Now let's take on standard V 现在让我们来看准则五
and this one deals with investment analysis，recommendations and actions 这个准则涉及投资分析，推荐和交易
Standard V (A) is diligence and reasonable basis 准则五（A），勤勉与合理依据
So diligence and reasonable basis that says we have to exercise diligence, independence, 勤勉与合理依据讲的是
thoroughness in analyzing investments, making investment decisions and taking investment actions 在投资分析、投资决策、交易过程中，要做到勤勉、独立、透彻
and we have to have a reasonable basis supported by research for our analysis, recommendations or actions 我们的分析、推荐或交易必须有研究支持的合理依据
This says that when we're doing something 也就是说，当我们在做某件事的时候
anything in the professional realm 专业领域的任何事情
here specifically referring to analyzing a firm，making a recommendation，taking investment action 具体指分析公司、提出建议、投资交易
we have to be diligent and have a reasonable basis for our conclusions 我们必须勤勉，并且我们的结论必须有合理的依据
What we've seen so far，when I talk about my three pillars 到目前为止我们所看到的，当我谈到我的三个支柱
pillar number one, as you remember，was loyalty and objectivity 第一支柱是忠诚和客观
and so that was we have to have the right mindset to start with 所以我们必须从正确的心态开始
We got to be able to go and say 我们要能够说
we're gonna act in this client's best interest 我们会以客户的最佳利益为出发点
and our judgment hasn't been tainted 我们的判断没有被破坏
So the problem with conflict of interest is 所以利益冲突的问题在于
that it actually causes our synapse in our head to fire off differently 它实际上会导致我们大脑中的突触产生不同的反应
and it makes it very difficult to determine what is in the client's best interest 很难确定什么对客户最有利
avoiding conflicts，being objective and recognizing your fiduciary responsibility 避免利益冲突，保持独立客观，认识到你的受托责任
Three，the one we're dealing with now 第三个支柱，我们现在正在学习的
This is going to be diligence and reasonable basis, so we can put basis there, for our recommendations 那就是投资建议中的勤勉与合理依据，我们把依据写在这儿
we have to understand 我们必须了解
we have to make the effort to be able to 我们必须努力能够
understand the risk, return, parameters of whatever it is that we are analyzing 理解风险，收益，参数等等我们正在分析的
we think of it as making portfolio recommendations 在做投资组合推荐时考虑的
And then the second one, as we talked about was suitability 然后第二个，我们讲过，适合性
so the point here is that when we are acting them for the benefit our client 所以这里的要点是，当我们为了客户的利益而采取行动时
first of all, we've got to make sure that we understand where our duty of loyalty lies 首先，我们必须确保我们明白我们忠诚的责任在哪里
We have to be prepared to exercise our responsibilities along that line of responsibility properly by being objective 我们必须做好准备，保持客观性以履行我们的职责
we have to understand the assets or securities or recommendations that were actually promulgating 我们必须了解实际发布的资产、证券或建议
So we've got to have a basis supported by research 我们必须有一个研究支持的依据
It can't be that we talk to somebody 不能是，我们和别人交谈
and they said, I think oh, this is a good idea 他们说，我认为这是一个好主意
it's got to be some sort of analysis 它必须是某种分析
that uses data, they get unbiased data from multiple sources, those types of things 使用数据，使用从多个来源得到的无偏数据，等等
and even if we have good hearts in the way that we do this 即使我们这样做是出于好心
and we have done all the research that could possibly be done 我们已经做了所有可能做的研究
and understand the security or issue or whatever it is, as well as we are possibly capable of 理解了这个证券以及相关问题，尽我们可能
remember，we still have to explicitly consider the suitability for the client 记住，我们仍然必须明确地考虑对客户的适合性
so this is what I think of the three pillars 这就是我对三个支柱的看法
Of course there's lots of stuff that goes around this and all of its supports 它可以展开很多东西
there's all interwoven 他们交织在一起
but if you want to think about what it takes to be able to make a recommendation 但是如果你思考怎样能够做投资推荐
and the way you approach a question on the exam 以及你在考试中解决问题的方法
remember that we've got to have these three things in place 记住我们必须有这三件事
and if we do，there's other stuff out there 如果我们做了，还有其他的事情
Of course the responsibility of supervisors is linked to this 当然，监管者的责任与此相关
