c不選的原因是因?yàn)閡rgency不高吧？老師講的不適應(yīng)大單指的是TWAP交易算法的特征吧不是benchmark？
老師，我想問一下VWAP作為intraday benchmark，是怎么理解呢？按理說交易員只有交易結(jié)束后才可知道vwap的價(jià)格，那他們是如何運(yùn)用這個(gè)benchmark的呢？
這個(gè)twrr，mwrr是啥，哪個(gè)reading學(xué)過？
這個(gè)和之前資產(chǎn)配置里學(xué)的mctr actr的區(qū)別和有什么聯(lián)系？mctr和actr是指absolute risk嗎？
請問a soft lock是什么意思？
R27第31題，Aspen的描述中是不是還有另外一個(gè)問題，“We pursue a passive investment strategy, which seeks to identify and exploit structural inefficiencies through identifying mispricings created by loss aversion”這里mispricings created by loss aversion 應(yīng)該是behavioral inefficiencies 吧？書上說：“Behavioral inefficiencies are perceived mispricings created by the actions of other market participants, usually associated with biases, such as trend following or loss aversion. These inefficiencies are temporary, lasting long enough for the manager to identify and exploit them before the market price and perceived intrinsic value converge. Structural inefficiencies are perceived mispricings created by external or internal rules and regulations. These inefficiencies can be long lived and assume a continuation of the rules and regulations rather than a convergence.”
184頁39題請講一下，視頻沒看懂
micro 或macro attribution analysis都是用bf模型嗎
vwap可以理解成以昨天的交易為基礎(chǔ)的POV嗎？
24題為什么選TWAP？
論透明度，SMA大于private equity和private real estate，大于公募/public的產(chǎn)品，是嗎？
課后題R35第六題，為什么說commitee用的是return base，文中第一點(diǎn)強(qiáng)調(diào)return，但是return base是指利用risk factor進(jìn)行歸因，而不是強(qiáng)調(diào)return，或者說我覺得三種方法都強(qiáng)調(diào)了return；另外，第二點(diǎn)強(qiáng)調(diào)的內(nèi)容，不正是holding base的意思么，所以我當(dāng)時(shí)做題時(shí)，理解成holding base的特點(diǎn)所以選錯(cuò)了，請老師解惑，謝謝！
老師好，課后題，Theme 3: The principles behind our process to find a broker should be consistent across each asset class managed.為什么是對的呢？？
本部分例題講解中，網(wǎng)課老師說到，與標(biāo)桿投資組合相比，基金經(jīng)理超配長期債券，表明基金經(jīng)理預(yù)期債券利率將會(huì)下降。但我個(gè)人感覺這里基金經(jīng)理預(yù)期的是yield curve將向上傾斜，這樣他可以通過投資長期債券并在數(shù)年后賣掉短期債券，來實(shí)現(xiàn)駕馭收益率曲線（riding yield curve）。
原版書P241 Reading35 第十題，為什么allocation effect是這么算的？答案里這呈現(xiàn)的不是interaction effect嗎？ 我這邊算的allocation effect=35.26%*（20.38%-18.82%）=0.55%
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