问一道题：NO.PZ201909280100000802

NO.PZ201909280100000802 问题如下 2 In answering the question raisein Statement 2, Park woulmost likely recommen A.bon. B.hee fun. C.private equities. C is correct. When projecting expectereturns, the orr of returns from highest to lowest is typically regarprivate equities, hee fun, bon. Therefore, the probability of achieving the highest portfolio return while maintaining the funstatus of the plwoulrequire the use of private equities in conjunction with public equities. In aition, private equities have a high/strong potentito fulfill the role of capitgrowth. Fixeincome investments are expecteto have a high/strong potentito fulfill the role of safety.这道题从题干分析，单纯就是让选expectereturn最高的，根据“PE比hee funreturn高”这个结论就能解题。这道题没让考虑versification的问题，题目要求“achieve the greatest probability of maintaining the pension funng status over a long time horizon”，目前funstatus是能够不依靠contribution，支付“a number of years”的pension payments，投资目标是希望可以维持这种状态“over a long time horizon”，因为不依靠contribution，那么就只能依靠投资收益，题干又要求“greatest probability”，PE的expectereturn是最高的，所以选 读题的时候把这句话理解成了，新增的资产不能改变60/40的股债资产配置比例，所以只有hee fun面的long/short 或者 EMN的方式可以保持权益头寸净配置比例不变。但是从解答来看，这部分内容好像没有实际意义麻烦老师解答

NO.PZ201909280100000802 问题如下 2 In answering the question raisein Statement 2, Park woulmost likely recommen A.bon. B.hee fun. C.private equities. C is correct. When projecting expectereturns, the orr of returns from highest to lowest is typically regarprivate equities, hee fun, bon. Therefore, the probability of achieving the highest portfolio return while maintaining the funstatus of the plwoulrequire the use of private equities in conjunction with public equities. In aition, private equities have a high/strong potentito fulfill the role of capitgrowth. Fixeincome investments are expecteto have a high/strong potentito fulfill the role of safety.这道题从题干分析，单纯就是让选expectereturn最高的，根据“PE比hee funreturn高”这个结论就能解题。这道题没让考虑versification的问题，题目要求“achieve the greatest probability of maintaining the pension funng status over a long time horizon”，目前funstatus是能够不依靠contribution，支付“a number of years”的pension payments，投资目标是希望可以维持这种状态“over a long time horizon”，因为不依靠contribution，那么就只能依靠投资收益，题干又要求“greatest probability”，PE的expectereturn是最高的，所以选 为什么maintaining the pension fun是要选收益最大的呢？题目只说维持而已，你投资pe波动更大，也可能会亏损更多啊？这还怎么maintain？难道不应该是选择volatility最小的吗？

NO.PZ201909280100000802问题如下2 In answering the question raisein Statement 2, Park woulmost likely recommenA.bon.B.hee fun.C.private equities. C is correct. When projecting expectereturns, the orr of returns from highest to lowest is typically regarprivate equities, hee fun, bon. Therefore, the probability of achieving the highest portfolio return while maintaining the funstatus of the plwoulrequire the use of private equities in conjunction with public equities. In aition, private equities have a high/strong potentito fulfill the role of capitgrowth. Fixeincome investments are expecteto have a high/strong potentito fulfill the role of safety.这道题从题干分析，单纯就是让选expectereturn最高的，根据“PE比hee funreturn高”这个结论就能解题。这道题没让考虑versification的问题，题目要求“achieve the greatest probability of maintaining the pension funng status over a long time horizon”，目前funstatus是能够不依靠contribution，支付“a number of years”的pension payments，投资目标是希望可以维持这种状态“over a long time horizon”，因为不依靠contribution，那么就只能依靠投资收益，题干又要求“greatest probability”，PE的expectereturn是最高的，所以选在PPT第几页的考点呢

NO.PZ201909280100000802问题如下2 In answering the question raisein Statement 2, Park woulmost likely recommenA.bon.B.hee fun.C.private equities. C is correct. When projecting expectereturns, the orr of returns from highest to lowest is typically regarprivate equities, hee fun, bon. Therefore, the probability of achieving the highest portfolio return while maintaining the funstatus of the plwoulrequire the use of private equities in conjunction with public equities. In aition, private equities have a high/strong potentito fulfill the role of capitgrowth. Fixeincome investments are expecteto have a high/strong potentito fulfill the role of safety.这道题从题干分析，单纯就是让选expectereturn最高的，根据“PE比hee funreturn高”这个结论就能解题。这道题没让考虑versification的问题，题目要求“achieve the greatest probability of maintaining the pension funng status over a long time horizon”，目前funstatus是能够不依靠contribution，支付“a number of years”的pension payments，投资目标是希望可以维持这种状态“over a long time horizon”，因为不依靠contribution，那么就只能依靠投资收益，题干又要求“greatest probability”，PE的expectereturn是最高的，所以选稳定比收益更重要，PE不合适

NO.PZ201909280100000802问题如下 2 In answering the question raisein Statement 2, Park woulmost likely recommenA.bon.B.hee fun.C.private equities. C is correct. When projecting expectereturns, the orr of returns from highest to lowest is typically regarprivate equities, hee fun, bon. Therefore, the probability of achieving the highest portfolio return while maintaining the funstatus of the plwoulrequire the use of private equities in conjunction with public equities. In aition, private equities have a high/strong potentito fulfill the role of capitgrowth. Fixeincome investments are expecteto have a high/strong potentito fulfill the role of safety.这道题从题干分析，单纯就是让选expectereturn最高的，根据“PE比hee funreturn高”这个结论就能解题。这道题没让考虑versification的问题，题目要求“achieve the greatest probability of maintaining the pension funng status over a long time horizon”，目前funstatus是能够不依靠contribution，支付“a number of years”的pension payments，投资目标是希望可以维持这种状态“over a long time horizon”，因为不依靠contribution，那么就只能依靠投资收益，题干又要求“greatest probability”，PE的expectereturn是最高的，所以选如题