Include less liquid asset classes in the asset allocation decision and attempt to model the inputs to represent the highly diversified characteristics associated with the true asset classes. 这句话请问怎么理解

building block

Q3，根据老师的解释，没注意到后面30%的bond和10%的PE呀，在哪里……

讲义64页example 中 asset class contribution这块老师没讲，能不能讲一下，谢谢

如果都short futures，为什么还能享受未来股价上涨的收益呢？不是越涨越亏么

股价上升，是long call 方以低价买入的权力，即short call低价卖出的义务，那么short 方应该是亏钱的，反之股价下跌，是long put高价卖出的权利，即short put 高价买入的义务，short 也是亏钱不是吗？ 怎么说rebalance earn return from being short volatility呢

The compound growth rate of a portfolio is greater than the weighted average compound growth rates of the component portfolio holdings (given positive expected returns, positive asset weights, and sufficiently low transaction costs). 这句话怎么理解？

Without weighing costs and benefits in the abstract 这句怎么理解？

这是一道官方mock题。完全不明白3和4问怎么算的。。：（

老师，投资人手里不持有期权或不持有多个期权，如何实现这里的连续卖空？