在 "seperately managed equity-index-based portfolio" 中，如果一个投资者要被动indexing，为什么不选择更便宜的管理方式，例如参与mutual fund；为什么要单独设立一个账户呢，有什么好处么。

麻烦老师解释一下为什么statement 3和4都是正确的

老师，老师计算时，这个FRA的利差计算要不要折回3时间点？

老师您好，请问为什么systematic bottom-up没有factor timing呢？discretionary bottom-up存在potential factor-timing是什么意思呢？

最后一个conflict of interest的例子是什么意思？是说基金经理因为有这家公司的IPS的限制，而不能进行自己本来想做share holder engagement的策略增加portfolio value. 从而造成基金经理/基金的利益和客户（投资这个基金的公司）的利益冲突么？

請問Reading 36 課後練習題中 "18. Which of the following fee structures most likely decreases the volatility of a portfolio's net returns?" A. Incentive fees only B. Management fees only C. Neither incentive fees nor management fees 解答是 A is correct. Because incentive fees are fees charged as a percentage of returns (reducing net gains in positive months and reducing net losses in negative months), its use lowers the standard deviation of realized returns. Charging a management fee (a fixed percentage based on assets) lowers the level of realized return without affecting the standard deviation of the return series. 請問當 Portfolio's returns turn negative 是收不到 incentive fees 的，如何reducing net losses in negative months?

老师能帮我解释一下这里的time decay of call option 和extreme market volatility 这两个策略是如何在relative value hedge fund 中应用的么？看不懂这个答案谢谢

老师，无法理解这个歪嘴套利。 什么情况下构建？为什么？

老师，请问buying lottery tickets and buying insurance为什么expected utility is low?

老师，请问buying lottery tickets and buying insurance为什么expected utility is low?