but it's not direct 但不是直接的
and there's other things going on 还有其他事情继续
we need to make sure we are aware of 我们需要确保我们意识到
these three things cover lots of ground when it comes to CFA exams and those types of things 当涉及到CFA考试的时候，这三样东西涵盖了很多内容
So anyway, keep that in mind, we have to be diligent 所以无论如何，记住这一点，我们必须保持勤勉
We have to have a reasonable basis supported by research 我们必须有一个研究支持的合理依据
So guidance here 指引在这儿
make a reasonable effort to cover all relevant issues when arriving at an investment recommendation 在提出投资建议时，做出合理的努力以涵盖所有相关问题
The word all scares me “所有”这个词让我害怕
I think for exam purposes this is a relatively high standard 我认为出于考试目的，它是一个相当高的标准
Do you have to understand what's happening with pharmaceuticals in Asia? 你必须了解亚洲制药行业发生了什么吗？
in order to be able to understand wheat futures in our US exchange 为了能够了解美国交易所的小麦期货。 61
Maybe not 也许不用
but if they bring it up in the exam 但如果在考试中出现
and they make any sort of tangential relationship 并建立某种稍微沾边的关系
then I would be slow to ignore that as something would need to be considered 那么我会慢慢地忽略这一点，因为这是需要考虑的
So the level of diligence of course, is going to depend on the product or service offered 勤勉的程度当然取决于所提供的产品或服务
We can have things that are public release 我们可以有公开发布的东西
We could also be asked to do very thorough analysis and say M&A project or something like that 我们也可能被要求做非常彻底的分析，比如并购项目之类的
Using secondary or third party research 使用二手或第三方研究报告时
With proper attribution, you can use secondary or third party research 适当地注明出处，你可以使用二级或第三方研究
but you are responsible for making a determination of its soundness 但你有责任确定它的可靠性
You've got to look at the assumptions, the rigor, the timeliness and the independence of this third party 你必须考虑第三方报告的假设，严谨性，及时性和独立性
You're welcome to pull that into your research to report, as long as it has proper attribution 欢迎你把它纳入你的研究报告，只要你注明出处
but remember, once you report it, you are essentially saying I've investigated its rigor 但记住，一旦你报告它, 你基本上是在说，我已经调查了它的严谨性
and the independence of the original author or creator of it 以及原作者或创作者的独立性
and I think this is something that's worth considering 我认为这是值得考虑的事情
We want to encourage the firm to adopt a policy of periodic review for the quality of third party research 我们想鼓励公司采取一项政策，定期审查第三方研究的质量
How do we evaluate that? 我们如何评估呢？
What assumptions are we looking for timeliness issues? 我们在寻找及时性问题的假设是什么？
I mean, so is this something that's been generated or updated in the last twelve months ？ 我的意思是呃，这是在过去十二个月中产生或更新的东西吗？
or is it something from nineteen seventy three, those types of things 或者是1973年的东西？等等
So we ought to and be encouraging our firms to have some sort of policy about how we evaluate these third parties 我们应该鼓励我们的公司制定一些关于如何评估这些第三方的政策
In terms of recommendations 就推荐做法而言
we should establish policy that research and recommendations should have a reasonable and adequate basis 我们应该制定政策，使研究和建议有一个合理和充分的依据
That ought to be something at the firm level 这应该是公司层面的事情
If the firm doesn't have that policy 如果公司没有这样的政策
you, as someone, who is subject to the code and standards 你作为一个受规范和准则约束的人
you're still gonna have to do that 你还是得这么做
Have a review or approval process for research reports and recommendations prior to external circulation 在研究报告或建议对外发布之前，有审查或批准的流程
So this is just part of the check and balance 所以这只是检查和制衡的一部分
We're going to generate this report 我们要去生成这个报告
or someone that you're supervising generate the report 或者你监管的人生成这个报告
There ought to be some formal process in place to review or have an approval 应该有一些正式的流程来进行审查或批准
before we send that out to the rest of the world 在我们将其发布出去之前
In terms of due diligence procedures 在尽职调查程序方面
we ought to have some due diligence procedures for judging 我们应该有一些尽职调查程序
if a recommendation has met reasonable and adequate basis standards 以判断一项建议是否有充分合理的依据
