NO.PZ201803130100000202
问题如下：
In their discussion of the asset classes that Velky is interested in adding to the VP portfolio, Monteo should tell Velky that:
选项：
A.
these asset classes can be readily diversified to eliminate idiosyncratic risk.
B.
indexes are available for these asset classes that do an outstanding job of representing the performance characteristics of the asset classes.
C.
the risk and return characteristics associated with actual investment vehicles for these asset classes are typically significantly different from the characteristics of the asset classes themselves.
解释：
C is correct.
Less liquid asset classes—such as direct real estate, infrastructure, and private equity—represent unique challenges when applying many of the common asset allocation techniques. Common illiquid asset classes cannot be readily diversified to eliminate idiosyncratic risk, so representing overall asset class performance is problematic. Furthermore, there are far fewer indexes that attempt to represent aggregate performance for these less liquid asset classes than indexes of traditional highly liquid asset classes. Finally, the risk and return characteristics associated with actual investment vehicles—such as direct real estate funds, infrastructure funds, and private equity funds—are typically significantly different from the characteristics of the asset classes themselves.
还是不太明白A选项非系统性风险的概念。还
有，factor base的那个表达式，哪些属于非系统性风险，哪些属于系统性风险
