c的解释不是很懂

NO.PZ2022062601000014问题如下 FunA's holngs are approximately 50% publicly traassets an50% investment-gra fixeincome securities, with investors hoping to increase returns approximately 5% within two years. Investment aisor John suggests replacing a portion of investment-gra fixeincome securities with a 25% private equity allocation.When it comes to liquity, John sai If the funincreases the private equity allocation, it is not feasible to rebalanto our mol allocation on annubasis. However, sinthe return on private equity will muhigher ththof the fixeincome securities being replace we shoulable to increase the current expenture rate require If we experieneconomic wnturns , private equity positions will increase our overall liquity, privately helfirms are subjeto fewer market pressures thpublicly traones.”In the scussion of liquity issues, John is likely correct: A.annuportfolio rebalancing.B.maintaining current spenng levels.C.the impaof economic wnturns. A is correct. Private equity requires long-term capitcommitments, anthe withawof these commitments anthe return on investment capitare highly uncertain. In the early stages of the investment cycle, the generpartner only calls a portion of the committecapital, anthe timing of future calls is uncertain. In the later stages of the investment cycle, the timing for the funto sell investments anreturn capitto investors is uncertain. The investment itself hpoor liquity (it is fficult to sell in the seconry market); Therefore, rebalancing to annumol allocation is not feasible.B is not correct. In the early stages of the private equity investment cycle, committecapitwill helin relatively liquiassets with lower expectereturns to funcapitawwns thhave uncertain timing. In aition, early investment returns are minimal, especially in venture capitinvestments in private equity. In aition, binvestments often fail earlier thgooinvestments. Overall, private equity is subjethe J-curve, with lower or even negative early returns anhigher later returns. Therefore, the overall return rate of the investment portfolio will lower in the early stages, anaccorng to current expenture rules, it will rethe available expenses of the enwment funanmake it fficult to increase the expenture rate within two years.C is incorrect. ring economic wnturns, the manfor new private equity fun capitmaccelerate, pressemarket prices create gooinvestment opportunities precisely when the value of public assets in portfolios is low. This mrequire selling portfolio assets with negative returns to raise fun, or abanning investments in private equity in the event of a complete loss. In aition, in economic wntown, the generpartners of more mature private equity fun will extenthe life of the fun avoiselling their shares low prices, anthus rethe expectecash flow of the investment portfolio.知识点考察Preparing for the Unexpecte是正确的。私募股权需要长期的资本承诺，该承诺的提取和投资资本的回报非常不确定。在投资周期的早期，普通合伙人只会调用一部分承诺资本，未来调用的时间不确定。在投资周期的后期，基金出售投资和向投资者返还资本的时间是不确定的。投资本身流动性很差（很难在二级市场上出售）；作为private equity，是非上市公司股权，流动性极差，所以定期做rebalancing是不现实的。所以A正确。B不正确。在私募股权投资周期的早期，承诺资本将以流动性相对较低的资产持有，以资助时间不确定的资本提取。此外，早期投资回报甚微，尤其是在私募股权的风险投资方面。此外，糟糕的投资往往比好的投资更早失败。总体而言，私募股权受制于J曲线，早期回报率较低甚至为负，后期回报率较高。因此，投资组合的总体回报率在早期会较低，根据目前的支出规则，会减少基金的可用支出，并使两年内难以提高支出率。C不正确。在经济低迷时期，资本对新私募股权基金的需求可能会加速，因为低迷的市场价格恰恰在组合的公共资产价值低迷时产生了良好的投资机会。这可能需要以负回报出售投资组合资产来筹集资金，或者在完全亏损的情况下放弃对私募股权的投资。此外，在经济中心，更成熟的私募股权基金的普通合伙人将延长基金的寿命，避免以低迷的价格出售所持股份，从而减少捐赠投资组合预期的现金流。 麻烦帮忙翻译一下最后一句关于经济下行的那句话，谢谢。没太看懂。最后的结论是，经济下行，所以PE的产品更加抢手所以流动性更好？然后LP和GP反而没钱，他们的流动性又不好？这前后是啥逻辑？

