NO.PZ2019093001000011
问题如下:
Which of the following is consistent with the expectation that exploiting a structural inefficiency is repeatable?
选项:
A.The inefficiency is a unique event that occurs infrequently.
The level of gross return is equal to the amount of transaction costs and expenses.
The aggregate value of all assets affected by the inefficiency is larger than the AUM of the manager and its competitors.
解释:
C is correct.
Given the amount of inefficient assets compared with the AUM of managers likely to exploit them provides some assurance that the inefficiency is repeatable. It would likely take some time for the inefficiency to converge to efficient valuation. The infrequent nature of the inefficiency and the zero marginal return suggest that the inefficiency is probably not worthwhile to pursue.
可以通过排除法选出来,但是没找到基础班讲义原文对照。这是一个原文考点,还是一个根据structural inefficiency延伸理解的点?