CFA

ManForSomeMarkets

Global inventories still at decent levels. Low, but not close to Currie’s “Tank Bottom” that I’ve seen paraded around. Having said that, you might be interested in futures calendar spreads if you are worried about inventory levels. Lastly, and this might be like trying to give CFA guides to crackheads, but I highly recommend the Virtual Barrels YouTube page. It’s run by a long time energy quant and cover a lot of interesting topics in the space.

Ahamadrayasbaboon

Or CFA

No-Comfortable9123

I suddenly feel way better about transferring into a CFA degree.

GTRari

Must be why CFA is straight booty in comparison.

Anxious_BookKeeperBe

Vine based market. Goes up +1% based off the promise of negotiations of our lunatic Prez. Goes down -1% based on the threats of our lunatic Prez. Goes up +2% because Meta decided to buy AI computing power from Open AI who decided to buy ram from the bum under the bridge. Goes down -1% because inflation is rising because of oil prices (see lunatic Prez above). Fuck reading a financial statement. Fuck profitability and cash flow. Fuck your CFA. Long live the vibes.

Comfortable_Rock4513

Sigh…yes shaa1034 I understand how it works. I have 3 degrees in finance & economics and am working on a CFA. I don’t need a lecture on a difference of opinion from some random redditor

danisanub

You can’t win here. I’ve gotten downvoted for saying RKLB was overvalued at $150 and explaining why, while I have 12 years of investment management experience and am a CFA & CAIA charter holder. The average redditor would rather downvote experts and go off their vibes. For what it’s worth I agree with you on AI. It’s been successfully rolled out at my firm and at my girlfriend’s hospital. It’s quite literally saved her over an hour a day on patient note write ups. It’s helped my company’s deal flow and investment evaluations. When I worked in VC we say the cost of startups decline about 90% due to efficiencies from AI. This will take time to roll out across the economy.

CharlesBeckford

Please read my extensive reply below. I’m 38 and a portfolio manager who manages £500m and a CFA charterholder. My personal portfolio return was 2000% last year and 350% YTD. My medium risk clients returned 15% last year and 12% YTD.

CharlesBeckford

1. ⁠Intelligence and labour as a resource. AI is the commoditisation of labour and intelligence itself. Previously we have had to pay a salary to a person for both and we have a limited pool of people that provide it. This turns both labour and intelligence which are significant economic variables into subscription based services that can be bought or sold as required - it is not dependent on a limited pool of capabilities, skill, expertise, or experience as with people. The global annual labour cost is $60trn and AI will not only take an increasing piece of this pie but also expand it as I mentioned with the ability to scale beyond what is physically available in human providers. 2. ⁠The rate of acceleration. The capability of AI models, use cases, hardware development and operation efficiencies leading to economic feasibility in marginal token cost decreases means not only that this is advancing at an absurd rate but that it will make it absurd to go back to doing it the old way when you can have a million strong digital labour force for the price of what was previously one salaried employee. You can see this in various figures not just the model benchmark improvements themselves but also the efficiency stats from new hardware developments which are both publicly and freely available. The number of job opportunities has decreased by 40% for entry level roles since 2022 which is when chat-gpt was released. 3. ⁠The rate of adoption. The majority of AI models are now touching 1 billion weekly active users, this is a phenomenal increase in a short space of time and if you compare it to the internet or smart phones it is the quickest adoption for a new technology in human history. This does mean that there are people being left behind who are not using or interacting with the technology in any meaningful way as others are using it constantly, or using it to its full potential and automating workflows or gaining access to skill sets that previously they would have to trained years for and expertise they would have to paid handsomely for. 4. ⁠The rate of earnings increase. The rate of adoption and earnings growth are the two components that caused the dot com crash as we can see the best companies of the last 20 years were the ones who dominated the internet it’s just it took time for the earnings and use cases to become socially integrated (think of people using Amazon, it didn’t happen over night). Samsung just had its Q2 revenue and in 3 months it made more profit than it had done in 40 years of business, its earnings increased 2000% which has never happened to a company that size which is highly indicative that something has changed not just for the general market but for that company and the demand for its products and services - memory has long been a cyclical industry but this shift suggests a structural paradigm shift. If you look at the P/E ratios of all the AI beneficiary companies they are trading at 10 year valuation lows due to how much the earnings has grown but the share price has remained the same - look at the P/E ratio for Google, Nvidia, Samsung, SK Hynix, Micron - they’re all the cheapest they’ve been in years and yet we’re talking about a bubble, it doesn’t take a CFA charterholder to tell you it can’t both be cheap and in a bubble. 5. ⁠Preoccupation with temporary macro-geopolitical events in the face of a multi-decade era transition. No one will be talking about the US Iran conflict in 10 years time in fact it is boring already, AI is the next Era and to not recognise the transition period we are in is a massive mistake. To use an old play-book when times are changing is a fatal error. 6. ⁠AI disruption. Many companies and industries have relied on being the only ones able to provide what they sell digitally - well that all changes with an agentic AI workforce that can build and code anything. Software itself becomes exposed as their business needs to compete with ever decreasing prices for ever increasing service levels and product services (Adobe, Salesforce, WPP, Chegg) and proprietary data or analytics that is at risk of being simulated in the abundance of availability it becomes worthless (Experian, Relx, Factset, MSCI) and the same for market aggregators (Auto trader, Bookings.com). 7. ⁠The psychological factor. Human’s are typically afraid of change as it means uncertainty and relearning what is safe or how to exist in a new environment. But There is no rule based on how much things can change at any one point in time and it is human nature to initially anchor yourself in the experience of your own life to base ideas of future potential out of comfort but that is pure fallacy. Just because it feels uncomfortable in the face of volatility or speed change reflected in share price movement or innovation or companies expenditure increasing it is all actually meaningless, a human feelings on the matter has no impact on what is possible or what is happening in front of them. The market doesn’t care if it feels uncomfortable or if you don’t understand it simply is what it is and you can either accept or be in denial. The truth always is revealed in time.

