FRM真題是歷年FRM考試的題目，是FRM考試的重難點地方，因此建議考生在考前能夠進行至少三套真題的練習，并對真題的知識點進行總結，幫助自己進行提升！

"Factors are to assets what nutrients are to food." The theory of factor risk premiums includes each of the following three ideas EXCEPT which is not in the theory?

A) Assets are bundles of factors (just as most foods are combinations of nutrients)

B) Factors do matter but asset classes do not (just as healthy eating is about the nutrients not the labels)

C) Different investors prefer and/or need different factors (just as different people have different nutritional needs)

D) Because factors represent different good times, most investors should seek exposure to most investable factors (just as most people should seek a balanced diet of most nutrients)

答案：D 【資料下載】點擊下載GARP官方FRM二級練習題

解析：It is thematic inAng that factors compensate investors for exposure to the effects of "bad times." This book is wonderfully about risk! The preface begins "The two most important words in investing are bad times." Further, just as choice (C) is true, unlike descriptive CAPM (wherein all informed investors hold the same market portfolio), his theory does not advocate (normatively) that all investors should hold the market's entire (or predominant) set of factors.

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