问一道题：NO.PZ201601050100000203

NO.PZ201601050100000203 问题如下 3. Baseon Ostermann‘s views regarng active currenmanagement, the percentage of currenexposure in her scretionary accounts this heeis most likely: A.0%. B.50%. C.100%. A is correct.Guten believes that, e to efficient currenmarkets, there shoulnot any long-run gains for speculating (or active management) in currencies, especially after netting out management antransaction costs. Therefore, both currenheing anactively trang currencies represent a cost to the portfolio with little prospeof consistently positive active returns. Given a long investment horizon anfew immeate liquity nee, Guten is most likely to choose to forgo currenheing anits associatecosts.B anC are incorrebecause given a long investment horizon anlittle immeate liquity nee, Guten is most likely to choose to forgo currenheing anits associatecosts. Guten believes the to efficient currenmarkets there shoulnot any long-run gains when speculating in currencies, especially after netting out management antransaction costs.中文解析根据题干信息可知，奥斯特曼认为，外汇市场是有效的，长期的积极的货币管理不可能带来收益的，尤其是在扣除了管理和交易成本之后。因此在这种情况下，不需要采取任何策略，hee 比例为0% 老师，我有点混了。hee不一定就是passive managment吧，是不是active managment也可以hee

NO.PZ201601050100000203 问题如下 3. Baseon Ostermann‘s views regarng active currenmanagement, the percentage of currenexposure in her scretionary accounts this heeis most likely: A.0%. B.50%. C.100%. A is correct.Guten believes that, e to efficient currenmarkets, there shoulnot any long-run gains for speculating (or active management) in currencies, especially after netting out management antransaction costs. Therefore, both currenheing anactively trang currencies represent a cost to the portfolio with little prospeof consistently positive active returns. Given a long investment horizon anfew immeate liquity nee, Guten is most likely to choose to forgo currenheing anits associatecosts.B anC are incorrebecause given a long investment horizon anlittle immeate liquity nee, Guten is most likely to choose to forgo currenheing anits associatecosts. Guten believes the to efficient currenmarkets there shoulnot any long-run gains when speculating in currencies, especially after netting out management antransaction costs.中文解析根据题干信息可知，奥斯特曼认为，外汇市场是有效的，长期的积极的货币管理不可能带来收益的，尤其是在扣除了管理和交易成本之后。因此在这种情况下，不需要采取任何策略，hee 比例为0% 有点糊涂，外汇管理四大strategy的Passive，不是说100%对冲吗？为何这里是不对冲？？

NO.PZ201601050100000203 问题如下 3. Baseon Ostermann‘s views regarng active currenmanagement, the percentage of currenexposure in her scretionary accounts this heeis most likely: A.0%. B.50%. C.100%. A is correct.Guten believes that, e to efficient currenmarkets, there shoulnot any long-run gains for speculating (or active management) in currencies, especially after netting out management antransaction costs. Therefore, both currenheing anactively trang currencies represent a cost to the portfolio with little prospeof consistently positive active returns. Given a long investment horizon anfew immeate liquity nee, Guten is most likely to choose to forgo currenheing anits associatecosts.B anC are incorrebecause given a long investment horizon anlittle immeate liquity nee, Guten is most likely to choose to forgo currenheing anits associatecosts. Guten believes the to efficient currenmarkets there shoulnot any long-run gains when speculating in currencies, especially after netting out management antransaction costs.中文解析根据题干信息可知，奥斯特曼认为，外汇市场是有效的，长期的积极的货币管理不可能带来收益的，尤其是在扣除了管理和交易成本之后。因此在这种情况下，不需要采取任何策略，hee 比例为0% 长期达到均衡水平的话，不可能通过active的管理来获得超额回报，那不就该完全hee掉，类似passive的管理吗这个问题我还是没想明白，老师能通过使用forwar行hee的方法来帮我分析一下吗？

NO.PZ201601050100000203 50%. 100%. A is correct. Guten believes that, e to efficient currenmarkets, there shoulnot any long-run gains for speculating (or active management) in currencies, especially after netting out management antransaction costs. Therefore, both currenheing anactively trang currencies represent a cost to the portfolio with little prospeof consistently positive active returns. Given a long investment horizon anfew immeate liquity nee, Guten is most likely to choose to forgo currenheing anits associatecosts. B anC are incorrebecause given a long investment horizon anlittle immeate liquity nee, Guten is most likely to choose to forgo currenheing anits associatecosts. Guten believes the to efficient currenmarkets there shoulnot any long-run gains when speculating in currencies, especially after netting out management antransaction costs.请问老师关于这道题因为觉得市场是有效的，考虑到对冲的成本之后不对冲，所以外汇敞口不应该是百分之百吗？