明明ED也是在凸性曲线上衡量的，为什么说是平行移动呢？

Hi Vito Why do Inventory turnover, AR turnover AP turnover give 'NUMBER OF TIMES'? E.g, if the revenue is 3000 USD, and the A/R is 2000 USD, and the A/R turnover is 1.5, how does it yield to 'The A/R was processed 1.5 times? Also, how do comprehend dividing 365 by those turnovers give 'NUMBER OF DAYS'? Considering the above theory is correct i.e. the A/R turnover does represent the times that the A/R has been processed, then dividing 365 by the A/R turnover (say 2) literally means 'Each turnover happened for 183 days, did I miss the 'average'?

老师我还是不懂为什么减去税后利息

ppt上没讲过这部分，有没有summary关于每个industry classification system对应几个tier classification system？

可以稍微讲一下tactical assets allocation strategy 吗？ppt里没找到但是课后题有涉及到

sector rotation 是不是就是industry rotation？就是通过industry analysis 来跨行业投资？

老师什么叫contrarian-style？

想问下老师， 1、非上市公司是不是只能以非公开方式发行股票？ 2、私募股权投资是指投资非上市公司以非公开方式发行的股票对吧？投资上市公司以非公开方式发行的股票算不算私募股权投资？

老师，这一章说选择外部合作伙伴遵循这四个细则。但我记得我们之前讲过先选 best execution，然后选 best price。是我记混了吗？老师能解释一下吗？

老师课件第256页，如果存在impairment, NI 减值，同时equity 和asset也会减值，那为什么就判断ROE, ROA也会减少呢？