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.
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.
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