CFA培训1级数量分析R6-2015年版-金多多出品
CFA level 1-conception
The currency with the higher (lower) interest rate will always trade at a discount (premium) in the forward market. The lower interest rate in the domestic country will be offset by the appreciation of the domestic country’s currency over the investment horizon.The value of a European put option will decrease as the risk-free interest rate increases.When a commodity market is in contango, futures prices are higher than spot prices. When spot prices are higher than the futures price, the market is said to be in backwardation.B is incorrect because backwardation is the opposite of contango; the futures price is below the spot price.C is incorrect because carry refers to storage plus interest costs. It does not say anything about futures prices relative to spot prices.A distribution that is more peaked than normal is called leptokurtic.A distribution that is neither more peaked nor less peaked than normal is called mesokurtic.A distribution that is less peaked than normal is called platykurtic.The duration of a portfolio is the weighted average of the bonds’ durations in which the weight for each bond is its contribution to the portfolio's valueMonte Carlo simulation lends itself to “what if” analysis and requires the user to provide a probability distribution or distributions. It can be a complement to analytical methods.Monte Carlo simulation provides a distribution of possible solutions to complex functions. The central tendency and the variance of the distribution of solutions give important clues to decision makers regarding expected results and risk. The sampling error is the difference between the observed value of a statistic and the quantity it is intended to estimate.Z-score (standardized value) = (X −μ)/σ，计算取值X距离平均值μ的标准差的个数The most appropriate test is chi-square, with 36 − 1 = 35 degrees of freedom. Reminber: The dominator just for calculating the standard deviation of sample with size of n is (n-1).A normal distribution has kurtosis of 3.0.while for the calculating of t statistic, the standard error of sample in formula is s/n^0.5.The standard error of the sample=Standard Deviation/n^0.5The security market line is a graphical representation of the CAPM with beta on the x-axis and expected return on the y-axis. The slope of the line is given by the market risk premium, the difference between the equity market return and the risk-free rate of interest.The beta of Stock A=Correlation of Stock A with the market ×Standard deviation of Stock A’s return ÷ Standard deviation of the market’s returnThe optimal risky portfolio lies at the point of tangency between the capital allocation line and the efficient frontier of risky assets.the optimal investor portfolio lies at the point of tangency between the investor’s indifferen ce curve and the capital allocation line.the global minimum-variance portfolio is the left-most point on the minimum-variance frontier.If a client offers a bonus that depend on the future performance of her account, this is an additional