CharlesBeckford

1. Intelligence and labour as a resource. AI is the commoditisation of labour and intelligence itself. previously we have had to pay a salary to a person for both and we have a limited pool of people that provide it. This turns both labour and intelligence which are significant economic variables into subscription based services that can be bought or sold as required - it is not dependent on a limited pool of capabilities, skill, expertise, or experience as with people. The global annual labour cost is $60trn and AI will not only take an increasing piece of this pie but also expand it as I mentioned with the ability to scale beyond what is physically available in human providers. 2. The rate of acceleration. The capability of AI models, use cases, hardware development and operation efficiencies leading to economic feasibility in marginal token cost decreases means not only that this is advancing at an absurd rate but that it will make it absurd to go back to doing it the old way when you can have a million strong digital labour force for the price of what was previously one salaried employee. You can see this in various figures not just the model benchmark improvements themselves but also the efficiency stats from new hardware developments which are both publicly and freely available. The number of job opportunities has decreased by 40% for entry level roles since 2022 which is when chat-gpt was released. 3. The rate of adoption. The majority of AI models are now touching 1 billion weekly active users, this is a phenomenal increase in a short space of time and if you compare it to the interest or smart phones it is the quickest adoption for a new technology in human history. This does mean that there are people being left behind who are not using or interacting with the technology in any meaningful way as others are using it constantly, or using it to its full potential and automating workflows or gaining access to skill sets that previously they would have to trained years for and expertise they would have to paid handsomely for. 4. The rate of earnings increase. The rate of adoption and earnings growth are the two components that caused the dot com crash as we can see the best companies of the last 20 years were the ones who dominated the internet it’s just it took time for the earnings and use cases to become socially integrated (think of people using Amazon, it didn’t happen over night). Samsung just had its Q2 revenue and in 3 months it made more profit than it had done in 40 years of business, its earnings increased 2000% which has never happened to a company that size which is highly indicative that something has changed not just for the general market but for that company and the demand for its products and services - memory has long been a cyclical industry but this shift suggests a structural paradigm shift. If you look at the P/E ratios of all the AI beneficiary companies they are trading at 10 year valuation lows due to how much the earnings has grown but the share price has remained the same - look at the P/E ratio for Google, Nvidia, Samsung, SK Hynix, Micron - they’re all the cheapest they’ve been in years and yet we’re talking about a bubble, it doesn’t take a CFA charterholder to tell you it can’t both be cheap and in a bubble. 5. Preoccupation with temporary macro-geopolitical events in the face of a multi-decade era transition. No one will be talking about the US Iran conflict in 10 years time in fact it is boring already, AI is the next Era and to not recognise the transition period we are in is a massive mistake. To use an old play-book when times are changing is a fatal error. 6. AI disruption. Many companies and industries have relied on being the only ones able to provide what they sell digitally - well that all changes with an agentic AI workforce that can build and code anything. Software itself becomes exposed as their business needs to compete with ever decreasing prices for ever increasing service levels and product services (Adobe, Salesforce, WPP, Chegg) and proprietary data or analytics that is at risk of being simulated in the abundance of availability it becomes worthless (Experian, Relx, Factset, MSCI) and the same for market aggregators (Auto trader, Bookings.com). 7. The psychological factor. Human’s are typically afraid of change as it means uncertainty and relearning what is safe or how to exist in a new environment. But There is no rule based on how much things can change at any one point in time and it is human nature to initially anchor yourself in the experience of your own life to base ideas of future potential out of comfort but that is pure fallacy. Just because it feels uncomfortable in the face of volatility or speed change reflected in share price movement or innovation or companies expenditure increasing it is all actually meaningless, a human feelings on the matter has no impact on what is possible or what is happening in front of them. The market doesn’t care if it feels uncomfortable or if you don’t understand it simply is what it is and you can either accept or be in denial. The truth always is revealed in time.

misterbluesky8

u/Winter-Shopping1111, you probably don’t want to hear this, and nobody here does, but if you’re consistently losing money trading options, it’s not random luck. It’s because you’re buying lottery tickets and trading without an edge.  The vast majority of people on this sub would do well to put their money in SPY/VOO for the rest of their lives and never touch options.  I took classes on options in college and went through the CFA program, and it STILL took me years to become consistently profitable. Try this instead: save up and buy literally one share of SPY at a time until you have 100 shares. Then sell OTM covered calls against those shares. Use those premiums to fund whatever degenerate YOLO trades you want. That’s how I did it. This will make you a lot more money than what you’re doing. 

