題目原文中 sold to client one month put options on 2000shares of an underlying equity。。。這里答案是理解為2000份put option，但是我覺得讀不順呢。。。
像這種多步調(diào)倉的問題。。。futures的兩個份數(shù)，是先精確計算保留小數(shù)點，兩次相加后再rounding，同2016年題目答案。。。。。。還是每次都先rounding，之后再相加？同2012年題目答案。。。
老師，internally managed 100%foreign currency hedged strategy 是什么意思？
老師，base currency 不是外幣么？短期本國利率上漲，本幣升值，那base currency不是貶值么?外匯不應該貶值么？
原版書課后題R10第18題，答案從IRP角度理解，可是carry trade本來就是IRP不成立才做的不是么？如果未來IDR/USD升高，不是意味著美元在升值么，這樣借入美元投IDR的收益不就被侵蝕了么？
volatility receiver swaption 是看漲volatility？收固定的V 支浮動V 我想把未來高波動率轉給對方 的意思 是嗎？
這里的推論沒看懂，麻煩老師幫忙解答一下。
這里的有無對沖作用，怎么理解？
精 原版書課后題 Reading9 第七題，沒有明白
不理解為什么用bond時BPVp等于0，題目相當于股轉換成債，beta=0,Duration上升，為啥會等于0？
cash equitization的target beta是不是都是1？
為什么payer swap是降duration的？
精 百題case#6 Q3 老師可以再講解一下嗎？為什么選B，Bob老師說的打開下行，消除下行沒聽太懂，還有25 delta的25指的是exercise price還是什么？ 謝謝
百題case#3 Q1，這個題目是如何判定是cash的？這一類題目有沒有題眼可以判定cash 或者 equity？謝謝
Tryon is long several equity positions based on event-driven ideas that, over the next few quarters, are expected to have double-digit returns. He is concerned, however, that the equity market may decline as a result of lower corporate earnings. He believes investors are complacent as reflected in the historically low level of the volatility index (VIX). He wants to establish volatility exposure as a tail hedge for his holdings and notices the VIX futures curve is in contango. Tryon evaluates three potential trades to establish his hedge: Trade 1: Go long back-end month futures contracts on the VIX Index, with a gross notional equal to the portfolio market value. Trade 2: Sell a rolling series of out-of-the-money put options on VIX futures. Trade 3: Go long a variance swap, with vega notional equal to the potential equity portfolio loss. Which trade is Tryon most likely to implement to establish his equity market hedge?
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