这个embedded collar, 是相当我 long 了一个collar 还是这个dealer long 了一个collar啊？ “”The formula, in this case, would require the investor to deliver all its ABC Corp. shares if the price of ABC shares in three years is less than $95. If the price of ABC shares is greater than $95 but less than $110, the investor must deliver $95 worth of shares. If the price of ABC shares is above $110, the investor must deliver $95 worth of shares plus the value of the shares above $110.“”书上这段话，看不懂

老师，请问为什么这里说gips条款是不适用于reits，可是笔记里却说房地产适用reits，还分为open-ended reits 和closeendedreits呢？

这题的第二点说restrict the list of execution venues disclosed in the document to only lit exchanges so it does not compromise anonymity when trading on dark pool trading venues，这句话后半句是什么意思没太看懂，老师能解释一下么

老师，这个题里面只能用协方差不能用相关性进行运算嘛？为什么我算出来相关性✖️资产的波动✖️市场的波动不等于协方差呢？

R24第3题，为什么关注了盈利能力不算关注成长？

算swap的notional pricipal这里为什么用1000除以swap的pvbp per million呢 为什么不直接用需要调的$1million的money duration直接除以0.046呢？

老师， 百题case4 第一题怎么做

老师，第三题，emerging market equity超额收益有5%, investment grade bonds是3%，为什么不是增加减少这两个

老师，第四题为什么不选B，equity和derivatives里都有equity，不是没有mutually exclusive吗

response 1里哪里表达了“只”根据manager investment decision来得出performance attribution的结论呢？