老师，感觉和冲刺笔记上有冲突，比如ESOP，冲刺笔记是保留了控制权的

27题中，答案说高收益债yield curve在contraction会反转，冲刺笔记里我看图里写着early expansion也反转，是否答案少了一个early expansion？另外B为什么对，答案看不太懂，C为何错？

讲一下

为什么不是dark pool

CFA网站上的题目：The fund owns 10,000 shares of Inwood Industries, Inc., which is currently trading at US$100.00. Bennett believes that Inwood’s next five quarterly earnings reports will miss consensus estimates but, longer term, there is value in the equity given the company’s strong backlog of new products. The shares are very illiquid to trade, so Tryon wants to hedge the position over this time frame without selling the shares. Park suggests three total return equity swaps for Tryon to consider. Question Which type of total return swap is Tryon most likely to use given his view on Inwood stock equity? Buy a one-year: cash-settled total return payer swap. cash-settled total return receiver swap. physically settled total return payer swap. 为什么选cash-settled total return payer？payer是指付固定，收浮动；我预计到浮动的收入会降低，应该想要收固定，付浮动去对冲。我认为应该选receiver swap。

请讲下

R23有多少个视频？我的只有R23（1）1节课，感觉少了课

这里讲cdsbasis只是一个价格衡量，没有盯市的价值，就是没有后续买卖价差的意义吗？这个cdsbasis是干嘛用的呀？

题目中问的active risk 后面有个final 和表格中间的annualized active risk有什么区别呢？

老师您好，请教这道官网题，1. receiver volatility swap 是什么意思？与payer volatility swap相比，receive 和pay 的对象是什么呢？ 2. 我的理解是这样的：因为long equity position已经承担了 equity price volatility, 所以要 short volatility 对冲，所以选B。 看看这个思路错在哪里呢。谢谢