老师您好，课后题126页第二题：为什么不选hedge funds?解析中说：maintaining the funded status(MV OF ASSET/PV OF LIABILITY) of the plan would require the use of private equities in conjunction with public equities. 怎么理解呢？

net wealth 需要把cash value of life insurance考虑进去吗

bear flattening 短期长期利率都上涨，短期涨的更多，那么短期债券价格跌的幅度更大。选项B降duration，短期债券跌的更多吧？

因为barbell组合的convexity较大，会有更好的保护作用，涨多跌少。为什么这题得出的结果会相反呢？

老师可以详细讲一下这道题的三个选项吗

原版书，第83页，We return to the example of a five-year ₤100 million FRN at three-month MRR + 1.75%, with a DM of 2.25% and a 0.50% MRR priced at ₤97,671,718. We can derive the FRN’s effective rate duration by first calculating PV− and PV+ using a spreadsheet by shifting MRR down and up by 0.05% as follows:其中，分子562，500如何计算出来，分母0.6875%如何计算出来的

原版书，第79页，For example, in an upward-sloping yield curve, the Z-DM will be below the DM. Also, the Z-DM assumes an unchanged QM and that the FRN will remain outstanding until maturity. Z-DM will be below the DM如何理解

有一个case中说将一名portfolio manager任命为 compliance offer， 没有说他同时兼任两个角色， 之前是portfolio manager， 之后是compliance offer，这难道也违反了independence吗？原版书中也说明可以将existing employment 任命为compliance offer。

原版书课后题reading35第10题，但仍然有些不解，为什么答案是a不是c。课件上有一句话For many strategies, new portfolios should be included as of the beginning of the next full performance measurement period after the firm receives the funds

请问老师为什么第一个式子用的是8m，不应该用10m吗，而且我想问货币符号不同怎么处理。