NO.PZ2022051904000008
问题如下：
The Lemont Family Foundation follows a systematic quarterly rebalancing policy based on rebalancing corridors for each asset class. In the latest quarter, a significant sell-off in US public equities resulted in an unusually large 1.2% underweight position relative to the applicable lower corridor boundary. This is the only policy exception requiring rebalancing attention.
The Foundation’s investment team views the sell-off as temporary and remains pleased with the performance of all external managers, including that of its US public equities manager. However, the sell-off has increased the significance of liquidity and flexibility for the team. As a result, the team now considers whether to rebalance through the cash market or the derivatives market.
Q. Determine the most appropriate rebalancing choice for the Foundation’s investment team. Justify your response.
选项：
解释：
问题1.rebalance through the cash marekt和
rebalance through the cash equilibrium ivestment tools
一般，如果说 投资 货币现金类投资工具，是用后者这个描述对吗？ cash market 就是现货市场
问题2.没理解答案的意思，
ability to leave external managers in place?什么意思
问题3.如果遇到类似的考题，相当于问期货相对于现货的优点。
quick implementation ,期货要比现货操作快吗？有点不理解，感觉都差不多呀？
high liquidity ，股票衍生品的流动性要高于股票期货吗？有点不理解。（衍生品如果是 over the count ， 而现货是exchanged teaded，现货的流动性是不是更好?）
Flexibility to tactically adjust exposure.衍生品 对组合的调整，要比现货更快吗？
问题4.为什么他这里没有写 衍生品带来的杠杆 和提高资金利用率的优点呢？
