问题如下图：
选项：
A. 
B. 
C. 
解释：
麻烦老师帮忙理一下这道题答案的逻辑。
首先loss aversion确实会导致sector concentration。那后半句是想说明结合market neutral strategy，这里的sector concentration是基于投资需要，而非心理因素影响吗？
NO.PZ201511190100000302问题如下 Whiof Tang’s observations is least likely to the consequenof Jorn monstrating loss-aversion bias?A.Observation 1.B.Observation 2.C.Observation 3.C is correct.Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions.高风险，持有时间很长，unrwater不都是loss aversion的表现吗？
NO.PZ201511190100000302 问题如下 Whiof Tang’s observations is least likely to the consequenof Jorn monstrating loss-aversion bias? A.Observation 1. B.Observation 2. C.Observation 3. C is correct.Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions. Observation 2: The trang volume of the funhcreasemore th40 percent ring the past year.Observation 3: The portfolio is more concentratein a few sectors thin the past.他loss aversion 就将亏损的股票全部持有，好的股票都卖了，trang volume为什么会下降啊？不是应该不变或者上升吗？C亏的都留着在，那就是可能集中在某些行业，因为行业风险的原因一亏都亏，所以更集中C应该是对的的呀 B是错的呀，求解
NO.PZ201511190100000302 问题如下 Whiof Tang’s observations is least likely to the consequenof Jorn monstrating loss-aversion bias? A.Observation 1. B.Observation 2. C.Observation 3. C is correct.Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions. loss-aversion会增加交易量，说交易量会下降，所以不对啊。为什么答案关注点在于long/short策略
NO.PZ201511190100000302 Observation 2. Observation 3. C is correct. Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions. 如果一直存有亏损的头寸也会导致头寸集中吧
NO.PZ201511190100000302 Observation 2. Observation 3. C is correct. Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions. position unr water 是指现在的持仓太少了么
