怎么理解

问题如下：

Due to lack of availableinvestment opportunities in public markets, a pension fund decided to hire an investmentconsultant to assess the potential for investing in illiquid markets in the US.Which of the following characteristics of illiquid markets in the US should theconsultant present to the pension managers?

选项：

A.

Municipal bonds are usually more liquid than pink-sheet over-the-counter equities.

B.

The traditional public, liquid markets of stocks and bonds are larger than the total wealth held in illiquid assets.

C.

The share of illiquid assets in institutional portfolios has generally gone up in the past 2 decades.

D.

During the 2008-2009 Financial Crisis, liquidity dried up in repo markets but not in commercial paper markets.

解释：

C is correct. Bothpensions and endowments have increased their holdings of alternative assetsfrom about 5% to 20-25%.

A is incorrect.Municipal bonds have less than 10% turnover, much lower than approximately 35%for OTC equities.

B is incorrect. USreal estate markets are large compared to size of US stocks/bonds.

D is incorrect.Liquidity dried up in both markets.