老师您好, 这个观点: "Compared with the geometric mean return, the arithmetic mean return is consistent with the assumptions of single period models, such as the CAPM." 答案的解释是: The arithmetic mean return as the average one-period return best represents the mean return in a single period. The major finance models for estimating required return—in particular the CAPM and multifactor models—are single-period models, so the arithmetic mean, with its focus on single-period returns, appears to be a model-consistent choice. 请您解释下, 谢谢!

老师您好，请问这个statement 是正确还是错误的？

牛市价差，能不能先讲顺势再讲逆势 太乱

课件没有提到逆势的啊 再有构建组合，牛市价差策略 short put(X应该低)才不能被行权 组合一个long put(x应该高些)才好防范下跌风险。 我怎么觉得讲反了。

课件没有提到逆势的啊

a company’s sustainable growth rate assumes growth through internally generated funds and approximates the average rate at which dividends can grow over a long horizon. 老师您好，请您解释一下，上面说的. Internally generated funds.这个为什么是用内部资金呢？

 1. The best way to value private companies in a high growth stage is to use a free cash flow method. 2. Asset-based approaches are best for start-ups. 3. Market-based approaches are best for mature companies. 请老师解释下为什么，谢谢！

原版书课后题：Reading 43-22题。5年以后，也就是第二阶段的价值，我觉得应该用永续年金的方法计算。assumption 2指出，在第六年租金会上涨20%，然后不会再有增长，因此"NOI/cap rate"的方法个人觉得不适用。

reading33第33题，w怎么算出来的是1呢？最后一阶段为什么折现只有两期？

老师您好，我不是很理解为什么full goodwill和partial goodwill会影响equity的变化，麻烦帮忙解答，谢谢！