请问： 1. collar策略，在St<Xp时，max loss=S-Xp＋P-C，这个式子是如何根据G/L=St-S＋Max(0,Xp-St)-P-Max(0,St-Xc)＋C这个式子推出的？ 因为如果代入数字算，应是-S＋Xp-P＋C, 符号正好相反。 2. bull spread: 写的是St<Xc时，有max loss，这个不应该是St<Xp么？如果仅是小于Xc，那有可能是大于Xp的，又怎么取到max loss? 谢谢。

课后题第二题 选项A，为何说Furling是sector rotator? 选项C，觉得选项C说法挺合适的。为何不对呢？ 谢谢 课后题第五题，没有解题思路。

课后题第七题 计算E-mini S&P的每份合约价格时，为何用 S&P500的价格*50。从期货角度，S&P和E-mini S&P是两个品种吧，那应该价格不一？ 怎么理解？ 另外，期货合约的basis risk如何理解呢？ 谢谢

老师，蓝神笔记上册127页的45%-55%之间的10%是corridor，但是139页正负10%的10%是range，所以corridor和range不是一个概念吗？corridor包含正负两边，range只有单边？

课后题第八题，security lending 借券的投票权和dividend不是应该都给borrower？ 另外,covered call=long stock ＋short a call，是赚取premium.。那writing covered call是反向操作吗？衍生品的概念有点模糊，谢谢老师

Only the institutional trades comply with CFA Institute Standards. All the trades were processed on a net basis. Because the firm disclosed that institutional orders may be executed on a net basis, the institutional trades did not result in a violation. The firm disclosed to clients that in riskless principal trades, retail clients will receive the same execution price without mark-up. Executing the retail orders on a net basis with a $.01 mark-up resulted in a violation of Standards I(C) and III(B) relating to misrepresentation and fair dealing. 老师，这道题的答案解释没有看明，请您指导。

老师好，问下这里的yield curve 是real rate的吧

原版书第389页27题，就是Bristol Capital Management那个案例，omission是不是还可以写，GIPS要求disclose gross and net return但是题目里只给出了gross return？

答案解析As Khadri provides the corrected information in her letter to the client, she is least likely to violate the Standard relating to performance presentation. She is more likely to violate the Standards relating to Misconduct and Misrepresentation because she knowingly misrepresents the cause of the error. Standard I(D)—Misconduct requires that members not engage in any professional conduct involving dishonesty. Standard I(C) prohibits members from knowingly making any misrepresentation relating to investment actions and professional activities. 老师，请问为何会违反I（D）和I（C），确实是无意输入错误的啊

视屏的声音似乎有问题， 第10分钟到18分钟没有声音