请问原版书课后题中reading35第4题，涉及到large cash flow的计算时，应该在现金流的节点进行revaluation，那么计算时应该用fair value after cash flow 还是用fair value 减去期初fair value，计算return呢？题目的答案中，计算2019年2月16 和3月22时，都用了fair value

老师好，behavioral factors的6个factor, 哪些是cognitive哪些是emotional呢？另外gamblers' fallacy, conjunction fallacy, social proof, herding, prudence, date-mining这些分别可以归类吗？halo effect应该是emotional的，谢谢

老师好，对于naive diversificaion, gamblers' fallacy, conjunction fallacy, halo effect, prudence这些bias, 原版书有提过consequence和怎么overcome吗？另外data-mining有提过怎么overcome吗？谢谢

老师r14第18题怎么理解？

r14第34题错误选项错在哪里？

It may seem counterintuitive that the domestic currency should be expected to depreciate if its portfolio offers a higher risk-adjusted expected return. The puzzle is resolved by the key phrase “driven to the point . . . ” in this subsection’s opening paragraph. In theory, the exchange rate will instantly move (“jump”) to a level where the currency with higher (lower) risk-adjusted expected return will be so strong (weak) that it will be expected to depreciate (appreciate) going forward. This is known as the overshooting mechanism, introduced by Dornbusch (1976).--这个overshooting 有点忘记到底是什么内容了。

Q38，a soft lock charges a redemption fee, paid into the fund, which is inconsistent with C’s moderate sensitivity to fees. 这句话说什么意思？soft lock是什么？

老师，贴标签这段怎么理解？

Q37，liquidity这里的答案只说了不受其他投资者的负面影响，但是有时候自己资金不够或者其他原因，其他投资者也会提供流动性啊，那种时候diversified不应该更好么？

Q37，investor behavior这部分，manager不是investor么？