In previous exams, we call alpha the excess return. But now in L3V3 P308, we call alpha the active return from the skills and management from the portfolio manager. Which one should I follow? And how should I differentiate total active return from the active return solely from portfolio manager?

(1) Will there be any security that is not in the benchmark but get included in the portfolio? (2) If yes, what is this return called? (3) Why active return does not include such a return?

关于使用Dean的总结和预测是否违反准则，题目中并没有提免责的事，按理说获得对方允许了就可以使用了，应该没问题。答案中何必要扯到免责问题，题干也没提这茬

计算R（pl)的时候，税前收益率是基于V0计算的，税率是基于FINAL-VALUE计算的，为何减号前后的基数不一致？

这道题，bear steepen 和convexity 有什么关系呢？

Tryon is long several equity positions based on event-driven ideas that, over the next few quarters, are expected to have double-digit returns. He is concerned, however, that the equity market may decline as a result of lower corporate earnings. He believes investors are complacent as reflected in the historically low level of the volatility index (VIX). He wants to establish volatility exposure as a tail hedge for his holdings and notices the VIX futures curve is in contango. Tryon evaluates three potential trades to establish his hedge: Trade 1: Go long back-end month futures contracts on the VIX Index, with a gross notional equal to the portfolio market value. Trade 2: Sell a rolling series of out-of-the-money put options on VIX futures. Trade 3: Go long a variance swap, with vega notional equal to the potential equity portfolio loss. Which trade is Tryon most likely to implement to establish his equity market hedge?

老师，Reading 10， 原版书P159页，最下方，“currency overlay”，我理解currency overlay分三种：第一种，是狭义的，仅仅是外包了外汇管理的职能，但这种方法也只是passive approach；第二种，是广义的，这种虽然外包了外汇管理职能，也可以发挥manager的discretion，但是任然在predefined bounds去做外汇管理，并且所管理的currency必须是所投资外国资产所对应的currency；第三种，相对第二种对manager的自由度更高，可以自己选择currency pairs，只要给portfolio带来收益即可。我不知道我理解的对不对，如果我理解正确的话，那么currency overlay是不是，不单单指manager可以随意选择currecy pairs创利了吧？第二问题，但以上三种currency overlay方式都有一个共性，就是都是external management，老师以上两个问题我理解的对吗？虽然我们这个reading 主要关注第三种形式

Q4，tax liability要交的税是负的时候，是要之后交，还是压根不需要要交？税盾属于哪种？

Q2，房地产抵押贷款为什么可以产生现金流，这算monetize么？

charitable reminder trust是要把股票捐出去么？这个信托是如何运用的哦？