老师 官网题 这里 什么叫being put a swap？？答案解析这段话的最后两句不懂

第1，这类题我可以理解为：只要有多类asset，rfc要加权计算；只要有多种货币敞口，rfx也要加权计算 。第2，前面加权平均算出的rfc和rfx可compund算rd，也可直接相加近似等于rdc，对吗？

固收官网题 这个题 不懂 另外书上这段话也不懂 Another source of spread risk is the use of interest rate swap overlays. We showed how receive-fixed swaps, purchased receiver swaptions, and swaption collars can reduce the duration gap between pension plan assets and liabilities. In that example, ΔHedge Yields refers to fixed rates on interest rate swaps referencing the three-month MRR. The spread risk is between high-quality corporate bond yields and swap rates. Typically, there is less volatility in the corporate/swap spread than in the corporate/Treasury spread because both the MRR and corporate bond yields contain credit risk vis-à-vis Treasuries. Therefore, one of the usual advantages to hedging corporate bond risk with interest rate swaps is that those derivatives pose less spread risk than Treasury futures contracts. 麻烦解释一下这里

平安和同仁堂的例子中，她们的相关性低，variance应该低吧？

老师 负债的免疫 是 资产的麦考利久期匹配负债的麦考利久期 那为什么多个负债的免疫用资产的money duration 匹配负债的money duration呢？ 像这个题目 算money duration就是算BPV 用资产的价值乘以麦考利久期？ 不应该是乘以修正久期才对嘛？

老师 固收官网题这个不懂 Only Type I clients can measure the interest rate sensitivity of liabilities using yield statistics. Those with Type II, III, and IV liabilities must use a curve duration statistic, such as effective duration, to estimate interest rate sensitivity. 这句话是对的 为什么II III IV 类负债都必须要用effective duration?

HBSA存在window dressing的原因是？

红色框那里，虚拟的到底可不可以进？老师说可以，但不是no吗

老师好，请问固收R14原版书第9题，这道题的三个选项应该分别怎么理解？

官网题GIPS，model portfolio是否是simulated的虚拟组合？能否放入composite？must not么？