Ethan Hayes·6d agoAnatomy of a Level III Constructed Response Answer: A WalkthroughMost guidance on the Level III constructed response section stays at the level of principles: read the command word, use the facts, be…
Ethan Hayes·Oct 25DuPont Analysis: Taking Return on Equity Apart to See What’s Really Driving ItReturn on equity is one of the most quoted numbers in equity research, and one of the easiest to misread. A high ROE sounds like a sign of…
Ethan Hayes·Aug 22The CFA Statistics Question That Made Me Realise I Did Not Understand ProbabilityOn conditional probability, Bayes’ formula, and why the exam tests these so precisely
Ethan Hayes·Aug 16The Three Numbers That Determine Whether a Pension Is ImmunisedThe first time I read about immunisation in the CFA Level 3 curriculum, I thought I understood it. Match the duration of your bonds to the…
