Distressed and reorganize 到底应该是长期还是短期投资呢？

NO.PZ202207040100000303 问题如下 In the analysts’ scussion about FunB’s potentiinvestments, the point this most accurate relates to: A.reorganization opportunities. B.positions in stressecompanies. C.acquisitions in a consoliting instry. SolutionC is correct. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. It choleither long or short positions in the acquiring antarget companies appropriate to proa profitable position. This woultrue even in consoliting instries long it believetha market inefficienexiste A is incorrect. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. Investing in reorganizations requires skill anexpertise but normally involves a long-term investment horizon, whiis inconsistent with FunB’s strategy. B is incorrect. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. A control position in a stressecompany woulnormally involve a long-term investment horizon, whiis inconsistent with FunB’s strategy. B是ep value investing,肯定不是。但是，为什么不是A呢？之前也错了，就感觉A C有点分不清。

NO.PZ202207040100000303问题如下 Grasmere Asset Management Case ScenarioMorgAbernathy, Nathaniel Granville, anGabriella Carlucare analysts Grasmere Asset Management (Grasmere), investment firm thoffers a versifiemix of actively manageequity anfixeincome investment fun. The firm follows the funmentapproach, using both bottom-up antop-wn investment management strategies. The analysts meet regularly to scuss investment ianrelatetopics.The meeting begins with a scussion of the funmentapproato active equity management strategies. The analysts make the following statements:The approais a subjective investment process thuses scretion in making cisions.The portfolio manager’s selections are baseon termining a security’s exposure to selectevariables thpreits return.The construction of a portfolio is generally ne using a portfolio optimizer, whicontrols risk the portfolio level.The analysts then review Exhibit 1, whiscribes a selection of the Grasmere equity fun.Exhibit 1 Grasmere Equity Fun The analysts ma the following points about the potentiinvestments thFunB might unrtake. The funshoulinteresteininvesting in the shares of a potentiacquirer, even in a consoliting instry;taking a control position in a stressecompany’s shares selling a ep scount to its intrinsic value; ansing its expertise to make long-term investments involving companies in reorganization. Grasmere’s larger fun have himpressive long-term recorcomparewith peers. In more recent times, however, the results have been lagging. Positions have become more concentratethin the past, anthe proportion of positions unrperforming their respective instries hincrease Carlucbelieves managers mhave become subjeto two biases: illusion of control anconfirmation bias. Carlucasks Abernathy whsteps he coulrecommento aress the effeof these biases. The fintopic involves a scussion of some high-profile companies threcently releasetheir full-yeearnings results. Exhibit 2 contains market ta anfinanciprojections on three of the stocks scusseGrasmere’s analysts. They are consiring aing one of these stocks to Fun Exhibit 2 Market ta anFinanciProjections of SelecteStocks Question In the analysts’ scussion about FunB’s potentiinvestments, the point this most accurate relates to:A.reorganization opportunities.B.positions in stressecompanies.C.acquisitions in a consoliting instry.SolutionC is correct. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. It choleither long or short positions in the acquiring antarget companies appropriate to proa profitable position. This woultrue even in consoliting instries long it believetha market inefficienexiste A is incorrect. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. Investing in reorganizations requires skill anexpertise but normally involves a long-term investment horizon, whiis inconsistent with FunB’s strategy. B is incorrect. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. A control position in a stressecompany woulnormally involve a long-term investment horizon, whiis inconsistent with FunB’s strategy. 可没讲是不是corporate event

NO.PZ202207040100000303 问题如下 In the analysts’ scussion about FunB’s potentiinvestments, the point this most accurate relates to: A.reorganization opportunities. B.positions in stressecompanies. C.acquisitions in a consoliting instry. SolutionC is correct. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. It choleither long or short positions in the acquiring antarget companies appropriate to proa profitable position. This woultrue even in consoliting instries long it believetha market inefficienexiste A is incorrect. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. Investing in reorganizations requires skill anexpertise but normally involves a long-term investment horizon, whiis inconsistent with FunB’s strategy. B is incorrect. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. A control position in a stressecompany woulnormally involve a long-term investment horizon, whiis inconsistent with FunB’s strategy. 为什么是investing in acquirer呢？从盈利角度来说不应该是投资被收购方，short acquirer吗？

NO.PZ202207040100000303问题如下In the analysts’ scussion about FunB’s potentiinvestments, the point this most accurate relates to:A.reorganization opportunities.B.positions in stressecompanies.C.acquisitions in a consoliting instry.SolutionC is correct. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. It choleither long or short positions in the acquiring antarget companies appropriate to proa profitable position. This woultrue even in consoliting instries long it believetha market inefficienexiste A is incorrect. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. Investing in reorganizations requires skill anexpertise but normally involves a long-term investment horizon, whiis inconsistent with FunB’s strategy. B is incorrect. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. A control position in a stressecompany woulnormally involve a long-term investment horizon, whiis inconsistent with FunB’s strategy. 这个题的考点在哪，到底考什么

NO.PZ202207040100000303 问题如下 Grasmere Asset Management Case ScenarioMorgAbernathy, Nathaniel Granville, anGabriella Carlucare analysts Grasmere Asset Management (Grasmere), investment firm thoffers a versifiemix of actively manageequity anfixeincome investment fun. The firm follows the funmentapproach, using both bottom-up antop-wn investment management strategies. The analysts meet regularly to scuss investment ianrelatetopics.The meeting begins with a scussion of the funmentapproato active equity management strategies. The analysts make the following statements:The approais a subjective investment process thuses scretion in making cisions.The portfolio manager’s selections are baseon termining a security’s exposure to selectevariables thpreits return.The construction of a portfolio is generally ne using a portfolio optimizer, whicontrols risk the portfolio level.The analysts then review Exhibit 1, whiscribes a selection of the Grasmere equity fun.Exhibit 1 Grasmere Equity Fun The analysts ma the following points about the potentiinvestments thFunB might unrtake. The funshoulinteresteininvesting in the shares of a potentiacquirer, even in a consoliting instry;taking a control position in a stressecompany’s shares selling a ep scount to its intrinsic value; ansing its expertise to make long-term investments involving companies in reorganization. Grasmere’s larger fun have himpressive long-term recorcomparewith peers. In more recent times, however, the results have been lagging. Positions have become more concentratethin the past, anthe proportion of positions unrperforming their respective instries hincrease Carlucbelieves managers mhave become subjeto two biases: illusion of control anconfirmation bias. Carlucasks Abernathy whsteps he coulrecommento aress the effeof these biases. The fintopic involves a scussion of some high-profile companies threcently releasetheir full-yeearnings results. Exhibit 2 contains market ta anfinanciprojections on three of the stocks scusseGrasmere’s analysts. They are consiring aing one of these stocks to Fun Exhibit 2 Market ta anFinanciProjections of SelecteStocks Question In the analysts’ scussion about FunB’s potentiinvestments, the point this most accurate relates to: A.reorganization opportunities. B.positions in stressecompanies. C.acquisitions in a consoliting instry. SolutionC is correct. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. It choleither long or short positions in the acquiring antarget companies appropriate to proa profitable position. This woultrue even in consoliting instries long it believetha market inefficienexiste A is incorrect. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. Investing in reorganizations requires skill anexpertise but normally involves a long-term investment horizon, whiis inconsistent with FunB’s strategy. B is incorrect. FunB funseeks to profit from the market inefficiencies thmarise a result of corporate events. A control position in a stressecompany woulnormally involve a long-term investment horizon, whiis inconsistent with FunB’s strategy. 如题