【羿文寄语】聪明的人并不都是天才，而是靠勤奋得来的。

CFA考试Level Ⅰ

【单选题】

A research report states: "Based on the fact that the South American utilities sector has seen rapid growth in new service orders, we expect that most companies in the sector will be able to convert the revenue increases into significant profits.We also believe the divend will continue for the next three to five years." The report goes on to describe the major risks of investing in this market.The author of this report:

A.has not violated the Code and Standards.

B.violated the Code and Standards by failing to properly distinguish factual information from opinions.

C.violated the Code and Standards by failing to properly identify details related to the operations of South American utilities.

答案：A

【解析】Historical growth can be cited as a fact.The report states that the firm expectsfurther growth and profitability, which phrases the statement as an opinion.Under Standard V(B) Communication with Clients and Prospective Clients, it is not necessary to include every detail about a potential investment in a report.Members and candidates are expected to use their judgment and identify the most important factors to include.