compensation arrangement that requires written consent in advance.If a client offers a bonus to reward a member for her account’s past performance, this is a gift that requires disclosure to the member’s employer with standard I(B) Independence and Objective.For an investor who holds a fully diversified portfolio, the Treynor ratio and Jensen’s alpha are the appropriate portfolio performance measures. They are appropriate because in a fully diversified portfolio, only systematic risk matters; both these metrics measure performance relative to beta or systematic risk. The Treynor ratio measures the return premium of a portfolio versus therisk-free asset relative to the portfolio’s beta, which is a measure of systematic risk.The Sharpe ratio is similar to the Treynor ratio, but it uses portfolio standard deviation, which is a measure of total risk, instead of standard deviation.M-squared incorporates the standard deviation of the market and portfolio, which are measures of total risk.The CAPM requires that there are no restrictions on short selling (which is an assumption underlying frictionless markets) and that the amount invested in an asset can be as much or as little as the investor wants (that is, investments are infinitely divisible). The CAPM also assumes that all investors analyze securities in the same way using the same inputs for future cash flows and the same probability distributions; that is, it assumes that investors have homogenous expectations.The provisions within the GIPS standards are divided into the following nine sections: Fundamentals of Compliance, Input Data, Calculation Methodology, Composite Construction, Disclosure, Presentation and Reporting, Real Estate, Private Equity, and Wrap Fee/Separately Managed Account (SMA) Portfolios.The investment decision rule using IRR(Internal Rate of Return), the IRR rule, states the following: “Accept projects or investments for which the IRR is greater than the opportunity cost of capital.” The IRR rule uses the opportunity cost of capital as a hurdle rate, or rate that a project’s IRR must exceed for the project to be accepted. Note that if the opportunity cost of capital is equal to the IRR, then the NPV is equal to 0. If the project’s opportunity cost is less than the IRR, the NPV is greater than 0 (using a discount rate less than the IRR will make the NPV positive).The time-weighted rate of return measures the compound rate of growth of $1 initially invested in the portfolio over a stated measurement period. In contrast to the money-weighted rate of return, the time-weighted rate of return is not affected by cash withdrawals or additions to the portfolio. The term “time-weighted” refers to the fact that returns are averaged over time. To compute an exact time-weighted rate of return on a portfolio, take the following three steps:1.Price the portfolio immediately prior to any significant addition or withdrawal of funds. Break the overall evaluation period into subperiods based on the dates of cash inflows and outflows.2.Calculate the holding