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Info missing from Schweser Book 4 Reading 52
Just a couple of comments for those relying solely on Schweser. I have been doing the readings in Schweser and the problems in both Schweser and the end of each CFAI chapter.
For Schweser Book 4 Reading 52:
1. Schweser doesn’t cover the concept of calculating annualized rates for returns which are given in nonannualized measures; ie. given a return for 152 days and asked to compare to a return for 3 weeks. I noticed this when taking the end of chapter quiz in the CFAI text. Definitely recommend reading this!
2. Schweser doesn’t cover the Utility calculation referred to in about 6 of the 40 EOC questions in the CFAI text. The theory behind it is discussed in the Schweser text, but the CFAI text asks you a bunch of questions which require knowing the formula and calculating the utility. Definitely recommend reading this as well.
3. Questions about the impact of liquidity on price vs. bid/ask vs. broker commissions not discussed in Schweser but tested in the CFAI text.
4. Schweser does not explain why geometric return is preferable over arithmetic mean and cash flow weighted return method of calculating returns for a buyandhold investor.
I definitely found this section of Portfolio Management to be lacking in Schweser though it does a better job of discussing some of the more complex ideas like portfolio std deviation, correlation and covariance.
I hope this helps others using Schweser. If anyone else finds other variations between Schweser text and CFAI EOC questions please post here! |
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发表于 2013-4-8 12:59
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