没明白期限错配 我们要求的是平均收益率 就应该在平均无风险收益率上叠加 用期初还是用期末的无风险利率都不准 又何必非要用futures来算一个未来的短期无风险利率呢

为什么unlimited upsidepotential 是long put？

期初要支付澳币，那也要用美元去换澳币吗？

两个问题：1. delta hedging of the gamma exposure怎么理解？2. long option volatility应该相当于long vega吧，视频中老师说相当于long gamma？

Item 3. Market-based inputs other than quoted prices that are not observable for the investment 请问这句话是什么意思，谢谢

The Fund would then provide a 100% guarantee to buy the private placements of the corporate finance clients 请问这句话是什么意思。buy the private placements of the corporate finance clients 为什么不违规呢

这里的beta adjusted market exposure怎么计算呢？

Akagi also discloses to each client the fee he expects to earn from this arrangement once an investment management agreement is signed. 这句话是哪个意思呢？1. A还披露了一旦客户签协议，他之后能得到多少费用。 2. 客户签了协议后，A立刻披露.... 我以为是第1个，觉得已经披露了所以没有违规。

答案中有这句话：Peña implied that he had completed his university work to obtain a degree when he did not clarify his failure to receive a degree 请问原文哪里有暗示呢？是这句 I studied finance??

请问老师，题干里哪里提到spread变化为0？题干里说的是EffSpreadDur不变，但没说spread不变，那Excess Return公式中间的那项不能为0啊？