为什么另类投资透明度应该低？

问题如下：

High net worth investor Zhou and his investment advisor Jesse discussed shifting parts of his portfolio into alternative investments, Jesse said, For foundations, it is particularly important for me to seek managers who are completely transparent about their holdings and strategies, so that the foundation's investment committee can best understand the risk and return characteristics of the entire investment portfolio. In addition, as the current investment portfolio is suitable for investors who believe in the effectiveness of financial markets, it is important for the investment committee and me to identify markets that we believe are not completely effective and match those views to alternative investment products and strategies that are most likely to benefit from those perceived inefficiencies."

May Jesse's response to transparency and market efficiency be correct?

选项：

A.

Yes, it is correct.

B.

No, it is incorrect with regard to transparency.

C.

No, it is incorrect with regard to market efficiency.

解释：

B is correct. The statement about transparency is incorrect. Investors in alternative investments, such as private equity, direct real estate, and hedge funds, should not expect transparency in their holdings or strategies; On the contrary, investors in these asset classes must be satisfied with a lack of transparency in specific strategies and a “blind pool” of assets. If complete transparency is desired or required, alternative investments will not be appropriate.

A is incorrect. The statement about transparency is incorrect.

C is incorrect. The statement about market efficiency is correct. Many alternative investment asset classes, including private equity, direct real estate, and many hedge fund strategies, are predicated on the notion that markets are inefficient in specific ways. When making a shift, Zhou and Jesse must identify specific markets that they believe are inefficient and invest in alternative investment products and strategies that are most likely to utilize these specific inefficiencies.

知识点考察：Suitability Considerations

B是正确的。关于透明度的说法是错误的。另类投资的投资者，如私募股权、直接房地产和对冲基金，不应期望持股或策略的透明度；相反，这些资产类别的投资者必须对特定策略缺乏透明度和资产“盲池”能够接受。如果希望或要求完全透明，另类投资将不合适。

A不正确。关于透明度的说法是错误的。

C不正确。关于市场效率的说法是正确的。许多另类投资资产类别，包括私募股权、直接房地产和许多对冲基金策略，都是基于市场在特定方面效率低下的概念。在做出转变时，周和杰西必须确定他们认为效率低下的特定市场，并投资于最有可能利用这些特定低效率的另类投资产品和策略。