问题如下：
Owen and Yang meet with Callie Steven, an upper
level executive with AutoPay, a small but fast growing privately held company.
She has been employed with AutoPay for more than 15 years and as a result, her
holdings in AutoPay are estimated to be more than 30% of her total portfolio.
She believes that over the next several years AutoPay will put together an
initial public offering, resulting in a huge windfall. She states that she has
a significant portion of her portfolio in short-term bonds and money market
funds to offset the risk of her AutoPay shares. Owen points out to Steven that
her current portfolio is subject to mental accounting, is not constructed in
layers, and does not take into consideration covariance between assets.
Is Owen’s comment regarding
Steven’s current portfolio correct?
选项：
A.No, he is incorrect with
regard to portfolio construction
Yes
C.No, he incorrect with regard
to covariance between assets
解释：
A is correct.
Owen’s comment regarding Steven’s current portfolio construction is not correct. Her current portfolio is subject to mental accounting, has been constructed in layers and does not take into consideration covariance between assets.
分层不是按照目标或者收入来源么，这个steven其实并没有按照这两个维度的任意一个做分层啊。或者说这个题就是挑他本身逻辑错误的吧？A又说mental bias又说没分层，所以错了，对吧？但是我觉得确实没有分层唉。
至于相关性，虽然考虑了对冲的，但是对冲的方法不对，不严格，只是凭想象，所以可以说是没考虑相关性，对吧。
