市场角色

问题如下：

Akihiko Takabe has designed a sophisticated forecasting model, which predicts the movements in the overall stock market, in the hope of earning a return in excess of a fair return for the risk involved. He uses the predictions of the model to decide whether to buy, hold, or sell the shares of an index fund that aims to replicate the movements of the stock market. Takabe would best be characterized as a(n):

选项：

A.

hedger.

B.

investor.

C.

information-motivated trader.

解释：

C is correct.

Takabe is best characterized as an information-motivated trader. Takabe believes that his model provides him superior information about the movements in the stock market and his motive for trading is to profit from this information.

考点：Intermediaries Of Financial Market

这道题问的是根据描述AT在金融市场中属于哪类人。这道题关键在于AT在做出投资决策前使用了复杂的模型来预测未来股票价格的走势并为其买入或卖出做出投资指导，旨在获得超额收益。

A 对冲者：hedger和投资者不同，它投资金融资产不是为了赚取利润，而是为了规避风险。通常对冲者手里是已经持有一定的资产的，但是担心手里这些资产未来价格会下跌，所以通过购买衍生产品来规避这些资产日后真的下跌时的风险。比如农名伯伯（hedger）为了规避自己种的粮食未来价格下跌的风险而进入期货交易。

B投资者：这里的投资者泛指那些没有分析信息处理信息能力的普通投资者，通常是有钱人希望通过投资实现财富的保值增值而被动进行投资的人，根据他们所能承担的风险来获得相应的收益。其实市面上大部分投资者都是没有投资经验的，所以他们才需要找到我们分析师或投资经理来帮他们进行投资。只有专业的金融分析师或基金经理才能灵活运用他们掌握的信息来搭建靠谱的估值模型并进一步判断低估高估然后做出投资建议。

C信息驱动的交易者：与普通的投资者相比，以信息为动机的交易者相信他们有能力通过交易的信息来预测未来价格，并获得超过正常收益的超额回报。原版书对它的定义如下：

Information-motivated traders trade to proft from information that they believe allows them to predict future prices. Like all other traders, they hope to buy at low prices and sell at higher prices. Unlike pure investors, however, they expect to earn a return on their information in addition to the normal return expected for bearing risk through time.