L3V5, P88. Why a diversified fixed-income investment strategy affects the volatility of the change in asset value, rather than the volatility of the change in liability? For this type of questions, what should I consider?

L3V5, P44. Which fund in general has a longer investment horizon and less liquidity need in the short-term, saving fund or pension reserve fund? If the saving fund has a longer investment horizon, why is it more reserved by investing more in the bond?

L3V5 P34 EX3. Could you please explain the highlighted solution? Why is the higher projected return could bring a higher discount rate?

Decision price是指这个人形成判断观点时候的市场价格，而不是指他认为应当是多少的价格，对吧？

positivebutterflyspread和positivebutterfly是两回事嘛？positivebutterfly是下凹的spread为负值，，positivebutterflyspread为spread为正值图形为上凸称作negativebutterfly？？

positivebutterfly这里是标反了吧 和课件137页positivebutterflyhumped shape to the midpoint?

swap都是互换reference利率，不需要加任何spread是吗？

衍生百题case7 第2题USD/EUR spot rate 是越来越小的，为什么会是EUR升值？另外展期具体需要怎么操作？

这个题题目问的是expected excess return（EXR）,因此要考虑时间因素，又因为是instantaneously rise，所以时间t=0,那么EXR就只有中间部门，即change of OAS * EffSpreadDur,最后的t*p*l=0。

R14第17题，spread0又没有进行时间调整，计算excess spread return时到底该怎么判断要不要进行时间调整呢？