老师，您好，以下内容为啥没有离职不算solicite，谢谢/原文：Q. Townsend was recently appointed to the board of directors of a youth golf program that is the local chapter of a national not-for-profit organization. The program is beginning a new fund-raising campaign to expand the number of annual scholarships it provides. Townsend believes many of her clients make annual donations to charity. The next week in her regular newsletter to all clients, she includes a small section discussing the fund-raising campaign and her position on the organization’s board. Townsend did not violate the Code and Standards. Townsend violated the Code and Standards by soliciting donations from her clients through the newsletter. Townsend violated the Code and Standards by not getting approval of the organization before soliciting her clients.

老师，您好，以下题，没有选择，只是汇报真实整体业绩，为啥也是mispresentation/原题Q. Michelieu tells a prospective client, “I may not have a long-term track record yet, but I’m sure that you’ll be very pleased with my recommendations and service. In the three years that I’ve been in the business, my equity-oriented clients have averaged a total return of more than 26% a year.” The statement is true, but Michelieu only has a few clients, and one of his clients took a large position in a penny stock (against Michelieu’s advice) and realized a huge gain. This large return caused the average of all of Michelieu’s clients to exceed 26% a year. Without this one investment, the average gain would have been 8% a year. Has Michelieu violated the Standards? No, because Michelieu is not promising that he can earn a 26% return in the future. No, because the statement is a true and accurate description of Michelieu’s track record. Yes, because the statement misrepresents Michelieu’s track record.

老师，这里题目问题我没懂，问的是支持不支持。那么风格发生偏离就是支持，不偏离就是不支持？

第1问，justification部分不需要像答案一样写过多内容吧？回答出segment、asset level和characteristics应该就能得分了吧。另外，asset level的四个区间需要背吗？

请问老师，在存在mispricing时，预测了fair value，这个时候的benchmark到底是选price target还是arrival price

这里10% threshold什么意思哦

请问可以讲一下payer swaption和pay fixed swap有什么区别吗？ 为什么payer swaption可以当利率下降的时候不会有太大的损失但是pay fixed swap不行？ 谢谢

第2问，两个问题：1.reduce expenses是否应该放在portfolio performance中，这个和process consistency关系不大啊？2.goal achievement和portfolio performance中都提到了portfolio的risk&return符合IPS，是否有重复？

老师，volatility这部分麻烦重新讲解，视频没听懂

买期货和买期货的forward是不是不一样啊 买期货，，，比如我去买大宗的期货，一手也挺贵的哇