with three large-clong-only fun proposehis analysts. Although the fun emphasize fferent financimetrianuse fferent implementation methologies, they operate in the same market segment anare evaluateagainst the same benchmark. The analysts preparea short scription of eafun presentein Exhibit 1.When Leonars analysts met with Asgar they inquirewhether its managers engage in activist investing because Asgars portfolio frequently hol significant positions, because of their large asset size, anbecause of their emphasis on strong governanantheir ability to mol sources of cash-flow strengths anweaknesses within eabusiness. The manager incatethAsgarengages with companies from a long-term shareholr’s perspective, whiis consistent with the firm’s low portfolio turnover, anuses its voice, anits vote, on matters thcinfluencompanies’ long-term value.Leonarwants to confirm theamanager’s portfolios are consistent with its clarestyle. To this en Exhibit 2 presents key financiinformation associatewith eamanager’s portfolio analso with the inx thall three managers use. Which manager is most likely to get caught in a value trap? Furlings Asgard Tokra C is the correanswer. A value troccurs when a stothappears to have an attractive valuation because of a low P/E anor P/B multiple (or other relevant value proxies) appears cheonly because of its worsening growth prospects. Although a pitfall suvalue tris more common in funmental investing, a quantitative process threlies on historicinformation anes not integrate future expectations about cash flows or profitability mbe unable to tea value trap. A is an incorreanswer. Although Furlings is a top-wn manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have ssectethe financistatements and analyzethe competitive lancape angrowth prospects. Managers Furlings are more likely thmanagers Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. B is an incorreanswer. One of Asgars investment criteria is intifying firms that have goopotenticash flow growth over the next three years. The firm has access to tabase ansupport tools, allowing its analysts to evaluate many potentigrowth metrics. Managers Asgarare more likely thmanagers at Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. 题目也没说根据表1啊，那按照你的根据表2我还能选出另外的答案

NO.PZ201809170400000403 问题如下 James Leonaris a funof-fun manager with Future Generation, a large sovereign fun He is consiring whether to pursue more in-pth e ligenprocesses with three large-clong-only fun proposehis analysts. Although the fun emphasize fferent financimetrianuse fferent implementation methologies, they operate in the same market segment anare evaluateagainst the same benchmark. The analysts preparea short scription of eafun presentein Exhibit 1.When Leonars analysts met with Asgar they inquirewhether its managers engage in activist investing because Asgars portfolio frequently hol significant positions, because of their large asset size, anbecause of their emphasis on strong governanantheir ability to mol sources of cash-flow strengths anweaknesses within eabusiness. The manager incatethAsgarengages with companies from a long-term shareholr’s perspective, whiis consistent with the firm’s low portfolio turnover, anuses its voice, anits vote, on matters thcinfluencompanies’ long-term value.Leonarwants to confirm theamanager’s portfolios are consistent with its clarestyle. To this en Exhibit 2 presents key financiinformation associatewith eamanager’s portfolio analso with the inx thall three managers use. Which manager is most likely to get caught in a value trap? Furlings Asgard Tokra C is the correanswer. A value troccurs when a stothappears to have an attractive valuation because of a low P/E anor P/B multiple (or other relevant value proxies) appears cheonly because of its worsening growth prospects. Although a pitfall suvalue tris more common in funmental investing, a quantitative process threlies on historicinformation anes not integrate future expectations about cash flows or profitability mbe unable to tea value trap. A is an incorreanswer. Although Furlings is a top-wn manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have ssectethe financistatements and analyzethe competitive lancape angrowth prospects. Managers Furlings are more likely thmanagers Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. B is an incorreanswer. One of Asgars investment criteria is intifying firms that have goopotenticash flow growth over the next three years. The firm has access to tabase ansupport tools, allowing its analysts to evaluate many potentigrowth metrics. Managers Asgarare more likely thmanagers at Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. 我看了其他答案，能够理解只看ratio确实容易出现value trap的问题。但是原版书上很明确把value trap归在pitfall in funmentinvesting，且pitfall in quantitative investing完全没有提及value trap，请问本题为什么将value trap归为quantitative的pitfall？

NO.PZ201809170400000403 问题如下 Which manager is most likely to get caught in a value trap? Furlings Asgard Tokra C is the correanswer. A value troccurs when a stothappears to have an attractive valuation because of a low P/E anor P/B multiple (or other relevant value proxies) appears cheonly because of its worsening growth prospects. Although a pitfall suvalue tris more common in funmental investing, a quantitative process threlies on historicinformation anes not integrate future expectations about cash flows or profitability mbe unable to tea value trap. A is an incorreanswer. Although Furlings is a top-wn manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have ssectethe financistatements and analyzethe competitive lancape angrowth prospects. Managers Furlings are more likely thmanagers Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. B is an incorreanswer. One of Asgars investment criteria is intifying firms that have goopotenticash flow growth over the next three years. The firm has access to tabase ansupport tools, allowing its analysts to evaluate many potentigrowth metrics. Managers Asgarare more likely thmanagers at Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. 可否详解一下这道题，本case前面几道题找不好题眼，反复做错

NO.PZ201809170400000403 问题如下 Which manager is most likely to get caught in a value trap? Furlings Asgard Tokra C is the correanswer. A value troccurs when a stothappears to have an attractive valuation because of a low P/E anor P/B multiple (or other relevant value proxies) appears cheonly because of its worsening growth prospects. Although a pitfall suvalue tris more common in funmental investing, a quantitative process threlies on historicinformation anes not integrate future expectations about cash flows or profitability mbe unable to tea value trap. A is an incorreanswer. Although Furlings is a top-wn manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have ssectethe financistatements and analyzethe competitive lancape angrowth prospects. Managers Furlings are more likely thmanagers Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. B is an incorreanswer. One of Asgars investment criteria is intifying firms that have goopotenticash flow growth over the next three years. The firm has access to tabase ansupport tools, allowing its analysts to evaluate many potentigrowth metrics. Managers Asgarare more likely thmanagers at Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. 第二和第三都是量化的方法，应该没有value trap才对呀，为何答案是furling基金有这个问题

NO.PZ201809170400000403 问题如下 Which manager is most likely to get caught in a value trap? Furlings Asgard Tokra C is the correanswer. A value troccurs when a stothappears to have an attractive valuation because of a low P/E anor P/B multiple (or other relevant value proxies) appears cheonly because of its worsening growth prospects. Although a pitfall suvalue tris more common in funmental investing, a quantitative process threlies on historicinformation anes not integrate future expectations about cash flows or profitability mbe unable to tea value trap. A is an incorreanswer. Although Furlings is a top-wn manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have ssectethe financistatements and analyzethe competitive lancape angrowth prospects. Managers Furlings are more likely thmanagers Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. B is an incorreanswer. One of Asgars investment criteria is intifying firms that have goopotenticash flow growth over the next three years. The firm has access to tabase ansupport tools, allowing its analysts to evaluate many potentigrowth metrics. Managers Asgarare more likely thmanagers at Tokra to aware of the significant teriorating prospects of a security they are consiring for investment. 这道题 如何确定是看表1 还是表2？因为如果看表2的话 T的 P/E P/B 都很高啊，不是不会在value trap里面吗？ 谢谢