CFA 勉強メモ 1.1.1 ~ 1.1.4 - Ethical and Professional Standards
Investment advisers and portfolio managers who are required by law to act in their clients’ best interests must always put their clients’ interests ahead of their own or their employers’ interests.
常にクライアントの利益を最優先にしないといけない
Specific communities or societal groups in which we live and work sometimes codify their beliefs about obligatory and forbidden conduct in a written set of principles, often called a code of ethics.
大まかなルールや道徳的なルールはcode of ethis
These standards of conduct serve as benchmarks for the minimally acceptable behavior of community members and can help clarify the code of ethics.
the code of ethics communicates the shared principles and expected behaviors of its members.
具体的に何をするべき、何をしちゃいけないのは standards of conduct、ベンチマークになる
A profession has several characteristics that distinguish it from ordinary occupations. A profession is
- based on specialized knowledge and skills.
- based on service to others.
- practiced by members who share and agree to adhere to a common code of ethics.
プロは、専門知識があり、他人のサービスをする、同じスタンダードを準ずるコミュニティがある
なぜ道徳を勉強する？
First, people tend to believe that they are ethical people and that their ethical standards are higher than average.
人は自分がいい人だと思い混みがちがち、それで判断が揺れる。
A second challenge is that decision makers often fail to recognize and/or significantly underestimate the effect of situational influences, such as what other people around them are doing.
うん、限定合理性ってことかな。人が機械じゃないし、全ての情報を集められないし、集めても全部正確に計算できないし。だから、人が誤る
Situational influences are external factors, such as environmental or cultural elements, that shape our thinking, decision making, and behavior.
Another extremely powerful situational influence is loyalty
外部からの影響も大だな。例えば集団心理は結構有名、理性な人が大勢な人の中にいたら、理性的な判断はつかない。 会社や、同僚への忠誠も判断が揺れる要因である
Common situational influences in the investment industry that can shape thinking and behavior include money and prestige
人はお金と名声で左右されるね。仕方ない、こういう生物だから
a strong compliance culture can become another situational influence that blinds employees to other important considerations.
コンプライアンスの文化が強すぎると、手足が縛られてあんまり前へ進めなくなる。これもよくないな。結局”what should I do"を考えるべきのときに"what can I do"になることは望ましくない
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