NO.PZ202110280100000301
问题如下：
Identify one difference between the trading features of Valley Ranch and North
Circle, as noted by Sailors, for each trade strategy selection criterion.
选项：
解释：
这道题有以下几点疑问：
1、对于每一条特征是不是只用写一点不同就可以，我看答案有的特征写了两点不同
2、对于市场条件的不同，我是从两者都出于downside情形下，bid ask spread的角度去分析，如果bid ask spread 大那就说明在市场不好的情形下，面临的流动性危机更大,
3、关于风险偏好与风险厌恶程度这个应该是说反了，我看也有人问了,解决了.
以下是我答题的内容，烦请老师点评下：谢谢
for order characteristics
Valley Ranch has a small size relative to North
Circlev in trade size, which may bring market impact. Valley Ranch uses long and short strategy to obtain alpha，whereas North
Circlev only uses long strategy.
for security characteristics
Valley Ranch invests equity and non-equity securities, whereas North Circlev only invests equity.
for market condition
when market experiences downside, Valley Ranch faces a moderate to wide bid ask spread，but lower than North Circlev's
for risk aversion
Valley Ranch has higher risk aversion due to low risk appetite than North Circlev's
