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问题如下：

Which of the suggestions Stone outlines for Palma in selecting the proposed investments is most likely correct? The one regarding:

选项：

A.local currency investment is most likely correct. B.spread advantage is most likely correct. C.the credit cycle is most likely correct.

解释：

Solution

B is correct. Investments in securities denominated in a foreign currency can often produce higher yields than domestic investments produce, particularly in emerging market countries. However, if the portfolio manager chooses to hedge the foreign exchange (FX) exposure, the cost of hedging can offset a significant amount of the yield advantage, thus reducing the relative value advantage. This may not be the case for currencies that are pegged because the portfolio manager may choose not to hedge the FX because the foreign currency will most likely be more stable, assuming there is no devaluation.

A is incorrect because investments in countries where the currency is pegged may not require FX hedging, given more stability in the exchange rate.

C is incorrect because credit cycles may vary across regions and this can be used to the advantage of the portfolio manager to diversify.

he is considering buying securities outside of the EU market to pick up additional yield.

这不是要carry trade了的意思吗，怎么知道他在考hedge 不hedge啊

这道题还不涉及carry trade哈。

He tells Stone he is considering buying securities outside of the EU market to pick up additional yield. Stone informs Palma that he is sympathetic with the situation but that there are implications to buying securities outside his EU benchmark, whether they are from developed or emerging markets. Stone outlines three suggestions for Palma.

这里面都是说要买入海外债券，没有提及借入本国低利率投资哈，不涉及carry trade。如果要做carry trade，会说借入资金。

buy securities outside of the EU market to pick up additional yield.

这块的additional yield意思是：和投资本国低收益债券相比，投资海外债券会有更高的额外收益。并不是carry trade息差的含义哈。

下面提了3个注意事项：

First, he should evaluate whether the spread advantage is negated by the cost of a currency hedge.

即，海外的高收益spread优势，是否会被对冲成本给抵消掉。投资海外债券不一定要hedge，投资者可以采取hedge or unhedged策略。但如果执行对冲的话，确实要考虑对冲成本与额外收益的高低。

如果海外债券的额外高收益完全被对冲成本抵消掉，那么投资海外债券没有意义。

Second, he should avoid local currency investments in countries where the exchange rate is pegged.

第二个要避免pegged currency。这个说法错误，单从投资角度看，pegged currency可以避免汇率波动的风险，也避免了对冲的成本。所以应该考虑这些地方的投资。但是在分析时，需要考虑到pegged currency国家是否有能力把汇率定住，要考虑这些国家的风险。不过本题并未进一步讨论这些问题。

Third, he should ensure that the timing of the credit cycles across markets coincides.

第三点要确保全球的credit cycyles是统一的、同步的。这个肯定错误，全球的credit cycles是不会同步的，会存在差异。这也是全球化投资的优势，因为credit cycles不同步，所以可以带来分散化效果diversification

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