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Hi @AbhishekJha I agree with @lushukai about Question 1: we can be long the future contract, but we can also be long the (commodity) and we can also say this "long the spot price" or "long the cash commodity" but they both refer to owning the commodity (versus being long the futures contract on...

HI @VanBuren77 See my note here https://forum.bionicturtle.com/threads/shortcut-to-forward-rates-if-you-have-bond-prices.4927/post-13276 where I use an old GARP question to show "F[3,4] = P(3)/(P4) - 1; i.e., the efficient answer given by GARP" but your forward bond already prices (embeds) the...

Thanks @Nicole Seaman The one thing that confused me here is "top 1 or 2 questions out of the 4-5 or more" when all of recent questions set comes in threes; eg. 901.1, 901.2, 901.3 .... so I assume that @Jul Jul refers to question sets (e.g., 901.X) rather than questions. Append: okay Nicole...

HI @Faruk Okay I have tagged your request: I am updating the XLS, so I will make sure to do this. Thank you!

Hi @Jul Jul It's actually very simple: in each PQ PDF, the most recent (and therefore most relevant) questions are listed first. In this way, for each topic, you do not need to finish all the questions in a PQ PDF (and certainly most customers will never "finish"). You can work as many "from the...

Hi @lushukai I am especially excited to see your result. Congratulations, you deserve it! :) Question, if you don't mind: 1/2/1/1 seems like it would be associated with a higher score (than 62%)? It is accurate to say you did not experience the test as easy? Thank you

Below is an updated pass rate chart (cc @Nicole Seaman). This is the first update to the chart since March 2020 when the WHO declared COVID-19 to be a pandemic. This new chart adds pass rates for 2020 (but October replaces the May slot) and May 2021. Both recent pass rates were slightly above...

Hi @patriciar Re: "I guess we can not say price declines when asset returns drops, but the other way around" I'm not sure exactly what you mean. Price decline tends to be the more obvious dynamic; e.g., in my illustration above when the spread and yield increases (spread from 2.0% to 4.0%...

HI @patriciar I didn't notice anywhere in the appendix where they defined the bond spreads (will look for it when I re-read the paper) but per (eg) Malz in P2.T6 we know it's likely to be (a variation on) the typical yield spread which is the difference between the bond's yield and the...

Hi @patriciar Candidly I haven't read "When selling becomes viral" (my excellent colleague prepped the notes) so I just started reading it now. I'm not finished (ie, haven't analyzes the data which will take much more time) but I don't see your points yet. So far the main points seem to be, with...

@truongbaoviet86 I agree with @lushukai I just don't understand what you are asking (sorry). Sure the whole table can be produced with a calculator. The bond's theoretical price of 100.190 (in orange) is returned by multiplying its cash flows by their respective discount factors.

Thank you @lushukai that's really helpful! @Hamam This thread at https://forum.bionicturtle.com/threads/effect-of-default-probability-on-equity-and-mezzanine.8144/ also has some very helpful explanations, diagrams and links Re: matching to the video: sorry I just don't have time to...

Hi @kchristo We don't currently do that ... we are working hard actually on material related to prioritization, especially in P1 which is no more stable. But not ready to share yet. Thanks,

@Hamam cool, my favorite sort of "more active" is somebody who helps answer other candidates' questions ;), but if you are just warning me that you'll need more support from me, you don't need to do that! The forum is already daily work for me ...

Hi @juldam i replied in private conversation. Thanks, David

Thank you @DenisAmbrosov for accepting feedback graciously. I'm still a (lifelong) student, too ;) I love questions, questions in the forum is how I became "expert", so don't want to discourage what is a maybe the finest art in learning! Thanks,

Hi @DenisAmbrosov (epic thank you @lushukai for your patience and your expertise ... and your wisdom too!). I do agree with Lu Shu's advice (darn, I can't find a way to disagree with you lately ;) )... ... especially here in the forum, each of your questions has been asked/answered, in some...

Totally agree @lushukai , thank you! @DenisAmbrosov The first sentence rephrases the bolded sentence (in context below). If you consider the plot you copied and imagine a straight line between the PPC's endpoints (which would represent perfect correlation between the two assets: diversification...

Hi @Hamam Thank you, hope you are well too. I don't know (or recall) the exact context, but that sentence appears to be correct (as it is written) to me. Imagine Party A borrows cash by posting (pledging) collateral to Bank B, then this is secured lending and notice we are most likely to say...

Thank you @lushukai you put it very well! I used to develop option (ESO) plans for companies in my former (consultant) life. This can be very tricky. Please understand @aditydev1997 that GARP's view here is directly from (based on) John Hull; I say that because there can be alternative...