如图，标黄处如何判断是tc的呢？是make full use of ability么？
星星_品职助教 · 2022年02月08日
同学你好，
最主要的区分是前面的 efficient in portfolio construction。
对比这两种说法：
①Suppose all three managers claim to be good at forecasting returns. According to the full fundamental law of active management, which manager is the best at efficiently building portfolios by anticipating future returns? （原版书R47 Q14）
②Suppose all three managers claim to be efficient in portfolio construction. According to the full fundamental law of active management, which manager is the best at building portfolios to make full use of their ability to correctly anticipate returns?（原版书R47 Q15）
可以看出，①中强调的是good at forecasting returns的能力（黑字），所以这是在考察IC。
而②中强调的是portfolio construction（黑字），这是基金经理构建组合的能力，也就是考察TC。
本题即是上述第②种问法。