请问这道题怎么理解？

老师，能否给讲讲asset-driven liabilities（ADL），这是一种特殊的AML？

请问这道题reason2为什么是正确的？

老师，1.这道题不选a，判断逻辑是不是：因为组合B的cash flow yiled低于组合C，应该是lower cash flow reinvestment risk？2.这道题不选c，判断逻辑是不是：组合B的convexity小于组合C，应该是provide more protection from yield curve shifts and twists？

老师，题目里有经常出现“defease”这个词，这是啥意思？The project is to defease some of Kiest's existing fixed-rate bonds that are maturing in each of the next three years.

老师，关于CDO和它的underlying collateral我有点儿不清楚，能否结合官网题里这句话请您解释一下？

R13.4，关于CIRP对投资的影响，结论是如果按照CIRP的价格hedge外币的话，最终收益等于本国的Risk free rate。我的问题是如果不hedge，且假设市场充分有效的话（即汇率按照CIRP变动）最终的收益不也是等于本国risk free rate吗

Advisers need to handle FFs with care because they are likely to say yes to advice that makes sense to them without adequately considering the risk involved.请问这句话怎么理解？

老师，以这道题为例，credit risk与spread risk分别怎么理解？有什么区别？

老师好 官网题 Tina Swan 这句话怎么理解 MVO portfolios are more sensitive to measurement errors in the expected return than to measurement errors in correlation and risk. 谢谢