最后一个conflict of interest的例子是什么意思？是说基金经理因为有这家公司的IPS的限制，而不能进行自己本来想做share holder engagement的策略增加portfolio value. 从而造成基金经理/基金的利益和客户（投资这个基金的公司）的利益冲突么？

請問Reading 36 課後練習題中 "18. Which of the following fee structures most likely decreases the volatility of a portfolio's net returns?" A. Incentive fees only B. Management fees only C. Neither incentive fees nor management fees 解答是 A is correct. Because incentive fees are fees charged as a percentage of returns (reducing net gains in positive months and reducing net losses in negative months), its use lowers the standard deviation of realized returns. Charging a management fee (a fixed percentage based on assets) lowers the level of realized return without affecting the standard deviation of the return series. 請問當 Portfolio's returns turn negative 是收不到 incentive fees 的，如何reducing net losses in negative months?

請問 Reading 34 Practice Problems No.9"As it relates to the trade policy document, ValleyRise should implement Yellow's recommendation related to:" A. the list of eligible brokers. B. a policy for the treatment of trade errors. C. a policy for over-the-counter derivatives trades. 的答案為什麼是B呢? 課文中說 "All asset managers should have a trade policy document that clearly and comprehensively articulates the firm’s trading policies and escalation procedures (i.e., calling on higher levels of leadership or management in an organization to resolve issues when they cannot be resolved by standard procedures)." and "A trade policy document needs to incorporate the following key aspects: meaning of best execution, factors determining the optimal order execution approach, handling trading errors, listing of eligible brokers and execution venues, and a process to monitor execution arrangements."

132页这个例题，结合前一页的内容，前面说VIX上升做多期货可以获利，那么这个例题里面term 结构是上升的为什么不是通过buying 来获利？ 解释里面从buy和sell 里面获得的gain和loss都是什么单位？gain的是波动率还是profit？

老师，1000股3个客户 round lot 咋分呀

2019年纪老师这一部分“画矩形”纵轴起始点为R(B)而非零，我比较认可纪老师的讲法，向助教老师确认纵坐标到底以哪个老师为准？

215页的题目： 题目中说到的hedge ratio for the entire risk exposure, not just the currency exposure 是什么意思呢？ 1. MVHR是指hedge 外币可能带来的gain/loss 还是说把欧洲股票的风险 currency risk 都hedge掉了呢？ 2. MVHR做的回归，β是工具（比如currency forwards）对于以本币计算的资产收益的解释力度%，然后用这个%来作为hedge ratio吗？

完全不理解这个roll yield，对于DC/FC的标价方法，(F-S)/S=r(DC)-r(FC) 1)carry trade 借低利率投资高利率，r(DC)-r(FC)<0 2）trading forward rate，因为r(DC)-r(FC)<0，所以使得F-S<0, FC货币将来会贬值，那么可以buy将来会贬值的货币， 这种情况下，投资的国外的货币还升值，F-S>0,roll yield大于0，不就和r(DC)-r(FC)<0矛盾了吗？

为什么购买国外债券资产更加需要hedge，比如中国人购买美国债券，那么美国的利率如果走高，债券价格下跌，短期汇率会升高，这时候债券和汇率为反向关系；利率走高，长期汇率会下跌，这时候债券和汇率为同向关系，所以说购买外国债券资产更需要hedge是不是说长期的情况。

请问VWAP算法在实际执行过程中，如何事先知道当天9-10点的交易量占比为50%