NO.PZ201809170400000107
问题如下：
Which of the notes regarding the Elmer Fund is correct?
选项：
A.Only Note 4
B.Only Note 5
C.Both Note 4 and Note 5
解释：
A is correct. For passively managed portfolios, management fees are typically low because of lower direct costs of research and portfolio management relative to actively managed portfolios. Therefore, Note 4 is correct.
Note 5 is incorrect because the predictability of correlations is uncertain.
这题我觉得出的不大好啊？也没讲是金融危机的条件下，如果讲了那肯定是基本所有资产类型的correlation都得上升。
按照另类里学的知识我记得好像是短期diversification加入Bond，长期diversification加入alternative资产，这样分散化才好。 特别是这题讲了降低short term risk，很容易联想到那个知识点。
