老师您好！ reading24课后题第12题提到loses curvature，我画了图应该是指图一、图二，但是我想问的是：图三、图四是不是也是一种可能性呢？这样就增加了curvature呀？ 谢谢老师！ C is correct. Hirji proposes an extreme bullet portfolio focusing on the middle of the yield curve. If the forecast is correct and the yield curve loses curvature, the rates at either end of the curve will rise or the intermediate yields will drop. As a result, bonds at the ends of the yield curve will lose value or the intermediate bonds will increase in value. In either case, the bullet portfolio will outperform relative to a more diverse maturity index portfolio like the benchmark. (Institute 225) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file.

视频最后一道题目的利息到期金额，是否可以按照普通年金使用计算器算？n=4*12 pv=0 pmt=700 i/y =2/12

老师您好！ reading24课后题第11题答案：Allocation to 2-year bond = Money duration of long-term bonds/PVBP of 2-year bond (Institute 225) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file. 请问上述公式是否正确？ 教材中不是说：money duration=market value*duration吗？PVBP本身也是money duration的概念，两个money duration相除能得到2-year bond 的market value？ 谢谢！

老师您好！ reading24课后题第10题答案中提到“Each pair of duration-neutral trades would result in a profit if the yield curve adds curvature.”，后面又提到short end get steeper，long end get flatter，这两点和curvature是什么关系呢？ 洪老师课件中提到“笑脸”是convexity，所以我选了A，但是后面的解释不理解。谢谢！ A is correct. The trades are also called a condor and employ four positions, much like a butterfly with an elongated body. Each pair of duration-neutral trades would result in a profit if the yield curve adds curvature. The trades at the short end of the curve (going long the 1-year bond and short the 3-year bond) would profit if that end of the curve gets steeper. In addition, the trades at the long end of the curve (going short the 10-year bond and long the long-term bond) would profit if that end of the curve becomes flatter. (Institute 225) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file.

老师您好！ reading24课后题第9题: 请问：答案中If the yield curve remains stable, the portfolio will experience a loss from both the initial purchase price of the options and the foregone interest income on the liquidated bonds.的最后一句“foregone interest income ”怎么理解？stable的yield curve引起的？谢谢啦！ A is correct. Short maturity at- or near-the-money options on long-term bond futures contain a great deal of convexity. Thus, options increase the convexity of the French client’s portfolio. Options are added in anticipation of a significant change in rates. If the yield curve remains stable, the portfolio will experience a loss from both the initial purchase price of the options and the foregone interest income on the liquidated bonds. (Institute 225) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file.

FV CARRY VALUE NRV NBV AMORTISE COST book value realised value 的意思和区别？

78题的详细解答？

为什么美国准则， long lived asset impairment test下, 第一步 CV 和 非折现现金流 相比较， 而第二步，却是拿cv 减去 fair value ， 而不是 非折现现金流了呢？

carrying value 账面价值 与 net book value （也叫账面价值？） 和 NRV （net realised value） 的区别是什么？ 这三个总是分不清 谢谢

老师您好！ 还是这个问题，抱歉！ Reading24课后题第11题的这张表中，duration和pvbp的关系是怎么算出来的呀？ pvbp不是应该等于market value*duration/10000吗？ 表格表头的PVBP（C$ million）该怎么理解？ 谢谢！