period return on the portfolio for each subperiod.3.Link or compound holding period returns to obtain an annual rate of return for the year (the time-weighted rate of return for the year). If the investment is for more than one year, take the geometric mean of the annual returns to obtain the time-weighted rate of return over that measurement period.The money market is the market for short-term debt instruments (one-year maturity or less). Some instruments require the issuer to repay the lender the amount borrowed plus interest. Others are pure discount instruments that pay interest as the difference between the amount borrowed and the amount paid back.All data measurements are taken on one of four major scales: nominal, ordinal, interval, or ratio.1.Nominal scales represent the weakest level of measurement: They categorize data but do not rank them. If we assigned integers to mutual funds that follow different investment strategies, the number 1 might refer to a small-cap value fund, the number 2 to a large-cap value fund, and so on for each possible style. This nominal scale categorizes the funds according totheir style but does not rank them.2.Ordinal scales reflect a stronger level of measurement. Ordinal scales sort data into categories that are ordered with respect to some characteristic. For example, the Morningstar and Standard & Poor’s star ratings for mutual funds represent an ordinal scale in which one star represents a group of funds judged to have had relatively the worst performance, with two, three, four, and five stars representing groups with increasingly better performance, as evaluated by those services. An ordinal scale may also involve numbers to identify categories. For example, in ranking balanced mutual funds based on their five-year cumulative return, we might assign the number 1 to the top 10 percent of funds, and so on, so that the number 10 represents the bottom 10 percent of funds. The ordinal scale is stronger than the nominal scale because it reveals that a fund ranked 1 performed better than a fund ranked 2. The scale tells us nothing, however, about the difference in performance between funds ranked 1 and 2 compared with the difference in performance between funds ranked 3 and 4, or 9 and 10.3.Interval scales provide not only ranking but also assurance that the differences between scale values are equal. As a result, scale values can be added and subtracted meaningfully. The Celsius and Fahrenheit scales are interval measurement scales. The difference in temperature between 10°C and 11°C is the same amount as the difference between 40°C and 41°C. We can state accurately that 12°C = 9°C + 3°C, for example. Nevertheless, the zero point of an interval scale does not reflect complete absence of what is being measured; it is not a true zero point or natural zero. Zero degrees Celsius corresponds to the freezing point of water, not the absence of temperature. As a consequence of the absence of a true zero point, we cannot meaningfully form ratios on interval scales. As an example, 