不懂这里为何原文说derivative是equities？也因此我选择的B。 感觉原文想说的是equity的derivative？ 如果是这样，麻烦请修改原文，否则太容易产生误导。
问题如下图：
选项：
A. 
B. 
C. 
解释：
NO.PZ201710200200000104 问题如下 4. Raye believes the previous aiser’s asset class specifications for equity anrivatives are inappropriate given that, for purposes of asset allocation, asset classes shoulbe: A.versifying. B.mutually exclusive. C.relatively homogeneous. A is correct. For risk control purposes, asset class shoulversifying anshoulnot have extremely high expectecorrelations with other classes. Because the returns to the equity anthe rivatives asset classes are notebeing highly correlate inclusion of both asset classes will result in plication of risk exposures. Inclung both asset classes is not versifying to the asset allocation.考点asset class的分类标准解析versifying指的是资产类型之间的相关性不能过高，正文部分提到asset class returns on equity anrivatives are highly correlate因此资产类型的分类违反了versifying。易错点分析本题常见错误选B。一是对asset class的分类标准理解不够准确，二是认为大盘国外股和美国股票之间可能存在重合。事实上，大盘国外股是衍生品的标的物，而非投资产品本身，所以没有违反mutually exclusive。 易错点分析本题常见错误选B。一是对asset class的分类标准理解不够准确，二是认为大盘国外股和美国股票之间可能存在重合。事实上，大盘国外股是衍生品的标的物，而非投资产品本身，所以没有违反mutually exclusive。我理解大盘国外股和美国股票之间并不是重合的，所以没有违反mutually exclusive。答案中“大盘国外股是衍生品的标的物，而非投资产品本身，所以没有违反mutually exclusive” 这句话应该怎么理解？逻辑关系是怎样的？谢谢！
NO.PZ201710200200000104问题如下 4. Raye believes the previous aiser’s asset class specifications for equity anrivatives are inappropriate given that, for purposes of asset allocation, asset classes shoulbe: A.versifying.B.mutually exclusive.C.relatively homogeneous. A is correct. For risk control purposes, asset class shoulversifying anshoulnot have extremely high expectecorrelations with other classes. Because the returns to the equity anthe rivatives asset classes are notebeing highly correlate inclusion of both asset classes will result in plication of risk exposures. Inclung both asset classes is not versifying to the asset allocation.考点asset class的分类标准解析versifying指的是资产类型之间的相关性不能过高，正文部分提到asset class returns on equity anrivatives are highly correlate因此资产类型的分类违反了versifying。易错点分析本题常见错误选B。一是对asset class的分类标准理解不够准确，二是认为大盘国外股和美国股票之间可能存在重合。事实上，大盘国外股是衍生品的标的物，而非投资产品本身，所以没有违反mutually exclusive。 B为什么错呀 很明显equity和rivative都投资了美国股票
NO.PZ201710200200000104 问题如下 Meg anCramer Law, a marriecouple age42 an44, respectively, are meeting with their new investment aiser, niel Raye. The Laws have worketheir entire careers Whorton Solutions (WS), a multinationtechnology company. The Laws have two teenage chilen who will soon begin college.Raye reviews the Laws’ current financiposition. The Laws have investment portfolio consisting of $800,000 in equities an$450,000 in fixeincome instruments. Raye notes th80% of the equity portfolio consists of shares of WS. The Laws also own reestate value$400,000, with $225,000 in mortgage bt. Raye estimates the Laws’ pre-retirement earnings from WS have a totpresent value of $1,025,000. He estimates the Laws’ future expecteconsumption expentures have a totpresent value of $750,000.The Laws express a very strong sire to funtheir chilen’s college ecation expenses, whihave estimatepresent value of $275,000. The Laws also plto funenwment their alma mater in 20 years, whihestimatepresent value of $500,000. The Laws tell Raye they want a high probability of success funng the enwment. Raye uses this information to prepare economic balansheet for the Laws. In reviewing a financiplwritten the Laws’ previous aiser, Raye notices the following asset class specifications.· Equity: US equities· bt: Globinvestment-gra corporate bon anreestate· rivatives: Primarily large-capitalization foreign equitiesThe previous aiser’s report notes the asset class returns on equity anrivatives are highly correlate The report also notes the asset class returns on have a low correlation with equity anrivative returns.Raye is concerneththe asset allocation approafollowethe Laws’ previous financiaiser resultein overlin risk factors among asset classes for the portfolio. Raye plans to aress this examining the portfolio’s sensitivity to various risk factors, suinflation, liquity, anvolatility, to termine the sireexposure to eafactor.Raye conclus tha portfolio of 75% globequities an25% bon reflects appropriate balanof expectereturn anrisk for the Laws with respeto a 20-yetime horizon for most morately important goals. Raye recommen the Laws follow a goals-baseapproato asset allocation anoffers three possible portfolios for the Laws to consir. Selecteta onthe three portfolios are presentein Exhibit 1.Raye uses a cost–benefit approato rebalancing anrecommen thglobequities have a wir rebalancing range ththe other asset classes. 