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AgnesWu · 2023年05月21日

c选项

  1. CFA I
  2. Alternative

NO.PZ2018053101000034

问题如下：

A significant challenge to investing in timber is most likely its:

选项：

A.high correlation with other asset classes.

B.dependence on an international competitive context.

C.return volatility compounded by financial market exposure.

解释：

B is correct. A primary risk of timber is the international competitive landscape. Timber is a globally sold and consumed commodity subject to world trade interruptions. So the international context can be considered one of its major risk factors.

A is incorrect because timberland offers an income stream based on the sale of trees, wood, and other timber products that has not been highly correlated with other asset classes.

C is incorrect because investors are interested in timber because of its global nature (everyone requires shelter), the current income generated from the sale of the crop, inflation protection from holding the land, and its safe haven characteristics (it offers some insulation from financial market volatility).

我的理解C选项波动性大是正确的，后半截解释的原因错了，这个理解对吗？

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Lucky_品职助教 · 2023年05月21日

嗨，努力学习的PZer你好：


投资者对木材感兴趣是因为它的全球性质（每个人都需要庇护所），以及销售农产品带来的当前收入，持有土地提供的对通货膨胀的保护，以及其作为一种避险资产的特点（它可以在一定程度上抵御金融市场的波动）。而C选项说金融市场波动加剧了木材的收益波动，所以C错。

至于木材本身是否波动大，一般需要有参照系，在这里我们不好判断。

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