50°C, although five times as large a number as 10°C, does not represent five times as much temperature. Also, questionnaire scales are often treated as interval scales. If an investor is asked to rank his risk aversion on a scale from 1 (extremely risk-averse) to 7 (extremely risk-loving), the difference between a response of 1 and a response of 2 is sometimes assumed to represent the same difference in risk aversion as the difference between a response of 6 and a response of 7. When that assumption can be justified, the data are measured on an interval scale.4.Ratio scales represent the strongest level of measurement. They have all the characteristics of interval measurement scales as well as a true zero point as the origin. With ratio scales, we can meaningfully compute ratios as well as meaningfully add and subtract amounts within the scale. As a result, we can apply the widest range of statistical tools to data measured on a ratio scale. Rates of return are measured on a ratio scale, as is money. If we have twice as much money, then we have twice the purchasing power. Note that the scale has a natural zero—zero means no money.The actual number of observations in a given interval is called the absolute frequency, or simply the frequency.The relative frequency is the absolute frequency of each interval divided by the total number of observations.The cumulative relative frequency cumulates (adds up) the relative frequencies as we move from the first to the last interval.The normal distribution has the following characteristics:Its mean and median are equal.It is completely described by two parameters—its mean and variance. Roughly 68 percent of its observations lie between plus and minus one standard deviation from the mean; 95 percent lie between plus and minus two standard deviations; and 99 percent lie between plus and minus three standard deviations.If we want to estimate the average return over a one-period horizon, we should use the arithmetic mean because the arithmetic mean is the average of one-period returns. If we want to estimate the average returns over more than one period, however, we should use the geometric mean of returns because the geometric mean captures how the total returns are linked over time.The geometric mean return approximately equals the arithmetic return minus half the variance of return.The coefficient of variation (CV) is the ratio of the standard deviation to the mean, where a higher CV implies greater risk per unit of return.In investments, we often estimate the probability of an event as a relative frequency of occurrence based on historical data. This method produces an empirical probability.In other cases, we have no empirical probability to use at all. We may also make a personal assessment of probability without reference to any particular data. Each of these three types of probability is a subjective probability, one drawing on personal or subjective judgment.In a more narrow range of well-defined problems, we can sometimes deduce probabilities by reasoning about