Subject 3
Comparing equity, bond, and derivative strategies
Use one framework for each asset's return source, risk, and hedging role.
For equity, separate value and growth drivers
Connect cash flow, growth, discount rates, and market price instead of memorizing strategy names.
For bonds, follow rates and cash flow
Study maturity, coupon, duration, and credit risk together so direction and sensitivity remain clear.
For derivatives, identify the purpose
Hedging, speculation, and arbitrage lead to different position logic. Map profit and loss against the underlying move.