NO.PZ202110280100000301
问题如下：
Identify one difference between the trading features of Valley Ranch and North Circle, as noted by Sailors, for each trade strategy selection criterion.
选项：
解释：
Order Characteristics: Key differences include: (i) the sizes of the orders, with larger orders at North Circle; and (ii) the side of the orders, with North Circle skewing more toward buy orders.
Security Characteristics: Key differences include: (i) security type, with North Circle trading only equities; (ii) short-term alpha focus, with more focus on short-term price movements at Valley Ranch; and (iii) security liquidity, with North Circle buying non-listed securities.
Market Conditions: While both North Circle and Valley Ranch are impacted by market conditions overall, North Circle’s investments in non-listed securities are more likely to have a greater potential exposure to adverse market liquidity conditions.
Individual Risk Aversion: The portfolio managers at North Circle and Valley Ranch have different aversions to risk, with North Circle’s managers having lower risk aversion than the Valley Ranch managers.
关于Market condition，我的回答角度是从Bid/Ask spread 角度：细节如下，老师麻烦看下是否可以
Marcke conditions: the Bid and Ask spreads: VRP is moderate to wide and NCA is very wide.
This means the stock in VRP has relative high liquidity than NCA as NCA has a wide B/A spread.
貌似和答案不太一样，我的回答可以吗
