官网题库，麻烦老师讲一下这道题，谢谢

alpha收益是mgr选择mispricing股票所带来的收益？Beta收益是mgr跟随某个index，但是调整weight带来的收益？

您好这里3500是我的收益，为什么我还要在分母考虑呢，按理来说分母不应该是我的支出嘛？那里应也应该是500000-3500*权重吧

10. In DeMarco’s discussion with Morgan regarding the comparison of REITs versus direct real estate as an investment, which of the following statements are most likely correct? A. Although REITs tend to act like real estate in the short run, they act like stocks in the longer run.B. Studies have shown that direct real estate investment is a good diversifier since it is not very highly correlated with equities.C. REITs are more highly correlated with direct real estate investment and less highly correlated with equities over multi-year time horizons

老师，您好，Tuoc: econometric modeling can help predict recessions well。这句话是不是也是错的呀

请问老师为何positive butterfly，说明butterfly spread是负数，spread会下降呢？这里的positive是指什么是positive，为啥spread是负数？

over confidence bias与self-attribution bias不是包含关系或母集和子集的关系吗？在作答的时候是当成两个不同的bias讲吗？

第二题看不懂

怎么理解sencondaries are seasonded and have less J-curve impact as compared to private equity investments?

private equity fund的call-down structure是指什么？