嗨，从没放弃的小努力你好：
同学，你好。
Relative to institutional investors, retail investors’ share of sustainable investing assets has: (课后题#15)
A. Decreased.
B. Remained the same.
C. Increased.
Correct Answer: C
C is correct. Although institutional investors tend to dominate the financial market, interest by retail investors in responsible investing has been steadily growing: In 2012, institutional investors held 89% of assets compared with 11% held by retail investors. In 2018, the retail portion had grown to one quarter.
How has the adoption of ESG investing by retail investors compared to institutional investors? (课后题#27)
A. It has been slower.
B. It has been faster.
C. It has been at the same pace.
Correct Answer: A
A is correct. The adoption of ESG investing by retail investors has generally been slower than for institutional investors. In the United States, only a small fraction of total assets invested had gone to those referencing ESG considerations.
这个问题很有代表性，很多同学会觉得“课后题15”和“课后题27”说的是同一件事：零售投资者在ESG投资中的比例在上升，为什么一个说“Increased”，一个却说“slower”？我们来深入分析一下，两题其实考察的是两个不同的角度：
课后题#15 关注的是 “相对比例的变化”
题干关键词： Relative to institutional investors, retail investors’ share of sustainable investing assets has…
- 选项C解释： Retail investors 的占比上升了，从2012年11% → 2018年25%。
- 考察重点： 市场份额的相对变化 —— 哪一方的“蛋糕占比”变多了。
理解方式：就像过去的“蛋糕”几乎都被机构吃了，现在零售投资者分到的“蛋糕比例”明显变大了。虽然总体还是机构占大头，但零售的“份额”增加了。
课后题#27 关注的是 “采纳ESG的速度”
题干关键词： How has the adoption of ESG investing by retail investors compared to institutional investors?
- 选项A解释： 相较而言，零售投资者采纳ESG的速度更慢。
- 考察重点： 采纳或转型ESG投资的“速度快慢”，不是看份额比例，而是看“谁转得快”。
理解方式：虽然零售投资者现在占比变多了（也就是前一道题说的），但这个“份额的上升”是慢慢发生的 —— 比机构更“慢半拍”。
总结一句话记忆：
- #15是看“占比”→ Increased
- #27是看“速度”→ Slower
两者可以同时成立，并不矛盾。只是关注角度不同。
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努力的时光都是限量版，加油！
