NO.PZ202110140100000402
问题如下：
Based on Exhibit 1, Ruckey should conclude that:
选项：
A.Factor Strategy 3 has the highest portfolio turnover. B.Factor Strategy 2 has less downside risk than Strategy 3. C.Factor Strategy 2 has the highest returns.解释：
B is correct.
Both VaR and maximum drawdown are downside risk measures,
and both measures are lower for Strategy 2 than Strategy 3.
A is incorrect. We cannot deduce portfolio turnover from the metrics provided
in Exhibit 1.
C is incorrect. We cannot deduce returns from the metrics provided in Exhibit 1.
课件里146页不是说在 the disturibtion BM和RP，in nonrecession , more flatten, which implies high standard deviation .
这里是不是代表high standard deviation表明它return更高
请问这里和c之间是不是矛盾？
C is incorrect. We cannot deduce returns from the metrics provided in Exhibit 1.
