麻烦老师讲一下这道题，谢谢

这里捐赠Real estate资产给DAF，DAF通过运营获得300的revenue，但是DAF把300万捐给学校的时候，这个捐款和起初的捐款人有什么关系呢，为什么要给他博士职称？

Measurement error for Asset BPV can arise even in the classic passive immunization strategy for Type I cash flows, which have set amounts and dates. Asset liquidity can become a risk factor in strategies that add active investing to otherwise passive fixed-income portfolios and would not be applicable here.老师您好，请问为啥active investment有流动性风险？这句话怎么理解呢

这两种是什么交易方法，那么陌生

老师您好，tender offer是啥呀，为啥选A呀

请问表格5中的effect/数子都是相对benchmark来说的吗？

为什么一边说既可以是value又可以是growth，一边又说同时拥有多种style没有意义，这不是前后矛盾吗

老师，想请教一下，这道题咋算的呀

(-0.23%) 23 bps were lost because the manager overweighed the corporate sector during a period when credit spreads widened (the benchmark corporate returns in each duration bucket were less than the government returns in those same duration buckets). - 为什么Benchmark Corporate returns < Govt returns 就说明credit spread wider ？

哪里说了municipal bonds不用交税呢