两个策略区别

问题如下：

Johnson research an equity strategy involving two large Electric vehicle companies, Z and T. Johnson recently participated in a trade show where he inspected Z’s newest electric car. Based on information from the trade show and other analysis conducted by Johnson, He concludes that Z will not be able to meet its revenue expectations. Current valuation metrics indicate that Z shares are overvalued relative to shares of T. Johnson decides to take a short position in Z and a long position in T with equal beta-weighted exposure.which equity hedge fund strategy best describes the Z and T positions taken by Johnson?

选项：

A.Short bias B.Long/short equity C.Equity market neutral

解释：

C is correct. Johnson’s decision to short Z and take a long position in T with equal beta-weighted exposure is an example of a pairs trade or an equity-market-neutral strategy. Johnson is neutralizing market risk by constructing a strategy where the expected portfolio beta is zero. Since his strategy does not take beta risk and attempts to neutralize many other factor risks, Johnson must apply leverage to the long and short positions to achieve a meaningful expected return from the stock selection.

这两个公司属于同一行业，因此它们的股票相关性是比较高的，这里考察的就是pair trade，目前市场中Z被高估，T被低估，那么就应该long T，short Z，同时又是equal beta-weighted exposure，那么一个做多一个做空，最终beta就等于0，所以选C