2008 CFA Level 1 － Sample 样题(3)－Q60 expect, likely, class, investor, face

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60、An investor would most likely expect commodities to have correlations with traditional stock or bond investments and inflation, respectively, that are:

       Correlation with traditional stock or bond investments    Correlation with inflation

A.   Positive         Positive

B.    Positive         Negative

C.   Negative Positive

D.   Negative Negative

A. Answer A

B. Answer B

C. Answer C

D. Answer D

 

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答案和详解如下：

60、Correct answer is C

"Alternative Investments," Bruno Solnik and Dennis McLeavey

2008 Modular Level I, Vol. 6, pp. 227-228

Study Session 18-76-q

explain the motivation for investing in commodities, commodities derivatives, and commodity-linked securities

A primary motivation for an investment in commodities, commodity derivatives, commodity-linked bonds, and commodity-linked equity are the diversification benefits provided due to the negative return correlation with other assets and the positive correlation with inflation.