21题，不明白的是已经有trade surplus 了，还要global capital流入不就更盈余了吗？

声音太太尖锐

单老师讲的这个10%和8%就是Zspread，Zspread的定义是公司债的spot rate和国债的spot rate的息差啊，这里的10%和8%不是息差，是含权债券的rate啊。没有听懂。

老师这个题1/2为什么不算进去？

If interest rates and risk factors remain constant over the remainder of a coupon bond's life, and the bond is trading at a discount today, it will have a: A negative current yield and a capital gain. B positive current yield and a capital gain. C positive current yield, only. 这个题答案说是b，但是虽然是折价，就一定有capital gain吗？他没说持有到期，就算持有到期也没说会不会违约

这个题很有问题

An analyst is estimating a value for an infrequently traded double B bond with 8 years to maturity, an annual coupon of 9% The following are the yields to maturity for more liquid double B bonds: : ? 5.5% coupon, 10 years to maturity, yielding9.40%. 6.5% coupon, 7years to maturity, yielding 7%. The infrequently traded bond is most likely trading at: A Par value. B A discount to par value. C A premium to par value. 这题是什么原理呢？很陌生

韩老师在讲调和平均数时说到，调和平均数中取倒数是为了消除极值的影响，这种情况应该对于极大值有意义，因为取倒数极大值就会变得很小，对于极小值，调和平均数是不是就不适用了，因为极小值取倒数会变得很大

老师你好，commodity和inflation的关系紧密，加入portfolio应该是增加了exposure to inflation啊？ 是不是我哪里理解错了？

James McDonald and Veasna Lu were discussing different ways of valuing a Treasury security. During their discussion Lu made the following statements: Statement 1: It is inappropriate to discount the cash flows of a Treasury security by a single discount rate because that is implicitly assuming that the yield curve is flat. Therefore, each individual cash flow should be discounted by its corresponding spot rate. Statement 2: The spot rates used for different time periods that produce a value equal to the market price of a Treasury bond are called forward rates or future expected spot rates. With regard to the statements made by Lu: A both are correct. B only one is correct. C both are incorrect. 第一句话不明白，应该不对吧，怎么能都用一个discount rate呢？