请问表格5中的effect/数子都是相对benchmark来说的吗？

为什么一边说既可以是value又可以是growth，一边又说同时拥有多种style没有意义，这不是前后矛盾吗

老师，想请教一下，这道题咋算的呀

(-0.23%) 23 bps were lost because the manager overweighed the corporate sector during a period when credit spreads widened (the benchmark corporate returns in each duration bucket were less than the government returns in those same duration buckets). - 为什么Benchmark Corporate returns < Govt returns 就说明credit spread wider ？

哪里说了municipal bonds不用交税呢

Q2，题目问的是Discuss the relationship between the shape of the yield curve and the monetary and fiscal policy mix projected by Hadpret. 应该理解成综合效果吧？不用最后下一个结论，因为一个是steepen 一个是不明，所以~~~~之类的吗？

偏度是说对称,那么有要求一定要是关于 0 堆成吗? 所以正态分布就算不关于 0 堆成,偏度也是 0 吗?

GGM是对股价进行估值，而不是对全部equity估值，对吗？要是想求equity总价值是不是用估出来的股价乘以股票数？

With a higher duration than the benchmark (8.17 compared with 7.19 for the benchmark), the manager likely expected the rates to fall and took a bullish position on long-term bonds (interest rates) by increasing exposure to the long end of the interest rate curve (e.g., investing 50% of the portfolio in the longest-duration bucket versus 30% for the benchmark).--- 问题1： 这里bullish position 是对long term bond price 看涨吧？ 而不是看涨interest rate ? 问题2：increasing exposure to the long end of the interest rate curve --> 这句话就是说增加long term bond的exposure 对吗？

老师这里的意思我没理解，既然看重growth就应该去选成长股吧，为什么一边要估值低，一边又要有成长性？