● 3. Which of Ms. Harlan’s responses is most likely to make Mr. Phillips consider her a bad candidate for investing in hedge funds?

a. I pay a lot of attention to expense and return data from my investments and track their performance closely.

b. I pay several million dollars in taxes every year, and I want any additional investments to be tax-friendly.

c. I’m interested in high returns. I’m not afraid of risk, and I’m investing money for the benefit of my heirs.