烦请问下老师这么回答可以吗？谢谢老师

回复的可以。但其实只需回复到第一点即可，第二点关于spread要narrow这条可以不说。

问题是：

Discuss which expectation is least likely to be realized regarding adding Brazilian sovereign debt to his portfolio.

即，对于加入巴西的国债，哪个预期是最不可能实现的（least likely to be realized）。

题干提到了加入巴西国债的2个原因，第一个原因是：

当前的spread trading well above their hisotircal average，即spread是远高于历史平均水平的，且他们预测经济会改善，这会导致Yield spread收窄（narror）。

如果是基于这个原因的话，加入巴西债券确实没有问题。可以赚到spread收窄带来的盈利。

注意，这道题是考虑投资海外债券，对于美国的国债而言，巴西国债是存在spread的。所以相当于是预测这个spread会变小，那么买入巴西国债有利。

所以下句答案说，预测巴西经济变好，且预测spread会narrow，这是一个adequate reasons加入巴西国债进入他的portfolio。

Fitzpatrick’s views that the Brazilian economy is improving with spreads above their historical averages and expected to narrow are adequate reasons to add Brazilian sovereign debt exposure to his portfolio.

但因为题目让讨论哪个是least likely实现。所以可以不用回复上句。

题干说加入巴西国债的第二个原因是下句，已经有了Overweight的巴西公司债组合，现在想要加入巴西国债来增加分散化：

Fitzpatrick also expects that adding Brazilian sovereign bonds will provide diversification to those portfolios that are already overweight Brazilian corporate bonds.

这个不对。Emerging markets的国债和公司债之间有较高的correlation，因为国家依赖特定的行业，整个国家的经济相关性比较高，导致债券之间的correlation高。所以加入国债不会提供diversification。

这道题题目问哪个是least likely实现，可以判断是diversification这条。所以只用回复关于diversification不能实现这点即可。

The expectation that adding Brazilian sovereign exposure will provide a diversification benefit to his portfolio is least likely to be realized.

In emerging economies, there are higher correlation between sovereign bonds and corporate bonds than expectation.