老师您好, 我想请教下look-back bias的定义是啥, 谢谢.

想請問sector rotator strategy， Active share 跟 active risk 都是高的嗎?

想請問這題有關於style declared。 Furilings說"favoring firms that have good governance, strong growth potential, competitive advantages such as branding, and attractive relative valuations" 還有"holds approximately 90 securities." 應該是growth-based approach ＋ Quantatity approach 吧? 但是解答說前面說"Although Furlings is a top-down manager, its sector portfolios are built through investing in a small number of high-conviction securities after its analysts have dissected the financial statements and analyzed the competitive landscape and growth prospects. "但是後來又說"Furlings is a top-down sector rotator with a value orientation within sectors." 這幾題好像非常不清楚，請問怎樣判斷文中訊息比較不會被誤導?

老师，关于转移支付和累计税率的问题，在什么情况下对经济是positiv的影响，金程模考1的题目说：在初始复苏的阶段，Roth observes Country T’（early expansion阶段）s government policies and finds that it is not expected to increase transfer payments or introduce a more progressive tax regime. 不增加对经济有好的影响，我记得之前有个题目说，增加转移支付对经济有positive的影响，是不是这个对经济的影响和经济周期有关，请老师总结一下，谢谢

想請問為什麼Tokra是使用momentum，為什麼還會caught in a value trap?

为什么这个组合是获得无风险收益，而不是收益为0？

对于illiquidity premium 何时加的问题，不止一个老师回答说Fully integrated和Fully segmented时，需要对应每种情况考虑非流动性溢价，但是视频里老师的解法和答案解析都是先将普通的rp加权加总，然后才加上illiquidity premium.，虽然算出来的答案一样，但是步骤还是有差异，究竟哪种更好呢？

老师，在分析退休计划方法的选择的时候，蒙特卡洛模拟方法的描述是否有清晰简单一点的记忆？考试的时候要写到什么程度？ monte Carlo simulation：monte Carlo simulation yield an overall probability of meeting retirement needs by aggregating the results of many trials of probability-based estimated of key variables. And it is a flexible approach for exploring different retirement scenarios;

老师，卡普兰的模考题。我想请教这句话什么意思呢？为什么未实现收益会减少未来的FV？这个增加和减少需要有一个比较的基准。不论收益是否实现，资产都会compound，最后的FV都会增加。不会投资几年后资产反而变少了？ 另外后半句的B和1，是什么意思呢？

自住房产算是金融资产吗？在算net wealth的时候要考虑吗？