the problem. The resulting probability is an a priori probability, one based on logical analysis rather than on observation or personal judgment.Because a priori and empirical probabilities generally do not vary from person to person, they are often grouped as objective probabilities.Investors, in making buy and sell decisions that determine asset prices, often draw on subjective probabilities. Subjective probabilities appear in various places in this reading, notably in our discussion of Bayes’ formula. Probability Stated as Odds. Given a probability P(E),1. Odds for E = P(E)/[1 − P(E)]. The odds for E are the probability of E dividedby 1 minus the probability of E. Given odds for E of “a to b,” the implied probability of E is a/(a + b). In the example, the statement that the odds for the company’s EPS for FY2014 beating $0.69 are 1 to 7 means that the speaker believes the probability of the event is 1/(1 + 7) = 1/8 = 0.125.2. Odds against E = [1 − P(E)]/P(E), the reciprocal of odds for E. Given odds against E of “a to b,” the implied probability of E is b/(a + b).Dutch Book Theorem：The theorem’s name comes from the terminology of wagering. Suppose someone places a $100 bet on X at odds of 10 to 1 against X, and later he is able to place a $600 bet against X at odds of 1 to 1 against X. Whatever the outcome of X, that person makes a riskless profit (equal to $400 if X occurs or $500 if X does not occur) because the implied probabilities are inconsistent. He is said to have made a Dutch book in X.荷兰赌又称“大弃赌”，是“Dutch”的英译，意为不论结局怎样都不会输的赌注。
2015年初次报考CFA的考生应该买的教材
全球最大的CFA(特许金融分析师)培训中心总部地址：上海市虹口区花园路171号A3幢高顿教育电话：400-600-8011网址： 微信公众号：gaoduncfa 1 2015年初次报考CFA 的考生应该买的教材CFA 考试最基本的教材有CFA 协会官方教材（CFA Curriculum ）、Schweser Study Notes 、CFA 协会道德手册（Standards of Practice Handbook ）初次报名的考生都有同样的疑问：如何购买教材？CFA 考试最基本的教材有CFA 协会官方教材（CFA Curriculum ）、Schweser Study Notes 、CFA 协会道德手册（Standards of Practice Handbook ）。
说到购买，以上教材都是要买的。
CFA 协会官方教材包括在了报名费中。
那么问题的重点就落在复习时以什么教材为主上了。
Schweser Study Notes 的编写以LOS(Learning Outcome Statement ，考纲) 为基础，是备考CFA 明确、高效的学习补充资料。
帮助考生总结复习要点，节约时间，但原来知识点中内在的逻辑关系可能被省略，有些notes 甚至没有覆盖到考试要点。
相比之下，CFA 指定的原版教材，虽然复习量较大，但保证了内容的全面性。
给出的建议：CFA 一级考试可以只学习Schweser Study Notes ，CFA INSTITUTE 官方指定教材可以不学习。
因为CFA 一级考试相对简单，Schweser Study Notes 足以应付考试，一般CFA 一级考试准备300－400小时即可。
当然如果时间足够，建议阅读CFA INSTITUTE 官方指定教材，为后面的二、三级考试打下基础。
市面上还有很多其他的CFA 资料，根据自己的需要选择是否购买。
另外，初次报名的考生还必须购买考试专用计算器：德州仪器BA II （包括专业版和普通版）和惠普12C ，其使用可见文章《CFA 考试计算器使用标准》。
CFA一级考试各科目介绍及重点解析
CFA一级考试各科目介绍及重点解析在CFA考试过程当中，许多考生都在自学的过程中走过些许弯路。
对往年的重点着重观望，对教材中仅有十几页的科目内容可能只是扫视几遍便匆匆翻篇。
为那些常年标着五角星的CFA重点刻苦钻研。
这样的备考方法并没有错，然而随着这几年CFA考试协会的出题更新，越来越多的考生反映，在实际考试当中会出现作为边角边料的小细节知识点出现。
偶偶考生们会此类题目打住考试的节奏，满脑袋转悠也只有稍许浅薄的印象。
针对历年变化的CFA考试，高顿财经CFA研究中心为考生们整理了在CFA一级考试中，经常会考到的一些重难点。
希望考生可以通过此类难点的归纳，调整自己的备考计划。
CFA一级考试中十大科目考试重点介绍：职业伦理：提高从业人员的职业和道德素养，特别是国际上对受托人的责任的要求，降低了公司内部人员职业违规方面的风险，同时提升公司内部的整体职业素养，由此提高公司整体的管治。
数量分析：定量分析就是以数量工具测算投资组合关联性，概率统计，为设定合理理性的投资规划提供技术支撑。
在一级二级考试中是考试占比比较大的考试科目，考察金融分析中的一些常用的计算方法。
经济学：经济学课程以经典宏观、微观经济学内容讲解弹性、价格曲线、生产者剩余、消费者剩余、垄断和市场形态，宏观金融政策和中央银行等知识，让考生了解经济运行的宏观和微观经济知识。