So there ought to be some measurable criteria for assessing the quality research 因此，应该有一些可衡量的标准来评估研究的质量
How many years of data uses ？ 使用多少年的数据？
The quality of the data that it obtained? 数据的质量怎样？
Was that the best data available? all those types of things 这是可获得的最好数据吗？等等
There's nothing in the codes and standards to tell us how to go about doing this 规范和准则中没有任何内容告诉我们如何进行这项工作
but we ought to have some way of doing it 但是我们应该有一些方法来做这件事
and some sort of measurable criteria for saying 还有某种可以衡量的标准用来说
yes, this is something that we think has a reasonable and adequate basis 是的，这是我们认为有合理和充分依据的东西
We ought to consider scenarios outside recent experience when we're looking at tail risk 在考虑尾部风险时，我们应该考虑近期经验之外的情况
So this actually is something that came into the code and standards after 2008 这实际上是2008年后进入规范和准则的东西
So we did lots of sensitivity scenario analysis on CDOs and other collateralized debt obligation type things 我们对CDOs和其他债务抵押债券做了很多敏感性情景分析
where we were looking at, here is the default rate on sub prime mortgages 我们正在寻找的是次级抵押贷款的违约率
the highest it's ever been in one year as six percent 曾经在一年中，最高的是百分之六
let's double that 我们双倍
that's a way outside recent experience 这不是最近的经验
and it still turned out to not be high enough 但仍然不够高
So it had tripled or quadrupled to actually get a handle on that 所以还可以变为三倍或者四倍来处理
just because default rates have been in a range of three to five percent annually over the last four or five years 因为在过去的四、五年里，违约率一直在每年3%到5%之间
and this is a recommendation 这是推荐做法
but looking at the last three or four years，in terms of what is possible，it is probably not very good economics analysis 但纵观过去三四年，从可能的情况来看，它可能不是很好的经济分析
Make sure the firm has procedures to evaluate these external advisers that they use or promote 确保公司有程序评估他们使用或提拔的外部顾问
including how often we're gonna go through and evaluate them 包括我们多久会对他们进行评估
And finally, diligence and reasonable basis 最后，关于勤勉与合理依据
and we want to have written procedures for acceptable scenario testing，range of scenarios，that type of thing 我们想要制定书面程序，其中包括可接受的情景测试，情景范围
cash flow sensitivities , the assumptions and the way we derive our inputs and distributions 现金流敏感性、得到输入变量、分布的假设和方式
We need procedures for evaluating outside information providers 我们需要有程序来评估外部信息提供者
which include how often we're gonna go do that 包括我们多久做一次评估
And I think，something important down here 我想，这里有些重要的事情
This is something that gives you a little bit of safe harbor 这是给你安全感的东西
and that is that there's no need to dissociate from group research that a member disagrees with 也就是说，一个小组研究小组成员不同意，没有必要脱离小组研究
So you can imagine yourself in a group that is waiting buy- sell recommendations out of a research office 所以你可以想象，你在一个团队里边，研究办公室外边正在等待持有还是卖出的建议
you've got five people on the committee that makes the final determination 做出最后决定的委员会成员有五个人
You think there should be a sell 你认为应该卖出
Everybody else thinks it should be a buy 其他人认为应该买入
if you think it should be a sell，everybody else thinks to buy 如果你认为应该卖出，其他人认为应该买入
goes out as a buy 那结果就是买入
Do you have to list on there that you're the dissenting member ？ 你需要在那上面列出你是持不同意见的成员吗？
you have to leave the firm over it? 你必须离开公司吗？
No 不用
If the rest of the committee was not living up to the requirement of diligence and reasonable basis 如果委员会的其他成员没有达到勤勉和合理依据的要求
If they said, we're gonna give this a buy recommendation 如果他们说，我们给出买入的建议
because it's good for our investment banking business 因为这对我们的投资银行业务有好处
then，that's a violation 那就是违规
then you would have to dissociate from that 那么你就必须与之分离
But just because this is economics，finance，valuation，plenty of room for reasonable people to differ 但正是因为经济学、金融学、估值，合理的人有很大的空间表现的不尽相同
If there's been a reasonable investigation of the parameters involved in this recommendation or investment action 如果对该建议或投资行动所涉及的参数进行了合理的调查
and you happen to be a dissenting view 你恰好有一个不同的观点
