为什么after rebalancing range higher than pre tax

老师，请问这题计算net wealth,为什么vacation home要算成纯负债？他买了这个房子之后房子还是他的资产啊，这笔钱只能说是一个投资计划而已

请问这句话怎么理解？The roll down return is equal to the bond’s percentage price change assuming an unchanged yield curve over the strategy horizon. The roll down return results from the bond “rolling down” the yield curve as the time to maturity decreases. As time passes, a bond’s price typically moves closer to par.

请问老师Reading13课后题第17题如何理解

为什么说Value weighted的index更容易遇到credit quality deterioration的问题？

Liability-based mandates是指cashflow matching吗？

老师可以讲一下这道题吗，什么是期权定价，考纲里需要掌握吗

为什么这句话是错误的？Asset-driven liabilities (ADLs), like LDI, are special cases of ALM. Financing companies accumulate assets as a result of their underlying business. They use ADLs to structure their assets in a way that matches the maturities of the liabilities.

在capture ratio里面，downside和upside是针对利率正负来区分，不是按照与benchmark高低来区分down还是up？

R14 section 6- "6.1 static credit spread curve strategies"中，有一句话，“a manager could position a portfolio to generate excess return in this scenario by either lowering the portfolio's average credit rating or ....”中，"generate excess return“ 根据E[excess spread]的公式的话，应该是减少spread才会增加excess return吧？，原版书中的这句话，降低credit rating，那不是提高了spread么，再套用公式的话，那么change in spread是正的，相对原有Spread，是减少了excess return吧