老师，有2个地方，我不太理解，就是我从主观题答题框架摘录的
1、Formulate forward conversion with options以及如何产生流动性（这个forward conversion 是什么意思？我好像没看到过）
Ø A purchase of put options on shares. (Long put)
Ø A sale of call options on the same number of _____ shares. (Short call)
Ø The put and call options would have the same expiration date and exercise price.
Note: This is a synthetic short position.
Holding stock shares and forward conversion with options will be perfectly hedged and thus riskless, sb would be able to borrow against the value of sb' s stock position (monetization) with a very high loanto-value ratio.
2.根据客户要求给出monetization private firm的方法和优缺点（这个monetization private firm的方法是recapitalization吗）
a leveraged recapitalization strategy is a “staged” exit strategy, which allows the owner to have two liquidity events, one up-front and a second typically within a 3-to-5-year timeframe, when the private equity firm cashes out of the investment.
This strategy has the following benefits:
Ø the retained stake motivates the owner to grow the business.
Ø retain significant upside potential with the remaining ownership.
Ø This allows the owner to monetize a significant portion of his/her business equity (typically 60% to 80%);
The after-tax proceeds the investor receives could be deployed into other asset classes to help build a diversified portfolio.
