If you love him, send him to crack CFA

有人说CFA就是花钱雇人挖一个坑，然后把自己给埋了。然后再花钱雇人补上几脚。哈哈。

CFA is kind of investment and investment on life. what's more precious is common sense you developed in the CFA program. 就像管理层最近出的调高印花税财政政策，是可以预期的。先是小川说话，后是货币政策，都没反应，给我们上了生动的一课，原来货币政策有time lag，而且是预期的所以，没有那么快，再加上我们的实际利率为复，所以没有什么效果。货币政策不行的时候，管理层还有财政政策，而且后面牌还多着呢。

7 out of 10 people felt difficult about the level I today，well, it's good. meaning that Minimmum passing score will be lowered. meaning that you'll be likely to pass.

Think morning's part is easier than afternoon's one. Ethics 其实是英语的问题；Qty中国人的强项；Economics有不少新题，但其实不难，当然我也是猜，希望狗屎云八。FSA, i think it's easy, trend is that CFA institute would prefer to comparison, ie, two companies, A&B, 告诉Ni/S, S/A, S/E,比较A/E, 或者the same company 比较FIFO, LIFO,etc. Think that's the basic skills and elegance, if you wanna be analyst. Asset allocation比较杂，个人认为bond比较厉害，说不定以后去投行的FID,haha. 其他derivative, and alternative觉得因为没有感受，所以学得不扎实，以后二级巩固八。Portfolio management也是，不难，可是没做好，后来提前45mins胶卷，然后中午恶补一把，下午应该还不错。至少对5题。

Personal feeling: invest your life via CFA program and experiences and quick common sense are pivatol. See you in Level II, CFA, haha.