ApathysEdge

Its nice but I dont want to unnecessarily play up financial advisors. There are good ones and there are sleazy ones. I have my CFP license so thats my feather in the cap that says I'm going to be more than an index/stock picker/portfolio manager. Im hoping 2nd half of year slows down so I can evaluate CEPA and CFA on some type of timeline. To me those and CFP mean something. Not just passing your standard SIE, Series 7, and 66

nohandsfootball

Isn't that what a CFA is for?

Dozendeadoceans

As a self-certified quack CFA, the answer you seek is in the name of the company itself. questions to ask yourself is ‘how do people who own this stock feel right now’ and ‘will this stock ever go up’. Answer is sad and no. Put those words together and read backwards. Pretty simple when you have a CFA.

Zipski577

99% of CFAs I know suck at investing. I also work in investment research It’s a pretty useless practice and waste of time, and the amount of tedious dog shit they include and ask about in questions make it so charterholders don’t even remember the useful information it contains, let alone how to apply it in real life. I can stack up the 50 best books about investing and you could still be horrendous at investing. Investing isn’t physics… being a good investor/ trader is an “art” rather than a science. There isn’t laws to the universe about how prices must move to subsequently make money. Especially in modern equity markets, the best investors are able to combine a mix of psychological, fundamental, quantitative, and emotional analysis. U have to have an extreme passion/ obsession with markets (a lot of CFAs I know don’t miss a beat in leaving work as soon as they possibly can to not think about anything investment or finance related until the work day and don’t care about it outside of a means of making a salary). Every fund manager, strategy, and stock picker that I know (both professional + retail) that follows a CFA-style, fundamental high-quality approach has underperformed their benchmark/ the overall market most of the last 15 or so years. Gotta be able to understand, interpret, and adapt to modern market dynamics and the reasons why or why not “this time (might be) different”

LA-Aron

Here's what an analyst does...price goes up, raise price target. Price goes down, reduce price target. Please do not hang your hat on \*anything\* an analyst has to say. Smart people take the CFA and then forget how to use their brains. Lord only knows what's happening behind the scenes and what drives certain decisions. Thinking for yourself > analyst.

fire_alarmist

Its not about anyone believing them, its about the financial system not being set up for nation wide complete and total corruption from the highest level down. The fake numbers are all about manufacturing forced buyers. There are pension funds, CFA's , all kind of institutions that have rules they have to follow. "If this then buy" type shit. Mango is trying to defraud every single one of those rules by fudging the numbers exactly to the point where they have to buy and keep the scam going. When I say this is the most manufactured and fake rally of all time, it really will go down in the history books and never be beat. Its basically the leadership of the country taking the financial system and retirement accounts of the entire country and using it as a hostage while waging war against reality.

WocketWaccoon

Tom “fat cuck” Lee, CFA (Certified Fat Ass)

Little_MasterJI

Crowdsourcing restaurant recommendations is one thing. Crowdsourcing advice for a $1M portfolio is another. I’d consult a fiduciary financial advisor. Around here, the next comment could be from a CFA… or a high schooler who just bought their first share of NVDA.

Illustrious_Ad7630

Good start, I would say: The CFA curriculum provides basics in quantitative methods. The next step would be to choose a programming language. My suggestions would be Python or R. You can use Excel, but I wouldn't recommend it. If you're planning to go this route, keep in mind that in data science, people say "garbage in, garbage out." That means that if you load bad data, all the work you do will come out as bad too.

KnarfNosam

CFA is ass

WocketWaccoon

Tom “fat cuck” Lee, CFA (Certified Fat Ass) said: Regardless of what happens tonight, he’d be a buyer of tomorrow - BTFD

MightyEagle8614

Thank you so much for this comment. I had, or rather have been awfully scared of my upcoming CFA L2 exam, and this is just what I needed to read. This is so glorious

Yellowpainting52

Thank you. That is the first correct answer to the question. Good luck with CFA and your career plans.

Yellowpainting52

Thanks for sharing. I have been an active individual investor since 1965, before index funds existed. I read The Losers Game article while studying for my CFA in 1982 and have invested in Vanguard index funds both for myself and in various accounts that i have managed. My overall results have been quite similar to yours. Passive investing works. Active investing sometimes seems like an obsession or addiction. I guess I resolve this dichotomy by doing both.

WocketWaccoon

Tom “fat cuck” Lee, CFA (Certified Fat Ass)

WocketWaccoon

Tom “fat cuck” Lee, CFA (Certified Fat Ass)

JGLip88

People wait in line at new CFAs for a chance to win free CFA for life.

