Hedge funds that contain infrequently traded assets would most likely exhibit a downward bias with respect to:

A. measured risk but not correlations with conventional equity investments.
B. correlations with conventional equity investments but not measured risk.
C. both measured risk and correlations with conventional equity investments.

答案是C，measured risk 我能理解是因为交易不频繁，所以在定价上会有measured risk,但是correlations with conventional equity investments怎么理解呢？