PPT第208页，怎么理解最后一段话“For fixed-rate bonds priced at a spread over the benchmark, roll-down return from coupon income is higher by the bond’s original credit spread.”?

PPT第153页和155页，yield curve steepener/flattener strategies, 为什么steepener strategy要long 短期，short长期，而flattener strategy是shore 短期，long 长期获利？原版书中是“Yield curve steepener strategies seek to gain from an increase in yield curve slope, or a greater difference between long- term and short- term yields- to- maturity. This may be achieved by combining a “long” shorter- dated bond position with a “short” longer- dated bond position.” Flattener strategies may use a barbell strategy, which reverses the exposure profile of a steepener—namely, a “short” short- term bond position and a “long” long- term bond position. The bull and bear variations of this strategy are summarized in Exhibit 18.

是Bond A B C三种债券组成，而且都有coupon，为什么是zero replication？

reading3第16题，senario2中largely expectational是指什么呢？感觉整体并没有回答这个问题

Treasuries是国债，比Treasuries多的spread不是G-spread吗？为什么题目是benchmark spread？

The positions in a portfolio can be stressed in scenario analysis assuming similar outcomes of a past crisis recur.情景分析不是用similar的情景吗？outcomes是情景的结果，怎么会是一样的呢？不应该是用过去的情景算现在的头寸的估值吗？那应该结果是不一样的？

老师，国外风险补偿变大，不是说明外币利率大么？那不是应该投资外币？

R13中的Example 8，怎么理解“a long position in a callable bond (“A”) would underperform compared to a long position in an option- free bond. A short position in a putable bond (“B”) would underperform a long position in an option”?

R13中的Example 6，计算portfolio duration的逻辑是什么，为什么要除以100？

PPT第122页，怎么理解PPT右上角的那句话“if manager matches the weights in the final column for a portfolio to those of the portfolio’s benchmark, duration will be matched as well as exposure along the yield curve”？