如果从买卖平价公式考虑c+k=p+s，c选项更接近啊，这个角度为什么不对

个人财富中 completion portfolio的 最后的风险敞口与投资者基准相似。投资者基准是什么？

Stafford is a portfolio manager for a specialized real estate mutual fund. Her firm clearly describes in the fund's prospectus its soft dollar policies. Stafford decides that entering the CFA Program will enhance her investment decision- making skill and decides to use the fund's soft dollar account to pay the regis- tration and exam fees for the CFA Program. Which of the following statements is most likely correct? A. Stafford did not violate the Code and Standards because the prospectus informed investors of the fund's soft dollar policies. B. Stafford violated the Code and Standards because improving her investment skills is not a reasonable use of the soft dollar account. C. Stafford violated the Code and Standards because the CFA Program does not meet the definition of research allowed to be purchased with brokerage commissions. 老师，请问B为什么不对，感觉B比C更宽泛一些，C局限了软美元的用法在研报上，可能除了研报还可以有其他直接用于客户的方法呢。B错在哪里呢？

老师你好，书上例题R14 example15:10年期的spread duraiton大，5年期的spread duration小，所以1.895应该表示，long 1份10年期的，就要short1.895份5年期的匹配对吗？板书是不是写错了？

Jurgen is a portfolio manager. One of her firm's clients has told Jurgen that he will compensate her beyond the compensation provided by her firm on the basis of the capital appreciation of his portfolio each year. Jurgen should: A. Turn down the additional compensation because it will result in conflicts with the interests of other clients’accounts. B. Turn down the additional compensation because it will create undue pres- sure on her to achieve strong short-term performance. C. Obtain permission from her employer prior to accepting the compensation arrangement. 老师，请问一下，如果这个好处费是每年都给的，那这一年年末的好处费就会影响下一年的业绩表现，也就是客观公正性，不能平等对待其他客户，因为这个好处费不是一次性的。A为什么不对呢？

老师您好，书上例题，R14 example10, 第二题，当government YTM上升，为什么会导致1.8%增大，从而减少差额？

R20原版书例题5: 第1问的SMA的缺点能否给讲一讲？第2问为什么答案说lead to an unintended doubling？不是减半吗？

美式期权为啥要选大的C折现呢？不是很明白这步的判断

老师您好，想问一下reading 14中的21题。Var的时候不是应该用均值减去变化么？这里为什么只计算了变化，没有管均值？

老师，想问一下关于CDS price的问题。 CDS的价格到底指的是什么价格？如果credit spread高于standard coupon rate，为什么会是discount呢？为什么不是spread高需要多付所以premium？ Reading14中的第22题A中为什么是below market periodic coupon?