老师您好！ reading24课后题第11题答案：Allocation to 2-year bond = Money duration of long-term bonds/PVBP of 2-year bond (Institute 225) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file. 请问上述公式是否正确？ 教材中不是说：money duration=market value*duration吗？PVBP本身也是money duration的概念，两个money duration相除能得到2-year bond 的market value？ 谢谢！

老师您好！ reading24课后题第10题答案中提到“Each pair of duration-neutral trades would result in a profit if the yield curve adds curvature.”，后面又提到short end get steeper，long end get flatter，这两点和curvature是什么关系呢？ 洪老师课件中提到“笑脸”是convexity，所以我选了A，但是后面的解释不理解。谢谢！ A is correct. The trades are also called a condor and employ four positions, much like a butterfly with an elongated body. Each pair of duration-neutral trades would result in a profit if the yield curve adds curvature. The trades at the short end of the curve (going long the 1-year bond and short the 3-year bond) would profit if that end of the curve gets steeper. In addition, the trades at the long end of the curve (going short the 10-year bond and long the long-term bond) would profit if that end of the curve becomes flatter. (Institute 225) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file.

老师您好！ reading24课后题第9题: 请问：答案中If the yield curve remains stable, the portfolio will experience a loss from both the initial purchase price of the options and the foregone interest income on the liquidated bonds.的最后一句“foregone interest income ”怎么理解？stable的yield curve引起的？谢谢啦！ A is correct. Short maturity at- or near-the-money options on long-term bond futures contain a great deal of convexity. Thus, options increase the convexity of the French client’s portfolio. Options are added in anticipation of a significant change in rates. If the yield curve remains stable, the portfolio will experience a loss from both the initial purchase price of the options and the foregone interest income on the liquidated bonds. (Institute 225) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file.

老师您好！ 还是这个问题，抱歉！ Reading24课后题第11题的这张表中，duration和pvbp的关系是怎么算出来的呀？ pvbp不是应该等于market value*duration/10000吗？ 表格表头的PVBP（C$ million）该怎么理解？ 谢谢！

老师您好！ Reading 24课后题第11题的答案显示 money duration=market value *pvbp： The C$150 million long-term bonds have a money duration of C$150 × 1,960 = C$294,000 (Institute 225) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file. 这与课本上的定义有出入吧？ Money duration is market value multiplied by modified duration, divided by 100.13 PVBP is market value multiplied by modified duration, divided by 10,000. (Institute 143) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file.

老师您好！ Reading24课后题第11题，为什么会想到是个condor？ 再一个，condor必须四个债券的money duration全部相等吗？两年期债券只要和5年期的一致就行了吧？ 谢谢！

老师您好！ Reading24 P199页中的bank’s forecast for a 1% one-year rate one year from now ，在前文中提到了？怎么理解这个1%？ 谢谢！

老师您好！ Reading24 P186页的划线结论是怎么得到的？

如果bond是semi annual, z spread 和 oas 要不要乘以二

老师您好！ 请问Reading24 p171页表格中的375.3和383两个数字是怎么来的？ 谢谢啦！