Identify one difference between the trading features of Valley Ranch and North Circle, as noted by Sailors, for each trade strategy selection criterion.

The next day, Sailors is asked to implement the following buy orders, with target execution price set at Last Trade. He is concerned about minimizing execution risk and market impact.

Last year, Larry Sailors left his trading position at Valley Ranch Partners, a multi-strategy hedge fund, to join North Circle Advisors. Discussing his job experiences with a colleague, Sailors remarks that, prior to starting at North Circle, he didn’t fully appreciate the significant differences in trading motivations between the two firms and how such motivations feed into trade strategy. In particular, he notes the following trade characteristics:

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Selection Criterion for Trade Strategy Order Characteristics Identify one difference between the trading features of Valley Ranch and North Circle, as noted by Sailors, for each trade strategy selection criterion. Security Characteristics Market Conditions Individual Risk Aversion