为什么一边说既可以是value又可以是growth，一边又说同时拥有多种style没有意义，这不是前后矛盾吗

老师，想请教一下，这道题咋算的呀

(-0.23%) 23 bps were lost because the manager overweighed the corporate sector during a period when credit spreads widened (the benchmark corporate returns in each duration bucket were less than the government returns in those same duration buckets). - 为什么Benchmark Corporate returns < Govt returns 就说明credit spread wider ？

哪里说了municipal bonds不用交税呢

Q2，题目问的是Discuss the relationship between the shape of the yield curve and the monetary and fiscal policy mix projected by Hadpret. 应该理解成综合效果吧？不用最后下一个结论，因为一个是steepen 一个是不明，所以~~~~之类的吗？

With a higher duration than the benchmark (8.17 compared with 7.19 for the benchmark), the manager likely expected the rates to fall and took a bullish position on long-term bonds (interest rates) by increasing exposure to the long end of the interest rate curve (e.g., investing 50% of the portfolio in the longest-duration bucket versus 30% for the benchmark).--- 问题1： 这里bullish position 是对long term bond price 看涨吧？ 而不是看涨interest rate ? 问题2：increasing exposure to the long end of the interest rate curve --> 这句话就是说增加long term bond的exposure 对吗？

老师这里的意思我没理解，既然看重growth就应该去选成长股吧，为什么一边要估值低，一边又要有成长性？

老师的意思是不是 只要有量化的成分（方法）存在，就是量化，不是fundamental

在所有解决concentrate的方案里，只有personal credit，equity monetization和mortgage financing明确表明了可以avoid tiggering taxable event，但是是不是所有的方案都可以？

老师可以解释一下养老金计划可以defer tax的机制吗？是和养老金账户一样吗？由员工在退休后才交capital gain的tax？portfolio本身不交税？