CFA Level I Book: Your Gateway to the CFA® Program

Welcome to the Foundation of Your CFA® Path

If you’re exploring the CFA Program, Level I is your first critical milestone. It’s here that you’ll develop fluency in topics ranging from fundamental ethics principles to the building blocks of financial analysis. Our content is crafted to demystify challenging concepts thoroughly and make your study both rewarding and efficient.

What Makes This Book Different?

1. Exceptional Clarity
   Each topic is presented in simple language with step‐by‐step walkthroughs. You’ll find charts, illustrations, and real‐world scenarios that cement crucial ideas.

2. 10 FREE Sample Questions per Page
   Practice is everything—especially in finance. That’s why every page includes 10 meticulously designed questions that reflect real exam difficulty.

3. Thousands of Quizzes
   With a massive question bank, you can reinforce your understanding topic by topic, ensuring you retain the material long‐term and build confidence one quiz at a time.

4. Open Source & Community‐Driven
   Our source code is available on GitHub, and we welcome all contributions. Help us refine explanations, correct errors, or author new practice questions. Your feedback guides continuous improvement for learners everywhere.

Topics Covered

We align every chapter of this book with the official CFA Level I curriculum—including Ethics, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, and Portfolio Management. Each chapter is further divided into streamlined topics to help you organize your study.

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• Collaborative Learning: Your shared insights, examples, and real‐life applications help shape the most relevant and dynamic study resource.
• Global Impact: Every pull request or suggestion has the potential to support learners worldwide.
• Build Expertise: Explaining finance concepts to others is often the best way to increase your own mastery.

Take the Next Step

1. Start Exploring: Dive into any chapter to begin studying core topics.
2. Practice Continuously: Take advantage of the free quizzes to test your knowledge after each section.
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4. Stay Motivated: Track your progress, celebrate small wins, and engage with our community for tips and ongoing support.

Together, We’ll Build Your CFA® Foundations

Harness the power of clarity, practice, and collaboration. Whether you’re aiming for a firmer understanding of core principles or gearing up for the final stage of your Level I exam prep, this open‐source book stands ready to guide you—free of charge and united by a community of learners and contributors.

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Explore the chapters, take the quizzes, and discover the confidence that comes from genuinely mastering the fundamentals of CFA Level I.

