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.
North Circle’s managers having lower risk aversion ，这个是哪里可以看出来？