看完答案中关于A和B的解释有点儿不理解

问题如下：

Based on his phone call with the senior manager from Manager 2, which of the following aspects of the fund’s investment philosophy should be of the greatest concern to Dalton?

选项：

A.The repeatability of the process B.The structural inefficiencies identified C.The behavioral inefficiencies identified

解释：

Solution

A is correct. Investment philosophy refers to a manager’s assumptions about market efficiency and the factors that drive performance. The recent change in style from growth to value for Manager 2 should be a concern for Dalton when assessing investment philosophy. Even though the manager notes that he has successfully implemented his strategy in a previous fund, it is not clear whether he can replicate those results in his new position with different staff. The staff is not currently trained in his strategy, and it is also not known whether the strategy was directed at emerging markets.

B is incorrect. As an active manager, Manager 2 is exploiting mispricings due to structural inefficiencies caused by regulatory systems, which may be long-lived, therefore making the strategy repeatable.

C in incorrect. Behavioral inefficiencies are created by the actions of other market participants, and none were identified here.