精 請問老師，答案這句話如何理解：A short calendar spread is appropriate if the expectation is for a decrease in implied volatility or a big move in share prices that is not imminent. If a long calendar spread is implemented, the expectation is for a stable market or an increase in implied volatility. 謝謝
精 原版書R8 11.5 calendar spread 這個case的solution 2的四種情形可以詳細講解下嗎？看不是很懂
精 為什么最大損失是這個式子
精 為什么都要通過cash，不能直接用swap嗎？
精 不太理解這里的oTM put隱含波動率為什么大于OTM的call
精 老師，2022mockA圖中的statement 1為什么對？statement 2為什么錯？
精
老師好，roll yield的計算公式是：(S-F)/S。long方，+(S-F)/S；short方，-(S-F)/S。據此計算，題目中F是貼水，F(xiàn)
精 您好請問一下圖里這句話怎么理解呀
精 老師可以再講一下這道題嗎
精 這題不是應該低利率國家借錢，高利率國投資嗎？為啥反而高利率國借錢有套利機會呢？
精 請問長期國債例題這里CTD的future price為什么是139560而不是139.56（ctd價格）*100000（contract size）=13956000？
精 您好這里最后一句believed to be “uninformed traders”怎么理解呢
精 hedge ration < 100是在什么情況？我看passive、discretionary、active hedge 是100%， 那比如hedge 50%屬于什么策略？
精 老師好，請問每個不同的derivative strategy的max gain/loss，breakeven的公式有沒有記憶和理解方法？謝謝
精 衍生品 原版書 122頁：下面這段話 怎么理解？ Importantly, typical end-of-month (EOM) activity by large financial and banking institutions often induces “dips” in the FFE rate that create bias issues when using the rate as the basis for probability calculations of potential FOMC rate moves. For example, if such activity increased the price for the relevant fed funds futures contract to 98.05, then the FFE rate would decline to 1.95% (= 100 ? 98.05). In this case, using the same equation as before, the probability of an FOMC rate hike decreases from 90% to just 30%:
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