notes上的第二题有个问题。为什么这个人反向操作这件事情是没有违反道德的？

有关compensation arrangement。 1）为什么如果客户offer bonus that depends on the future performance,需要提前和雇主说 但是2）如果bonus based on accounts’s past performance , the gift requires disclosure to the employee to comply with independent and objectivity. 都已经是是事后的奖励？为什么还有objectivity的关系呢？ 谢谢

老师，请问最后一段有点不太明白？hold risker portfolios than is acceptable based on the risk/return objectives of the FMP这句话是指什么？基于objecives为什么会hold risker portfolio?是总体return没有达到目标？risker portfolio也没有明确是损失还是获利的？ FMPs may accept more risk in their portfolio than they would If they had based their decision on risk/return objectives and fundamental analysis，为什么会accept more risk？ risker portfolio是什么概念？有损失的就是risker portfolio吗？获利多的就不是risker portfolio 吗？它是相对于什么来说的？基于什么幅度来说还是其他什么意思？有些不太清楚？

这里的AA和SS怎么算出来的没讲

在 "seperately managed equity-index-based portfolio" 中，如果一个投资者要被动indexing，为什么不选择更便宜的管理方式，例如参与mutual fund；为什么要单独设立一个账户呢，有什么好处么。

麻烦老师解释一下为什么statement 3和4都是正确的

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?