优点的第二点为什么passive factor based策略成本低于主动投资？另外缺点的最后一点passive cap weighted investing是什么投资策略？基础课PPT只有一次出现这个，这点不明白

第4题，请问答案这句话怎么理解呢The GIPS® composite should depict the results of an ongoing and consistent management process. While all the funds in the composite were briefly “non-discretionary” during this market disruption, this was an industry-wide event. The performance and dispersion impact on this fund was singularly significant and stemmed from a unique confluence of external circumstances not representative of the management style. It is large enough to compromise the integrity of the composite and be materially misleading to clients and prospects.

第2题，请问Reason 3为什么是对的，这个字眼看起来就很可疑“will eliminate the difficulties”。 Allowing the DFI funds to purchase shares in the POOL fund will eliminate the difficulties the investment team has had in achieving proper allocations and diversification in the DFI funds.

CFA三级-大类资产配置 relies on quantitative signals to capture documented return anomalies，focuses on value and momentum factors that have been determined to have explanatory power，我感觉既可以是均值回归，也可以是抓趋势，两种分析方式都可以用到，怎么区分呢？请教

Case study 里面的题目是不是跟考试题有差别啊？我怎么都看不懂

CFA 三级 大类资产配置 养老金对应的员工年级比较轻，还有很长的时间可以运作，现在腾出15%头寸问投啥？为啥A不行，正常养老金账户支付还早，就增加权益头寸，这比较make sense，这里却说要增加private equity、hedge fund

第二题，我的理解tax speculation 是因为参加了seminar得来的信息，research report应该表明source, 不是吗？ Booth attends a research seminar covering several topics regarding all of the utilities in Country A’s economy. Two topics of interest to Booth address regional utilities, which typically pay large dividends, and the impact that a proposed tax rate change might have on the future payment of dividends

第一题，为什么不选C。上课的时候老师说避免让sales, investment, operation来担任compliance officer。

老师能解释一下这道题目吗？

老师能解释一下这道题目吗？