前提是A手上得有美金才行吧？

老师的第一题好像讲错了，一开始是short了一亿的英镑，资产减少了，over hedge了应该是反向操作买回期货吧？

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？