如果每年的depreciation不一样，需要分别计算每年的CF对吗？

Tryon is long several equity positions based on event-driven ideas that, over the next few quarters, are expected to have double-digit returns. He is concerned, however, that the equity market may decline as a result of lower corporate earnings. He believes investors are complacent as reflected in the historically low level of the volatility index (VIX). He wants to establish volatility exposure as a tail hedge for his holdings and notices the VIX futures curve is in contango. Tryon evaluates three potential trades to establish his hedge: Trade 1: Go long back-end month futures contracts on the VIX Index, with a gross notional equal to the portfolio market value. Trade 2: Sell a rolling series of out-of-the-money put options on VIX futures. Trade 3: Go long a variance swap, with vega notional equal to the potential equity portfolio loss. Which trade is Tryon most likely to implement to establish his equity market hedge?

Statement3和4，提到的两个model，从未听说过，不明白。

关于这个trailing P/E，表格当中是0.81，表格下边的文字表述当中是0.84。让人以哪个为准呢？？

跟楼上相同的问题，为什么是similar or differentiated.market structure里的oligopoly说的是homogenous

老师，请解析一下数量科目百题case 5的第一题，为什么选择c选项，这一块听了还是一知半解，望老师帮忙疏通一下这一块知识点（linear trend model和log-lin trend model)，谢谢。

老师，1.算accrued interest, 是下一个付息日支付的利息占比，full price 是交割日的现值，计算clean price时，为什么accured interest 不用从下一个付息日贴现到交割日？ 2.full price 复利时，为什么不按天数复利（1+6%/360)的180幂计算？是因为题目中所提是按半年付息吗？

Derecognition of Debt & Debt Covenant里，讲到这块Issuance Costs时，第7分20秒多一点的地方，PPT板书有个FC，不知道是对什么的简称，听着像是follow ticket cost？

老师，Reading 10， 原版书P159页，最下方，“currency overlay”，我理解currency overlay分三种：第一种，是狭义的，仅仅是外包了外汇管理的职能，但这种方法也只是passive approach；第二种，是广义的，这种虽然外包了外汇管理职能，也可以发挥manager的discretion，但是任然在predefined bounds去做外汇管理，并且所管理的currency必须是所投资外国资产所对应的currency；第三种，相对第二种对manager的自由度更高，可以自己选择currency pairs，只要给portfolio带来收益即可。我不知道我理解的对不对，如果我理解正确的话，那么currency overlay是不是，不单单指manager可以随意选择currecy pairs创利了吧？第二问题，但以上三种currency overlay方式都有一个共性，就是都是external management，老师以上两个问题我理解的对吗？虽然我们这个reading 主要关注第三种形式

老师，百题Case 4-Eduardo DeMolay的最后一题（simulation和regression)，对应的是时间序列那个reading中的哪个知识点呀？