that doesn't mean that you necessarily have to dissociate from it 那并不意味着你一定要远离它
It does mean that there has to be a good faith effort on all of the members of the group 它意味着在这个建议发布之前，
before this recommendation goes out 所有人都付出了真诚的努力
so, as long as there was a good faith effort 只要付出了真诚的努力
you don't have to dissociate with it merely because you were a dissenter 就不必仅仅因为你是持不同观点者而与之分离
of course you should write that down 当然你应该写下来
because when you were right，you're going to want to remind the rest of the members of the group about that 因为如果你是对的，你要提醒小组的其他成员这一点
So that's standard III (A), diligence and reasonable basis 所以，这是准则三（A）, 勤勉与合理性
I said III(A), I mean V(A), so let's talk about V(B), which is communication with clients and prospective clients 我说的是III（V），实际是V（A），让我们讨论准则五（B）,与现有客户或者潜在客户的沟通
So what is it? 它指的是什么呢？
We've talked about performance presentation previously 我们之前讲过业绩陈述
that was fair, accurate and complete 公平，准确和完整
but now we're talking about what it is we need to communicate 但是现在我们讲的是，我们需要交流的是什么
we have to disclose the basic format or general principles of the investment procedures or models 我们必须披露我们用于构建投资组合或得出结论的投资程序
that we use to construct portfolios or to arrive at our conclusions 或模型的基本格式或一般原则
We don't have to give away the firm 我们不需要违背公司
We don't have to show everybody our proprietary mathematical models 我们不需要向每个人展示我们的专有数学模型
but we do have to give people enough information 但我们必须给人们足够的信息
so that they understand how we're approaching the investment problem 让他们了解我们是如何处理投资问题的
And then if we're going to change the way we do that 然后，如果我们要改变我们的方式
We told the world we're doing it under these principles and we're changing those now 我们告诉大家我们是在这些原则下做的，我们现在正在改变这些
we've got to promptly disclose any changes that would materially affect the process 我们必须及时披露任何会对流程产生重大影响的变化
Now we update our analysis of the equity risk premium or something 现在我们更新对股票风险溢价的分析或者
That's not something we've got to jump through a lot of hoops for 其他我们无需克服障碍的东西
But if we're gonna change from being fundamental analyst，technical analyst or something like that 但如果我们要从基本面分析师，技术分析师等改变
then that's gonna require some very prompt disclosure to the people who we provide services to 这就需要我们及时向我们提供服务的人披露
so disclose risks and limitations associated with the investment process 披露与投资过程相关的风险和限制
So use reasonable judgment 用合理的判断
Again, this always worries me 再一次，这总是让我很担心
and when I read reasonable in this material and I'm taking a CFA exam 当我阅读材料中的“合理”以及参加CFA考试
I always think，you know, use almost unreasonable judgement and unreasonable high standards for your judgment 我一直认为，你知道，使用几乎不合理的判断并且用不合理的高标准进行判断
But nonetheless，the point is there's a high threshold here 但尽管如此，关键这里有一个高门槛
So use reasonable judgment in identifying which factors 因此，运用合理的判断来确定
are important to investment analysis, the recommendations or the action 哪些因素对于投资分析、建议或行动是重要的
you have to use reasonable judgment in identifying the factors 当你与客户交谈或沟通时，你必须使用合理的判断来确定
that are gonna be adequate to describe the risks and limitations of our investment process 足以描述我们投资过程中的风险和限制的因素
when you're talking or communicating with clients
And we want to include those factors when we communicate 我们想在沟通过程中包含这些因素
So when we're communicating, this is what we like to do for you 当我们交流的时候，这是我们想为你做的
This is that we're tryting to achieve, this is how we go about doing it 这是我们试图达到的，这就是我们实现的方式
these would be the limitations or the risks 这是限制和目标
we've got to treat both sides of the equation 我们必须处理等式的两边
and we've got to be giving our clients enough information so that they can make informed decisions 我们必须为客户提供足够的信息，以便他们可以做出明智的决定
We want to distinguish between fact and opinion 我们想要区分事实和观点
It's one thing to say, cells are going to grow at fifteen percent for the next three years 比如说，在接下来的三年里，细胞将以15%的速度增长
