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?

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."