老师帮我讲一下第二问，谢谢

spread risk不懂。 为什么在用Derivative overlay时Spread risk是一个concern? Movements in the corporate–Treasury yield spread introduce risk to the hedging strategy.Usually, yields on high-quality corporate bonds are less volatile than on more-liquid Treasuries. Government bonds are used in a wide variety of hedging as well as speculative trading strategies by institutional investors. Also, inflows of international funds typically are placed in government bonds, at least until they are allocated to other asset classes. Those factors lead to greater volatility in Treasury yields than comparable-maturity corporate bonds. ” Excerpt From 2022 CFA Program Level III Volume 2 Derivatives, Currency Management, and Fixed Income CFA Institute This material may be protected by copyright.

老师11题

第二道题什么意思呢？怎么感觉没学过swaption collar

MOCK1的16题，说大型投资者不适合active equity的策略，但是文中说这个DBplan已经underfund了，做hedging-returnseeking就该active投一些吧？

照片中这句话为什么是对的？

请问老师，官网的practice题是完全包含了原版书课后题是吗?

老师，TWR计算公式什么时候（1+r）相乘要开根号再－1，是根据期间长短么，如果总的时间大于1年，要开根号？小于一年这种一个月以内的收益率，就不需要开根号么?

关于ipo分配，讲的是对待所有客户要一视同仁，但是道德课后题reading33q46,对待妻子孩子的账户也要避开，请问怎么理解这其中的区别呢？

我在CFA网站上看到这么一句话：“One bias results from the use of appraisal data in the absence of market transaction data. Appraisal values tend to be less volatile than market determined values for identical assets. As a result, measured volatilities are biased downward and correlations with other assets tend to be exaggerated.”为什么关于correlation的部分是错误的呢？