NO.PZ202207040100000303
问题如下:
In the analysts’ discussion about Fund B’s potential investments, the point that is most accurate relates to:
选项:
A.reorganization opportunities.
B.positions in distressed companies.
C.acquisitions in a consolidating industry.
解释:
SolutionC is correct. Fund B fund seeks to profit from the market inefficiencies that may arise as a result of corporate events. It can hold either long or short positions in the acquiring and target companies as appropriate to produce a profitable position. This would be true even in consolidating industries as long as it believed that a market inefficiency existed.
A is incorrect. Fund B fund seeks to profit from the market inefficiencies that may arise as a result of corporate events. Investing in reorganizations requires skill and expertise but normally involves a long-term investment horizon, which is inconsistent with Fund B’s strategy.
B is incorrect. Fund B fund seeks to profit from the market inefficiencies that may arise as a result of corporate events. A control position in a distressed company would normally involve a long-term investment horizon, which is inconsistent with Fund B’s strategy.
想明确一下,在学习bottom-up里special situations这种投资方式时,默认这种投资是短期投资是吗?同样,deep value和restructure and distressed investing这两种投资方式都是长期的,是吗?所以fund B描绘special situations的方式,就不能选择long term的?