NO.PZ2023040601000089
问题如下：
Some of Morgan’s work involves making investment recommendations based on his economic forecasts. Pinnacle’s global economic model has signaled that Italy’s economy, which is currently in a recession, will show signs of improvement in the coming months. He is considering the following recommendations for investors in the Italian markets: Implement a trade that will steepen the yield curve now and prepare to rotate from small-cap stocks into large-cap stocks and from value stocks into growth stocks over the next several months.
Morgan’s investment recommendations are most likely appropriate regarding:
选项：
A.
the recommended yield curve trade.
B.
growth versus value stocks.
C.
large-cap versus small-cap stocks.
解释：
A is correct. Morgan’s recommendations to implement a trade that steepens the yield curve in the midst of the recession is consistent with the economic cycle. The yield curve typically steepens when the economy is in recession. But given that value stocks are likely to outperform growth stocks and that small-cap stocks are likely to outperform large-cap stocks in the immediate aftermath of a recession, Morgan’s recommendation regarding growth equities is less likely to succeed.
C is incorrect because large cap stocks tend to outperform going into and during a recession, but small cap stocks tend to outperform coming out of a recession.
B is incorrect because yield curves tend to steepen during a recession, so the recommendation to implement a yield curve steepening trade now is consistent with the economic cycle.
小盘股和成长股是一回事，大盘股和价值股也就是白马股是一回事，经济由差变好，不就是要买小盘股和成长股这种风险大成长性好收益高的股票吗？我看之前回答的，说经济由差变好要买小盘股和价值股，茅台才叫价值股，小盘股和价值股那是相反的两个东西！
