非常感谢胡老师的指点，又有了若干问题：

1.notes 第四册 P252页，the supposed lower risk of dividends relative to capital appreciation assumes that the market is biased in its risk assessment of the components of return.  这句话怎么理解了？

2.notes 第四册 p268页，a given size forecast error is more meaningful the smaller the size of the historical forecast errors.   这句话怎么理解了？

3.notes  第三册 p41页，在blue wave balance sheet中为啥net worth 都是负数，该怎么理解了？