第三问，我算出来128265，答案是128731，在后几位有偏差，这样算对吗

答案的这句话对吗？ When moving from early expansion to late expansion, the credit spread curve tends to steepen and credit spreads tighten

C is correct because if we measure the correlation between active management return, A = (P ? B), and style return, S = (B ? M), we can identify whether the manager’s active selection decisions align with the style currently favored by the market. A good benchmark should not reflect these systematic biases, as indicated by the correlation between A and S not being statistically different from zero. 这一段能否解释一下

这里的2.7%和and unwinds the hedge at 97.3怎么理解？没看懂这里是什么意思

这里U公式的系数为啥是0.005，前面这个公式的系数是0.5

Risk Budget and risk parity 第二道思考题，里面的Variance是不是完全是个冗余信息，给来误导的呀？

麻烦老师解答一下这道题

麻烦老师解答一下这道题

第4问，通胀情况下购买力下降，那应该减持cas h呀，为什么还得再多思考一层央行会管控？题目中没有提示说央行会管控

如果sample case里，justification的回答是allocation A maximize the return这样能得分吗