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In this section

• Chapter 1: Ethical and Professional Standards
  Chapter 1: Ethical and Professional Standards explains the core concepts, key definitions, and practical implications you need for solid analysis. It highlights common pitfalls and the intuition behind the methods so the results are interpreted correctly.
  • Ethics and Trust in the Investment Profession
    Ethics and Trust in the Investment Profession: Explains The Importance of Ethics in Finance and Trust: The Glue of Investment Markets with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Code of Ethics and Standards of Professional Conduct
    Code of Ethics and Standards of Professional Conduct: Explains Why Ethics Matters and Inside the CFA Institute Code of Ethics with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Guidance for Standards I–VII
    Guidance for Standards I–VII: Exam-style multiple-choice practice with detailed explanations to reinforce key definitions, decision steps, and common traps for CFA Level 1.
  • Introduction to the Global Investment Performance Standards (GIPS)
    Introduction to the Global Investment Performance Standards (GIPS): Explains Background and Purpose and Key Principles of GIPS with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Ethics Application
    Ethics Application: Exam-style multiple-choice practice with detailed explanations to reinforce key definitions, decision steps, and common traps for CFA Level 1.
• Chapter 2: Quantitative Methods
  Chapter 2: Quantitative Methods explains the core concepts, key definitions, and practical implications you need for solid analysis. It highlights common pitfalls and the intuition behind the methods so the results are interpreted correctly.
  • Rates and Returns
    Rates and Returns: Explains The Many Faces of an Interest Rate and Nominal Interest Rates and Their Decomposition with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Time Value of Money in Finance
    Time Value of Money in Finance: Explains Conceptual Overview and Basic TVM Formulas with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Statistical Measures of Asset Returns
    Statistical Measures of Asset Returns: Explains Measures of Central Tendency and Arithmetic Mean with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Probability Trees and Conditional Expectations
    Probability Trees and Conditional Expectations: Explains Why Probability Trees Matter and Fundamentals of Probability and the Vocabulary We Use with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Portfolio Mathematics
    Portfolio Mathematics: Explains Why Portfolio Mathematics Matters and Calculating the Portfolio’s Expected Return with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Simulation Methods
    Simulation Methods: Explains Normal vs. Lognormal Distributions in Finance and Monte Carlo Simulation Overview with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Estimation and Inference
    Estimation and Inference: Explains Understanding Sampling Methods and Simple Random Sampling with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Hypothesis Testing
    Hypothesis Testing: Explains Hypothesis Testing Mastery: Sample Exam Questions and A p-value is best described as: with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Parametric and Non-Parametric Tests of Independence
    Parametric and Non-Parametric Tests of Independence: Explains Parametric vs Non-Parametric Tests and Testing Correlation with T-Tests (Parametric) with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Simple Linear Regression
    Simple Linear Regression: Explains The Simple Linear Regression Model and Ordinary Least Squares (OLS) Estimation with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Introduction to Big Data Techniques
    Introduction to Big Data Techniques: Explains Big Data and Why It Matters and Fintech and the Data Revolution with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
• Chapter 3: Economics
  Chapter 3: Economics explains the core concepts, key definitions, and practical implications you need for solid analysis. It highlights common pitfalls and the intuition behind the methods so the results are interpreted correctly.
  • The Firm and Market Structures
    The Firm and Market Structures: Explains Understanding Market Structures and Perfect Competition with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Understanding Business Cycles
    Understanding Business Cycles: Explains The Phases of the Business Cycle and Typical Characteristics of Each Phase with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Fiscal Policy
    Fiscal Policy: Exam-style multiple-choice practice with detailed explanations to reinforce key definitions, decision steps, and common traps for CFA Level 1.
  • Monetary Policy
    Monetary Policy: Explains The Objectives and Roles of Central Banks and Tools of Monetary Policy with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Introduction to Geopolitics
    Introduction to Geopolitics: Explains Defining Geopolitics: Cooperation vs. Competition and Globalization and Interdependence with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • International Trade
    International Trade: Explains Why Trade Matters and Comparative Advantage and Specialization with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Capital Flows and the FX Market: Key Drivers of Global Currency Flows
    Capital Flows and the FX Market: Key Drivers of Global Currency Flows: Explains The Foreign Exchange Market: An Overview and Nominal vs. Real Exchange Rates with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Exchange Rate Calculations
