The payoff of some hedge fund strategies is commonly identified with the payoff of option strategies. The payoff of a long look-back straddle correspond best to the payoff of

a. a trend following strategy.

b. a fixed-income arbitrage strategy

c. a fixed-income convergence strategy.

d. a spread trading strategy.

参考答案是 c。

但是我读了他给的reference: William Fund and David Hsieh, "The Risk in Fixed-Income Hedge Fund Strategies".里面说trend following 是 long look-back straddle，而fixed-income convergence 是short look-back straddle.我也觉得fixed-income convergence 是short look-back straddle.。

谁能给我点意见？谢谢了！