WocketWaccoon

Tom “fat cuck” Lee, CFA (Certified Fat Ass) said today’s developments are quite bullish

WocketWaccoon

Tom “fat cuck” Lee, CFA (Certified Fat Ass)

WocketWaccoon

Tom “fat cuck” Lee, CFA (Certified Fat Ass) Said this is why he keeps on saying BTFD

WocketWaccoon

Tom “fat cuck” Lee, CFA (Certified Fat Ass) Implores you to buy more of his BMNR scam so he can dilute more

MonYverse0609

Wendy’s only make money when chick fil a close on Sunday imo 🤔 they just sadly can’t compete their price with McD even the quality is slightly better and even Chick Fil A more expensive but the quality not even close. Cuz chicken is sell easier than beef. And their chicken just not good enough to compete with CFA 🤔

Liquidate-Me-Daddy

Damn dawg I guess my lapsed CFA can go fuck itself

Maximum-Side-9391

When CFA goes public that is the top

iiiiiiiiiijjjjjj

Truth. FIL’s nephew is in that field. Dude has a PHD in physics from a top university and completed the CFA. You gotta really be cream of the crop.

Tricky_Let2806

No one cares about CFA in IB or PE lol.

TreeLord9

Not one mention of the CFA designation thus far. Disappointed but not surprised.

TurnoverParty604

My CFA basically said wait 3 weeks, this stock is at 110x value. Its going to Pump/Dump at first then settle out. I mean if you are trying to day trade it... maybe the first 5 minutes after 930 but ive always listened to my CFA.

DoctorNezuko

A good CFA will get you 2x~3x more than what their fees are charging, but they are doing that by being connected. Most however will barely even break even.

CharlesBeckford

Global cost of labour is $60trn. Ai is digital labour, even if it takes 5-10% of that it is a behemoth. It isn’t cyclical, you’re parroting all the typical bearish sentiments that have been disproved, circular financing too right? It’s a structural update for the entire economy, we are leaving one era and entering a new era, all the signs are there. An era lasts between 10-30 years and the transition period is one of high dispersion, disruption, and volatility. Look at how many industries are finding new expanding markets, memory, photonics, electricity and power, interconnectivity. Physical AI will completely change the way we operate and the investment comes first. I’m not overconfident I’m well read. I’m a CFA charter holder and a portfolio manager who manages £500m of assets. I have been telling people about AI and Nvidia since 2018 or $2 a share. I never have to work again because I have been right for so long. What astounds me is that people STILL don’t understand what is happening but I don’t mind becuase I get to accumulate more shares in the companies of the future. How about this, you’ve obviously 40-50ish years old if you remember dot com. So for the last 2 decades has it been more or less certain what tomorrow brings? Do you think the next 10 years are more or less certain to know what the future brings? If you can answer that honestly I’ll be able to tell where you are.

harrison_wintergreen

Reddit will give you a lot of nonsense on this topic, and they will rarely support their position with actual data. notice how nobody other than me provided any links or data to outside sources of information. additionally reddit skews very young and suffers from 'recency bias', in assuming the last 10-15 years with investing predicts the next 10-15 years. but that's rarely the case. investing strategies are typically successful for a period of time, then things change and the old regime gets stomped and a new things is more successful. there's a good reason many active managers take dividends into account when analyzing companies. >for younger investors, do dividend stocks really offer any meaningful advantages compared to focusing on growth? over the last 40+ years, dividend paying stocks within the S&P 500/VOO outperformed the non-dividend paying stocks by a wide margin: https://wealthcapitalist.com/wp-content/uploads/2018/07/divi_non_divi.jpg the best performing stocks that were in the S&P 500 from 1957 starting date to 2005 were all dividend payers. see the list on page 24: https://r.jordan.im/download/investing/siegel2006.pdf Yes. The PDF you linked is the 2006 CFA Institute article *“Long-Term Returns on the Original S&P 500 Companies”* by Jeremy J. Siegel and Jeremy D. Schwartz. The page labeled **24** in the journal contains **Table 4: Returns of the 20 Top Survivors, March 1957–December 2003**. ([Jordan][1]) The stocks in that first table/chart are: 1. Altria Group (Philip Morris Companies) 2. Abbott Laboratories 3. Bristol-Myers Squibb 4. Tootsie Roll Industries 5. Pfizer 6. The Coca-Cola Company 7. Merck & Co. 8. PepsiCo 9. Colgate-Palmolive 10. Crane Company 11. H. J. Heinz Company 12. Wm. Wrigley Jr. Company 13. Fortune Brands 14. Kroger 15. Schering-Plough 16. Procter & Gamble 17. The Hershey Company 18. Wyeth 19. General Mills 20. Royal Dutch Petroleum Notice there are no tech stocks on this list, despite the importance of IBM, AT&T, Burroughs, Wang, Xerox and other tech stocks. what's your definition of 'growth'? Growth stocks like SCHG? 'growth' means 'the company's profits or revenue are growing faster than peers', not 'the stock price grows faster than other stocks' ... sometimes yes, other times no there is ample data showing dividend paying stocks can offer superior long-term results. there are several reasons: - dividend-paying stocks tend to skew towards value stocks, and value tends to beat growth over the long-term. - dividends tend to indicate profits and free cashflow which are good things for investors. - dividends tend to come from more mature, stable and boring companies which means the stocks is more reasonably valued or priced and less subject to hype and trends, all of which are good for investors. - dividend stocks tend to be more stable in downturns or long bear markets, so they win more by losing less durign major crashes. the data is summarized here: https://www.tweedy.com/managed/wp-content/uploads/sites/15/2021/03/HighDividendYieldReturnAdvantageMNGD.pdf

imustbegthequestion

Dakar CFA. ECOWAS. SAHEL PRINT OUT I WILL BUILD THE WALL. JE PARLE FRANÇAIS. SHUKRAN. JO NSK. U/IMUSTBEGTHEQUESTION.