    Exchange Rate Calculations: Explains Why Exchange Rates Matter and Understanding Cross-Rates with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
• Chapter 4: Financial Statement Analysis
  Chapter 4: Financial Statement Analysis explains the core concepts, key definitions, and practical implications you need for solid analysis. It highlights common pitfalls and the intuition behind the methods so the results are interpreted correctly.
  • Introduction to Financial Statement Analysis
    Introduction to Financial Statement Analysis: Exam-style multiple-choice practice with detailed explanations to reinforce key definitions, decision steps, and common traps for CFA Level 1.
  • Analyzing Income Statements
    Analyzing Income Statements: Explains Introduction to the Income Statement and Revenue Recognition Under IFRS 15 and ASC 606 with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Analyzing Balance Sheets
    Analyzing Balance Sheets: Explains Classification and Valuation of Intangible Assets and Amortization and Impairment with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Analyzing Statements of Cash Flows I
    Analyzing Statements of Cash Flows I: Explains Linking the Statement of Cash Flows to the Balance Sheet and Income Statement and Operating Activities: A Closer Look with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Analyzing Statements of Cash Flows II
    Analyzing Statements of Cash Flows II: Explains Common-Size Analysis of the Cash Flow Statement and Simple Example with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Analysis of Inventories
    Analysis of Inventories: Explains Why Inventory Analysis Matters and Overview of Common Inventory Costing Methods with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Analysis of Long-Term Assets
    Analysis of Long-Term Assets: Explains Intangible Assets and Property, Plant, and Equipment (PP&E) with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Topics in Long-Term Liabilities and Equity
    Topics in Long-Term Liabilities and Equity: Explains Key Considerations in Lease Accounting and Lease Accounting Under IFRS and US GAAP with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Analysis of Income Taxes
    Analysis of Income Taxes: Explains Why Understanding Income Taxes Matters and Accounting Profit vs. Taxable Income with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Financial Reporting Quality
    Financial Reporting Quality: Exam-style multiple-choice practice with detailed explanations to reinforce key definitions, decision steps, and common traps for CFA Level 1.
  • Financial Analysis Techniques
    Financial Analysis Techniques: Explains Overview of Key Tools and Techniques and Common-Size Analysis with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Introduction to Financial Statement Modeling
    Introduction to Financial Statement Modeling: Explains Laying the Foundation: Why Pro Forma Statements Matter and Forecasting Revenue: The Starting Point with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
• Chapter 5: Corporate Issuers
  Chapter 5: Corporate Issuers explains the core concepts, key definitions, and practical implications you need for solid analysis. It highlights common pitfalls and the intuition behind the methods so the results are interpreted correctly.
  • Organizational Forms, Corporate Issuer Features, and Ownership
    Organizational Forms, Corporate Issuer Features, and Ownership: Explains Sole Proprietorship and Partnership with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Investors and Other Stakeholders
    Investors and Other Stakeholders: Explains Identifying Key Stakeholders and Lenders (Creditors) with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
    Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits: Explains Understanding the Principal-Agent Relationship and Common Governance Conflicts with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Working Capital and Liquidity
    Working Capital and Liquidity: Explains Understanding Working Capital and The Cash Conversion Cycle (CCC) with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Capital Investments and Capital Allocation
    Capital Investments and Capital Allocation: Explains Why Capital Investments Matter and Types of Capital Investments with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Capital Structure
    Capital Structure: Explains Weighted-Average Cost of Capital (WACC) and Factors Affecting WACC and Capital Structure with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Business Models
    Business Models: Explains The Fundamentals of a Business Model and Key Features of Business Models with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
• Chapter 6: Equity Investments
  Chapter 6: Equity Investments explains the core concepts, key definitions, and practical implications you need for solid analysis. It highlights common pitfalls and the intuition behind the methods so the results are interpreted correctly.
  • Market Organization and Structure
    Market Organization and Structure: Explains Foundations of Market Organization and Price Discovery with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Security Market Indexes
    Security Market Indexes: Explains Price Return vs. Total Return Indexes and Constructing the Index: Weighting Methods with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Market Efficiency
    Market Efficiency: Explains Defining Market Efficiency and Intrinsic Value vs. Market Price with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Overview of Equity Securities
    Overview of Equity Securities: Explains The Nature of Equity Securities and Common vs. Preferred Shares with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Company Analysis: Past and Present
