标蓝这句话怎么理解呢？就是C选项为什么是对的，是什么情况

Generally speaking, implied volatility increases for put options at strike prices that are lower than the current stock price, whereas implied volatilities decrease for call options for strike prices that are higher than the current stock price; this is called the volatility skew. However, sometimes implied volatility decreases for put options at strike prices that are lower than the current stock price, whereas implied volatilities increase for call options at strike prices that are higher than the current stock price; this is called the volatility smile.

Hedge Fund 2: An equity strategy fund focusing only on Long/short equity strategies. Hedge Fund 3: An opportunistic strategy fund focusing on global macro strategies. ——2和3是怎么不符合要求呢？

表格2除了cash其他的回报都不是正的啊，为什么要投？

Why is ST set as 100? For question 6b?

这道题说fund的损失不要超过20%，为什么就是要看CVAR而不是VAR指标呢？知道极端损失下应该参看CVAR，但这里怎么判断是不是极端情况

Q5，C选项delta也是=0的吧？C为什么不对呢？ 视频讲解老师突然得出应该用risk reversal策略，没懂怎么得出来的

为什么market-neutral相比long/short的volatility更低？

这个公式是不是错的？后面的例题用这个公式算，算不出来1.91%~~我怀疑那个减号是错的。

Alternative写作题Bern Zang：一共有哪几种strategy啊？分别对应哪些具体的strategy？