视频9分12秒处，该题要求去看正文描述部分，被johansson强调部分，joh说的是the efficiency of spending on obtaining new premium。 那么按照答案就不应该选择A，而是应该选择C。

09.单选题 收藏 标记 纠错 Which of the following is correct regarding to the comparison between traditional investment and alternative investment? A Compared to managers of traditional investments, managers of alternative investments are likely to have fewer restrictions on holding cash. B Compared to managers of traditional investments, managers of alternative investments are likely to have fewer restrictions on buying stocks. C Compared to managers of traditional investments, managers of alternative investments are likely to have fewer restrictions on using derivatives.

20题中，multiple-R应该是开完根号的值，原题中已经给了0.36，答案为什么选c？

老师说到bid把价格最高的放在最前面，ask把最低的报价放在最前面。这个报价不是按时间顺序排的吗？那是不是意味着如果不是这样的排序，还要自己排序后才能做？

请问老师 长期或者短期是否有超额利润是怎么看出来的？

关于cdos，当senior和subordinate相关性高时，大家都会违约所以senior比subordinate好这我可以理解，所以mezanine中间层比senior层好。但是为什么题目里，meznine中间层也会比equity劣后好呢？如果相关性高不是应该equity好于maznine吗

我想问下，如果要算整个项目的NPV的话，因为这道题每年都有additional net working capital，那这个每年net working capital数字是要加在每年的operating cf里吗？还是只有initial stage和terminating stage才会用。

请问2011Q3-C算liquidity时，为什么直接是150million*25%，operating expense 每年4%的inflation不用体现吗？为什么不是150million*1.04%*25%？

老师，这题干给的利率和二叉树上的不匹配啊，远期利率不等于middle rate

hedge fund 也有margin call吗？怎么理解呢？