固收R12，333页，例题9老师可以解释一下吗？看不懂。swaption属于考试范围内的吗？

老师您好，百题case2第三题：the investment profession and investment firm must be interdependent to maintain trust是什么意思？是说投资经理和投资公司必须保持独立？

选PCGE低的fund的策略，是同时适合于mutual fund和ETF吗？

老师，R17课后题6中说的Thomson Reuters Lipper这个概念课件中有么？可以解释下这个是什么么？不记得基础班有讲过

百题case1第一题：the board thinks the Fund should also be required to act as a buyer of last resort for all its corporate finance client's private placements。这句话的意思是这个基金作为所有企业融资客户私募的最后买家。为什么违反了act for the benefits for all clients? 这句话不是说等客户买完再买的意思吗？

衍生品 原版书 122页：下面这段话 怎么理解？ Importantly, typical end-of-month (EOM) activity by large financial and banking institutions often induces “dips” in the FFE rate that create bias issues when using the rate as the basis for probability calculations of potential FOMC rate moves. For example, if such activity increased the price for the relevant fed funds futures contract to 98.05, then the FFE rate would decline to 1.95% (= 100 − 98.05). In this case, using the same equation as before, the probability of an FOMC rate hike decreases from 90% to just 30%:

R18原版书例题第4题，manager B用的是fundamental ，fundamental 关注个股应该是concentrated ，答案为什么是diversified

这里听了好多次没听清老师说的啥？也不应该按着行业标准来？？？

measured approach是什么啊

r12 课后第九题 题干中提到分析师是根据客户的liability进行研究后匹配asset portfolio 为何还是ALM？