官网题，Basis risk results from using a hedging instrument that is imperfectly matched to the investment being hedged. Basis risk can arise when the underlying securities pay dividends, because the futures contract tracks only the price of the underlying index. Stock splits do not affect investment performance comparisons。basis risk如何理解，期货与现货之间的价格变动差异？

官网题，Moselle Wealth Advisers Case Scenario中，Based on the Benetton’s response concerning their retirement income goal, which of the following is the best method to analyze this goal?为什么选择A.Annuity pricing，

原版书 249 reading17： sector neutralized price momentum factor 这是什么意思？

老师我突然懵了。这里计算1bp带来的合约价格变化，为什么不需要乘以duration呢？依据的公式应该是DeltaP=P*MD*DeltaY吧？

请问老师，这里计算实际交割价值的时候为什么不是折现到t=0呢？而是折现到t=30?是因为t=30才知道借款的实际利率嘛？

老师，R17第14T句里面investment universe for the Heydon Quant Fund is unchanged如何理解呢

这个performance measure 和performance appraisal具体在哪个reading里学过？

这个twrr，mwrr是啥，哪个reading学过？

第五题，为什么是用sector 的benchmark return和总的benchmark return比来判断sector收益正向还是负向，而不是对比sector的组合和基准差别？

请问老师在市场变化方向是neutral的时候，波动比较平均的时候采取的策略是spreads，麻烦解释一下原因吧？谢谢