这里moderate的意思是什么，考试可以直接替换成small么

請問關於protective put這樣寫有沒有哪裡需要加強的謝謝 1. The hedging tool referred to is protective put. The protective put is constructed by longing positions and puts and can allow investors to protect the downside and retain the upside of the underlying positions. 2. The protective put can deliver the desired result as the investor wants to lock-in a floor price and retain the unlimited upside.

在DB养老金计划中，shortfall risk和Longevity risk的风险分析角度有什么不同吗？

請問關於goal based這題解答寫得很長，如果我考試的時候這樣寫是否不行? 1. The investor allocates a large amount of his capital to assets exposing to high volatility, which might pose too much risk. 2. The amount of assets being located at each level depends on the volatility and probability of achievement of a specific goal. 3. The aspirational bucket should allocate a lower amount of the investor's capital because the asset allocated at this level indicates a lower probability of success and higher volatility. Morrison allocates 90% of his assets to the aspirational bucket, which indicates he is exposed to too much risk.

老师，这里short side是假设持有外币现货所以是+S，然后担心外币贬值所以short forward所以是-FP吗？

請問關於emotional biases這樣寫有沒有哪裡需要加強的謝謝 1. Overconfidence: the bias shows investors to think they know more than anyone regarding the company they hold. Richard thinks he knows more than other investors, which indicates overconfidence bias; 2. Endowment: the bias shows investors to value more the positions they hold. Richard thinks the company is a good investment and doesn't consider other possibilities which indicate endowment bias; 3. Status quo: the bias shows investors to stay with the same investment without consideration of other investments. Richard expects the company will continually be a good investment in the future, which indicates status quo bias.

这个双弯曲线老师说的和讲义不一样，讲义是中间一段risk seeking吧

請問這題關於systematic risk vs nonsystematic risk 這樣的寫法有哪邊需要改進呢?

【2012年Q2 A问】如果taxable 账户和 tax-exempt的账户都出现了亏损，如果加大投资在taxable 账户，则taxable 账户的税后收益更高，同时investment risk 更低，政府也同样承担了部分风险； 答案说：Alonso’s after-tax return would have been greater than or equal to his actual return, if a greater proportion of his investments had been in taxable accounts. This is because he can use losses to offset other income or realized gains. 我的问题：如果加大比例在tax-able 账户，确实前面的损失可以抵扣一部分relaized gian，但是在相同的收益情况下，tax-exempt账户是不收税的，那么其实为什么就一定可以得出tax-able 账户的税后价值就一定高于或者等于tax-exempt？

Equity中case2 q2中有short extension strategy，课件里是long extension，请问这两个是一个东西吗？