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"Alternative Investments":Advantages of investing in hedge funds
學(xué)習(xí)是一個(gè)不斷積累的過(guò)程，每天學(xué)習(xí)一點(diǎn)，每天進(jìn)步一點(diǎn)！為了幫助大家更高效地備考2021年CFA考試，正保會(huì)計(jì)網(wǎng)校每日為大家上新CFA習(xí)題供大家練習(xí)。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢(mèng)想成真！
Questions 1:
Compared with long-only investments in stocks and bonds, alternative investments are most likely characterized by less:
A 、flexibility to use derivatives.
B 、manager specialization.
C 、transparency.
Questions 2:
Which of the following least likely describes an advantage of investing in hedge funds through a fund of funds? A fund of funds may provide investors with:
A、 access to due diligence expertise.
B 、lower fees because of economies of scale.
C 、access to managers who can negotiate better redemption terms.
View answer resolution
【Answer to question 1】C
【analysis】
C is correct. Alternative investments are typically expected to have a lower level of regulation and less transparency than traditional long-only investments.
B is incorrect because alternative investments are often characterized by narrow manager specialization, as compared with traditional long-only investments.
A is incorrect because alternative investments typically give the manager more flexibility to use derivatives and leverage, invest in illiquid assets, and take short positions, as compared with traditional investments.
【Answer to question 1】B
【analysis】
B is correct. The fees on funds of funds are usually higher. The fund of funds manager charges a fee, and there is a fee charged by each hedge fund.
A is incorrect because this is an advantage of investing through funds of funds.
C is incorrect because this is an advantage of investing through funds of funds.
成功=時(shí)間+方法，自制力是這個(gè)等式的保障。世上無(wú)天才，高手都是來(lái)自刻苦的練習(xí)。而人們經(jīng)常只看到“牛人”閃耀的成績(jī)，其成績(jī)背后無(wú)比寂寞的勤奮。小編相信，每天都在勤奮練習(xí)，即使是一點(diǎn)點(diǎn)的進(jìn)步，大家一定可以成為人人稱贊的“牛人”。
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