NoteLegitimate4844

A lot of institutional ETF traders will tell you that the biggest mindset shift is realizing that **ETF volume is often the least important liquidity metric**. For resources, I'd start with: * [BlackRock ETF Insights]() * [State Street SPDR ETF Education]() * [J.P. Morgan ETF Market Structure Papers](https://am.jpmorgan.com/us/en/asset-management/adv/insights/etf-insights/?utm_source=chatgpt.com) * [CFA Institute ETF Research Articles]() The framework I'd focus on is: 1. **Primary vs. Secondary Market** * Screen volume is secondary market liquidity. * Creation/redemption capacity is primary market liquidity. * A $10M ADV ETF can sometimes absorb a $100M trade if the underlying basket is liquid. 2. **True Liquidity = Underlying Liquidity** * For broad U.S. equity ETFs, underlying liquidity often dominates. * For EM debt, bank loans, high yield, or thematic products, the ETF may actually trade more efficiently than the basket. 3. **Spread ≠ Trading Cost** * Quoted spread * Market impact * Creation/redemption costs * Tracking risk while executing 4. **Watch Premium/Discount Behavior** * Especially during stress events. * Understanding when arbitrage mechanisms tighten or loosen is valuable. One practical exercise: every time you're evaluating an ETF substitute, ask: > That question tends to move the analysis away from ADV and toward basket liquidity, AP capacity, market-maker competition, and creation unit economics. Honestly, if you already have Bloomberg and access to a trading desk, I'd spend as much time as possible listening to ETF traders explain *why* they routed a trade a certain way. The jump from textbook ETF knowledge to institutional judgment usually comes from seeing real execution decisions rather than reading more theory.

InevitableSnowDay

A CFA would know that you do have to change the roof on your portfolio - it's the underlying company of the shares you own that's doing it. Do you think that McDonalds has some unlimited cheat code that gives it free roofing?  And in most cases, you DO have to pay taxes on your portfolio. As you stated a 'well diversified non correlated portfolio' will likely include both dividends and fixed income payments. Surprise, those are taxable.  The reason you aren't taught about RE as part of your CFA is because you cant charge AUM fees for someone's rental property.  You might want to go get some real world experience 

SaucyCouch

Hey dude, I have a bachelors in finance and passed 2/3 levels of the CFA. All academic data says that the stock market out performs real estate by a significant amount. You don’t have to change the roof on your stock portfolio, you don’t have to pay taxes every year on your portfolio. The only difference is in terms of leverage, you can borrow 95% of the value of your RE investment. But nuts to knuckles a well diversified non correlated portfolio will yield higher returns on average than RE investment

Last-Recipe-4837

bro wrote a whole CFA thesis just to break even 💀😂

shabooya_roll_call

2 levels of CFA? What’s Chic-Fil-A got to do with anything?

jhayesxvx

Isnt this exactly what some BDCs do as a business model? They take on debt through loans or issueing corporate bonds, then take the capital and do equity (stock) investments in businesses they think will return above their interest rate. Youre trading with the market on capital allocation, by taking that loan youre essentially saying you can allocate the capital more effectively than the interest rate has given to you for your credit risk. Business loans are a real thing, but are your stock market returns consistent and large enough to pay back both principle and interest? Maybe. For some BDCs they are. Buying the market without the kind of due diligence a full time equity/CFA analyst does at a BDC seems very risky.

AdOk3638

Bers talk about ‘valuation’ like they’re CFA gods, then panic sell their puts the moment SPY moves 0.5% against them. LMAO🤌

randomthrowaway9796

Zaxbys, CFA, Wendy's, cookout, sonic. The first 2 are slightly more expensive, but all of them are leagues better than McDonald's

Flaky_Mark2946

lmao the chicken video guy with CFA credentials is probably more qualified than half the analysts on CNBC these days your scenario C logic is unfortunately pretty solid though - markets always seem to find way to maximize pain for regular people while making rich folks richer. been watching this play out in restaurant industry where everything gets more expensive but wages stay basically same. customers keep coming but they're definitely feeling the squeeze also respect the tobacco play, people always gonna need their vices when everything else goes to shit. might have to look into that CATL position too since you mentioned it good luck with the positions, hope you're right about the blast off even if it means we're all gonna be living in cardboard boxes worth 2 million dollars

LiftUp22

Well that ain’t me. As previously stated I’m doing well. I know how to play the game but it took YEARS of reading up on financial history, equity valuation, studying for the CFA Level 1 exam and acquiring my SIE to figure it tf out. It shouldnt take all that just to afford the basic necessities of life.

I_Am_Dwight_Snoot

Yea fast casual is a pretty solid value. I'm surprised CFA does so well still. It isnt even a top fast food chicken chain anymore. Bojangles, Zaxbys, Cane's, and even Popeyes are better food or better value.

