老师麻烦讲下第三题

老师，怎么理解immunization的其中一个目标 lock in cash flow yield？immunization不就是匹配duration就行了嘛？

Q19，covered call和protective put的breakeven price为什么等于期初的初始投资？

Q9，买12月的call，为什么不是预计12月之后涨？

老师，这题麻烦解答下。另外，原版书的相关表述能否烦请提供下。

Q8，bear spread中的call和put的高和低，不理解

官网Mock 题，第4题 B问：secondary market investment是指什么？答案中，J-curve impact是什么意思？

Reading 10第17题提到了NDF，NDF是不是就是默认long USD的？long NDF position具体是怎么操作的？

The annualized roll-down return difference is the 2.75% corporate bond realized return less the 1.80% UK gilt realized return, or 0.95%. roll-down return为什么包含counpon rate?The interpolated benchmark involves the use of the most liquid, on-the-run government bonds to derive a hypothetical 10-year UK gilt YTM. Because the UK gilt yield curve is upward sloping in this example, we can conclude that the relative roll-down return using an interpolated benchmark would be lower than the 0.95% difference in Question 1.可以理解，UK gilt yield curve is upward sloping ，所以10-year UK gilt YTM

reading27第11题