human capital volatility和demand for life insurance到底是正相关还是负相关的关系啊？笔记上说是负相关，但我自己google查了一下，说显著的关系是正相关，因为人寿保险是针对与不稳定或不可预测的收入相关的不确定性的一种财务保护形式

这里有点绕。。。PV of future benefits是不是就是net premium...后面又是PV of future net premium...怎么理解啊

为什么这里减的是net premiums不是gross premium呢？在计算policy reserve时

reading27课后10题A 选项的open end fund 一般指哪种fund？

交易官网题inflection 最后一题Whose comments at the weekend strategy meeting are most likely accurate? Shui Mulaney Morrison

vested pension可以当作已有资金递减保额缺口吗？

Chasing Alpha Research Case Scenario 第一题 The most appropriate performance allocation method to evaluate the effectiveness of the big data strategy is: returns-based. holdings-based. transactions-based.

官网题Chasing Alpha 第二题 的官网解析不太理解：A is correct. Given that the fund mandate requirement is for a short-term return in excess of the risk-free rate, the Sortino ratio is a more appropriate measure because it penalizes returns below a specific return—in this case, 1.5% above the risk-free rate.B is incorrect. The Treynor ratio penalizes returns below the risk-free rate. It will not measure the fund’s ability to meet the requirement of a short-term return in excess of the risk-free rate.C is incorrect. The information ratio evaluates the portfolio return relative to a benchmark. It will not measure the fund’s ability to meet the requirement of a short-term return in excess of the risk-free rate.

在选择是bequest还是gift的时候，有一个考量是bequest是资产先增值再收2遗产税，tax basis高，而gift的话是先转移收gift税，再资产增值。所以在estate tax = gift tax的情况下，bequest的estate tax应该比gift的gift tax要高？但是从relative value的公式中看不出来这一点，影响因素只能体现出来谁的return rate高，谁的后续tax rate低？

之前的这个问题，refer 百题 case Bert Emma Gondo。如果说是community property更高，那么Bert应该选community。那么剩给孩子和父母的就不足总资产的2/3了，那么是父母还是孩子承担少的那部分呢？