NO.PZ202001210200000502
问题如下：
Judge which industry is most attractive from a valuation perspective.
选项：
解释：
Based on the above analysis, the Swiss Healthcare Industry would have the highest expected return. However, that expected return reflects compensation for systematic risk. Based on the data provided we cannot conclude which industry is most attractive from a valuation standpoint.
解析：
根据上述分析，瑞士医疗行业的预期回报率最高。然而，预期收益反映了对系统性风险的补偿。根据所提供的数据，我们无法从估值的角度得出哪个行业最具吸引力的结论。
判断哪个投资更吸引，需要综合从3个角度：
1. 收益
2. CAPM / ST model（系统风险补偿）
3. sharpe ratio（系统+非系统风险）
STmodel只考虑了系统性风险补偿，因此不能作为估值的结论。