4. Raye believes the previous aiser’s asset class specifications for equity anrivatives are inappropriate given that, for purposes of asset allocation, asset classes shoulbe: A.versifying. B.mutually exclusive. C.relatively homogeneous. A is correct. For risk control purposes, asset class shoulversifying anshoulnot have extremely high expectecorrelations with other classes. Because the returns to the equity anthe rivatives asset classes are notebeing highly correlate inclusion of both asset classes will result in plication of risk exposures. Inclung both asset classes is not versifying to the asset allocation.考点asset class的分类标准解析versifying指的是资产类型之间的相关性不能过高，正文部分提到asset class returns on equity anrivatives are highly correlate因此资产类型的分类违反了versifying。易错点分析本题常见错误选B。一是对asset class的分类标准理解不够准确，二是认为大盘国外股和美国股票之间可能存在重合。事实上，大盘国外股是衍生品的标的物，而非投资产品本身，所以没有违反mutually exclusive。 他把bon房地产分到一起，不是违反homogenous吗？
NO.PZ201710200200000104 问题如下 Meg anCramer Law, a marriecouple age42 an44, respectively, are meeting with their new investment aiser, niel Raye. The Laws have worketheir entire careers Whorton Solutions (WS), a multinationtechnology company. The Laws have two teenage chilen who will soon begin college.Raye reviews the Laws’ current financiposition. The Laws have investment portfolio consisting of $800,000 in equities an$450,000 in fixeincome instruments. Raye notes th80% of the equity portfolio consists of shares of WS. The Laws also own reestate value$400,000, with $225,000 in mortgage bt. Raye estimates the Laws’ pre-retirement earnings from WS have a totpresent value of $1,025,000. He estimates the Laws’ future expecteconsumption expentures have a totpresent value of $750,000.The Laws express a very strong sire to funtheir chilen’s college ecation expenses, whihave estimatepresent value of $275,000. The Laws also plto funenwment their alma mater in 20 years, whihestimatepresent value of $500,000. The Laws tell Raye they want a high probability of success funng the enwment. Raye uses this information to prepare economic balansheet for the Laws. In reviewing a financiplwritten the Laws’ previous aiser, Raye notices the following asset class specifications.· Equity: US equities· bt: Globinvestment-gra corporate bon anreestate· rivatives: Primarily large-capitalization foreign equitiesThe previous aiser’s report notes the asset class returns on equity anrivatives are highly correlate The report also notes the asset class returns on have a low correlation with equity anrivative returns.Raye is concerneththe asset allocation approafollowethe Laws’ previous financiaiser resultein overlin risk factors among asset classes for the portfolio. Raye plans to aress this examining the portfolio’s sensitivity to various risk factors, suinflation, liquity, anvolatility, to termine the sireexposure to eafactor.Raye conclus tha portfolio of 75% globequities an25% bon reflects appropriate balanof expectereturn anrisk for the Laws with respeto a 20-yetime horizon for most morately important goals. Raye recommen the Laws follow a goals-baseapproato asset allocation anoffers three possible portfolios for the Laws to consir. Selecteta onthe three portfolios are presentein Exhibit 1.Raye uses a cost–benefit approato rebalancing anrecommen thglobequities have a wir rebalancing range ththe other asset classes. 4. Raye believes the previous aiser’s asset class specifications for equity anrivatives are inappropriate given that, for purposes of asset allocation, asset classes shoulbe: A.versifying. B.mutually exclusive. C.relatively homogeneous. A is correct. For risk control purposes, asset class shoulversifying anshoulnot have extremely high expectecorrelations with other classes. Because the returns to the equity anthe rivatives asset classes are notebeing highly correlate inclusion of both asset classes will result in plication of risk exposures. Inclung both asset classes is not versifying to the asset allocation.考点asset class的分类标准解析versifying指的是资产类型之间的相关性不能过高，正文部分提到asset class returns on equity anrivatives are highly correlate因此资产类型的分类违反了versifying。易错点分析本题常见错误选B。一是对asset class的分类标准理解不够准确，二是认为大盘国外股和美国股票之间可能存在重合。事实上，大盘国外股是衍生品的标的物，而非投资产品本身，所以没有违反mutually exclusive。 老师，如果equity这个大类针对的asset class是US equities。rivative这个大类针对的asset class是【US】 large capitalization equities。是不是就会有重叠，违反了mutually exclusive
mutually exclusive. relatively homogeneous. A is correct. For risk control purposes, asset class shoulversifying anshoulnot have extremely high expectecorrelations with other classes. Because the returns to the equity anthe rivatives asset classes are notebeing highly correlate inclusion of both asset classes will result in plication of risk exposures. Inclung both asset classes is not versifying to the asset allocation.互斥不也是相关性低即分散化好吗？
