NO.PZ2019122802000007
问题如下：
Current macroeconomic environment could lead to a bear market within a few years. Which of the following could be the potential impact on liquidity
planning associated with the actions of the fund’s general partners in
the forecasted environment?
选项：
A.
call capital at a slower pace.
B.
make distributions at a faster pace.
C.
exercise an option to extend the life of the fund.
解释：
C is correct.
The current macroeconomic environment could lead to a bear market within a few years. Liquidity planning should take into account that under a scenario in which public equities and fixed-income investments are expected to perform poorly, general partners may exercise an option to extend the life of the fund.
这是原版书的一个结论：
这是实证研究的一个结论
主要是因为在熊市时大概率暂时是亏损，这个时候如果进行分配的话，岂不是啪啪打基金的脸，而且熊市的时候是危机，既是“危”又是“机”，所以能在熊市中活下来的资产大概率是好资产，而且去掉了泡沫，投资是正当时机，此时恰是最需要资金的时候，重新投资。而资产回归价值可能需要一段时间（即从熊市走到牛市的顶点），所以要延长投资期。
A选项为什么是faster，经济不好，不应该是没什么好项目可投，投资速度下降啊。
C选项，我理解是，因为经济不景气，distribution可能变慢，相当于项目展期了，这样理解对吗？