NO.PZ2022062601000014问题如下 FunA's holngs are approximately 50% publicly traassets an50% investment-gra fixeincome securities, with investors hoping to increase returns approximately 5% within two years. Investment aisor John suggests replacing a portion of investment-gra fixeincome securities with a 25% private equity allocation.When it comes to liquity, John sai If the funincreases the private equity allocation, it is not feasible to rebalanto our mol allocation on annubasis. However, sinthe return on private equity will muhigher ththof the fixeincome securities being replace we shoulable to increase the current expenture rate require If we experieneconomic wnturns , private equity positions will increase our overall liquity, privately helfirms are subjeto fewer market pressures thpublicly traones.”In the scussion of liquity issues, John is likely correct: A.annuportfolio rebalancing.B.maintaining current spenng levels.C.the impaof economic wnturns. A is correct. Private equity requires long-term capitcommitments, anthe withawof these commitments anthe return on investment capitare highly uncertain. In the early stages of the investment cycle, the generpartner only calls a portion of the committecapital, anthe timing of future calls is uncertain. In the later stages of the investment cycle, the timing for the funto sell investments anreturn capitto investors is uncertain. The investment itself hpoor liquity (it is fficult to sell in the seconry market); Therefore, rebalancing to annumol allocation is not feasible.B is not correct. In the early stages of the private equity investment cycle, committecapitwill helin relatively liquiassets with lower expectereturns to funcapitawwns thhave uncertain timing. In aition, early investment returns are minimal, especially in venture capitinvestments in private equity. In aition, binvestments often fail earlier thgooinvestments. Overall, private equity is subjethe J-curve, with lower or even negative early returns anhigher later returns. Therefore, the overall return rate of the investment portfolio will lower in the early stages, anaccorng to current expenture rules, it will rethe available expenses of the enwment funanmake it fficult to increase the expenture rate within two years.C is incorrect. ring economic wnturns, the manfor new private equity fun capitmaccelerate, pressemarket prices create gooinvestment opportunities precisely when the value of public assets in portfolios is low. This mrequire selling portfolio assets with negative returns to raise fun, or abanning investments in private equity in the event of a complete loss. In aition, in economic wntown, the generpartners of more mature private equity fun will extenthe life of the fun avoiselling their shares low prices, anthus rethe expectecash flow of the investment portfolio.知识点考察Preparing for the Unexpecte是正确的。私募股权需要长期的资本承诺，该承诺的提取和投资资本的回报非常不确定。在投资周期的早期，普通合伙人只会调用一部分承诺资本，未来调用的时间不确定。在投资周期的后期，基金出售投资和向投资者返还资本的时间是不确定的。投资本身流动性很差（很难在二级市场上出售）；作为private equity，是非上市公司股权，流动性极差，所以定期做rebalancing是不现实的。所以A正确。B不正确。在私募股权投资周期的早期，承诺资本将以流动性相对较低的资产持有，以资助时间不确定的资本提取。此外，早期投资回报甚微，尤其是在私募股权的风险投资方面。此外，糟糕的投资往往比好的投资更早失败。总体而言，私募股权受制于J曲线，早期回报率较低甚至为负，后期回报率较高。因此，投资组合的总体回报率在早期会较低，根据目前的支出规则，会减少基金的可用支出，并使两年内难以提高支出率。C不正确。在经济低迷时期，资本对新私募股权基金的需求可能会加速，因为低迷的市场价格恰恰在组合的公共资产价值低迷时产生了良好的投资机会。这可能需要以负回报出售投资组合资产来筹集资金，或者在完全亏损的情况下放弃对私募股权的投资。此外，在经济中心，更成熟的私募股权基金的普通合伙人将延长基金的寿命，避免以低迷的价格出售所持股份，从而减少捐赠投资组合预期的现金流。 没看懂前面的，最早的一个问题是问是不是在经济差的时候liquity会变好，助教回答是对的，但是在后面几个问题里又说GP和LP的流动性都不好。到底哪个是对的？这个科目里的中文答案解析不知道是不是用软件翻译的，很难读，要一个个看有问必答，但还是有很多觉得疑惑的回答。