GatorBo69

Oh damn, good for you!! I didn’t get into Fundrise until 2024 when a friend of mine recommended it to me to diversify my portfolio. I put $10k I to evenly split among the 3 portfolios they had and after two months saw the returns on the Innovation Fund and then put another $40k ALL into the IF. Smartest decision I ever made! And what’s ironic is Karl, the guy who recommended Fundrise said he had told over 300 ppl about it and I was the only one to pull the trigger. I had just been looking for REITs to go along with my allocating of 5% of my portfolio to Gold & Silver American Eagles that I’ve been collecting since 2012. Had to get a bigger safe bc I have over 10,000 Silver Eagles and 500 Gold Eagles. That’s an investment that I’ll never liquidate and just pass on to my children bc they have already given me a 1,000% return and I like having something physical that I own that will never lose value, nor have to pay taxes on. If you have over $1m in your portfolio I HIGHLY recommend Fisher. Everyone talks about their “high fees” of 1%, but that’s nothing when they consistently return 25% every year and I’ve even had three 30%+ years out of 5!! They invest in individual stocks so their isn’t any expense ratios which in a way offset the “fees” from ETFs. In 2020 and 2020 they strategically entered into hedging positions at the right times and still beat the market by 8%!! Great personal service as I have my own “team” that I can talk to whenever I want but we typically have a quarterly call for them to update us. It’s really nice having someone control all your assets so you don’t make any emotional moves, something I had done prior to moving to them and prob cost myself close to $500k in the 5 years previous to switching to them, not necessarily in losses but in potential gains by exiting the market and trying to time it. They believe in a DCA approach but are pretty fucking brilliant and I have never come close to getting better returns than them. I beat the market, but they CRUSH the market! I keep $100k in my high yield savings account so I always have liquidity should I ever need to access it bc I don’t want to ever take any money out of Fisher until I retire. (They use Fidelity so you can always see the moves they make) The best thing is they get to know you and your family, make recommendations but I told them to “crush it and don’t hold back” so they’re pretty aggressive with my portfolio. They helped to fully fund my two kids (6 & 4) 529 College plans, and are truly the best decision I ever made in my financial life. I can self teach myself and watch YouTube videos until I’m blue in the face, but they’re true professionals. And there is a difference from a CFP and a CFA.. the latter is like having to graduate from law school where the former is like passing a GED. They know their shit.

Cool_Ad_5101

Sorry to hear that. When I was studying for the CFA level 3 exam a lot of it was proper portfolio construction and dealing with systemic vs unsystematic risk. Never put your eggs in one basket. Hopefully this still works out for all of us and you have given yourself something to think about for the next sector you get excited about. Good luck to us all and hope our bags disappear into gold sacks

Deep_Collection5914

haha... so many people don't understand exactly how long getting really good at options can take! I got my CFA in '04 and thought I was officially smart suddenly... threw $30K into an options account. it was gone 4 weeks later. was divorced a year after that haha. 😉 20 years later though, I do ok though... Glad you buttoned it down, buddy.

Premium_Lover

OP, listen to this person. Watch Money Guy videos. They are CFA's who talk about lifelong strategy with money management. If you feel like you want people like them to give you personalized advice, then you at least have a better picture.

icydragon_12

Eh I've worked in fundamental equities analysis and investment banking. TLDR; traditional finance is not ready for it. Quants have been using AI for a long time. LLMs are so bad that they're useless. I got really into AI around covid, because I needed to create something to help me trade derivatives and price them appropriately. This was before the LLM craze. If you dig into the architecture of AI, the truly incredible thing about the modern models is that they can take observations of multiple inputs, outputs, and are able to train on these to make accurate predictions (if there is a linear, non linear, temporally delayed relationship). In other words, if there is a relationship between x number of variables, and those variables affect something you want to predict, you will be able to do find a modern "AI" model that outperforms traditional models. This is, for example, very useful for learning how to price derivatives, which, contrary to what the CFA might teach, doesn't actually follow any obvious formula whatsoever. Or you might have a lot of data like.. Oil storage, price differentials, volumes shipped on certain pipelines and a thousand other variables, you want to see how well that predicts stock prices. Is this useful? I think so. But traditional finance has not caught up to it, and quants have basically been doing this for years. I've tried to show this kind of stuff to my colleagues, and honestly it takes like 4 hours just to explain how it works. Then comes the next problem: because the relationships are non-linear, and can't be turned into a basic formula, portfolio managers don't want to use it. which is somewhat reasonable. You cannot go to an investment committee and say that the reason you want to buy an asset is because you created some insanely complex model that tells you it's a good idea. If you mean using LLMs. No. Go look at like.. The FinDER benchmark. 9% correct. LLMs failed epically at reading financial filings. They lie through their teeth and they are utterly useless.

H34thcliff

Without a doubt. Source: me, an investment analyst at a large wall st. bank with a CFA and coming up on 20 years of experience.

Alprazocaine

I love it so much I registered for CFA level I. No passing it without a love for the game. And maybe a little insanity

Dumguychs

A sit down with a CFA would help, too many factors to pinpoint the details, but it seems like you have a good head on your shoulders and are "playing from strength" keep it up and dont sweat the small stuff.

lithe_silhouette

Yes, he still calling the top every day. You have pros like Mark meldrum who built and sold a training program for CFA and wrote a bunch of books on options saying you can't predict where spy is going and then you have jloc on x betting 200k on spy weekly puts based on lines he saw on a chart even though he can't afford to pay his bills.

