题目
A significant challenge to investing in timber is most likely its:
选项
A.high correlation with other asset classes.
B.dependence on an international competitive context.
C.return volatility compounded by financial market exposure.
答案
B
解析
B is correct. A primary risk of timber is the international competitive landscape. Timber is a globally sold and consumed commodity subject to world trade interruptions. So the international context can be considered one of its major risk factors. A is incorrect because timberland offers an income stream based on the sale of trees, wood, and other timber products that has not been highly correlated with other asset classes. C is incorrect because investors are interested in timber because of its global nature (everyone requires shelter), the current income generated from the sale of the crop, inflation protection from holding the land, and its safe haven characteristics (it offers some insulation from financial market volatility). ：B是正确的。木材的主要风险是国际竞争格局。木材是受世界贸易中断影响的全球销售和消费商品。因此，国际环境可被视为其主要风险因素之一。 A是不正确的，因为timberland提供的收入流基于树木、木材和其他木材产品的销售，而这些产品与其他资产类别没有高度关联。 C是不正确的，因为投资者对木材感兴趣是因为木材的全球性质（每个人都需要庇护所）、出售作物产生的当前收入、防止持有土地的通货膨胀以及木材的避风港特征（它提供了一些金融市场波动的隔离）。