请老师画个vertical的图。谢谢

解析声音太小了

A portfolio contains three independent bonds each with identical (i.i.d.) $100 par value, 3.0% probability of default (EDF) and loss given default (LGD) of 100%. What is, respectively, the 95.0% confident and 99.0% confident portfolio value at risk (VaR)? 答案：$100 and $100 at both 95% and 99% 这一题可否再详细解释一下，为什么是100元？VaR要怎么求

Over the next year, an operational process model predicts a 95% probability of no loss occurrence and a 5% probability of a single loss occurrence. If the single loss occurs, the severity is characterized by three possible outcomes: $10.0 million loss with 20% probability, $18.0 million loss with 50% probability, and $25.0 million loss with 30% probability. What is the model's one-year 90% expected shortfall (ES)? 这一题很不理解，预期5%损失的是18.5million，那变成10%预期损失不应该是乘以2吗，为什么反而是除以2？

老师，我做这道题的时候，我用的方法是分别计算单个资产的dollar Var, 再计算组合资产的Dollar Var, 除252开根。这种做法也可以吧，这样就不用考虑权重问题。

老师好，能不能请您解释下为什么“浮动利率债券在付息时刻点面值=债券价值”

为什么这道题D不对呢？不也是Out吗

interest only strips和principal strips是什么？为什么前者的duration会是负的，而后者的duration会是正的？

没有听清视频里老师讲的是哪个债券，含权债券？就是可转换债券么？

这题的答案Answer: C A delta-normal method will understate 老师，答案为什么 是understate,如果包含一个puttable option,那么用delta normal 算的VAR是大于 delta-gamma方法的，不是么。