问题如下：
Analysts make two conclusions about active portfolio management:
Conclusion one: The active return is equals to the portfolio’s return minus the benchmark portfolio’s return, which is not the same as alpha.
Conclusion two: The active weights are equals to the portfolio’s weights minus the benchmark’s weights.
Which of the following statement is most correct?
选项： Conclusion one is correct.
Both conclusions are correct.
C.Conclusion two is correct.
解释：
B is correct.
考点：value added 的定义
解析：第一个结论是考察active return和alpha的区别，
active return(value added)=RP-RB
alpha(risk-adjust calculation of value added)= R P – β P × R B
所以第一个结论是正确的。
第二个结论是考察active weight的定义，就是Wp-Wb. 所以也是正确的。
active weights 不是加在一起等于零吗？
