L3V3. Compared to Equation 2 and Equation 6, does that indicate alpha in Equation 2 is a constant?

这里蓝框里的是一个东西吗？

这道题没看懂

所以是inventory下降，LIFO reserve一定会下降吗？

为什么这里的LIFO inventory是从表里找的608572而不是题目文字描述的94578呢？

In previous exams, we call alpha the excess return. But now in L3V3 P308, we call alpha the active return from the skills and management from the portfolio manager. Which one should I follow? And how should I differentiate total active return from the active return solely from portfolio manager?

(1) Will there be any security that is not in the benchmark but get included in the portfolio? (2) If yes, what is this return called? (3) Why active return does not include such a return?

老师如何确定是不是用t分布呢？是样本方差未知的情况吗？那又如何知道样本方差是否已知呢？

Q. Uses of market indexes do not include serving as a: A measure of systemic risk. B basis for new investment products. C benchmark for evaluating portfolio performance.

47 题 说这个G用的多因素模型来做的 得出买入的结论，在他个人角度 也没用top down ，所以结论得出来buy是根据多因素分析得来的，删除了多因素他个人的结论就不是尽责了，他删除了他得出结论的假设。