NO.PZ2018091702000039
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.
这道题解析中最后一句does not take into consideration covariance between assets不考虑资产之间的相关性（协方差） 。
我的理解是只有站在整个组合的角度去做资产配置才需要考虑资产之间的相关性，而在BPT/mental accounting /pyramid的理论当中做投资组合，只需要layer，不需要考虑资产或者资产层级之间的相关性。
这么理解对吗？.
