NO.PZ201809170400000107
问题如下：
Which of the notes regarding the Elmer Fund is correct?
选项：
A.Only Note 4
B.Only Note 5
C.Both Note 4 and Note 5
解释：
A is correct. For passively managed portfolios, management fees are typically low because of lower direct costs of research and portfolio management relative to actively managed portfolios. Therefore, Note 4 is correct.
Note 5 is incorrect because the predictability of correlations is uncertain.
怎么理解这个short term risk？具体指的是什么呢？因为没理解好这个，所以不太清楚题目考察的点，但是看答案，知道考察的其实是equity和其他资产的分散化关系？