财务报表分析：财务报表是一级二级的考试重点，内容涉及三大会计报表，现金流量测控，养老会计、管理会计、税收规避FACC等会计术语，考试难度不大，并且现在的考核方式更加灵活。
一级二级中财务报表是重点科目，占比考试20%左右的权重，权重较大。
公司理财：公司理财详细的介绍了资本的成本，使公司规划出最合适的资本结构，来获得资本的最优收益。
在制定资本预算时，可做出正确的现金流量估计和风险分析，从而作出正确的决定。
在决定股利政策时，充分了解其中的资讯和意义。
深入地了解如何实现公司融资结构与投资结构的最优化。
CFA课程知识体系及学习方法介绍
CFA课程知识体系及学习方法介绍一、首先需要清楚CFA课程所涵盖的知识体系：CFA考试总共有12个总主题领域，包括：定量分析方法、经济学、财务报表分析、企业融资、债券投资分析、股票投资分析、衍生工具分析、另类投资分析、投资组合管理业绩考量和投资组合收益特点分析。
二、分级别CFA课程介绍CFA一级课程：注重工具及技术，包括资产估值入门及证券管理技巧等，课程和考试注重适用于投资评估和管理工具和概念。
考生应该把重点放在道德、财务报表分析、宏观和微观经济学和定量方法方面的运行知识。
其次，考生还必须对投资分析和管理、金融市场和票据以及会计方面有基本了解。
建议参考书籍：CFA level 1 官方教材，notes，道德手册建议学习方法：1. 学会推导公式。
如果数学基础不错，就尽量试着推导出那些需要背的公式，这样更加深记忆，而且也可以帮助牢记每个参数的含义，最重要的是，死记硬背的公式考试时一旦忘了那就是忘了，没有退路，但是自己曾经会推导的公式，考试时忘了大不了花十几秒再推一边。
这个一定受用，二三级也适用。
当然，要推导CFA公式，必备的几个知识是：等差数列，等比数列，简单微积分。
这些小知识花半天时间去翻翻数学手册就全部到手了。
2. 学会用记忆函数曲线图来代替文字记忆，例如Fixed income中的callable bonds和putable bonds，他们的价格是如何随着rate变动的，那两条弯弯曲曲的曲线可以随手画出来，然后配合一些相关的概念例如convexity 和key rate(key rate好像二级才有)去整体记忆和分析。
诸如此类，灵活运用。
对于一二级这样的选择题考试，形象记忆绝对比文字记忆有用。
3. 一级里的重点是Accounting和Ethics。
Accounting中的几个FinancialStatements一定要理解透彻，包括各个报表之间的关系，以及报表中各个条目之间的关系，把Notes上的例题和习题算几遍，理清关系。
关于CFA一级那些事
关于CFA一级那些事引言人生何其短暂，用两个月的生命去通过一项考试那绝对是种十足的浪费，但既然你已经被骗入了CFA 这个沼泽中，既然你已经做好了人财两空的准备，既然你已经@#￥%&，那么请不要在查分时刻默默地留下那屈辱的眼泪。
考试有风险，复习需谨慎一、本文适用范围：1、全文适用于准备CFA1 的在校学生不限专业。
2、全文适用于准备CFA1 有3 个月以上准备时间的在职人员。
3、部分适用于准备CFA1 不符合以上两条的考生4、CFA2、3 级考生请绕道。
二、作者背景1. 学历：低于北京TP 二校的理工科本科2. 复习时间：2 个月左右的脱产复习3. 复习方式：在南京某知名高校内与两名candidate 一起复习4. 复习遍数：大概notes2.5 遍。
习题3 遍5. 考试成绩：除alternative investment B，其余A6. 考试用时：上午1 小时20 分钟，下午1 小时30 分钟三、正文3.1 复习资料、习题a) Schweser Notes 5 本（课本部分）5 星推荐必看b) Schweser Notes 5 本（习题部分）5 星推荐必做c) 某机构中文翻译（广告位招租）5 星推荐必购d) 官方Reading（课本部分）负5 星推荐（学术型人才推荐）e) 官方Reading（习题部分）6 星推荐必做f) 近两年官方mock （俗称模拟题）5 星推荐必做g) 近两年官方sample （俗称样题）6 星推荐必做h) 某机构百题预测（广告位招租）4 星推荐选作i) Notes 练习（也就是6、7 两本）1 星推荐蛋疼者做之j) 官方道德手册3 星推荐选看k) 辅导班视频（广告位招租）3 星推荐选看l) 老婆一只自己看着办吧m) 辅导班（广告位招租）本3.5 没上n) 其他本3.5 没看3.1.1 阅读资料说到考试资料，那官方的Reading 就是纯TM 扯淡，如果在今年能够收到电子版的情况下，还去花着N 百刀买那自己用着都心疼的铜版纸教材，绝对是烧包的表现，一来不支持低碳生活，二来过于支持CFA 的宗旨——骗钱第一，考试第二。
CFA一级考纲对比分享(2013-2014年)
全球最大的CFA(特许金融分析师)培训中心总部地址：上海市虹口区花园路171号A3幢高顿教育电话：400-600-8011网址： 微信公众号：gaoduncfa 1 CFA 一级考纲对比分享（2013-2014年）相对于2013年的官方教材，2014年CFA 一级官方教材的变化还是比较大的，特别是固定收益这一部分内容，整个框架都发生了改变。
伦理道德与专业准则（Ethical and Professional Standards ）、权益投资（Equity ）和衍生工具（Derivatives ）这几个部分的教材内容与2013年相比基本没有变化。
数量方法（Quantitative Methods ）增加了一个考点，但只是把原来的一个考点拆分成两个考点，具体内容没有发生改变。
经济学（economics ）增加了两个考点，删除了一个考点。
两个增加的考点都是把原来的一个考点拆分成两个考点，具体内容没有发生改变。
删除的考点本身就不重要，所以不会产生影响。
财务报表分析（FSA ）在reading 34：会计预警这一部分增加了一个考点，删除了一个有关养老金的考点。
公司金融（Corporate Finance ）删除了一个考点，影响不大。
投资组合（Portfolio Management ）增加了一个有关养老金的考点。
固定收益投资（Fixed Income ）整个框架发生了变化。
与2013相比，2014年的考点减少。
各位考生，2015年CFA 备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，网校开通了全免费的高顿题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。
cfa1级公式表
cfa1级公式表CFA1级公式表是CFA（注册金融分析师）中级认证考试的一个重要部分。
CFA是一个非常具有挑战性的考试，并且需要通过三个级别的考试才能获得CFA认证。
CFA1级公式表是CFA1级考试的一部分，包括各种金融和投资领域的重要公式和概念。
CFA1级公式表的内容非常广泛，涵盖了财务报表分析、投资组合管理、公司财务管理等方面的公式和定义。
接下来我们将介绍CFA1级公式表的重要性和内容，以及如何使用它来更好地准备考试。
CFA1级公式表的重要性CFA1级公式表的重要性在于它将所有的公式和概念集中在一起，并提供了一个易于使用和理解的格式。
