老师　第四题计算ｂｏｎｄ２的value，全文通篇没有提及债券期限为何默认是３年呢？此外，这里ｂｏｎｄ２是百慕大期权　而计算ｖａｌｕｅ时并没有考虑特定日期提前赎回的情况，这不太对吧？

老师 第三句话是正确的吧？因为方法不同的各自assumption都不一样，怎么能相同呢？此外 这里提到的bond 也没说是否含权 如果是嵌入期权的就只能用二叉树不是吗？

练习册中册P45 C问 我前面和答案写的都一样，也得出了5.2%的expected return，但是最后解释的时候我写的是the intrinsic value of the bond is lower than the current market value, thus he should not buy the bond. 我是从债券价格的角度，而不是从risk premium的角度来讲，可以吗？

Hi Vito Why do Inventory turnover, AR turnover AP turnover give 'NUMBER OF TIMES'? E.g, if the revenue is 3000 USD, and the A/R is 2000 USD, and the A/R turnover is 1.5, how does it yield to 'The A/R was processed 1.5 times? Also, how do comprehend dividing 365 by those turnovers give 'NUMBER OF DAYS'? Considering the above theory is correct i.e. the A/R turnover does represent the times that the A/R has been processed, then dividing 365 by the A/R turnover (say 2) literally means 'Each turnover happened for 183 days, did I miss the 'average'?

老师我还是不懂为什么减去税后利息

ppt上没讲过这部分，有没有summary关于每个industry classification system对应几个tier classification system？

1. 33题 如何思考？ 2. 35题 看到这个无套利估值，我该如何处理？

可以稍微讲一下tactical assets allocation strategy 吗？ppt里没找到但是课后题有涉及到

练习册中册P34 C问 我在写消费者信心指数的时候用的理由和答案不一样，我写的是 the increase in the leading indicator, Consumer confidence index, indicates a booming in the economy. A strong economy is always related with higher inflation. 从先行指标上涨，预示经济走强这个角度解释可以吗？ 还有，另外几个指标是先行/滞后/同步，不太好判断，请老师解答一下，谢谢！

sector rotation 是不是就是industry rotation？就是通过industry analysis 来跨行业投资？