C选项的adjust不对吧，分析师怎么能调整财务报表的数据呢

Choose one of the following is least likely to have a capital gain distribution. A Open-end mutual funds. B Closed-end mutual funds. C Exchange traded funds. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：60% Types of investors and pooled investment products难度：一般 推荐：      答案解析 Exchange traded funds do not have capital gain distributions. If an investor sells shares of an ETF (or open-end mutual fund or closed-end mutual fund), the investor may have a capital gain or loss on the shares sold; however, the gain (or loss) from the sale is not a distribution. 1.讲解中说 资本利得是：股利和价差。但是我记得资本利得 就是单指价差，所以想确认？ 2.这道题没有听懂，能否举（再详尽一点）的例子 讲解下？

security是债券的意思，分析师不仅提供买卖债券的建议，也提供买卖股票的意见，因此A不全面，不正确

老师，terms of trade是个比值，autarkik price却不是，如何理解二者接近？

为什么第一年的200块钱分红不算在第二年的增长里面？老师讲的没太听懂。

Portfolio diversification is least likely to protect against losses: A during severe market turmoil. B when markets are operating normally. C when the portfolio securities have low return correlation. 查看解析 上一题 下一题 正确答案A 您的答案C本题平均正确率：80% Portfolio perspective难度：一般 推荐：      答案解析 Portfolio diversification has been shown to be relatively ineffective during severe market turmoil. Portfolio diversification is most effective when the securities have low correlation and the markets are operating normally. 请问：C选项，我的理解是 当相关系数很低（可能为-1），这个时候已经完全分散化了，所以不能再分散了，所以选C.

老师，这题和原版书一样混淆了MPC的概念：exhibit 21把100的收入当成了增加的收入，已经不符合MPC的定义。个人觉得这题应该如下解，望指正。

老师好，我想请教一下原版书上的这道题。请问bias the historical equity risk premium estimate upwards/downwards 要怎么理解呢，还有请问第三题选A的话是怎么解释比较好呢？谢谢！

performance presentation和communication with clients这两者的对象都是对clients，前者是对client进行业绩的阐述，后者是单纯的指和客户沟通的情况吗？可以理解为后者的涉及的情景范围比前者大一点？

关于jenson alpha的题要想彻底弄懂，建议花时间去看书还是选择性放弃？