7. What are the advantages of liquid alternatives, except one? a. They provide retail access which other alternative funds cannot b. They can employ a great level of leverage in being able to mimic alternative strategies c. Liquid alternatives provide diversification to traditional portfolios d. Liquid alternatives are highly liquid and do not lock-in investor funds 8. What is necessary to distinguish alpha from beta in the performance of a fund manager? a. Identifying true systematic risk exposures b. Observing alpha and properly deducing beta c. Measuring the returns of relevant factors d. Choosing relevant historical data rather than latest historical data