NO.PZ2022090602000050
问题如下：
Danny Moynahan, CFA, is a fixed-income portfolio manager at Reagan Investment Advisory (Reagan). His wife, Abigail Boyle, is a professor at a local university not far from their home. She is currently teaching an investments class. Over dinner one evening, she asks her husband if he will come and talk to her class about managing fixed-income portfolios. She believes it will be a useful experience for her students to hear from someone working in the investment industry. He agrees, and they plan for him to make his presentation the following week.
The next day at his office, with permission from his superior, Tom Gayle, Moynahan works on his presentation to the class. He plans to put together six pages for his discussion. He reviews the presentation materials he previously used at a conference to see if any of it would be useful. He decides page 1 should discuss the benefits of including fixed-income securities in a portfolio and highlights the following three points:
Point A: Adding fixed-income securities to a portfolio is an effective way of obtaining the benefits of diversification, especially because fixed-income correlations with other asset classes are low.
Point B: The regular nature of fixed-income cash flows enables investors to fund future obligations, unless there is a credit event.
Point C: Fixed-income securities can always provide a hedge for inflation, which results in superior risk-adjusted real portfolio returns.
Which of the points outlined on page 1 of Moynahan’s presentation is least likely correct?
选项：
A.
Point B
B.
Point C
C.
Point A
解释：
B is correct. Point C of Moynahan’s presentation is incorrect. Some fixed-income securities, such as inflation-linked bonds, provide a hedge for inflation that results in superior risk-adjusted real portfolio returns. However, not all fixed-income securities act as a hedge against inflation.
A is incorrect because the statement regarding fixed-income cash flows is accurate.
C is incorrect because the statement regarding diversification benefits of fixed-income securities is accurate.
A说FI可以diversification因为它与其他资产的correlation低，好像在alternative还是equity的习题里出现过相反的观点，就是在短期里fixed income和equity的相关性是比较高的，举了次贷危机的例子作证据，当然C是肯定错，但是如果AB两个要选less likely correct是不是应该选A，还是说A也是一个普遍正确的观点？