什么是non-skill-based ex ante？和解析之间有啥关系？没看明白

NO.PZ202206210100000505 问题如下 Winong Wealth Management Case ScenarioExhibit 1 Case Stu of Jane LennonFox tolthe cantes to assume thLennon wouluse sub-portfolios to achieve her aspirationgoals anaskethem to intify whiof the sub-portfolios is in the best position to tolerate the greatest risk exposure.In reviewing Lennon’s risk tolerance, Fox pointeout thLennon’s prior investment experienclearly incates some behaviorbiases thwoulinfluenher reaction to any asset allocation proposals.Fox reminthe cantes thin aition to high-net-worth invials, the firm’s client base also inclus various institutioninvestors. The cantes ma the following statements:Trainor: A goals-baseapproato asset allocation is appropriate for inviinvestors, but institutions neeto focus either on the asset or liability si of the balansheet, penng on the nature of their business.Kelly: A typicobjective of some institutions is to maximize their Sharpe ratio for acceptable level of volatility, anthey rely on the lof large numbers to assist them in moling their liabilities. Other institutions behave mulike invials segmenting generaccount assets into sub-portfolios associatewith specific lines of business with their invireturn objectives.Fox mentioneto the cantes thwhen aling with strategic asset allocation, investors often hfficulty unrstanng the relevant characteristiof asset classes. They responKelly: I like to stress to clients thasset classes shoulhave high within-group correlations but low correlations with other classes. In aition, because investors neeto rebalanto a strategic asset allocation, asset classes neeto have both sufficient liquity anlow transaction costs.Trainor: It is important thasset classes shoulversifying. I always look for low pairwise correlations with other asset classes.Other genercomments were noteabout asset classes, but Fox coulnot recall their sources:Emerging market equities shoulnot consirea separate asset class from globequities.Asset classes ffer from strategies in offering a non–skill-baseex ante expectereturn premium.Asset classes shoulfinein sua wththere is no overlin sources of risk.Question In the genercomments about asset classes thFox note the most accurate comment is the one regarng: A.the overlof sources of risk. B.emerging markets. C.the return premiums from asset classes. SolutionC is correct. Asset classes shoulhave a return premium baseon unrlying market risk factor (e.g., betannot any unrlying skill of the investor. Strategies, on the other han involve combinations of asset classes with the objective of earning a return baseon investment skill.C is correct. Asset classes shoulhave a return premium baseon unrlying market risk factor (e.g., betannot any unrlying skill of the investor. Strategies, on the other han involve combinations of asset classes with the objective of earning a return baseon investment skill.A is incorrect. There will overlof sources of risk when asset classes are fine e.g., US annon-US equities, or even US small anlarge cequities will have some risks in common, but there shoulfew common risk factors possible, anthey shoulhave only most correlations.B is incorrect. Emerging markets equities shoulconsirea stinasset class they ffer from other equities in terms of versification potential, informationefficiency, corporate governance, taxation, ancurrenconvertibility. 看了助教们的，大概理解了文中asset class想表达的是对资产类别选择所获得的是β，所以是non-skille那么句子里说的strategies（即基于技术的大概是哪些呢）

NO.PZ202206210100000505 问题如下 In the genercomments about asset classes thFox note the most accurate comment is the one regarng: A.the overlof sources of risk. B.emerging markets. C.the return premiums from asset classes. SolutionC is correct. Asset classes shoulhave a return premium baseon unrlying market risk factor (e.g., betannot any unrlying skill of the investor. Strategies, on the other han involve combinations of asset classes with the objective of earning a return baseon investment skill.C is correct. Asset classes shoulhave a return premium baseon unrlying market risk factor (e.g., betannot any unrlying skill of the investor. Strategies, on the other han involve combinations of asset classes with the objective of earning a return baseon investment skill.A is incorrect. There will overlof sources of risk when asset classes are fine e.g., US annon-US equities, or even US small anlarge cequities will have some risks in common, but there shoulfew common risk factors possible, anthey shoulhave only most correlations.B is incorrect. Emerging markets equities shoulconsirea stinasset class they ffer from other equities in terms of versification potential, informationefficiency, corporate governance, taxation, ancurrenconvertibility. Asset classes ffer from strategies in offering a non–skill-baseex ante expectereturn premium.请问老师这句话什么意思？

NO.PZ202206210100000505问题如下 In the genercomments about asset classes thFox note the most accurate comment is the one regarng: A.the overlof sources of risk.B.emerging markets.C.the return premiums from asset classes. SolutionC is correct. Asset classes shoulhave a return premium baseon unrlying market risk factor (e.g., betannot any unrlying skill of the investor. Strategies, on the other han involve combinations of asset classes with the objective of earning a return baseon investment skill.C is correct. Asset classes shoulhave a return premium baseon unrlying market risk factor (e.g., betannot any unrlying skill of the investor. Strategies, on the other han involve combinations of asset classes with the objective of earning a return baseon investment skill.A is incorrect. There will overlof sources of risk when asset classes are fine e.g., US annon-US equities, or even US small anlarge cequities will have some risks in common, but there shoulfew common risk factors possible, anthey shoulhave only most correlations.B is incorrect. Emerging markets equities shoulconsirea stinasset class they ffer from other equities in terms of versification potential, informationefficiency, corporate governance, taxation, ancurrenconvertibility. 我理解B翻译过来意思是emerging markt equity 不能作为单独的Asset class 用以区别globmaket equity，也就是说，Emerging maket equity 和globmaket 应该属于一类按题目提供的答案，globmkt 可以分成三个小类，emerging market equity 属于其中的一小类，意思也是emeging maket equity 和globmaket 属于一类上面两个角度看，B都应该说的对

NO.PZ202206210100000505问题如下 In the genercomments about asset classes thFox note the most accurate comment is the one regarng: A.the overlof sources of risk.B.emerging markets.C.the return premiums from asset classes. SolutionC is correct. Asset classes shoulhave a return premium baseon unrlying market risk factor (e.g., betannot any unrlying skill of the investor. Strategies, on the other han involve combinations of asset classes with the objective of earning a return baseon investment skill.C is correct. Asset classes shoulhave a return premium baseon unrlying market risk factor (e.g., betannot any unrlying skill of the investor. Strategies, on the other han involve combinations of asset classes with the objective of earning a return baseon investment skill.A is incorrect. There will overlof sources of risk when asset classes are fine e.g., US annon-US equities, or even US small anlarge cequities will have some risks in common, but there shoulfew common risk factors possible, anthey shoulhave only most correlations.B is incorrect. Emerging markets equities shoulconsirea stinasset class they ffer from other equities in terms of versification potential, informationefficiency, corporate governance, taxation, ancurrenconvertibility. C答案是什么意思，没看懂