In commodity markets, the complex relationships between spot and forward prices are embodied in the commodity price curve. Which of the following statements is true? A In a contango market, the discount in forward prices relative to the spot price represents a positive yield for the commodity supplier. B In a contango market, the discount in forward prices relative to the spot price represents a positive yield for the commodity consumer. C In a backwardation market, the discount in forward prices relative to the spot price represents a positive yield for the commodity supplier. D In a backwardation market, the discount in forward prices relative to the spot price represents a positive yield for the commodity consumer. 老师您好！对于便利收益、租金、红利都是对于消费者的好处吗？那持有成本是对于消费者的坏处？

All of the following are steps used in applying a Monte Carlo simulation model for valuing a mortgage-backed security (MBS) EXCEPT: A input potential interest rate paths. B stipulate the number of paths the analyst is willing accept. C use the Treasury yield curve for rates. D use an assumed level of interest volatility. 老师您好！为什么决定模拟次数不是蒙特卡罗模拟的步骤？最终得到的结果是价格的一个分布，那么模拟1000次还是10000次来得到最终的统计应该是很重要的，为什么他不是步骤之一？

老师这道题请讲讲动态对冲和静态对冲。静态对冲为什么不是最理想的方式？是因为频繁调仓而增加财务成本吗？而动态对冲为什么只能赚取无风险收益率？那么它是完美对冲吗完美对冲是吧Risk premium都对冲掉只能赚取无风险收益率了对吗？

老师您好。降低MVaR可以减少风险，那为什么不降低COM.VaR呢？降低最高的COM.VaR不可以吗？

老师你好，81题不明白，答案那两行什么意思？

老师，这道题ABCD能帮忙分别解析一下吗？谢谢老师

为什么第89分钟的例题中d不等于1/u？

为什么这里用delta份股票对冲一份期权 而前面学的是用N份future对冲stock？

蒙特卡洛模拟要生成随机数，这个随机数通常不是表示价格变化幅度么？那我假设价格变化符合正态分布，是不是就意味着蒙特卡洛模拟的结果依赖于假设分布呢？

老师，这个练习题怎么理解？