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."

老师，请问independence第三点If the ranking is based on the size of the proportion，the choice are not independent这是什么情形？不太明白？

老师，请问效用理论utility theory和期望效用理论expected utility theory是一个概念？还是不同的概念？能否详细解释区分一下吗？有些不太清楚？

老师这里的sortino ratio 视频里面没说 能讲一下这是个什么ratio么怎么用的谢谢

132页这个例题，结合前一页的内容，前面说VIX上升做多期货可以获利，那么这个例题里面term 结构是上升的为什么不是通过buying 来获利？ 解释里面从buy和sell 里面获得的gain和loss都是什么单位？gain的是波动率还是profit？