04:54 (1.3X)
The surplus optimization approach links assets and the present value of liabilities through a correlation coefficient. The two-portfolio model does not require this input.
这句话怎么理解呢？何老师在讲surplus optimization的时候没有详细讲那一页的构建方法，麻烦老师稍微讲讲surplus的return、volatility、correlation是怎么构建的呢？