请问life insurance算human capital还是financial capital？

这里的liquidity needs和一型计算 return里的liquidity needs有啥区别

这个差额不应该是由投资组合的收益来cover么，为什么是在组合种配置现金来cover？

这个Kaplan的模考卷是11月7号和8号现场模拟考试的哪一天的卷子？

这里formulate就是要写出公式计算的咯？

2019年上午题有考derivative么，其中有外汇的题么

老师您好, 我想请教下look-back bias的定义是啥, 谢谢.

想請問sector rotator strategy， Active share 跟 active risk 都是高的嗎?

想請問這題有關於style declared。 Furilings說"favoring firms that have good governance, strong growth potential, competitive advantages such as branding, and attractive relative valuations" 還有"holds approximately 90 securities." 應該是growth-based approach ＋ Quantatity approach 吧? 但是解答說前面說"Although Furlings is a top-down manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have dissected the financial statements and analyzed the competitive landscape and growth prospects. "但是後來又說"Furlings is a top-down sector rotator with a value orientation within sectors." 這幾題好像非常不清楚，請問怎樣判斷文中訊息比較不會被誤導?

老师，关于转移支付和累计税率的问题，在什么情况下对经济是positiv的影响，金程模考1的题目说：在初始复苏的阶段，Roth observes Country T’（early expansion阶段）s government policies and finds that it is not expected to increase transfer payments or introduce a more progressive tax regime. 不增加对经济有好的影响，我记得之前有个题目说，增加转移支付对经济有positive的影响，是不是这个对经济的影响和经济周期有关，请老师总结一下，谢谢