老师，第4个为什么是 frame dependence ？还有第1个为什么是aversion to ambiguity?

老师，我想问tips是real interest rate的工具。在固收里讲到tips是利率是包含了通胀率的，这里怎么理解的是剔除了通胀因素呢？

老师好，衍生品这一块2017年的上午题，问到了VaR, 请问需要复习这样的题目么？ 这个是二级考试的内容，而且这个视频的A题目没有直接就跳过去了

老师你好，衍生品2018年C题目，如果说预计一年后的expected value of portfolio是60m USD，并且有文字说明相当有信心预测准确，这样的话就可以通过一个一年期的short forward 60m USD去hedge对么？

general 下面又分两个账户，和这个seperate account 啥关系？有点懵

这道题用了贝塔和tracking error,这个知识点有点不太清楚，可否说一下思路？

老师，我想和您确认一下。我在不同的课里，不同的老师，对TAA战术性资产配置。有的说是对SAA的偏差。有的说是对在资产大类下的具体资产选择。如何理解呢？

R9书后第12题, 选项C是不是错了, 应该是an illusion of knowledge吧?...因为Overconfidence分为两种, 一个是an illusion of knowledge, 一个是self-attribution. 但是这个我在勘误里搜索过了, 好像也没有涉及.

2011 Q5 請問實際考試這樣寫可以嗎? A Resample 1. A resample approach is not sensitive to small changes in inputs; 2. A resample approach is relatively diversified in asset allocation. BL i. A BL approach can combine the investor’s future view about markets. MCS i. Monte Carlo can determine a path-dependent terminal value; ii. Monte Carlo is a multi-period model, which is allowed the investor to see how the effect of the changes in tax plays out. B 1. Finnegan has debt-like liabilities to pay; 2. Finnegan currently is unemployed and has a lower risk tolerance; 3. Finnegan’s liability is interest-rate sensitive. In order to match the nature of the liability and assets, the investor should choose an ALM approach. C 1. With a higher allocation in equities, the volatility of the portfolio is higher and not suitable for Finnegan who currently has a lower risk tolerance; 2. She used to work as an equity analyst, in which the incomes generated in the position are positively correlated with equity markets.

2014 Q8 請問實際考試這樣寫可以嗎? A 1. The board should choose portfolio jade. 2. Portfolio jade has a higher expected utility (3.5%) than portfolio Ruby does (2.04%). Jade: 6.5% - 10%^2*6*0.005 = 3.5% Ruby: 7.5% - 13.5%^2*6*0.005 = 2.04% B 1. The board should choose portfolio Ruby based on Roy’s safety-first criteria. 2. The ratio of Ruby is higher (0.1852) than the ratio of Jade (0.15). Jade: (6.5% - 5%)/10.0% = 0.15 Ruby: (7.5% - 5%)/ 13.5% = 0.1852 C 1. The non-domestic developed market equity should be added into the current portfolio to improve a mean-variance; 2. The sharp ratio of new portfolio > the sharp ratio of the current portfolio x correlation 0.4286 > 0.3132 (0.4473 x 0.7) D The correlation will increase during the period of financial stress.