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senyyf · 2025年05月30日

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NO.PZ2023010903000005

问题如下:

Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds:

Note 4 Of the four funds, the Elmer Fund is most likely to appeal to investors who want to minimize fees and believe that the market is efficient.

Note 5 Adding investment-grade bonds to the Elmer Fund will decrease the portfolio’s short-term risk.

Which of the notes regarding the Elmer Fund is correct?

选项:

A.

Only Note 4

B.

Only Note 5

C.

Both Note 4 and Note 5

解释:

For passively managed portfolios, management fees are typically low because of lower direct costs of research and portfolio management relative to actively managed portfolios. Therefore, Note 4 is correct.

Note 5 is incorrect because the predictability of correlations is uncertain.

在短期,无论加入长期债券还是短期债券,都不一定降低风险。

在长期,无论加入长期债券还是短期债券,都可以降低风险。

我看其他老师回答有这个,请问怎么理解啊

1 个答案

笛子_品职助教 · 2025年05月30日

嗨,努力学习的PZer你好:


短期如果发生金融危机,股票和债券的相关性,在金融危机的这段特定时间,会非常高,因此不一定能够带来分散化。

这是书本结论,同学记忆一下。


长期来看,股债之间可以分散风险。

----------------------------------------------
努力的时光都是限量版,加油!

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