    Company Analysis: Past and Present: Explains Introduction: Why Past and Present Both Matter and Key Components of a Thorough Company Report with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Industry and Competitive Analysis
    Industry and Competitive Analysis: Explains Purpose of Industry Analysis and Classification Methods for Industries with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Company Analysis: Forecasting
    Company Analysis: Forecasting: Explains Principles of Financial Forecasting and Credible Assumptions with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Equity Valuation: Concepts and Basic Tools
    Equity Valuation: Concepts and Basic Tools: Explains The Concept of Intrinsic Value versus Market Price and Major Categories of Equity Valuation Models with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
• Chapter 7: Fixed Income
  Chapter 7: Fixed Income explains the core concepts, key definitions, and practical implications you need for solid analysis. It highlights common pitfalls and the intuition behind the methods so the results are interpreted correctly.
  • Fixed-Income Instrument Features
    Fixed-Income Instrument Features: Explains Function of the Bond Indenture and Affirmative and Negative Covenants with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Fixed-Income Cash Flows and Types
    Fixed-Income Cash Flows and Types: Explains Overview of Fixed-Income Cash Flows and Bullet Bonds with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Fixed-Income Issuance and Trading
    Fixed-Income Issuance and Trading: Explains Primary vs. Secondary Markets and Public Offerings vs. Private Placements with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Fixed-Income Markets for Corporate Issuers
    Fixed-Income Markets for Corporate Issuers: Explains Overview of Corporate Bond Markets and Investment-Grade vs. High-Yield Bonds with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Fixed-Income Markets for Government Issuers
    Fixed-Income Markets for Government Issuers: Explains Overview of Government Fixed-Income Markets and Sovereign Bonds: The Foundational Building Blocks with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Fixed-Income Bond Valuation: Prices and Yields
    Fixed-Income Bond Valuation: Prices and Yields: Explains Bond Pricing Fundamentals and Key Concepts and Relationship Among Price, Yield, Coupon Rate, and Time with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Yield and Yield Spread Measures for Fixed-Rate Bonds
    Yield and Yield Spread Measures for Fixed-Rate Bonds: Explains Why Yield Measures Matter and Key Yield Measures with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Yield and Yield Spread Measures for Floating-Rate Instruments
    Yield and Yield Spread Measures for Floating-Rate Instruments: Explains The Essentials of Floating-Rate Notes and Key Terms to Keep in Mind with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • The Term Structure of Interest Rates: Spot, Par, and Forward Curves
    The Term Structure of Interest Rates: Spot, Par, and Forward Curves: Explains Spot Rates and Bootstrapping Spot Rates in Practice with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Interest Rate Risk and Return
    Interest Rate Risk and Return: Explains Decomposing Bond Returns and Coupon Income with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Yield-Based Bond Duration Measures and Properties
    Yield-Based Bond Duration Measures and Properties: Explains Why Duration Matters and Modified Duration with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Yield-Based Bond Convexity and Portfolio Properties
    Yield-Based Bond Convexity and Portfolio Properties: Explains Why Convexity Matters and The Price–Yield Curve at a Glance with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Curve-Based and Empirical Fixed-Income Risk Measures
    Curve-Based and Empirical Fixed-Income Risk Measures: Explains Revisiting the Concept of Duration and Effective Duration: Handling Embedded Options with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Credit Risk
    Credit Risk: Explains Mastering Credit Risk: Test Your Knowledge and During an economic expansion, credit spreads generally: with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Credit Analysis for Government Issuers
    Credit Analysis for Government Issuers: Explains Understanding Government Credit Analysis and The Sovereign vs. Non-Sovereign Distinction with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Credit Analysis for Corporate Issuers
    Credit Analysis for Corporate Issuers: Explains Understanding Qualitative Factors and Management and Corporate Governance with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Fixed-Income Securitization
    Fixed-Income Securitization: Explains Key Players in Securitization and The Securitization Chain: Conceptual Diagram with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Asset-Backed Security (ABS) Instrument and Market Features
    Asset-Backed Security (ABS) Instrument and Market Features: Explains Non-Mortgage ABS: An Introduction and Key Components of an ABS Transaction with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Mortgage-Backed Security (MBS) Instrument and Market Features
    Mortgage-Backed Security (MBS) Instrument and Market Features: Explains Residential Mortgage-Backed Securities (RMBS) and Prepayment Risk in RMBS with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
• Chapter 8: Derivatives
  Chapter 8: Derivatives explains the core concepts, key definitions, and practical implications you need for solid analysis. It highlights common pitfalls and the intuition behind the methods so the results are interpreted correctly.
  • Derivative Instrument and Derivative Market Features
