老师，请问prefect self-interest 具体指什么？在课件里的第二点提到，是什么意思？

請問 Reading 34 Practice Problems No.9"As it relates to the trade policy document, ValleyRise should implement Yellow's recommendation related to:" A. the list of eligible brokers. B. a policy for the treatment of trade errors. C. a policy for over-the-counter derivatives trades. 的答案為什麼是B呢? 課文中說 "All asset managers should have a trade policy document that clearly and comprehensively articulates the firm’s trading policies and escalation procedures (i.e., calling on higher levels of leadership or management in an organization to resolve issues when they cannot be resolved by standard procedures)." and "A trade policy document needs to incorporate the following key aspects: meaning of best execution, factors determining the optimal order execution approach, handling trading errors, listing of eligible brokers and execution venues, and a process to monitor execution arrangements."

老师，请问independence第三点If the ranking is based on the size of the proportion，the choice are not independent这是什么情形？不太明白？

老师，请问效用理论utility theory和期望效用理论expected utility theory是一个概念？还是不同的概念？能否详细解释区分一下吗？有些不太清楚？

老师这里的sortino ratio 视频里面没说 能讲一下这是个什么ratio么怎么用的谢谢

132页这个例题，结合前一页的内容，前面说VIX上升做多期货可以获利，那么这个例题里面term 结构是上升的为什么不是通过buying 来获利？ 解释里面从buy和sell 里面获得的gain和loss都是什么单位？gain的是波动率还是profit？

请问老师：collar和bull spread的图形是一样的，它们的功能有什么区别？

老师，为啥算TWRR要用期末价减去追加的投资？

你好，请问这个concave和convex utility function怎么理解。Concave是涨少跌多，convex是涨多跌少，那么对风险厌恶的人来说，随着财富增加什么东西减少？同理convex是风险寻求者，那么随着财富增加什么东西增加？

老师，1000股3个客户 round lot 咋分呀