老师您好。26题四个选项可以都解释下吗？

请问老师73题里的forward rate指的是哪个时间开始哪个时间结束？

收益率与价格成反比的公式是怎么样的？

老师好，请问下70题D选项为什么不对？加入了CCP后CCP总的exposure应该是30M吧？

老师，请问下第12题是怎么计算的？

习题集411题的答案没理解，请老师帮助解答

第二段怎么理解

老师好，百题投资第7题，看了解析，还是似懂非懂。 Value and momentum are opposite each other in that value investing is inherently stabilizing. It is a negative feedback strategy where stocks that have fallen in value eventually are priced low enough to become value investments, pushing prices back up. Momentum is inherently destabilizing. It is a positive feedback strategy where stocks that have been increasing in value are attractive to investors, so investors buy them, and prices increase even more. Momentum can be riskier than value or size investing in that it is more prone to crashes. 价值策略是负反馈，追涨杀跌是正反馈是什么意思呢？价值策略不是HML吗？不是买入价值高的卖出价值低的么？怎么说是股票价格足够低成为价值投资呢？请老师帮助理解一下这部分内容，谢谢

老师，请问这个题目里，A的权重乘以Beta加上B的权重乘以Beta的和不是应该等于1吗？现在好像加起来不等于1呀。

If our information ratio is 0.5, and we desire 5% active risk, we should choose an active risk aversion of 0.05.老师这里的数据怎么算出来0.05的？