NO.PZ2022071101000002
问题如下：
Due to lack of available investment opportunities in public markets, a pension fund decided to hire an investment consultant to assess the potential for investing in illiquid markets in the US.
Which of the following characteristics of illiquid markets in the US should the consultant present to the pension managers?
选项：
A.
Municipal bonds are usually more liquid than pinksheet over-the-counter equities.
B.
The traditional public, liquid markets of stocks and bonds are larger than the total wealth held in illiquid assets.
C.
The share of illiquid assets in institutional portfolios has generally gone up in the past 2 decades.
D.
During the 2008-2009 Financial Crisis, liquidity dried up in repo markets but not in commercial paper markets.
解释：
中文解析：
C是正确的。养老金和捐赠基金都把另类资产的仓位从5%调高到了20-25%。
A是错误的。市政债券的换手率小于10%，远小于场外的股权交易（35%的换手率）。
B是错误的。相对于美国股市和债市，美国房地产市场是很大的市场。
D是错误的。在这两种市场里，流动性都枯竭了。
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C is correct. Both pensions and endowments have increased their holdings of alternative assets from about 5% to 20-25%.
A is incorrect. Municipal bonds have less than 10% turnover, much lower than approximately 35% for OTC equities.
B is incorrect. US real estate markets are large compared to size of US stocks/bonds.
D is incorrect. Liquidity dried up in both markets.
otc产品不是流动性差么。。。？
