老师您好。这题是不是有点问题，双重否定不就是肯定了吗，应该是avoide including manager based on historical return吧

Q2, 所以如以風控角度，high risk asset 應要設 balance range less wider ?

为什么相关性尽可能低

Richard whether there is a particular appraisal measure that he prefers. Richard describes a ratio that computes the expected return on an investment less a target return divided by a standard deviation measurement that is based on performance below the target return.老师您好，为啥这个是描述sortino ratio的，分母不是standard deviation吗

Teamwork Advisory, LLC, was recently formed by a group of friends who attended graduate school together. Charlie Godwin and Susan Zhang lead the private client services division of the company. They have several funds under consideration to recommend to clients but want to be more confident about the abilities of the fund managers. Godwin suggests preparing a detailed performance evaluation of each manager.

Ben McNeil works as a senior manager at Chasing Alpha Research (CAR), a boutique investment house that specializes in managing portfolios for endowment funds. For the past year, CAR has been developing a machine learning (ML) algorithm that leverages frequently updated internal data (e.g., security weights, trades, and returns) and external data sources to construct individual stock portfolios within a pre-determined sector allocation range (–5% to +5% of benchmark). The goal of the portfolio is to outperform the benchmark over a 12-month period, and McNeil is reviewing the performance results to evaluate the effectiveness of the big data strategy. 老师您好，为啥根据这个消息，要用transaction base，不能用 holding base

Portfolio不应该选cash drag最低的吗？

我理解这里B是错的，到底什么时候应该开始纳入啊，B错的点是substantially invested吗。因为前面的PPT是说等到external cash flow都投资完了再从临时账户里纳入

long short策略的gross exposure不是应该大于100%吗？

long short策略的gross exposure不是应该大于100%吗？