老师，密卷的下午题Q12，comment 3为什么不对？答案解析没看懂...

risk is transferred to a broker是说dealer？是考试时就会这么描述吗

老师 固收官网题 这个题目不懂 这个基金经理配了MBS 不是说明认为未来房地产会表现好吗？另外 配 MBS 是认为利率波动更低？as default correlations increase, the value of mezzanine tranches usually increases relative to the value of senior tranches 这句话也不懂 为什么？

最上面框里，大单写了high touch agency？是说跟broker交易？还是只是说人工？第二个图紧急，是broker risk trade？

老师您好，官网模拟题的第四题的１８题答案解析中，ｃｏｓｔ　ｂｅｎｅｆｉｔrange是怎么计算的？另外对于截图2中，如果是foreign currency有currency risk, risk高，rabalance range是不是应该款？但是如果考虑volatility,外国的volatility相对高，range应该窄？老师如果考试遇到关于foreign currency investment判断rabalance range应该怎么考虑？

请问这句话为什么是错误的？Easily tracked indexes in asset classes similar to that of an illiquid asset often do not represent the non-idiosyncratic risk of the illiquid asset very accurately.

为什么MVO portfolios are more sensitive to measurement errors in the expected return than to measurement errors in correlation and risk

老师您好，官方模拟题中，5年和10年的ｉｎｔｅｒｅｓｔ都上升，Ｂ为什么不对？

why this statement is not correct? Statement 1 Both deferred and immediate annuities provide the same flexibility concerning access to invested funds

或者说，asset location是在进行tax avoidance还是tax reduction呢？