老师，您好，辛苦讲一下，谢谢 A client has asked his adviser to explain the key considerations in forecasting exchange rates. The adviser’s firm uses two broad complementary approaches when setting expectations for exchange rate movements, namely focus on trade in goods and services and, secondly, focus on capital flows. /以下问题 Identify the main considerations that the adviser should explain to the client under the two approaches.

老师，百题andrew twain第四题，数据频率高产生相关性低的估计。以下题为啥是相反One bias results from the use of appraisal data in the absence of market transaction data. Appraisal values tend to be less volatile than market determined values for identical assets. As a result, measured volatilities are biased downward and correlations with other assets tend to be exaggerated.”With respect to his explanation of appraisal data bias, O’Reilly is most likely: correct. incorrect, because the measured volatilities biased upward. incorrect, because correlations with other assets tend to be understated.

active management 是否包含在index base中

CFA 三级 mock 2022 B卷题目是：Identify which duration-matched portfolio is most likely suitable to immunize the liabilities. Justify your response，就是在表格内选一个组合能免疫负债，那我的问题是：组合免疫不是看资产MV大于或等于负债MV，资产duration负债duration，同时凸度在大于负债凸度前提下尽量小，对吧？那这里为啥只看BPV？为啥不考虑MV、duration以及convexity，请教老师，谢谢

第二题答案说没有growth维度，那这个维度包含什么指标？能具体说说吗？另外value维度含什么指标？其实我觉得价格变化也说明了增长变动啊…为什么不算growth？

第一题不是target active risk吗 不是理解为，向外界传递的信号么？

AA官网题，Construct the overall goals-based asset allocation for the Armstrongs given their three goals and Abbott’s suggestion for investing any excess capital. Show your calculations这题goal 2 的答案计算得不对吧？

老师不是要求convexity尽量小么？为何说没有匹配呢

股票是tax efficiency的第一个原因是持有时间长，dividend tax和capital gain tax都有减免吗？

捐赠tax base低的股票为什么会产生税盾？