Q4，tax liability要交的税是负的时候，是要之后交，还是压根不需要要交？税盾属于哪种？

Q2，房地产抵押贷款为什么可以产生现金流，这算monetize么？

charitable reminder trust是要把股票捐出去么？这个信托是如何运用的哦？

第一个问题，这里说rebalancing偏离 saa可能性越大 越是要小range约束它 否则会越来越偏离saa 但是momentum这种东西 如果越相信momentum 那么一个资产涨 它日后还会涨 此时这个资产就会相比于其他资产涨得越来越多 越来越偏离saa 此时为什么又是wider range呢？ 第二个问题，transaction cost和tax增大 也增加range是怎么解释的？

官网题衍生23题，汇率104.15哪来了？ The data she uses for her assessment show that the US bonds pay 1.75% and Japanese bonds pay –0.40% annualized. She plans to fully hedge the currency risk. The YEN/USD spot rate is 106.85, the one-year YEN/USD forward rate is 106.12, and the one-year YEN/USD cross currency swap basis is –0.63.A is correct. Stuyvesant can sell US$10,000 converted at a spot rate of 106.85 to invest proceeds of ¥1,068,500 at –0.40%. After one year, the Japanese bonds are sold (1,068,500 × 0.9960 = 1,064,226.00) and converted at the forward rate of 104.15, for proceeds of US$10,218.20. The fund has earned 10,218.20/10,000 – 1 = 2.18%. The 2.18% yield is higher than the 1.75% she could have earned in US Treasury bills. The difference is due to the basis given a high demand for US dollars.

官网题23题答案A中，A is correct. Stuyvesant can sell US$10,000 converted at a spot rate of 106.85 to invest proceeds of ¥1,068,500 at –0.40%. After one year, the Japanese bonds are sold (1,068,500 × 0.9960 = 1,064,226.00) and converted at the forward rate of 104.15, for proceeds of US$10,218.20. The fund has earned 10,218.20/10,000 – 1 = 2.18%. The 2.18% yield is higher than the 1.75% she could have earned in US Treasury bills. The difference is due to the basis given a high demand for US dollars.104.15哪来的？

Q12，为什么不能选25%，value越大越好

原版书R22的example12的第三问和第四问，一个问期初一个问期末的tax consequences，这个看了解析也听了课程讲解，不是很理解这两个问题的区别。资本利得税这些不都是在期末才会发生么？我看解释说premium的tax也不是在期初付吧？这两道题麻烦老师再解释一下

老师好，这里为什么是D10/D5，为什么不是D5/D10？ 谢谢老师

老师好，R14经典题-active portfolio manager， 问当20yr YTM steeper 0.20% inscreasing时，为什么 Δspread是正的0.4%，为什么不是负的呢？现在国债收益率上升了， 国债收益和公司债收益率的spread不应该narrow了吗？ 我选的B：0.4%， 谢谢老师