A选项错哪了

问题如下：

Samuel Teiline, FRM,  studying the hedge fund performance from 1987 to 1996, which of the following statements about the performance of the hedge funds from 1987 to 1996 is incorrect？

选项：

A.

Many of the hedge funds that have poor performance choose not to report their performance.

B.

Hedge funds easily outperformed the SNP index by a wide margin.

C.

There are survivorship and selection biases in commercial databases.

D.

Accounting for all measurement biases,large hedge funds underperformed equities.

解释：

D is correct.

考点：Evolution of the hedge fund industry

解析：本题是选出不正确的说法，考察的是早期对冲基金的业绩特点。早期对冲基金业绩在很大幅度上是跑赢SNP指数的，尽管存在survivorship and selection biases使得对冲基金的业绩被一定程度高估了，但是即使考虑到这些偏差，对冲基金的收益率还是高于股票市场的。这也是后来越来越多人投资对冲基金的原因。所以D说法不正确，A、B、C、说法正确。