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？

老师，请问书本300页第十题答案A benefit of the G- spread is that when the maturity of the credit security differs from that of the benchmark bond, the yields of two government bonds can be weighted so that their weighted average maturity matches the credit security’s maturity.是什么意思？如何reduces the potential for maturity mismatch？不太理解？

老师，请问书本298页第六题答案Spread sensitivity is the effect on credit spreads of large withdraw-als by investors from credit funds. Spread sensitivity can be measured as the spread widening (in basis points) divided by the percentage outflow from high- yield funds (funds withdrawn divided by assets under management). A decrease in the spread sensitivity to fund outflows would most likely indicate an increase in liquidity.是什么意思？不太理解？

老师，请问书本297页第二题答案，empirical duration is often estimated by running a regres-sion of its price returns on changes in a benchmark interest rate是什么意思？

老师，蒙地卡罗模拟30年后的情况对我当下AA有什么现实意义吗？感觉不靠谱呢

老师你好，视频1小时36分22秒的时候，如果处在一个完全隔绝的市场，那个相关系数是个股和GM的相关系数，也就是个股和global market的相关系数，应该是0啊。 因为市场是隔绝的，我在本市场选择的个股和global market不可能有任何的相关系数。但是老师解释说相关系数是1，也就是风险最大，我觉得也有道理，毕竟因为完全隔绝缺少diverification而导致风险偏高。 有些糊涂

performance-based gift一定是additional compensation吗？无论轻重都要预先征得雇主书面同意吗？

老师你好，fixed income的coupon， reinvestment和capital gain三个收益，reinvestment没有很理解是怎么来的，能再解释一下么。

这个案例中，W这个人是否也违反了独立客观性？因为可能会因为为了获得去摩纳哥的旅行，更加关注这个客户。如果披露了，雇主没同意和雇主同意了，是否违反了这两条

对于IPS的短期偏离，是否属于违规？比如IPS上规定60%投股票，40%投债券，现在股票市场大涨而债券市场不景气，因此基金经理现在分配65%投股票，35%投资债券这种情况，基金经理是否违规？