这里的gross active return和net active return与题目的关联在哪？从哪里定性到这个问题的，我认为关键点是“asymmetrical”，是否答出asymmetrical就可以得分了呢？

原版书上这句话看不懂，allows volatility sellers to sell variance swaps at a higher price than at-the-money options，这个跟atm option有什么关联？A feature of variance swaps that makes them particularly interesting to investors is that their payoffs are convex in volatility, as seen Exhibit 4. This convexity occurs because being long a variance swap is equivalent to be long a basket of options and short the underlying asset (typically by selling a futures contract). A long position in a variance swap is thus long gamma and has a convex payoff. This characteristic allows volatility sellers to sell variance swaps at a higher price than at-the-money options because the swap’s convex payoff profile is attractive to investors who desire a long volatility position as a tail risk hedge.

第一题能再讲解下么，不太懂

疑问在答案，我看有的老师回复“保底是核心特征，封顶算完善补充”，那答案写为“Carpenter management has a bonus-style fee with minimum and maximum fee feature that are close equivalent of a manager's call option on a share of active return”，这样是不是更准确？

选项C没有搞明白， 为什么这里不是直接卖出二个月的（+15.4），买入一个月的（-13.5），合计收入1.9,？讲解的时候把过程拆分成了2个步骤

请问一下第七个问题，那如果soft hurdle和hard hurdle的catchup rate都是100%，并且其他的也都相同，那他们是不是就是一样的了呀？

第二问为什么不用NOK Return呀？ 之前的练习中老师不是说要换成本币算DC Return吗？

第二题 GP received carried interest of 26 million in year 6是无用资讯吗？为何不用考量进去

第一题解析中，affected performance by –0.0830%，这个是怎么来的

老师请问一下 这个statistical credit analysis models和reduced form credit model的知识点分别是什么呢