That's different than saying, we forecast or I'm forecasting the cells are going to grow at fifteen percent for the next three years 这跟我们说，我们预测细胞将在未来三年内以15%的速度增长，是不同的
Stating something as a fact and stating something as an opinion 陈述事实和陈述观点
Those are different 是不同的
you can state opinions 你可以陈述观点
And you got to have some sort of reason for that 你必须有一些理由
You could have a reasonable basis 你可以有一个合理的依据
But if you can come to a reasonable conclusion 但是如果可以得出合理的结论
you're not violating anything with the ethics material here by stating your informed, your adequately supported opinion 你在陈述自己知情且得到充分支持的观点时，并没有违反任何道德材料
But if you state something as a fact, that's a whole different ballgame 但是，如果你讲其陈述为事实，那将是另一回事
so we're gonna differentiate fact and opinion 所以我们要区分事实和观点
and then we are gonna clearly communicate potential losses and gains 然后我们清晰地交流潜在的损失和收益
at least to the extent that we are capable of doing so 至少在我们的能力范围内
those that can be foreseen 可以预见的
those that we understand 我们理解的
we are responsible for communicating those 我们有责任交流这些信息
terms of guidance 指引
We want to include the basic characteristics of securities that we're recommending or that we are taking action over 因此，我们希望包括我们推荐的或正在交易的证券的基本特征
We want to inform the clients of any change in the investment process 我们希望将投资过程中的任何变化通知客户
The suitability of the investment, of course, this was one of my three pillars 投资适合性，当然是我三个支柱的其中一个
We've got to directly consider suitability 我们必须直接考虑适合性
and remember，suitability is assessed in a portfolio context 记住，适合性是在投资组合环境中评估的
It's not the risk, return parameters of the individual asset 这不是单个资产的风险，收益参数
rather，it's the contribution of the individual asset to the portfolios risk and return 而是单个资产对投资组合风险和收益的贡献
we've got to look at 我们必须意识到这个
and the case in almost all of the stuff that we are talking about in the code and standards 我们在准则和规范中讨论的几乎所有案例
anytime it involves，reports 涉及任何时候，报告
what we're saying to someone 我们对某人说的话
how we're communicating information or whatever it is 我们是如何交流信息的等等
it's not just for written communication 不只是为了书面交流
We don't have to be honest and clear and complete and all that sort of stuff 我们不是只在我们写东西的时候，需要诚实、清晰、完整等等
just when we're writing stuff down
if this is oral or this is electronic communication 口头或者是电子交流
if it's a formal research report 正式的研究报告
All communication is covered, not just a formally released a research report 所有的交流都是涵盖的,不只是一份正式发布的研究报告
and then finally here for V( B) 准则五（B）的最后一点
the inclusion or exclusion of information is going to be subject to a case-by-case review 信息的包含或排除将需要逐案审查
So what's important? 那么什么是重要的？
you're going to have to decide 你得做个决定
maybe in some cases you need to disclose three years of sales growth history 在某些情况下，您可能需要披露三年销售的增长情况
in some cases，five 有些情况下，可能是五年
in some cases，fifteen 还有些情况下，可能是十五年
I don't know what it is 我不知道它是什么
but when you're deciding what's gonna be important 但当你决定什么是重要的时候
you're going to have to consider what it is you're recommending 你必须考虑你推荐的是什么
what sort of models you're using 你使用的是什么模型
what they're sensitive to，those type things 他们对哪些因素敏感？等等
and of course we want to maintain adequate records 当然，我们希望保持足够的记录
So that is V(B), communication with clients and prospective clients 这就是准则五（B），与客户和潜在客户的交流
Let's move on to V(C) ，which is related here to our last thing on V(B) 我们继续讲准则五（C），这和我们在准则五（B）讲的最后一件事有关
These are the formal standards with respect to record retention 这是关于记录保存的正式标准
So record retention 记录保存
This is of course why we all got into finance 这当然是我们所有人都涉足金融的原因
because we really love setting up a record retention policies 因为我们真的喜欢建立记录保留政策
So we wanna develop and maintain appropriate records to 我们希望开发和维护适当的记录
support our investment analyses, recommendations, actions, all that sort of stuff 以支持我们的投资分析、建议、交易等等
and any investment-related communication with clients or prospective clients 以及与客户或潜在客户的任何投资相关的沟通
