如下

问题如下：

The investment process followed by DFC’s previous fixed-income manager is best described as:

选项：

asset-driven liabilities.

liability-driven investing.

asset–liability management.

解释：

C is correct.

Asset–liability management strategies consider both assets and liabilities in the portfolio decision-making process. Mowery notes that DFC’s previous fixed-income manager attempted to control for interest rate risk by focusing on both the asset and the liability side of the company’s balance sheet. The previous manager thus followed an asset–liability management strategy.

这道题读下来就是说分析师先分析liab的情况，然后基于liag的情况调整A，这不就是liab 驱动的意思么？即LDI，哪里体现是A和L都分析呢，如果是AL都分析，为什么分析A的时候要基于L呢？