老师，这里杨老师说operating ratio是净支出/保费，那为什么计算时又是用combined after dividends-income？

老师，为什么计算保费的PV要乘上收到保费的概率呢？PV不是等于CF*discount factor吗？

Asset return的方式去计算，但是我看了几遍视频，以及看了一些同学的在这部分的疑问，都没有找到答案，请问 asset return的计算就是是怎样计算的？

官书3.17的解答中VL要平方，但是书中35页给的公式里VL没有平方，哪个是对的？

为什么11000的概率会是0.072，不应该是0.036吗

这题为什么选D呢？

老师，解释下这题，谢谢

老师好，能否分别具体讲解一下Balance sheet CDO和arbitrage CDO?

老师， 能再解释一下FDIC 的运作机制吗？

老师好，c选项没有理解，能否具体讲解一下。谢谢。 Which of the following is not a distinction between cash CDOs and synthetic CDOs? A The assets are actually sold to the SPV in a cash CDO but are not in a synthetic CDO. B The cash CDO provides exposure to actual assets, whereas a synthetic CDO provides a similar economic exposure through credit derivatives C Cash raised from the issuance of securities is used to finance the purchase of the assets in a cash CDO and to collateralize the CDS in a synthetic CDO. D Cash CDOs can have at most one layer of subordination, whereas synthetic CDOs can issue many subordinated tranches of securities.