问题如下：
Blake’s portfolio least likely reflects:
选项：
A.home bias.
B.a disposition effect.
C.naïve diversification.
解释：
A is correct.
Home bias occurs when an investor exhibits an emotional attraction to a stock that may be enhanced by the proximity of the headquarters to the investor. This creates portfolios that show strong bias in favor of domestic equities in the context of global portfolios. Blake’s portfolio is diversified among four different countries and therefore would not indicate a home bias.
Blake has found herself holding positions with sizable losses and she has been reluctant to sell when a security declines. 这里说的是持有下跌的股票，disposition effect 是卖出上涨，持有下跌，这里只是体现了一个方面，也可以认为是么？
