老师您好！ Reading 24课后题第11题的答案显示 money duration=market value *pvbp： The C$150 million long-term bonds have a money duration of C$150 × 1,960 = C$294,000 (Institute 225) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file. 这与课本上的定义有出入吧？ Money duration is market value multiplied by modified duration, divided by 100.13 PVBP is market value multiplied by modified duration, divided by 10,000. (Institute 143) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file.

老师您好！ Reading24课后题第11题，为什么会想到是个condor？ 再一个，condor必须四个债券的money duration全部相等吗？两年期债券只要和5年期的一致就行了吧？ 谢谢！

老师您好！ Reading24 P199页中的bank’s forecast for a 1% one-year rate one year from now ，在前文中提到了？怎么理解这个1%？ 谢谢！

老师您好！ Reading24 P186页的划线结论是怎么得到的？

如果bond是semi annual, z spread 和 oas 要不要乘以二

老师您好！ 请问Reading24 p171页表格中的375.3和383两个数字是怎么来的？ 谢谢啦！

老师您好！ 请问下文中的rally和assemble两个单词该如何理解？ The market has been very volatile lately, and leaving the $60 million in cash has the potential to lead to severe underperformance if the market were to rally next week while the non-Treasury portion of the portfolio was being assembled. (Institute 160-161) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file.

老师您好！ Reading24的P154页中间的“Thus，they can be expected to return less than the one-year rate of 1.5%”这句话不理解！ 再一个，能否指出这句话前一句中的The five- and six- year bonds 的 forecast yields分别是多少？我认为是3.10%和3.34%，corresponding implied forward yield 应该分别是3.07%和3.27%，这是我的理解。因为看一下2年期的2.33%是怎么计算出的就知道我的理解是对的，但是下文中的括号里却说six-year bond 的51bp(3.46-2.95),这不就矛盾了吗？我觉得课本应该是写错了吧？ 希望指正！谢谢老师！

老师您好！下面这段话怎么理解： If the yield curve steepens through a reduction in short rates, the bulleted portfolio has given up very little in profits given the small magnitude of price changes at the short end of the curve. (Institute 147) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file. bullet的这种短期利率下降引起的好处怎么理解？尤其这个“given up”实在理解不了！ 谢谢您！

老师您好！Reading23第64页，solution中的第四行，折线率为什么用1.0550呢？从六月折到五月只有一个月，为什么用年利率呢？谢谢！