    Derivative Instrument and Derivative Market Features: Explains Definition of a Derivative and Key Features of Derivative Instruments with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Forward Commitment and Contingent Claim Features and Instruments
    Forward Commitment and Contingent Claim Features and Instruments: Explains Forward Commitments and Forward Contracts with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Derivative Benefits, Risks, and Issuer and Investor Uses
    Derivative Benefits, Risks, and Issuer and Investor Uses: Explains The Big Benefits of Derivatives and Hedging with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives
    Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives: Explains Arbitrage and the Law of One Price and The Law of One Price in Action with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Pricing and Valuation of Forward Contracts and Underlying with Varying Maturities
    Pricing and Valuation of Forward Contracts and Underlying with Varying Maturities: Explains Master the Details of Forward Contract Pricing and Valuation: Quiz and A forward rate agreement (FRA) is primarily used to: with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Pricing and Valuation of Futures Contracts
    Pricing and Valuation of Futures Contracts: Explains Futures versus Forwards and Marking to Market (MTM) with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Pricing and Valuation of Interest Rates and Other Swaps
    Pricing and Valuation of Interest Rates and Other Swaps: Explains Swaps as a Series of Forward Contracts and Similarities to Forward Commitments with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Pricing and Valuation of Options
    Pricing and Valuation of Options: Explains Understanding Moneyness and Intrinsic Value and Time Value with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Option Replication Using Put–Call Parity
    Option Replication Using Put–Call Parity: Explains The Roots of Put–Call Parity and Intuitive No-Arbitrage Logic with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Valuing a Derivative Using a One-Period Binomial Model
    Valuing a Derivative Using a One-Period Binomial Model: Explains Key Concepts and Up and Down Factors (u and d) with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
• Chapter 9: Alternative Investments
  Chapter 9: Alternative Investments explains the core concepts, key definitions, and practical implications you need for solid analysis. It highlights common pitfalls and the intuition behind the methods so the results are interpreted correctly.
  • Alternative Investment Features, Methods, and Structures
    Alternative Investment Features, Methods, and Structures: Explains Characteristics of Alternative Investments and Motivations for Investing in Alternatives with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Alternative Investment Performance and Returns
    Alternative Investment Performance and Returns: Explains Understanding the Nature of Alternative Investment Returns and Common Performance Measures with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Investments in Private Capital: Equity and Debt
    Investments in Private Capital: Equity and Debt: Explains Overview of Private Equity and Venture Capital (VC) with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Real Estate and Infrastructure
    Real Estate and Infrastructure: Explains Introduction to Real Estate Investing and Key Characteristics of Real Estate with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Natural Resources
    Natural Resources: Explains Natural Resources Knowledge Check and Raw land typically offers returns through: with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Hedge Funds: Strategies, Fees, and Private Investments
    Hedge Funds: Strategies, Fees, and Private Investments: Explains Hedge Fund Overview and Key Hedge Fund Features with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Introduction to Digital Assets
    Introduction to Digital Assets: Explains Blockchain and Distributed Ledger Technology and Key Characteristics with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
• Chapter 10: Portfolio Management
  Chapter 10: Portfolio Management explains the core concepts, key definitions, and practical implications you need for solid analysis. It highlights common pitfalls and the intuition behind the methods so the results are interpreted correctly.
  • Portfolio Risk and Return: Part I
    Portfolio Risk and Return: Part I: Explains Major Asset Classes and Characteristics and Risk Aversion and Utility Theory with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Portfolio Risk and Return: Part II
    Portfolio Risk and Return: Part II: Explains Combining a Risk-Free Asset with Risky Assets and CAL vs. CML with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Portfolio Management: An Overview
    Portfolio Management: An Overview: Explains The Portfolio Approach to Investing and Steps in the Portfolio Management Process with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • Basics of Portfolio Planning and Construction
    Basics of Portfolio Planning and Construction: Explains Major Components of the IPS and Risk & Return Objectives with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.
  • The Behavioral Biases of Individuals
    The Behavioral Biases of Individuals: Exam-style multiple-choice practice with detailed explanations to reinforce key definitions, decision steps, and common traps for CFA Level 1.
  • Introduction to Risk Management
    Introduction to Risk Management: Explains Defining Risk Management and Features of a Risk Management Framework with clear explanations, key formulas, and worked examples, plus practice questions with explanations for CFA Level 1.