考生可以将公式表视为一个参考指南，在考试前和考试期间使用。
他们可以使用公式表查找和记忆所有的必要公式和定义，帮助他们更好地理解和记忆CFA1级考试中的各种概念和知识点。
CFA1级公式表还可以帮助考生加深对概念和实践之间关系的理解。
CFA1级公式表的内容在CFA1级公式表中，有一些概念和公式非常重要，考生应该花时间深入理解和记忆它们。
以下是一些重要的主题和公式要点：1. 财务报表分析- 会计方程：A=L+E - 资产负债表: A=L+E - 损益表: 收入成本=净收益 - 现金流量表: 操作活动+投资活动+融资活动=变更量2. 股票和债券投资- 股票估值: DDM方法和价格/收益率比较法 - 债券估值：现值法和久期法 - 投资回报率: 计算公式是（期间投资回报/期间初始投资）-1.3. 企业财务分析- WACC (加权平均资本成本) = E/(E+D) X Re +D/(E+D) X Rd X (1-T) - NPV(净现值) = 当前净现值-投资 - IRR(内部收益率) = 投资的内部回报率以上列出了重要的主题和公式，但并不是全部。
考生需要认真研读所有的公式和概念，并练习使用它们，以确保能够在考试中顺流而下。
如何使用CFA1级公式表使用CFA1级公式表的关键是熟悉它并将它反复使用。
备考2015年CFA考试需要看哪些教材和资料？
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备考2015年CFA 考试需要看哪些教材和资料？
2015年CFA 报名成功后，CFA 协会会提供给考生电子版教材，CFA 教材共有六本，涵盖了所有的金融领域的金融知识，知识点非常多非常丰富。
而更多的CFA 考生会选择Schweser 出版的Notes 和配套的两本模拟题了。
那么备考2015年CFA 考试需要用到哪些教材和资料？
如果考生只想通过考试，那么就看Notes 和做配套的两本模拟题就行了，Notes 是为考试量身打造的，是针对考试范围内容的精编，也是大多CFA 考生选择的备考资料；如果考生想通过CFA 考试学习知识，深刻理解CFA 还是需要看教材来补充的，为什么这么说呢？因为在CFA 教材里的很多很重要的内容，是没法去变成考试题的，但是这些很重要的不考的内容，在工作中都是会用到的，比如是在国外工作的，面试的时候，很多问题其实CFA 教材里面都有讲，只不过这些内容是很难变成考试题的，所以Notes 里面根本不会讲，不然即便是过了三级，金融还是不明白，那种拿到CFA 的，但找不到好的金融工作的人也是很多的。
如果已经在行业里面行走多年，只为了一个证书，看看Notes 就好了。
但是如果是要转行，以前没有任何金融背景，还不多学学，只是考了一个考试，肯定不行的。
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CFA一级官方教材变化对比(2017-2018)【全国首发】L1(17V18)考纲变化分析
CFA一级官方教材变化对比（2017-2018）2018年CFA三个级别的考纲，均已经新鲜出炉。
相较2017年，每个级别有了不同程度的变更。
以下一些一级官方教材的变化，值得你关注：CFA一级考纲近几年有较大改变，和2017年CFA一级官方教材相比，2018年CFA一级官方教材部分科目有新变化。
首先，各科目的考试比重继续沿用17年的比重。
其次具体到各科目的考试内容，需要注意以下几科的变化：1 . 数量方法（Quantitative Methods）与17年相比18年考纲总体变化不大，需要注意在Study Session 3，Reading 10: Common Probability Distributions部分，删除了“tracking error”的理解及计算。
2. 公司金融（Corporate Finance）删掉了Study Session 11里面的Reading 38: Dividends and Share Repurchases: Basics。
3. 投资组合（Portfolio Management and Wealth Planning）在Reading 42 里新增知识点“ calculate and interpret the Sharpe ratio, Treynor ratio, M2, and Jensen’s alpha.”。
4.权益投资（Equity Investments）在Reading 49: Equity Valuation: Concepts and Basic Tools 里新增知识点”describe regular cash dividends, extra dividends, stock dividends, stock splits, reverse stock splits, and share repurchases”和“describe dividend payment chronology”。
12月cfa一级学习顺序是什么？CFA一级考试难吗？
12月cfa一级学习顺序是什么？CFA一级考试难吗？报考了2019年12月cfa考试的考生们，现在应该已经进入备考阶段了，12月仅举行CFA一级考试，CFA一级考生大多都是初次接触CFA考试，对于cfa考试知识还不够了解，cfa 考试每个级别都有自己的重难点，如果CFA考生能够了解重难点，并针对性找到学习顺序、学习方法，那备考会简单很多，高顿君今天给大家讲讲12月cfa一级学习顺序及一级考试重难点。
12月CFA一级考试考纲内容与6月是相同的，在备考时，CFA考生应当先了解CFA考试的考纲内容，再去结合其他教材学习CFA考试的重难点，CFA一级学习顺序可依照重难点等级顺序学习。
2019年CFA一级考纲变化内容：财务报表分析删除了一个reading表内表间关系&权责发生制，权重从20%下调到了15%。
直接从48道题降至36题。
Fintech新增内容添加到了投资组合管理（Portfolio Management）从原来的1个session变为了2个session，原有reading章节有顺序的变动，但是该考察的老知识点不变，只是在科目最后新增了一整个reading添加了Fintech 的4个LOS（考点）。
12月CFA一级重难点（学习顺序）：重难点一：技术分析相反理论的思考原则相反定律的思考原则就是与常理不同。
机构在进仓，我们就卖，机构买入，我们就卖。
空头多，我们就买，多头多，我们就卖。
看熊市的人多，我们就买，看牛市的人多，我们就卖。
重难点二：几何平均数与调和平均数几何平均数其实就是假设按照一个固定的平均增长利率，不停的每年增长。
比如银行存款利率刚开始的那一年4%，第二年3%，第三年2%，第四年1%,那么这四年下来我把钱刚开始那年存进去取出来，第二年存进去取出来。
依此类推，和我一开始直接就以一个利率存4年的增长值是一样的。
这里后续的债券净预期理论中也会有涉及。
而调和平均数的意义在于买股票，我买了N只股票，那么我的评价价格如果用几何平均数，可能会有outliers，就是可能有极端值，但是我们用调和平均数就能解决这样的问题，算出每股的平均价格。