01:01:01 这个为什么不是over-confidence呢？觉得自己选的股票是好股票，so即便下跌了还加了仓。

老师，我重复学脑子跳出来好多问号，通过最小二乘法求的线性回归方程和残差，残差项是假设服从均值为0的正态分布，那为什么b0cap、b1cap也服从正态分布呢？

Justified P/B推倒过程中，P0为什么等于RI1/(r-g)+B0？其中RI1为何又可以写成B0*（ROE-r）？

请问业绩归因里择股能力默认包括交叉部分吗？

老师 官网题 这里 什么叫being put a swap？？答案解析这段话的最后两句不懂

第1，这类题我可以理解为：只要有多类asset，rfc要加权计算；只要有多种货币敞口，rfx也要加权计算 。第2，前面加权平均算出的rfc和rfx可compund算rd，也可直接相加近似等于rdc，对吗？

固收官网题 这个题 不懂 另外书上这段话也不懂 Another source of spread risk is the use of interest rate swap overlays. We showed how receive-fixed swaps, purchased receiver swaptions, and swaption collars can reduce the duration gap between pension plan assets and liabilities. In that example, ΔHedge Yields refers to fixed rates on interest rate swaps referencing the three-month MRR. The spread risk is between high-quality corporate bond yields and swap rates. Typically, there is less volatility in the corporate/swap spread than in the corporate/Treasury spread because both the MRR and corporate bond yields contain credit risk vis-à-vis Treasuries. Therefore, one of the usual advantages to hedging corporate bond risk with interest rate swaps is that those derivatives pose less spread risk than Treasury futures contracts. 麻烦解释一下这里

请问老师房地产的liquidity risk premium(Φ)是相对于无风险利率的风险溢价吗？

平安和同仁堂的例子中，她们的相关性低，variance应该低吧？

老师 负债的免疫 是 资产的麦考利久期匹配负债的麦考利久期 那为什么多个负债的免疫用资产的money duration 匹配负债的money duration呢？ 像这个题目 算money duration就是算BPV 用资产的价值乘以麦考利久期？ 不应该是乘以修正久期才对嘛？