Bchad- great post. Too bad that’ll get lost in the 10+ pages this beast of a thread will likely go because that has some great information for anyone in or considering the CFA program. The point that it used to be for middle managers looking to strengthen skills and now being more about getting a foot in the door to get a job is a good observation, and likely a reason for the difference of opinion between bromion and the rest. Bromion is among the former, not entry level and sights set on starting his own shop. I count myself moreso among the latter, having chased the designation to secure a job, understand the industry so I can better perform in this role, and be marketable should I look somewhere else. Don’t really have the desire to be an HF manager, I’m happy with a solid income and the ability to take vacations without stressing out about the portfolio and every move in the market. Different strokes for different folks.
I agree - lay off bromion. He is a great contributor to this forum and his posts are excellent and insightful. He has stated there are some aspects of the CFA program he likes and uses, but that overall (given the time required to study and pass the exams) the program is not that great for the analysis he uses at his HF. Why is everybody so angry? It is actually nice to hear a differing opinion on this subject from somebody that has completed the program. I respect his opinion. I may not agree with everything he says, but I certainly find his viewpoint fascinating.
BosyBillups Wrote: ------------------------------------------------------- > “For example, I used a balance sheet recap to > value many investments in over the past couple of > years. This worked to great effect. Is it directly > in the CFA program as a valuation method? No, but > the nuts and bolts are there to put the machine > together.” > > Never confuse a bull market for a genius. Sorry, > couldn’t resist. What wasn’t a good buy the last > couple of years? Not a lot. > > btw, this is one of the best threads I’ve read on > the forum Firstly, I never said anything about genius. Secondly, my picks outperformed the market in an audited fund. Still, I hold to my position that the CFA teaches you the basics but not the strategy. Really, any job in any field is going to go more in depth than the schooling required for it. With changes in medical technology, I know doctors that say their medical schooling basically has minimal bearing on what they do on a day to day basis. Regardless, we still teach surgeons the anatomy of the entire body rather than just the body part on which they will be working. Edit: just realized I said “last couple of years”. It was really 2008 and 2009. My picks didn’t do so well last year.
Black Swan Wrote: ------------------------------------------------------- > bromion Wrote: > -------------------------------------------------- > ----- > > > Dude, I can’t believe I used to think you were > cool…have fun at Pirate Capital big guy… > maybe the ga yest thing ever written on AF
wake2000 Wrote: ------------------------------------------------------- > Black Swan Wrote: > -------------------------------------------------- > ----- > > bromion Wrote: > > > -------------------------------------------------- > > > ----- > > > > > > Dude, I can’t believe I used to think you were > > cool…have fun at Pirate Capital big guy… > > > > > maybe the ga yest thing ever written on AF ga yer than liberace riding a vespa while eating a sno ball???
wake2000 Wrote: ------------------------------------------------------- > Black Swan Wrote: > -------------------------------------------------- > ----- > > bromion Wrote: > > > -------------------------------------------------- > > > ----- > > > > > > Dude, I can’t believe I used to think you were > > cool…have fun at Pirate Capital big guy… > > > > > maybe the ga yest thing ever written on AF Really Wake? wake2000 Wrote: (January 31) ---------------------------------------------- >I really wanna see what these guys look like > >I mean the muscle men
These resources will help for sector specific analysis 1) http://www.amazon.ca/Handbook-Canadian-Security-Analysis-Joe/dp/0471641812/ref=sr_1_4?ie=UTF8&qid=1296658449&sr=8-4 Both volumes used to be (been out of Canada for 4+ years now) on the desk of most Canadian Analysts; somewhat dated now but many fundamentals are basically the same (maybe not so much for certain industries). Don’t be perturbed by the ‘Canadian’ in the title; many of the comps are US and the fundamentals transfer the same; the texts just have a greater focus on commodity based markets. 2) Read tons of industry specific research reports.
Black Swan Wrote: ------------------------------------------------------- > wake2000 Wrote: > -------------------------------------------------- > ----- > > Black Swan Wrote: > > > -------------------------------------------------- > > > ----- > > > bromion Wrote: > > > > > > -------------------------------------------------- > > > > > > ----- > > > > > > > > > Dude, I can’t believe I used to think you > were > > > cool…have fun at Pirate Capital big guy… > > > > > > > > > maybe the ga yest thing ever written on AF > > > Really Wake? > > wake2000 Wrote: (January 31) > ---------------------------------------------- > >I really wanna see what these guys look like > > > >I mean the muscle men two ga yest posts, I stand corrected.
I had mashed potatoes for dinner.
