百题case#3 Q1，这个题目是如何判定是cash的？这一类题目有没有题眼可以判定cash 或者 equity？谢谢

reason1里的easily compared怎么理解

L3V3 P363. How can I tell from the Exhibit that the custom portfolio satisfies " no position greater than 2%" ?

L3V3 P362, why does a negative coefficient on the Size factor indicate a large-cap bias?

L3V3. Compared to Equation 2 and Equation 6, does that indicate alpha in Equation 2 is a constant?

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？