NO.PZ2022062601000014 问题如下 FunA's holngs are approximately 50% publicly traassets an50% investment-gra fixeincome securities, with investors hoping to increase returns approximately 5% within two years. Investment aisor John suggests replacing a portion of investment-gra fixeincome securities with a 25% private equity allocation.When it comes to liquity, John sai If the funincreases the private equity allocation, it is not feasible to rebalanto our mol allocation on annubasis. However, sinthe return on private equity will muhigher ththof the fixeincome securities being replace we shoulable to increase the current expenture rate require If we experieneconomic wnturns , private equity positions will increase our overall liquity, privately helfirms are subjeto fewer market pressures thpublicly traones.”In the scussion of liquity issues, John is likely correct: A.annuportfolio rebalancing. B.maintaining current spenng levels. C.the impaof economic wnturns. A is correct. Private equity requires long-term capitcommitments, anthe withawof these commitments anthe return on investment capitare highly uncertain. In the early stages of the investment cycle, the generpartner only calls a portion of the committecapital, anthe timing of future calls is uncertain. In the later stages of the investment cycle, the timing for the funto sell investments anreturn capitto investors is uncertain. The investment itself hpoor liquity (it is fficult to sell in the seconry market); Therefore, rebalancing to annumol allocation is not feasible.B is not correct. In the early stages of the private equity investment cycle, committecapitwill helin relatively liquiassets with lower expectereturns to funcapitawwns thhave uncertain timing. In aition, early investment returns are minimal, especially in venture capitinvestments in private equity. In aition, binvestments often fail earlier thgooinvestments. Overall, private equity is subjethe J-curve, with lower or even negative early returns anhigher later returns. Therefore, the overall return rate of the investment portfolio will lower in the early stages, anaccorng to current expenture rules, it will rethe available expenses of the enwment funanmake it fficult to increase the expenture rate within two years.C is incorrect. ring economic wnturns, the manfor new private equity fun capitmaccelerate, pressemarket prices create gooinvestment opportunities precisely when the value of public assets in portfolios is low. This mrequire selling portfolio assets with negative returns to raise fun, or abanning investments in private equity in the event of a complete loss. In aition, in economic wntown, the generpartners of more mature private equity fun will extenthe life of the fun avoiselling their shares low prices, anthus rethe expectecash flow of the investment portfolio.知识点考察Preparing for the Unexpecte是正确的。私募股权需要长期的资本承诺，该承诺的提取和投资资本的回报非常不确定。在投资周期的早期，普通合伙人只会调用一部分承诺资本，未来调用的时间不确定。在投资周期的后期，基金出售投资和向投资者返还资本的时间是不确定的。投资本身流动性很差（很难在二级市场上出售）；作为private equity，是非上市公司股权，流动性极差，所以定期做rebalancing是不现实的。所以A正确。B不正确。在私募股权投资周期的早期，承诺资本将以流动性相对较低的资产持有，以资助时间不确定的资本提取。此外，早期投资回报甚微，尤其是在私募股权的风险投资方面。此外，糟糕的投资往往比好的投资更早失败。总体而言，私募股权受制于J曲线，早期回报率较低甚至为负，后期回报率较高。因此，投资组合的总体回报率在早期会较低，根据目前的支出规则，会减少基金的可用支出，并使两年内难以提高支出率。C不正确。在经济低迷时期，资本对新私募股权基金的需求可能会加速，因为低迷的市场价格恰恰在组合的公共资产价值低迷时产生了良好的投资机会。这可能需要以负回报出售投资组合资产来筹集资金，或者在完全亏损的情况下放弃对私募股权的投资。此外，在经济中心，更成熟的私募股权基金的普通合伙人将延长基金的寿命，避免以低迷的价格出售所持股份，从而减少捐赠投资组合预期的现金流。 老师 能下B吗

