都没学对冲基金，题放这干嘛

问题如下：

A hedge fund holds its excess cash in 90-day commercial paper and negotiable certificates of deposit. The cash management policy of the hedge fund is best described as using:

选项：

A.

capital market instruments.

B.

money market instruments.

C.

intermediate-term debt instruments.

解释：

B is correct.

The 90-day commercial paper and negotiable certificates of deposit are money market instruments.

考点：金融市场的分类

这道题问投资180天的商业票据属于哪种金融市场投资？

小于一年投资产品的叫做货币市场投资，大于一年的叫做资本市场投资，所以90天的商票和可转让定期存单是属于货币市场工具。

咱们原版书列举了几种典型的货币市场工具如：The most common Money markets are repurchase agreements , negotiable certifcates of deposit, government bills, and commercial paper.

典型的资本市场投资工具：债券、股票。

而选项C说的是中期票据，它的期限介于短期和长期之间，通常是5-10年。如下为原版书原文，供参考。

Instruments that mature in less than one to two years are considered short-term instruments whereas
those that mature in more than five to ten years are considered long-term instruments. In the middle are intermediate-term instruments.