factor up代表的是什，卡面的代笔表的是什么

F&F have observed: firms with high ratios of book-to-market value are more likely to be in financial distress and that small stocks may be more sensitive to changes in business conditions. 如何理解这句好

 The differences between CAPM and APT:  CAPM is a one-factor model and APT is a multi-factor model.  CAPM is a special case of APT.  APT is often used to decompose the factors' respective contributions to the expected return.中最后APT is often used to decompose the factors' respective contributions to the expected return.如何理解这句话

each by a relatively small dollar amount如何理解

There are no arbitrage opportunities among well-diversified portfolios.中如何理解well-diversified portfolios

第一，判断肥尾还是瘦尾的时候，老师为何说图像右半边那个点是左侧，图像左半边那个点是右侧哇？不太理解。第二，图像右侧的点正态分布分位点值为3，经验分布值为5，为何5在3左侧？我理解的应该是以0为中心，5在3右侧，-5在-3左侧。

这个问题问的是什么意思呀

老师好，视频1:43:40的tail loss用insurance来覆盖，和覆盖EL的保费有什么区别？谢谢！

delta针对期权产品，这句话怎么理解呀，

为什么是次方而不是直接乘