BlueEdenProject

Stock investing is extremely difficult, you need to be CPA and CFA to just get started. I made 500% in 1.5 years. Do you think that’s easy?

RagingBearBull

These vesseles are regarded. They just need to fly the CFA flag and the US will let them through

WailingWarbler

# Scenario 1: The "Cypress First" Launch (Most Likely) In this scenario, the management team executes their plan in two distinct acts. * **Act 1 (Immediate):** The halt on **CHY-H.V** is lifted with the announcement of a "Qualifying Transaction" with a major gold mining asset. The stock likely undergoes a **consolidation (e.g., 5:1 or 10:1)** to elevate the share price to a "professional" level ($0.50–$1.00+), clearing the way for institutional capital. * **Act 2 (Follow-up):** Once Cypress is trading successfully as a new mining entity, the focus shifts to **CFA-H.V**. They then move to clean up Clear Gold, consolidate *it*, and either find a second mining/tech partner or execute a spin-out of a secondary asset. * **Why this is likely:** This explains why CFA is not halted. It isn't part of the "Cypress Deal." It is a separate asset sitting in the "fridge," ready to be "cooked" once the Cypress deal is done. # Scenario 2: The "Satellite Spin-Out" (The Multi-Asset Play) This happens if the "private mining partner" is actually a **larger company with multiple properties.** * **The Structure:** The main, high-value mine goes into **CHY-H.V** (the lead vehicle). A secondary exploration property or royalty package is "spun out" into **CFA-H.V**. * **The Benefit:** Shareholders of CHY might receive "dividend shares" of CFA-H.V. * **The Market Reaction:** This creates an immediate "two-stock" ecosystem. You hold CHY for the main gold production and own CFA as a high-upside exploration play. The management team retains control of both, creating a mini-conglomerate. * **Why this is likely:** It allows them to bypass the dilution of a 3-way merger while still providing an "asset" to Clear Gold shareholders. # Scenario 3: The "Mega-Rollup" (The "Clean Sheet" Merger) This is the "big bang" scenario where **CHY, CFA, and the Private Partner** all disappear into a new, single legal entity. * **The Structure:** A Plan of Arrangement where every shareholder of CHY and CFA gets shares in the "NewCo." * **The "Clean Sheet":** This is the cleanest way for a private company to go public. They effectively "wipe the slate" of both shells, removing any historical debt or legacy baggage. * **Why it's less likely right now:** If this were the case, **both shells would usually be halted simultaneously.** The fact that only Cypress is halted suggests the partner is only interested in the Cypress listing *right now*. **1 CHY share = 1 NewCo share** and **1 CFA share = 1 NewCo share**, then your theory about "equalization" was **100% correct.** They were effectively pegging both stocks to the same future value.

Hot_Lingonberry5817

According to the CFA-institute, short-sellers have had extraordinary difficulties post the GFC 2008 era, primarily due to the change in monetary policies globally, which just pumps everything up as soon as there is a scare of some sort. Point is that Burry's been wrong a lot of times ever since, he's had warnings om ETF bubbles due to passive investing and a lot of other things. In fact he's been wrong so many times that all investors withdrew their capital from Scion Capital which made him close down the fund recently, and start writing on Substack.

Ozqi

CFA spicy chicken sandwich has me sitting on a public toilet at work with my asshole legit on fire oh my fucking god I might have to leave work early. My manager is probably asking where the fuck I’ve been for the last 20 minutes while I shed my intestinal lining in the bathroom. NEVER AGAIN.

ir1shman

And to think people spend YEARS of their life to get a CFA designation when all you need to be a successful investor is set Alerts to “on” for 🥭’s truths and trade accordingly.

Valkyrie_Skuld

No they’re just interesting. Like you can buy the whole set of them on Amazon. You don’t have to actually be a CFA

music_is_gud

Anything specific? Also I don't think you really need CFA to be a really good trader. In fact, it could be detrimental

JohnF1945

The analyst at JP Morgan apparently takes his CFA designation seriously. The CFA comes with a code of ethics.

JohnF1945

The reason that the JP Morgan analyst is warning, the Tesla may crashed. 60% is likely because he takes his CFA ethics. Standard seriously, unlike many of the boosters, looking for investment banking fees.

garden_speech

> whats the difference between GM and CEO of one person operation other than honorific? All I am saying is that it is trivial for a business owner to make sure they qualify for a 401k. At least that’s how it looks to me, but I’m not a CFA or CPA so maybe I’m Wrong

Competitive-Ant2876

Lmao I have a CFA level 1, the hardest thing you can achieve in the investment space besides level 2 & 3. Your take goes out the window when you’re in a micro cap stock, on an illiquid exchanged, in a sector reliant on government policy. If you held long term in this sector your easily down 80 plus percent. To break even on that you need damn near a 400 percent gain. Loss & gain is non linear. I have invested on much longer timeline than most, and in the broader market. Ive traded this sector 4 times each time profitable, the sector is headline driven and easy to play both sides cause investors in the space. So puts are pretty easy to time.

