第21题，C是什么意思？

第一题，讲义上有提到CFA对两者的要求吗？基础班也没提到过

老师您好，这个20000➖14500是什么意思

老师您好，A为什么不对

这道题是MOCK题，关于正负号的问题这样的表述总是搞不懂。为何不是我的那样算法呢？怎么理解呢？谢谢！

Q. An investor writes a put option on FTSE 100 Index futures. Which of the following best describes the investor’s position with respect to the put contract and her exposure to the underlying index future, respectively? A.Long, short B. Short, long C.Short, short B is correct. The investor has written a put contract, which means she is short the option. She, therefore, must satisfy the obligation to purchase the asset if requested to do so by the put owner. The investor has a long exposure to the risk of the underlying index future because she benefits when its quoted price increases—that is, when the put declines in value (or suffers a loss when its quoted price decreases as the put increases in value). 请问这道题write a put option 是什么意思？是 short put 吗？如果是的话，那敞口应该是short吧？

请问：1.本题的“currency contract exposure”怎么解释，为什么可以直接判断成远期合约？2.long euro against pound又怎么翻译，买欧元来对抗英镑的贬值吗？请逐次回答 谢谢

请问：本题的C选项我能不能理解成错在“significantly”上，即 除了div paid，FCFE还有一些其他的现金流，请问除了股息之外还有哪些算股东自由现金流？

为什么risk premium是除呢？

请问此题的AC选项，为什么smooth会使得return高估，correlation低估