固定收益PPT154页，为什么美国residential mortgage服务费会随着时间推移逐渐减少？

32题答案上说的2和3是完全负相关因为在expected return一样的同时，outcome 2一样，outcome 1和3相反所以为负相关，可是1和2也是outcome 1相同，2和3相反为什么不选A？同样也希望解释一下34题

1. 如图蓝色框，倒数第二行Initial investment including commission on purchase这个值视频中是-5，解析中是-10，到底应该是？ 2. 如图绿色框，两个5$的fee，已经在分子中算进去了，为什么分母还要算上这个10$的fee呢？

您好！有点看不明白这道题再问什么？是fundmental analysis在哪种市场里用不了吗？谢谢！

Micheal, a Level III CFA candidate, is the business development manager for an investment management firm with high-net-worth retail clients throughout Africa. This investment management firm introduced listed Kenyan REITs (real estate investment trusts) to its line of investment products based on new regulations introduced in Kenya to diversify its product offering to clients. The product introduction was based on diligence and reasonable basis coming after months of researching Kenyan property correlations with other property markets and asset classes in Africa. Micheal was assigned as part of the sales team that will introduce this product to its clients across Africa. Micheal determines that most of client’s portfolios would benefit from the diversification. By promoting the Kenyan REITs for client portfolios as planned, Micheal would least likely violate which of the following standards? A Suitability. B Independence and Objectivity. C Knowledge of the Law. 这个题读不懂

Valery, CFA, is a management consultant currently working with a financial services firm. The firm’s interests lie in curtailing its high staff turnover, particularly among CFA charterholders. Recently, 4 of 9 its senior managers left the company. All of them cited systemic unethical business practices as the reason for their leaving. Which of the following is least appropriate for Valery to recommend to curtail staff turnover by encouraging ethical behavior? A Encourage staff retention by offering increased benefits. B Create, implement, and monitor a corporate code of ethics. C Implement a whistleblowing policy. 老师您好，这道题我蒙对的，但是读不懂题，和knowledge of the law 这章的知识点串不起来，麻烦解析下

老师上课说turnover是在有股票更替时才会产生，rebanlance一般不会产生股票更替，建议回答的老师先去看看视频

laspeyres index的bias不存在于其他两个index里面吗，这三个bias都是关于价格变动的

CRP为什么直接等于developed risk premium了呢？ 他不是等于国家收益理查诚意单位风险利差吗？

这道题为什么是求总体方差，不是求样本方差呢？题目不是说是求5年的方差吗？老师上课示范用计算器计算的时候是计算了总体方差，为什么？