老师，请问书本168页第五题答案中blind pool是什么意思？

老师，请问书本168页第四题答案Investments in alternatives, such as private equities, can take upwards of five years to reach a full commitment and potentially another decade to unwind.这一段怎么理解？在这里和题目有什么关系？

为什么long通胀风险的合成方式是long treasuries and short inflation-linked bonds？

老师，请问书本83页第七题题目是什么意思？能否详细讲解一下答案，不太明白是什么意思？

老师，请问书本82页第六题答案This situation, particularly a short squeeze, can lead to substantial losses and a suddenly unbalanced exposure if bor-rowing the underlying equity shares becomes too difficult or too costly for the arbitrageur这一段不理解？这种情形怎么产生loss不太明白？能否详细解释一下？ The convertible bond arbitrage strategy can lose money due to time decay of the convert-ible bond’s embedded call option during periods of reduced realized equity volatility and/or due to a general compression of market implied volatility levels这一段也不理解？time decay 和call option以及volatility之间怎么会lose money？ Convertible arbitrage strategies have performed best when convertible issuance is high (implying a wider choice among convertible securities as well as downward price pressure and cheaper prices这里的issuance is high指什么？括号里implying不理解是什么意思？能否详细解释一下？

老师，请问最后一段greater liquidity是否也可以reduce market impact?课件里老师讲market impact是影响price，是不是market impcat就是price impact? 而execution risk是market risk，也是price risk？market impact和execution risk这两种risk是不是都可以同时用greater liquidity来reduce吗？

为什么beta加总要等于1？

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？