NO.PZ201812020100000304
问题如下：
Based on Exhibit 2, relative to Portfolio C, Portfolio B:
选项：
A.has higher cash flow reinvestment risk.
B.is a more desirable portfolio for liquidity management.
C.provides less protection from yield curve shifts and twists.
解释：
B is correct.
Portfolio B is a laddered portfolio with maturities spread more or less evenly over the yield curve. A desirable aspect of a laddered portfolio is liquidity management. Because there is always a bond close to redemption, the soon-to-mature bond can provide emergency liquidity needs. Barbell portfolios, such as Portfolio C, have maturities only at the short-term and long-term ends and thus are much less desirable for liquidity management
老师，在这个问题之前的回答说【C选项是书上的原话，laddered portfolio provide more protection from yield curve shifts and twists。意思是在收益率曲线非平行移动时，laddered portfolio表现更好，C选项说反了。】
在提到structural risk时候，structural risk是因为利率发生非平行移动导致免疫策略失败的风险，解决方案是降低convexity。
那说明小conxiety的组合（如：bullet）在非平行移动时候表现更好，laddered 组合convexity大于bullet，所以非平行移动表现最好的是bullet吧？
