请教上午题p82页，E，为什么90% of su's operating budget is founded by government funding and tuition会影响su endowment呢？su并不等同于su endowment呀

请教，为什么inflation增加，风险承受能力也会增加呢 Inflation增加，风险应该更大才对

“Some hedges involve currency options; a long position in currency options requires the payment of up-front premiums. If the options expire out of the money (OTM), this cost is unrecoverable.” 老师您好，我想问一下，cost （upfront premium）无论是 OTM 还是 in the money， 都是unrecoverable的吧？因为premium是必须要交的，这里为什么只强调OTM？谢谢您

请问，第二句，Dividends on non-us securities withholding tax是什么意思？持有非美国发行证券的分红需征税？

请问，这里老师说达到5%不征税，但是课件上说如果大于等于5%征1%的税，不是矛盾吗？ 另外前一句，net investment income less expense是什么意思？

老师您好，我想确认一下recency。在Behavior Finance里，recency effect = availability bias，但是为什么在ss10里 recency = representative？ 谢谢您

老师，你好，我想问一下那个CAPE里的分子是用现在的Price level还是预测的Price level 呢？谢谢哈！

Assuming an annual return of 7.5 percent, what would be the after-tax wealth accumulated in 15 years for a single current contribution to the TDA? Assume the contribution would be deductible but taxed at the end of 15 years at a 20 percent tax rate. €23,671. €23,965. €29,589. (Institute 263) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 2. CFA Institute, 5/2018. VitalBook file. 老师您好！请问此题为什么不和deferred capital gain公式的加回Tcg一样，而是对全部本金加收益征税？为什么不加回T？谢谢！

老师好，这里讲的不是寿险么，买不买跟市场利率有什么关系？这里说的是万能险么？但即使是万能险，也有死亡理赔的功能，买寿险不是单纯的投资吧

老师好，这里的surplus在B/S里是属于equity的，能算是一个liability么？