T为何正确？

NO.PZ2022122801000009问题如下 Fox is in the process ofhiring asset allocation analyst anhjust completeinterviewing twocantes, Ambrose Kelly anCatherine Trainor, for the position.Fox mentionetothe cantes thwhen aling with strategic asset allocation, investorsoften hfficulty unrstanng the relevant characteristiof asset classes.They responŸ Kelly: I like to stress toclients thasset classes shoulhave high within-group correlations but lowcorrelations with other classes. In aition, because investors neetorebalanto a strategic asset allocation, asset classes neeto have bothsufficient liquity anlow transaction costs.Ÿ Trainor: It is important thatasset classes shoulversifying. I always look for low pairwisecorrelations with other asset classes.In the cantes’responses to Fox regarng the relevant characteristiof asset classes, thestatement this least accurate is: （2018 MoAM） Kelly’s regarng correlations.B.Trainor’s.C.Kelly’s regarng rebalancing. B is correct. Although Trainor is correthasset classes shoulversifying, low pairwise correlations with other asset classes is not sufficient. asset class mhighly correlatewith some linecombination of the other asset classes even when pairwise correlations are not high. Both of Kelly’s comments are correct: Asset classes shoulhave high within-group correlations but low correlations with other classes. If liquity antransaction costs are unfavorable for investment of a size meaningful for investor, asset class mnot a suitable investment for thinvestor.A is incorrect. Kelly’s first comment is correabout both the within-group anbetween class correlations.C is incorrect. Kelly’s seconcomment is correct. The criteria thhe is referring to is thasset classes shoulhave the capacity to absorb a meaningful proportion of investor’s portfolio. He is correin saying thif liquity antransaction costs are unfavorable for investment of a size meaningful for investor, asset class mnot a suitable investment for the investor. 我理解T的statement考了很偏的知识点pair wise correlation 但是题目中并没有说“只”考虑 pair wise correlation相比之下，Kelly 的statement 更不正确，即便是为了rebalanto SAA，也不能要求所有产品都有gooliquity；有的产品本身就是为了liquity premium拿excess return用的，所以如果出现了不好的liquity不应该直接放弃，而是应该扩大liquity range 综合考虑

NO.PZ2022122801000009问题如下 Fox is in the process ofhiring asset allocation analyst anhjust completeinterviewing twocantes, Ambrose Kelly anCatherine Trainor, for the position.Fox mentionetothe cantes thwhen aling with strategic asset allocation, investorsoften hfficulty unrstanng the relevant characteristiof asset classes.They responŸ Kelly: I like to stress toclients thasset classes shoulhave high within-group correlations but lowcorrelations with other classes. In aition, because investors neetorebalanto a strategic asset allocation, asset classes neeto have bothsufficient liquity anlow transaction costs.Ÿ Trainor: It is important thatasset classes shoulversifying. I always look for low pairwisecorrelations with other asset classes.In the cantes’responses to Fox regarng the relevant characteristiof asset classes, thestatement this least accurate is: （2018 MoAM） Kelly’s regarng correlations.B.Trainor’s.C.Kelly’s regarng rebalancing. B is correct. Although Trainor is correthasset classes shoulversifying, low pairwise correlations with other asset classes is not sufficient. asset class mhighly correlatewith some linecombination of the other asset classes even when pairwise correlations are not high. Both of Kelly’s comments are correct: Asset classes shoulhave high within-group correlations but low correlations with other classes. If liquity antransaction costs are unfavorable for investment of a size meaningful for investor, asset class mnot a suitable investment for thinvestor.A is incorrect. Kelly’s first comment is correabout both the within-group anbetween class correlations.C is incorrect. Kelly’s seconcomment is correct. The criteria thhe is referring to is thasset classes shoulhave the capacity to absorb a meaningful proportion of investor’s portfolio. He is correin saying thif liquity antransaction costs are unfavorable for investment of a size meaningful for investor, asset class mnot a suitable investment for the investor. 流动性不好就不能投了么？

NO.PZ2022122801000009 问题如下 Fox is in the process ofhiring asset allocation analyst anhjust completeinterviewing twocantes, Ambrose Kelly anCatherine Trainor, for the position.Fox mentionetothe cantes thwhen aling with strategic asset allocation, investorsoften hfficulty unrstanng the relevant characteristiof asset classes.They responŸ Kelly: I like to stress toclients thasset classes shoulhave high within-group correlations but lowcorrelations with other classes. In aition, because investors neetorebalanto a strategic asset allocation, asset classes neeto have bothsufficient liquity anlow transaction costs.Ÿ Trainor: It is important thatasset classes shoulversifying. I always look for low pairwisecorrelations with other asset classes.In the cantes’responses to Fox regarng the relevant characteristiof asset classes, thestatement this least accurate is: （2018 MoAM） Kelly’s regarng correlations. B.Trainor’s. C.Kelly’s regarng rebalancing. B is correct. Although Trainor is correthasset classes shoulversifying, low pairwise correlations with other asset classes is not sufficient. asset class mhighly correlatewith some linecombination of the other asset classes even when pairwise correlations are not high. Both of Kelly’s comments are correct: Asset classes shoulhave high within-group correlations but low correlations with other classes. If liquity antransaction costs are unfavorable for investment of a size meaningful for investor, asset class mnot a suitable investment for thinvestor.A is incorrect. Kelly’s first comment is correabout both the within-group anbetween class correlations.C is incorrect. Kelly’s seconcomment is correct. The criteria thhe is referring to is thasset classes shoulhave the capacity to absorb a meaningful proportion of investor’s portfolio. He is correin saying thif liquity antransaction costs are unfavorable for investment of a size meaningful for investor, asset class mnot a suitable investment for the investor. 如题

NO.PZ2022122801000009问题如下 Fox is in the process ofhiring asset allocation analyst anhjust completeinterviewing twocantes, Ambrose Kelly anCatherine Trainor, for the position.Fox mentionetothe cantes thwhen aling with strategic asset allocation, investorsoften hfficulty unrstanng the relevant characteristiof asset classes.They responŸ Kelly: I like to stress toclients thasset classes shoulhave high within-group correlations but lowcorrelations with other classes. In aition, because investors neetorebalanto a strategic asset allocation, asset classes neeto have bothsufficient liquity anlow transaction costs.Ÿ Trainor: It is important thatasset classes shoulversifying. I always look for low pairwisecorrelations with other asset classes.In the cantes’responses to Fox regarng the relevant characteristiof asset classes, thestatement this least accurate is: （2018 MoAM） Kelly’s regarng correlations.B.Trainor’s.C.Kelly’s regarng rebalancing. B is correct. Although Trainor is correthasset classes shoulversifying, low pairwise correlations with other asset classes is not sufficient. asset class mhighly correlatewith some linecombination of the other asset classes even when pairwise correlations are not high. Both of Kelly’s comments are correct: Asset classes shoulhave high within-group correlations but low correlations with other classes. If liquity antransaction costs are unfavorable for investment of a size meaningful for investor, asset class mnot a suitable investment for thinvestor.A is incorrect. Kelly’s first comment is correabout both the within-group anbetween class correlations.C is incorrect. Kelly’s seconcomment is correct. The criteria thhe is referring to is thasset classes shoulhave the capacity to absorb a meaningful proportion of investor’s portfolio. He is correin saying thif liquity antransaction costs are unfavorable for investment of a size meaningful for investor, asset class mnot a suitable investment for the investor. 流动性低和成本高就不投了吗？如果客户偏好一些资产呢，例如实体性房地产，A这个说法有点绝对