Which of the following describes a characteristic of an asset class according to Greer?

An asset class is defined by its distinct characteristics that set it apart from other asset classes, making option B the most accurate choice. This distinction can be based on various factors such as risk, return profile, liquidity, and legal or regulatory environment. Each asset class behaves differently under varying economic conditions, which influences investment strategies and can impact portfolio construction.

In considering the other options, such as correlation with all asset types, it is essential to note that different asset classes typically have varied levels of correlation with each other. This variation allows investors to achieve diversification benefits, which is not reflected in the idea of a high correlation.

The notion of a guaranteed return on investment is not characteristic of any asset class, as investments carry inherent risks and returns can be uncertain. No asset class can assure returns, making this option misleading.

Lastly, while dynamic investment strategies can be employed across different asset classes, this aspect does not describe the asset class itself. Rather, it pertains to the approach an investor takes to manage investments within or across those asset classes.

Thus, the defining characteristic of asset classes is their distinct features, confirming that option B is the correct choice.