什么是MLP？

老师你好，Reading 23， passive equity investing, 关于smart betha和optimization model的区别，我分辨的不是很好。 从定义上来看，两个都是先从index中提取index的risk factors及其betha，然后让自己的portfolio从betha和risk factor对其进行匹配，个股并不重要。有什么区别呢？

forward price不是一直不变么，因为是合同的内容。

FIFO is appropriate for inventory that has a limited shelf life and LIFO is appropriate for inventory that does not deteriorate with age. 老师，想问下原因，谢谢！

FIFO is appropriate for inventory that has a limited shelf life and LIFO is appropriate for inventory that does not deteriorate with age.

如果不行权的话，分母只+4000吗？还是维持原来的10000呢？

如果不行权的话，分母只+4000吗？还是维持原来的10000呢？

the value of the American call cannot be less than the value of the European call. 这句话不是很理解。美式可以提前行权，欧式不可以提前行权，所以欧式在到期日行权就是解析中的10.64，但是如果美式提前行权了，怎么他的价值的下限一定也是10.64呢？（考虑极端情况，0时间点行权，那美式期权价格不应该就是70-60=10吗？这样的情况下下限怎么会到10.64？）

老师 您好 请问这道case题该如何解答？

A fiduciary call is created by combining a long call with a risk free bond. A protective put is created by combining a long asset with a long put. 这句话能否解释一下？