And by the way, hakuna matata.
wake2000 Wrote: ------------------------------------------------------- > Black Swan Wrote: > -------------------------------------------------- > ----- > > wake2000 Wrote: > > > -------------------------------------------------- > > > ----- > > > Black Swan Wrote: > > > > > > -------------------------------------------------- > > > > > > ----- > > > > bromion Wrote: > > > > > > > > > > -------------------------------------------------- > > > > > > > > > > ----- > > > > > > > > > > > > Dude, I can’t believe I used to think you > > were > > > > cool…have fun at Pirate Capital big > guy… > > > > > > > > > > > > > maybe the ga yest thing ever written on AF > > > > > > Really Wake? > > > > wake2000 Wrote: (January 31) > > ---------------------------------------------- > > >I really wanna see what these guys look like > > > > > >I mean the muscle men > > > two ga yest posts, I stand corrected. Don’t worry about it man, no reason to be embarrassed about your preferences, we all kinda suspected it anyway.
Oh, more Canadians (I’m 50% Canadi*n too) http://www.youtube.com/watch?v=0XdLheUC7kA&feature=related http://www.youtube.com/watch?v=pXtVrDPhHBg http://www.youtube.com/watch?v=t73W-LxdjjA&feature=related http://www.youtube.com/watch?v=9W9NTEJOQrA&feature=related Though this is good too http://www.youtube.com/watch?v=CSG807d3P-U&feature=related
Keys Wrote: ------------------------------------------------------- 1)http://www.amazon.ca/Handbook-Canadian-Security-Analysis-Joe/dp/0471641812/ref=sr_1_4?ie=UTF8&qid=1296658449&sr=8-4 This looks like a good primer/overview. Thanks.
LPoulin133 Wrote: ------------------------------------------------------- > Keys Wrote: > -------------------------------------------------- > ----- > 1)http://www.amazon.ca/Handbook-Canadian-Security- > Analysis-Joe/dp/0471641812/ref=sr_1_4?ie=UTF8&qid= > 1296658449&sr=8-4 > > This looks like a good primer/overview. Thanks. It’s a great reference book to have on your desk. I have one.
bchadwick Wrote: ------------------------------------------------------- > Oh, more Canadians (I’m 50% Canadi*n too) > > http://www.youtube.com/watch?v=0XdLheUC7kA&feature > =related > > http://www.youtube.com/watch?v=pXtVrDPhHBg > > http://www.youtube.com/watch?v=t73W-LxdjjA&feature > =related > > http://www.youtube.com/watch?v=9W9NTEJOQrA&feature > =related > > > Though this is good too > > http://www.youtube.com/watch?v=CSG807d3P-U&feature > =related My ears go up when you’re talking Canadian. I wish I could watch those youtube videos at work. What the heck
bchadwick Wrote: ------------------------------------------------------- > Oh, more Canadians (I’m 50% Canadi*n too) > > http://www.youtube.com/watch?v=0XdLheUC7kA&feature > =related > > http://www.youtube.com/watch?v=pXtVrDPhHBg > > http://www.youtube.com/watch?v=t73W-LxdjjA&feature > =related > > http://www.youtube.com/watch?v=9W9NTEJOQrA&feature > =related > > > Though this is good too > > http://www.youtube.com/watch?v=CSG807d3P-U&feature > =related No doot aboot it! 
-> Doont be such ah hoser, eh!
BTW, Keys, excellent resource on amazon you pointed out. I’d heard of it before but never actually got around to looking at it. Thanks!
book VS reality i saw someone on this forum saying that he had been working in commodities sector for 6 years and yet he still failed the commodity section on the CFA exam.
passme Wrote: ------------------------------------------------------- > book VS reality > i saw someone on this forum saying that he had > been working in commodities sector for 6 years and > yet he still failed the commodity section on the > CFA exam. Head of risk in my company got <50% in Risk Management in his level 3 exam! He still passed and has the charter now.
In addition to the Handbooks, I found these resources extremely useful: A) Financial Times World Desk Reference: http://www.amazon.com/Financial-Times-World-Desk-Reference/dp/0756610990/ref=sr_1_1?ie=UTF8&qid=1296662397&sr=8-1 B) CIA Handbook (if you have a kindle, get the electronic copy) http://www.amazon.com/CIA-World-Factbook-2011/dp/1616080477/ref=pd_sim_b_2 After completing the CFA, I wanted to get more granular, industry/geography specific (was on a fund) - things not covered in the CFA (this was before I went the quantitative route with PCA, Lemmas, C/C++, and all that jazz) Read the Handbooks and the Financial Times WDR from cover to cover.