所以这里的profit/loss求解的是哪个数字？最后的-300，300？还是整个过程的利润？

这个推导中RI为啥等于B*(roe-r)

tom老师不是说cost=carrying value=book value吗？

老师，这里如果4和5分别认购4万和6万的话，如何分配？

老师您好，请问是不是不管是inventory还是固定资产的impairment都是non-cash的支出，所以都不影响现金流量表？

老师您好，关于第二问有两个问题想请教：1 interest资本化的话，在现金流量表中是记录CFO流出还是CFI流出？２还是没有能理解为什么这题interest coverage ratio为什么不会改变。利息被资本化了当期就不会存在这笔interest payment了吧？　

老师：请翻译：Carter works for Invest Today, a local asset management firm. A broker that provides Carter with proprietary research through client brokerage arrangements is offering a new trading service. The broker is offering low-fee, execution-only trades to complement its traditional full-service, execution-and-research trades. To entice Carter and other asset managers to send additional business its way, the broker will apply the commissions paid on the new service toward satisfying the brokerage commitment of the prior full-service arrangements. Carter has always been satisfied with the execution provided on the full-service trades, and the new low-fee trades are comparable to the fees of other brokers currently used for the accounts that prohibit soft dollar arrangements.谢谢！

P349 Example1 这里的total capital 是不是应该为22000呢？虽然说是要扣去existing insurance coverage，但是Jessica并没有这个呀？

老师好，18题题目的第一句话是什么意思，我没有看明白。

关于Fee structure。问题1: gross return是after tax return扣除了什么费用？是扣standard fee吗？问题2:net return=gross return- management fee- performance return。这个计算对不对？问题3: management fee=base fee？