老师，麻烦问下，这里的HTV是不是应该是LTV啊？

老师，为什么short call option就相当于short convexity啊？是因为Callable bond的Convexity比Pure bond低吗？

Stapleton then begins a description of factor-based strategies. These include common equity factors, such as value, size, and quality, and they can be used either in place of or to complement market-cap-weighted indexing. She points out that relative to market-cap weighting, factor-based strategies tend to diversify risk exposures; are transparent in terms of factor selection, weighting, and rebalancing; but can be copied by other investors, which can reduce the advantages of a strategy. Q. When comparing factor-based strategies relative to the market-cap weighting of an index, Stapleton’s comments are most likely: A. incorrect regarding transparency. B. correct. C. incorrect regarding risk exposure. 請問答案為什麼是Ｃ呢？Factor-based strategy 不是也能達到risk reduction的作用嗎？

老师，计算Duration和Convexity的公式里的分母为什么有时候是Delta YTM，有时候是Delta Curve，有时候是Delta y，有什么区别和联系呀？

請問在CFA practice question中 Q7 "value factor funds seek to lower downside risk;" solution 說 "is incorrect because value factor funds focus on valuation measures, not volatility." 選擇value stock不是因為lower valuation compared with growth stock, 然後price drawdown 的程度較小，所以lower downside risk?

inter carry trade需要cash匹配和duration匹配，这个duration匹配需要收益率曲线平行移动作为前提条件么？有点混淆了

請問在 CFA practice question 中 ，Disadvantages of using ETFs include the need to buy at the offer and sell at the bid price, paying commissions, and possibly facing illiquid markets at either purchase or sale. 所有股票不是都是都buy at ask and sell at bid嗎？ 還有ETFs 相較於一般股票更 liquid，為什麼這兩點是advantages?

ALM相对于AO的优势有哪些，我看答案里写的是图片里，所有的优势有哪些？

The mandate of Pool 2 also consists of two primary goals: A goal that the overall stock portfolio should consist of mature companies that have stable net incomes and high dividend yields A goal of expressing strong views on many major corporate issues through proxy voting Q. Which of the following index methodologies is most appropriate to use as a benchmark for the overall stock portfolio described in Pool 2? A. Factor based B. Capitalization weighted C. Fundamentally weighted 請問為什麼答案是Ａ而不是Ｃ？ mature companies that have stable net incomes and high dividend yields 不是 fundamental factors 嗎？

老师您好，请问像机构2013Q7这类融合ALM、AO思想的题，是不是今年已经不在机构IPS的考纲里啦？真实考试中，是每个题对应一个章节知识点嘛，还是也会有多个章节揉在同一case里的情况呢？谢谢老师