课后题第八题，security lending 借券的投票权和dividend不是应该都给borrower？ 另外,covered call=long stock ＋short a call，是赚取premium.。那writing covered call是反向操作吗？衍生品的概念有点模糊，谢谢老师

Only the institutional trades comply with CFA Institute Standards. All the trades were processed on a net basis. Because the firm disclosed that institutional orders may be executed on a net basis, the institutional trades did not result in a violation. The firm disclosed to clients that in riskless principal trades, retail clients will receive the same execution price without mark-up. Executing the retail orders on a net basis with a $.01 mark-up resulted in a violation of Standards I(C) and III(B) relating to misrepresentation and fair dealing. 老师，这道题的答案解释没有看明，请您指导。

老师好，问下这里的yield curve 是real rate的吧

原版书第389页27题，就是Bristol Capital Management那个案例，omission是不是还可以写，GIPS要求disclose gross and net return但是题目里只给出了gross return？

答案解析As Khadri provides the corrected information in her letter to the client, she is least likely to violate the Standard relating to performance presentation. She is more likely to violate the Standards relating to Misconduct and Misrepresentation because she knowingly misrepresents the cause of the error. Standard I(D)—Misconduct requires that members not engage in any professional conduct involving dishonesty. Standard I(C) prohibits members from knowingly making any misrepresentation relating to investment actions and professional activities. 老师，请问为何会违反I（D）和I（C），确实是无意输入错误的啊

视屏的声音似乎有问题， 第10分钟到18分钟没有声音

老师好，这个视频的题目是不是算错了啊，约数的时候，我两种方式计算的结果不一样的啊？求核实。

蓝神笔记上册第130页，MVO缺点的第二点，为什么当存在投资限制时，特别容易出现highly concentrated in a subset？如果没有投资限制的话，不是更容易高度集中投资于某一项资产吗？

其它几题还勉强能理解，6题完全想不通。货币政策宽松，影响短期利率，所以短期利率下降。财政政策紧缩，影响长期利率，所以长期利率下降。所以应该选a啊，利率下降嘛。 若是非要换个角度，货币政策影响预期通胀而财政政策影响real int rate？那我怎么知道什么时候用哪个理论呢？

老师好，有一个类似的case说，基金经理一客户不听基金经理意见买了仙股，意外获得巨额利润。这个基金经理旗下的其他客户业绩一般般，被这个仙股客户的业绩平均后，显得业绩良好。请问基金经理应该如何向外界展示自己的业绩？