NO.PZ201601050100000104
问题如下：
4. Gupta tells the fund manager of Portfolio B:
"We need to seriously consider the potential costs associated with favorable currency rate movements, given that a 100% hedge-ratio strategy is being applied to this portfolio."
Explain Guptas statement in light of the strategic choices in currency management available to the portfolio manager.
解释：
Optimal hedging decisions require balancing the benefits of hedging against the costs of hedging. Hedging costs come mainly in two forms: trading costs and opportunity costs. Gupta is referring to the opportunity cost of the 100% hedge strategy. The opportunity cost of the 100% hedge strategy for Portfolio B is the forgone opportunity of benefiting from favorable currency rate movements. Gupta is implying that accepting some currency risk has the potential to enhance portfolio return. A complete hedge eliminates this possibility.
中文解析：
对冲成本包括交易成本和机会成本，本题考察的是机会成本。
对冲成本主要有两种形式:交易成本和机会成本。机会成本指的是100%对冲策略下，也放弃了的汇率朝有利方向变动时，可以获得收益的机会。
汇率往好的方向变动，可以只回答机会成本的存在吗，为什么需要回答trading cost
