老师，请问书本81页第二题答案的解释和题目有什么关系？有些不太明白？题目"concerned about whether the hedge fund’s long (positive) exposure to equities increases during turbulent market periods"而答案解释是"A conditional model can show whether hedge fund risk exposures to equities that are insignificant during calm periods become significant during turbulent market periods. During normal periods when equities are rising, the desired exposure to equities (S&P 500 Index) should be long (positive) to benefit from higher expected returns. However, during crisis periods when equities are falling sharply, the desired exposure to equities should be short (negative)"不太理解答案想要表达的是什么意思？和题目是什么关系？

老师您好，想请教1.4 reverse optimization中，蓝框和绿框中的variance、cov、risk aversion factor有什么不同？是否蓝色中的上述数据，为global market的？那绿框中的是什么？谢谢老师

老师，请问根据公式这里为什么计算的NAV2022不用加上Contribution2022和减去Distribution2022？

在本视频1.25倍数下1小时13分00秒处，老师讲到SEE²小于零？但是等式右边不是小于零啊？怎么算出来是小于零的？

老师，passive equity investing里，overlay中，completion和rebalance overlay怎么区别啊？调整factor的beta，不也是在调整rebalance中的securities吗

III C, 客户要求的投资，不符合ips且影响重大，客户不接受更改ips，这时基金经理应该拒绝交易，还是单设账户，执行交易

4，为什么都要乘1.08？

bounded rationality 属于chanllenge to traditional finance， 但是它属于behavioral finance 的理论？

19看不懂为什么是holding base

18为什么不是A？