第1题，视频讲解和答案解析不一致。应该按照哪个？

老师，这里题目说bond yields have been higher，是说DM的债券yield会上升，那债券价格应该下降，会导致capital loss才对吧？答案是说capital gain，可以帮忙看看应该怎么理解吗？谢谢

想问下这里标准答案是capital account surplus降低，current account deficit也降低。请问所谓这两个账户此消彼长是不是指的是两个账户的净值，以这里举例，current account的balance是增加的，capital account的balance是减少的？

老师您好，请问credit rating migration can cause spread risk to become realized.这句话啥意思。With respect to risk considerations for investment-grade bonds, Larent is most likely correct with respect to spread risk. Spread risk is a function of credit migration. For investment-grade bonds, the risk of credit rating migration (credit deterioration) is greater than the risk of actual credit loss. Accordingly, credit spread volatility, as opposed to outright credit default loss, is a more relevant consideration as it relates to investment-grade bonds. Spread duration measures the credit spread volatility risk in a portfolio of investment-grade bonds.

我是公司分析师，手里有一个朋友的账户在替他管，此账户并不是公司的付费账户，请问：1、我需要给雇主或客户披露此事吗？2、更进一步，朋友给了我个人一些费用或者好处，让我帮他管理账户，我需要向雇主或客户披露此事及其相关费用和好处吗？3、如果需要披露，是否同时要从雇主那里获得书面同意？

为什么这里我先把保费和分红折现到零时点再相减算不出正确答案呢？感觉思路也没啥问题。。。

这里怎么看出来现金价值的累计速度在放缓呢？

讲义最后的这个表格，是不是都是在预测volatility 上升时的策略？

老师请问，题目问的是excess return 是不是不用考虑POD*LGD？这项不是在问expected excess return的时候才考虑吗？

Based on economic projections, the firm then chooses the fixed income portfolio weights relative to the benchmark.这不是提到了benchmark吗，怎么不算相对风险呢