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？

老师，请问书本219页第七题答案A和C也能获利，为什么bullet是highset?三者如何计算和判断？

老师 请问这道题为什么选2呢 组合2的money duration并没有超过liability的money duration，如果是说差不多也可以的话，那什么范围内算是closely match呢

老师，请问书本217页第一题答案 Riding the yield curve differs from buy and hold in that the manager is expecting to add to returns by selling the security at a lower yield at the horizon. This strategy may be particularly effective if the portfolio manager targets portions of the yield curve that are relatively steep and where price appreciation resulting from the bond’s migration to maturity can be significant.是什么意思？ hold and buy和riding the curve如何区分？有没有时间的限定？hold 可以是任何年限，riding也是任何年限吗？那一年期限的是不是两个就没有区别？能否详细讲解一下两者的概念和异同点？有些分不清楚？

老师，请问书本300页第十五题答案As correlations increase, the values of the mezza-nine tranches usually increase relative to the values of the senior and equity tranches，课件视频中说subordinated ranches比senior好，那是不是mezzanin比subordinated好？

老师，请问书本300页第十一题答案 Once the credit universe has been divided into sectors, the investor identifies the bonds with the best relative value within each sector是什么意思？不太理解？