NO.PZ2022062601000014问题如下 FunA's holngs are approximately 50% publicly traassets an50% investment-gra fixeincome securities, with investors hoping to increase returns approximately 5% within two years. Investment aisor John suggests replacing a portion of investment-gra fixeincome securities with a 25% private equity allocation.When it comes to liquity, John sai If the funincreases the private equity allocation, it is not feasible to rebalanto our mol allocation on annubasis. However, sinthe return on private equity will muhigher ththof the fixeincome securities being replace we shoulable to increase the current expenture rate require If we experieneconomic wnturns , private equity positions will increase our overall liquity, privately helfirms are subjeto fewer market pressures thpublicly traones.”In the scussion of liquity issues, John is likely correct: A.annuportfolio rebalancing.B.maintaining current spenng levels.C.the impaof economic wnturns. A is correct. Private equity requires long-term capitcommitments, anthe withawof these commitments anthe return on investment capitare highly uncertain. In the early stages of the investment cycle, the generpartner only calls a portion of the committecapital, anthe timing of future calls is uncertain. In the later stages of the investment cycle, the timing for the funto sell investments anreturn capitto investors is uncertain. The investment itself hpoor liquity (it is fficult to sell in the seconry market); Therefore, rebalancing to annumol allocation is not feasible.B is not correct. In the early stages of the private equity investment cycle, committecapitwill helin relatively liquiassets with lower expectereturns to funcapitawwns thhave uncertain timing. In aition, early investment returns are minimal, especially in venture capitinvestments in private equity. In aition, binvestments often fail earlier thgooinvestments. Overall, private equity is subjethe J-curve, with lower or even negative early returns anhigher later returns. Therefore, the overall return rate of the investment portfolio will lower in the early stages, anaccorng to current expenture rules, it will rethe available expenses of the enwment funanmake it fficult to increase the expenture rate within two years.C is incorrect. ring economic wnturns, the manfor new private equity fun capitmaccelerate, pressemarket prices create gooinvestment opportunities precisely when the value of public assets in portfolios is low. This mrequire selling portfolio assets with negative returns to raise fun, or abanning investments in private equity in the event of a complete loss. In aition, in economic wntown, the generpartners of more mature private equity fun will extenthe life of the fun avoiselling their shares low prices, anthus rethe expectecash flow of the investment portfolio.知识点考察Preparing for the Unexpecte是正确的。私募股权需要长期的资本承诺，该承诺的提取和投资资本的回报非常不确定。在投资周期的早期，普通合伙人只会调用一部分承诺资本，未来调用的时间不确定。在投资周期的后期，基金出售投资和向投资者返还资本的时间是不确定的。投资本身流动性很差（很难在二级市场上出售）；作为private equity，是非上市公司股权，流动性极差，所以定期做rebalancing是不现实的。所以A正确。B不正确。在私募股权投资周期的早期，承诺资本将以流动性相对较低的资产持有，以资助时间不确定的资本提取。此外，早期投资回报甚微，尤其是在私募股权的风险投资方面。此外，糟糕的投资往往比好的投资更早失败。总体而言，私募股权受制于J曲线，早期回报率较低甚至为负，后期回报率较高。因此，投资组合的总体回报率在早期会较低，根据目前的支出规则，会减少基金的可用支出，并使两年内难以提高支出率。C不正确。在经济低迷时期，资本对新私募股权基金的需求可能会加速，因为低迷的市场价格恰恰在组合的公共资产价值低迷时产生了良好的投资机会。这可能需要以负回报出售投资组合资产来筹集资金，或者在完全亏损的情况下放弃对私募股权的投资。此外，在经济中心，更成熟的私募股权基金的普通合伙人将延长基金的寿命，避免以低迷的价格出售所持股份，从而减少捐赠投资组合预期的现金流。 c的完全看不懂，感情前后矛盾，能不能详细一下