Which is the only item that should not be included as being part of the best practices to be observed by a portfolio manager (PM) in the buy side

a. a PM should understand the resulting net directional exposure of the securities portfolios to factors such as growth, inflation, and interest rates

b. a PM can improve the risk-return performance of a portfolio by adding securities to reduce and offset firm-specific risks to the portfolio

c. a PM can improve the risk-return performance of a portfolio by adding securities with the lowest the correlation of the security with the portfolio

d. use hedges and derivatives to reduce the portfolios risk below the markets systematic risk

Please mark the only item which does not describe or are applicable for the debt capital markets operations of an investment bank (IBs):

a. the Syndicate Desk works with the sales force on reverse inquiry to get a sense for the type of issuer, amount, tenor and pricing the buy side is looking for

b. once issued, the DCM group of the Investment Banking Division will trade the newly issued deal in the secondary market

c. the IB will register deal with the SEC, conduct the due diligence, and issue the red herring and prospectus for the deal

d. the Debt Capital Market desk in investment banking division (private side) works with syndicate desk in the securities division (Public side) to bring bond deal to the market