reading32的30题，答案做法用MV代替模型估出来的值倒推出了g，但是题干里面没有提示mv和模型估出来的内在价值一致啊。另外，这个题目条件里有P/B，为啥用P/B=1+ROE-r/r-g这个公式倒推出来的就不对？

请问老师，就是那资产大类分类那5个条件中第四条的意义是说尽可能的要多涵盖一些资产大类啊，比如说都投资的欧洲债券和股票，是不是说还应该有非欧洲债券和股票啊？

这里不是很理解： 1 liner correlation 是指asset与liability线性相关吗？ 2 hedging/return seeking portfolio 那里为什么是conservative level of risk？记得老师前面讲是激进的，不保守 3 为什么integrateD asset liability portfolio 是 multiple period 而其他是单期的？

Wes Smith, CFA, refers many of his clients to Bill Towers, CPA, for accounting services. In return, Towers performs routine services for Smith, such as his tax returns, for no charge. With respect to this relationship, Smith: A is in violation of both Standard V(B) and III(B). B is only in violation of Standard III(B), Fair Dealing, by not putting the client first. C must disclose to his clients that Towers provides services for Smith's personal benefit. = 这题出现了refer，所以基本可以确定就是referral fees的相关问题吗？ referral fees需要提前disclose应该是限定在refer条件下吧？也就是并没有为客户提供了某种服务，而是做了推荐？

trading ex-coupon是不包含利息结算的意思吗？我可以这样认为吗以后题目出现的时候

这个内容视频里面没有哦

能再解释下coupons are reinvested at YTM吗？不太懂

04.单选题 收藏 标记 纠错 Regarding to the security market line, if two risky assets have the same covariance with the market portfolio but have different estimated rates of return, the most accurate conclusion is that the two risky assets have: A Different amounts of systematic risk, and both assets are properly valued. B The same amount of systematic risk, and at least one of the assets is either overvalued or undervalued. C The same amount of systematic risk, and both assets are properly valued. 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：80% CAPM and SML难度：一般 推荐：      答案解析 Beta is the covariance of an asset with the market portfolio divided by the variance of the market portfolio. 问：小视频看不懂，不知道和PV啥关系，可否进一步解释？

请问这题我这样理解可以吗？PV=900，N=5，PMT=100，I\Y=9，算FV=多少。

这节课根本没有讲chi square 和F distribution的内容