为什么Multi-strategy比FoF要使用更多的杠杆呢？还有left-tail risk和right-tail risk

问题如下：

Finance students John and Jesse discuss Multi-Manager Strategies, discussing the differences between multi-strategy and fund-of-funds approaches. Jesse said that multi-strategy funds are generally better than fund-of-funds. She gave the following reasons:

• lower levels of variance,

• lower levels of leverage,

• improved fee structure,

• increased transparency,

• faster reaction time, and

• a more diverse mix of investment strategies.

Jessie's comment is likely accurate:

选项：

A.

variance and leverage.

B.

fee structure and transparency.

C.

reaction time and diversification.

解释：

B is correct. Multi-strategy funds typically have more favorable fee structures for investors than funds of funds and also offer increased transparency.

A is incorrect. Multi-strategy funds typically use more leverage and have more unstable returns than FOFs.

C is incorrect. Although multi-strategy funds have faster reaction times for tactical allocation changes, funds of funds potentially offer a more diverse mix of strategies.

知识点考察：Multi-Manager Strategies

B 是正确的。Multi-strategy funds通常比FOFs对投资者有更有利的费用结构，并且还提供更高的透明度。

A 不正确。Multi-strategy funds通常比基金中的基金使用更多的杠杆。

C 不正确。尽管Multi-strategy funds对reaction time更快，但FOFs更diversification。