NO.PZ2021102801000014
问题如下：
Brickridge Investment Consultants meets weekly to review the positives and negatives of investment managers being considered for client portfolios. In the latest meeting, analyst Brad Moore discusses investment manager Lyon Management (Lyon). His indepth analysis of one of Lyon’s investment strategies includes the following summary details:
Detail 1: Long and short positions are paired.
Detail 2: Investment strategy relies on unique information.
Detail 3: AUM connected with the strategy have grown substantially, while the number and characteristics of positions have stayed the same.
Asked about Lyon’s regulatory context, Moore states, “The regulatory environment is strong and seeks to decrease information symmetries.”
Identify whether each detail from Moore’s summary is most likely a benefit or a drawback of the strategy. Justify your selection.
选项：
解释：
Detail 1 is a benefit, long and short positions are paired can capture aplha when they converage to historical average price.The pair posistion can reduce risk.
Detail 2 is a drawback .When the regulatory environment is strong, it's hard to get unique information.
Detail 3 is a drawback.AUM connected with the strategy have grown substantially,you need to adjust the number and characteristics of positions to suit for the new AUM.
奇奇怪怪的题，奇奇怪怪的硬写
