R27第31题，Aspen的描述中是不是还有另外一个问题，“We pursue a passive investment strategy, which seeks to identify and exploit structural inefficiencies through identifying mispricings created by loss aversion”这里mispricings created by loss aversion 应该是behavioral inefficiencies 吧？书上说：“Behavioral inefficiencies are perceived mispricings created by the actions of other market participants, usually associated with biases, such as trend following or loss aversion. These inefficiencies are temporary, lasting long enough for the manager to identify and exploit them before the market price and perceived intrinsic value converge. Structural inefficiencies are perceived mispricings created by external or internal rules and regulations. These inefficiencies can be long lived and assume a continuation of the rules and regulations rather than a convergence.”

16页15题怎么作答

R27第30题，虽然说Yang只有3 年就退休了，投资期限较短，但是Alpha基金的drawdown duration 只有21个月呀，小于三年，不是吗？再加上Alpha的capture ratio等于4，远高于另外两个基金，为什么不选Alpha?

道德基础课3d case1 为什么excluded accounts under certain asset level with disclose是可以的？

百题case2 第二题。这里回购收益率1%。让公司股数增加。不是应该➖吗。为何是➕

老师您好，GIPS讲义386页中说，当有一个新的portfolio,应该及时并入composite,老师上课讲的时候也是说不能建仓完成之后再并入。这个和讲义333 Temporary new account矛盾吗？老师上课将临时账户的时候，就是说建仓完成后再并入。

老师好 请问PWM reading 22 课后题11, employee stock ownership plan 到底最后owner还有没有对 company 的 ownership 和 control 呢？ 还是和它有没有leverage 有关? 感觉答案比较模糊 想问清楚 谢谢

老师好 固收百题case2第四题 what mitigations can be applied to solve liquidity concerns for emerging mkt credits? 什么会缓解发展中国家的流动性的问题？谢谢

老师，第三问不是定量一下没有量化的目标吗？大学费用和房子题干都有预估的费用，为什么还写

老师，recession hedge这段话没看明白是什么逻辑