NO.PZ2015122802000002
问题如下：
James Beach is young and has substantial wealth. A significant proportion of his stock portfolio consists of emerging market stocks that offer relatively high expected returns at the cost of relatively high risk. Beach believes that investment in emerging market stocks is appropriate for him given his ability and willingness to take risk. Which of the following labels most appropriately describes Beach?
选项：
A.Hedger.
B.Investor.
C.Information-motivated trader.
解释：
B is correct.
Beach is an investor. He is simply investing in risky assets consistent with his level of risk aversion. Beach is not hedging any existing risk or using information to identify and trade mispriced securities. Therefore, he is not a hedger or an information motivated trader.
考点：Intermediaries Of Financial Market
这道题目描述的是Beach很年轻，很富有。他的股票投资组合中有很大一部分是以相对较高的风险为代价，提供相对较高预期回报的新兴市场股票。Beach认为，鉴于他敢于冒险的能力和意愿，投资新兴市场股票对他来说是合适的。问：根据描述B同学金融市场中属于哪类人？
通常是有钱人希望通过投资实现财富的保值增值而被动进行投资的人，根据他们所能承担的风险来获得相应的收益。其实市面上大部分投资者都是没有投资经验的，所以他们才需要找到我们分析师或投资经理来帮他们进行投资。只有专业的金融分析师或基金经理才拥有大量信息，才能搭建靠谱的估值模型并进一步判断低估高估然后做出投资建议。这里的Beach年轻又愿意冒风险，所以买了大量risky assets，所以只是单纯的投资人。
而trader是交易员，通常是根据基金经理的指示来落实交易（具体买卖）的那个人。
hedger和投资者不同，它投资金融资产不是为了赚取利润，而是为了规避风险。通常对冲者手里是已经持有一定的资产的，但是担心手里这些资产未来价格会下跌，所以通过购买衍生产品来规避这些资产日后真的下跌时的风险。比如农名伯伯（hedger）为了规避自己种的粮食未来价格下跌的风险而进入期货交易。
如上题
