NO.PZ2021060201000016
问题如下：
Johnson makes the following three statements regarding short-biased equity strategies:
Statement 1：Short-biased equity strategies typically offer alpha
when used to diversify public equities.
Statement 2：Short-biased equity strategies are expected to provide greater volatility reduction than bonds over a long time horizon.
Statement 3：Short-biased equity strategies are expected to reduce risk in public equities by lowering the beta of the fund's overall portfolio.
Which of Johnson’s statements about short-biased equity strategies is incorrect?
选项：
A. Statement 1
B. Statement 2
C. Statement 3
解释：
B is correct.
B 是正确的。 Short-biased strategies会导致更大的波动因为负的β。
A 不正确，因为陈述 1 是正确的。 除了降低投资组合的整体股票贝塔系数外，Short-biased strategies有望提供一些阿尔法指标。
C 不正确，因为陈述 3 是正确的。 Short-biased strategies有助于降低以股票为主的投资组合的整体贝塔系数。 Short-biased strategies被认为可提供类似股票的回报，但其对股票溢价的敞口只有一部分，但额外的回报来源可能来自经理对个股的卖空。
Statement 2：Short-biased equity strategies are expected to provide greater volatility reduction than bonds over a long time horizon.
bond不是也可以降低风险吗？bond是凸性，应该降低得更多才对呀？
