老师，请问书本226页第三十一题答案Scenario C: –0.02 + (–0.053) + (–0.794) = –0.867为什么不可以是Scenario C: 0.02 + (–0.053) -(–0.794) ？是不是绝对数值越大，sensitity越大？

老师，请问书本225页第二十四题答案 Due to covered interest arbi-trage, the relative attractiveness of bonds does not depend on the currency into which they are hedged for comparison. Hence, the ranking of bonds does not depend on the base currency of the portfolio.是什么意思？ . Inter- market trades should be assessed on the basis of returns hedged into a common currency. Doing so ensures that they are comparable. Neither local currency returns nor unhedged returns are comparable across markets because they involve different currency exposures/risks不太理解？ Over horizons most relevant for active bond management, the capital gains/losses arissing from yield movements generally dominate the income component of return (i.e., carry) and rolling down the curve怎么理解？

老师请问书本225页第二十三题答案. Intra- market carry trades typically do involve different maturities, but inter- market carry trades frequently do not, especially if the currency is not hedged.这里not hedged怎么理解？ if two curves are involved they need not have different slopes provided there is a difference in the level of yields between markets.是什么意思？ Inter- market carry trades do not, in general, break even if each yield curve goes to its forward rates. Intra-market trades will break even if the curve goes to the forward rates because, by construction of the forward rates, all points on the curve will earn the “first- period” rate (that is, the rate for the holding period being considered). Inter-market trades need not break even unless the “first- period” rate is the same in the two markets. If the cur-rency exposure is not hedged, then breaking even also requires that there be no change in the currency exchange rate.这段不太明白是什么意思？

老师，请问能否详细讲解一下书本223页第二十题，不太理解是什么意思？

老师，请问书本222页第十九题，cordor structure中，long和short的所有节点money duration都相同的吗？那butterfly和曲线直线的呢？这道题和第十一题是不是一样？能否详细讲解一下这两道题是什么意思？有些不太清楚？

老师，请问书本222页第十八题答案Scenario 1 is an extreme barbell and is typically used when the yield curve flattens. In this case, the 30- year bond has larger price gains because of its longer duration and higher convexity relative to other maturities. 30-year bond的duration和convexity的数据在哪里？怎么得出larger price gain的结论的？ If the yield curve flattens through rising short- term interest rates, portfolio losses are limited by the lower price sensitivity to the change in yields at the short end of the curve while the benchmark’s middle securities will perform poorly.是什么意思？解释有些看不懂？

老师，请问书本222页第十七题答案A为什么不可以？In a stable yield curve environment，Sell the 3- year bonds, and use the proceeds to buy 10- year bonds.不是也可以吗？这种情况是carry trade还是ride the yield curve？有些分不清楚？能否详细解释一下它们的概念和异同点？

老师，请问书本222页第十六题答案 shortening the Fund’s duration from a neutral position to one that is shorter than the benchmark will improve the portfolio’s return relative to the benchmark. 利率上升不是价格下降，shorten duration 不是为了避免损失更多？为什么会impove return？怎么impove的？curve steepen和shorten duration 有什么关系？能否详细解释一下这之间的关系？

老师，请问书本220页第十一题答案In order to take duration- neutral positions that will profit from an increase in the curvature of the yield curve, Hirji should structure a condor. Allocation to 2- year bond = Money duration of long- term bonds/PVBP of 2- year bond. duraion-neuture不是long+long=short+short，Money duration 2year+long-term=Money duratiion 5-year+ 10-year，为什么这里是Money duration 2-year=Money duration long-term？

老师，请问书本219页第九题答案 Options are added in anticipation of a significant change in rates是什么意思？为什么会change？怎么change？ foregone interest income on the liquidated bonds怎么理解？