是Bond A B C三种债券组成，而且都有coupon，为什么是zero replication？

reading3第16题，senario2中largely expectational是指什么呢？感觉整体并没有回答这个问题

Treasuries是国债，比Treasuries多的spread不是G-spread吗？为什么题目是benchmark spread？

The positions in a portfolio can be stressed in scenario analysis assuming similar outcomes of a past crisis recur.情景分析不是用similar的情景吗？outcomes是情景的结果，怎么会是一样的呢？不应该是用过去的情景算现在的头寸的估值吗？那应该结果是不一样的？

老师，国外风险补偿变大，不是说明外币利率大么？那不是应该投资外币？

R13中的Example 8，怎么理解“a long position in a callable bond (“A”) would underperform compared to a long position in an option- free bond. A short position in a putable bond (“B”) would underperform a long position in an option”?

R13中的Example 6，计算portfolio duration的逻辑是什么，为什么要除以100？

PPT第122页，怎么理解PPT右上角的那句话“if manager matches the weights in the final column for a portfolio to those of the portfolio’s benchmark, duration will be matched as well as exposure along the yield curve”？

PPT第104页，model risk，怎么理解“measurement error for asset BPV is minimized when underlying yield curve is flat or future CF are concentrated in the flattest segment of the curve”？

PPT第78页，怎么理解immunization的假设“change in cash flow yield on bond portfolio”等于“change in YTM on zero-coupon bond”？