什么是动态对冲，动态对冲是为了让delta等于0吗

Volatility smirk 里面 otm put 和otm call哪个贵？

请问衍生品题目描述计算 value of option strategy，比如covered call ，不用加上或者减去期权费对吧？

确认一下，衍生品画图的时候这种拐点都是股价等于行权价格对吧？

历年真题——行为金融学question 4A 两个点是不是可以简写为：1、Belief that his outperformance would continue despite not outperforming in the past；2、Maintains a poorly diversified portfolio, with 50% of total assets held in 5 companies. Overconfidence investor may underestimate the risks, and consequently hold a poorly diversified portfolio 这样就得分点算都拿到了？其他是否可以忽略

老师，这里关于fully integrated以及fully segmented我还是有些没理解。如果一个国家与全球资本市场紧密连接的话，他们之间的相关系数应该很高吧？如果相关系数等于0的话，那么全球资本市场的变化是不是就影响不了该国国内的投资呢？关于老师上课说的“分散风险”这个说法，我还是没有太搞懂

这里recession hedge部分的bond returns具体是指什么意思？如果inflation is caused by strong aggregate demand 健康通胀，大量投资者买入股票抛出债券，导致债券价格变低，那么如果bond returns适合yield to maturity同个意思的话，不是应该更高吗？ 还是说这个bond returns是指我先买了个bond，然后到期日之前把它卖了赚差价所获得的returns?

这个embedded collar, 是相当我 long 了一个collar 还是这个dealer long 了一个collar啊？ “”The formula, in this case, would require the investor to deliver all its ABC Corp. shares if the price of ABC shares in three years is less than $95. If the price of ABC shares is greater than $95 but less than $110, the investor must deliver $95 worth of shares. If the price of ABC shares is above $110, the investor must deliver $95 worth of shares plus the value of the shares above $110.“”书上这段话，看不懂

老师，请问为什么这里说gips条款是不适用于reits，可是笔记里却说房地产适用reits，还分为open-ended reits 和closeendedreits呢？

这题的第二点说restrict the list of execution venues disclosed in the document to only lit exchanges so it does not compromise anonymity when trading on dark pool trading venues，这句话后半句是什么意思没太看懂，老师能解释一下么