So if we are taking actions 如果我们在做交易
we're making recommendations 我们正在提出建议
or we're communicating with clients or prospective clients 或者我们正在与客户或潜在客户进行沟通
then we've got to be communicating 那么我们必须进行沟通
We just talked about what had to be communicated in terms of the basic process, limitations, all that sort of stuff 我们刚才谈到了，必须就基本过程，限制等方面进行沟通
We came to those conclusions 我们得出了这些结论
What was communicated to clients 与客户沟通的内容
discussed in the previous section 在前一节中讨论过
that was the result of diligence and reasonable basis 那是勤勉与研究支持的合理依据的结果
that supported by research
we communicated basic prospects or principles of the investment process 我们交流了投资过程的基本预期或原则
that was all done because we had some sort of data and records 这些都是因为我们有一些数据和记录
and something to show for our analysis，spreadsheets 以及一些展示我们的分析的东西，电子表格
ten case，whatever it was 十个案例，或者其他
we have to maintain those records 我们必须保留那些记录
so that if ever called on 所以如果有人打电话来
we could explain to the client why we said X 我们可以向客户解释为什么我们这样说
we can go back and say, here is our analysis 我们回到过去然后说，这里是我们的分析
This is what led us to this conclusion 这就是我们得出这个结论的原因
Yes, that was evidence to the controry, but we looked at these three things 是的，那是争议的证据，但是我们看了这三件方面
That's the way record retention works 这就是记录保留的使用方法
terms of guidance 指引
you have to maintain the records to support your research 你必须维护记录以支持你的研究
so that's pretty straightforward 这相当简单
Now the records are the firm's property 记录是公司的财产
So you're maintaining records 你要保留记录
they're the firm's property 它们是公司的财产
and you cannot take them with you 你不能把它们带走
If you leave the firm 如果你离开公司
unless of course the firm consents to that 当然，除非公司同意
So whatever records you're retaining to support the recommendations you're making while you're an employee 所以，无论你保留了任何支持你作为员工时所做的投资建议的记录
those records are the property of the firm 那些记录是公司的财产
and you have no right to them after you leave 你离开后无权使用
If there's no other legal requirement or firm policy 如果没有其他法律要求或公司政策
CFA recommends that you retain records for seven years CFA建议你将记录保留七年
after seven years, I guess that's less important 七年后，我想这不那么重要了
But anyway, seven year retention period is what's recommended 但无论如何，七年的保留期是推荐的
In terms of recommended procedures here 就推荐程序而言
you have a responsibility to maintain records generally falls to the firm 你有责任保留公司的记录
The firm owns the records 公司拥有这些记录
and they're the ones that should be insuring the records are maintained 他们应该确保记录的保存
However, you，as an individual，have to make sure that you are following those procedures 然而，你作为个人，你必须确保你履行这些程序
and you're maintaining the records that would support your particular conclusion 你保留了那些支持你的特定结论的记录
So you still have communication with clients 你跟客户沟通
You're still taking investment action 你还在采取投资行动
yes, the responsibility primarily lies with a firm 是，虽然公司负主要责任
but you, as an individual, also have some responsibility here 但你作为个人在这里也有一些责任
And remember，if you change firms 记住，如果你换了一家公司
you don't have access to those records anymore unless the firm consents to let you take them with you 除非公司同意同意你带走记录，否则你再也无法访问这些记录
So you could be called on to recreate the records from public sources or from your new firms information 你可以用公共资源或你的新公司信息重新创建记录
you have no claim in relying on the records that you kept 你没有理由再依靠你在前雇主那里留下的记录
at your former employer to support what you are doing now 来支持你现在的工作
If you are called on to support or show how you arrived at particular conclusions 如果你被要求展示你是如何得出特定结论的
you may have to recreate some data in order to do that 你可能必须重新创建一些数据
because you don't have any claim on what you left at the old firm 因为你没有任何权利使用你在旧公司留下的东西
because that is firm's property 因为那是公司的财产
And like we said，in responsibility to employers 就像我们在对雇主的责任中说的
if it belongs to the firm 如果它属于公司
you have to leave it when you leave the employment of that particular firm 你必须在你离开那个公司的时候留下它