The CFA curriculum was not only intellectually fascinating, but it added enormous value to me—and, I dare to say, to Axpo Trading, the organization that I’ve had the privilege of leading.
The old world of investing has lately been crumbling. Passive investment management has captured the bulk of equity inflows, which has fueled remarkable growth in index mutual funds and exchange-traded funds (ETFs).
When evaluating investments, analysts are taught to focus qualitatively on the sources of competitive advantage and quantitatively on forecasts for growth, profitability, and returns on capital. Little emphasis is placed on the shareholder base. But not all businesses have the same
Despite what many would like to believe, the active vs. passive debate is very much alive and kicking.In fact, it has never been so relevant. One just needs to look at flows, performance, and regulatory agendas. All seem to lean toward the passive camp, while active managers are trying to find ways to keep their jobs.
As you go about your daily life, especially when making choices involving some sort of trade-off (exchanging money for goods and services, exchanging time for money, making investment decisions, deciding how to get the best value for money on your weekly grocery trip), you probably think of yourself as cool, calm, rational, and in control.
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