这里的120days eurodollar futures 是指120天后以约定利率结算3个月吗？

reading 25 section7 开头的部分关于AB两个组合的比较。不太明白1.为什么说在同样risk exposure 的情况下security hold越少越说明risk management越好呢？是意味着有更多的Heuristic risk management么？但是security数量少不是意味着更多的idiosyncratic risk么？2. 为什么同样active risk中active share 高就越说明alpha skill?factor bet/timing 不也是一种alpha skill 么？

請問在基於reading 19 example 6中，這樣的推論正確嗎?

請問在reading 19 example 4中 ，Solution 2中提到” The corporation should recommend Portfolio B. Portfolio C closely matches the modified duration (as well as the convexity) of the liabilities. Duration matching when the market values of the assets and liabilities differ, however, entails matching the money durations, in particular the BPVs.” 的解釋是否不太嚴謹? 關於Duration matching for multiple liabilities 1. DA = DL; 2.PVA ≥ PVL; 3. Convexity A > Convexity L (but convexity A is as small as possible). 其中第2點，PVA = PVL 還是 PVA≥PVL? 另外，1跟2點(PVA≥PVL)暗示 DDA ≥ DDL，那portfolio C 不是應該更好嗎? 還是以後再判斷duration matching 的最佳portfolio應該要以BPV為第一項考慮的條件?

老师 Endowment的Spending rate里包含了哪些支出呀？

想請問在原版書裡面reading 19 example 3 “Alfred Simonsson is assistant treasurer at a Swedish lumber company.”的例題解答中 “The cash flow matching portfolio is built by starting with the last liability of SEK 5,250,000 in June 2021. If there were no minimum denomination, that liability could be funded with the 5.50% bonds due May 2021 having a par value of SEK 4,976,303 (= SEK 5,250,000/1.0550).” 為什麼SEK 4,976,303 (= SEK 5,250,000/1.0550) 而不是 = SEK 5,250,000/(1＋ 0.0550/12)。 這題目的設定reinvestment 的period 不是只有一個月嗎? 另外，我在reading 18 practice problem Q5 的解答裡看到 With this immunization approach, cash flows come from coupon and principal repayments that are expected to match and offset liability cash flows. Because bond cash inflows are scheduled to coincide with liability cash payouts, there is no need for reinvestment of cash flows. Cash flow matching 是“no need for reinvestment of cash flows” 但是在reading 19 的 example 3中又有reinvestment的狀況出現，想請問在現實中到底那個是對的?

Case12的第一题，重新找雇主谈薪酬机制，如果雇主不同意，是不是就要选择离职，否则就违反了III（A）忠诚审慎仔细

这几个indicator分别解释一下哪个是leading,哪个是lagging?

R2书后题第29题，这个Local不是没上市么？。。。怎么place buy order？新三板吗？。。。

R2书后习题第12题，这里客户事先承诺不就是会和其他客户产生conflicts of interests吗？和雇主商量了也没用啊。。。我记得原来一级还是二级老师讲过如果是客户事后说给奖励，雇主同意了是没问题的，但是事先就是不行的。