Santarini

My wife is a CFA and has 600k in a savings account. I'm like da fuq are you doing!?

deepfocusmachine

“Actually my names Jiang and I do speak English. Jared likes to say I don’t because he thinks it makes me seem more authentic. And I got second in that national math competition.” -Ted Jiang, CFA

chuastan

I need to start taking another course on sales or something. CFA got tossed out long time ago

phatpham1803

Will BlackRock hire me if I have a CFA level 1 ?

aolmos97

VHCOL, CFA, Masters and work in the industry but I live below my means to save a high %

weednspacs

I mean that’s not true. The analyst arm of those banks is fully separate and firewalled from the investment banking arm. If you’re a CFA and provide biased coverage you can lose your license and not be employable anymore. Most positive ratings are due to the analysis being on growing companies. There are plenty of companies with negative ratings, but probably not stocks that most people look at buying, because they’re dying.

m0n3ym4n

Used to be a new entrant had to convince countless highly-sophisticated investment analysts why they should recommend their security. This is not your local home remodeler who sells Anderson windows because the rep took him to the strip club. Ever had a casual conversation with a level 3 CFA? And now SpaceX and whatever dogshit comes after it has exit liquidity to the hills thanks in large part to reddit and the proliferation of index funds. But no fees, right?

Ceyenne18

You have come to the right place. All of us are CIMA, ACCA, CFA or CMA certified.

chuastan

If PTOUS lied and in all seriousness- I think I have to write in the CFA to revise syllabus. With immediate effect as an honorable member they sold me

chuastan

Thank you but my fishing rod cost me 80k. Worms 20k. Which is far game from investing- but such mistrust does not reflect well in. When I passed my CFA c.15 years ago on fair and transparent markets. I have been duped!

Anxious-Ad2229

Idk if that’s a good thing or bad thing haha but I love perspective so if you have any counter arguments to some of the stuff I say I’d love to hear it. I believe Perspective helps someone become a better investor as long as you’re open minded about possibly being wrong. I comment a lot about cannabis, I actually keep up to date with most filings, and bills that are introduced but I do comment about other opportunities in the market here and there and how market mechanics are at play some times. I’ve invested for a long time now and actually have my CFA level 1 but it doesn’t make me right about everything.

thewheelsonthebuzz

Fast food historically was low margin high volume. Somewhere around Covid they decided to become “premium” and swap to low volume high margin. That does not work for fast food. I’m sure the marketing people working at these organizations don’t even eat their own food. They have no context or can even relate to the core customer. Some have started calling customers “users” and their food “products”. It’s a poor play at a tech jargon. Sure costs of things has gone up, but CFA can make it work and close one day out of the week. Every time I drive by one, the lines are full! High volume, low margin. That’s the secret sauce.

ComeAtMeBro9

More and more restaurants are closing. Some in my area have been here 20 years going under. Cost of materials (amongst other things) are going up. When they try to pass that on, the consumer doesn’t want to pay it. Sitting down at even a BBQ place here has gotten absolutely insane. If I go out, I have one Mexican restaurant I visit once a month that’s reasonable. I go to Zaxbys or CFA for fast food these days, but that’s it. Eating at home a lot more.

Feltzinclasp5

Yeah sorry, I'm a CFA and PM means private market to me. You can dissociate my comment based on that

Feltzinclasp5

Analyst, CFA

DoubleSkew

/r/wallstreetbets comments are CFA ragebait

Fearful-Cow

Writing my CFA, figure i can argue i can skip the ethics portion entirely.

Ill_Tower7660

Jason Tong as CFO is a strong pick. CPA, CFA, 15+ years with TSX/TSXV/Nasdaq companies, Deloitte background, and solid CFO experience. Someone who knows how to navigate growth-stage mining finance.

misterbluesky8

This is good advice for every single person posting “loss porn” on this sub. 99% of people can’t pick stocks to save their lives and can’t time the market to save their lives. This is why r/thetagang cleans up every year.  I lost $2500 on my first options trade and just bought indexes for a few years in my 20s. Didn’t touch options again until I took CFA classes and had enough money to afford a $10K loss. 

ediblepepsi

Things they teach you in CFA L4

Pristine-Slide7990

Yo good background. Equity research + writing combo is solid. The CFA qualification definitely adds credibility. Only tip - make sure you've got strong data visualization chops. That's where most freelancers leave money on the table

ToughAsPillows

I’m in the industry and systematic PMs are absolutely a real thing. Whether this guy is or not is up for debate but tons of asset managers (type of firm) have systematic desks with portfolio managers. “Systematic” means signals/strategies that are automated or at least semi-automated. > Nobody is responsible for both long and short positions in a portfolio What are you talking about? Long/Short portfolios are very much a real thing; the two often go in tandem. It’s not like one guy is managing the longs and the other guy is managing the shorts. Long/Short is just in contrast to Long-only. Oh, and being a CFA has nothing to do with the industry explicitly and you should know that. That said, you would’ve learned this in your exams.

Feltzinclasp5

>I managed large systematic long/short portfolios for global asset managers. No you don't. Stop lying for fake internet points. I'm literally a CFA and that sentence alone doesn't make any sense. You manage a portfolio for asset managers? Huh? Also, "systematic" management is not an industry term. No idea what that means. Nobody is responsible for both long and short positions in a portfolio. Anyway, I don't even know why I'm wasting my time making this comment. This sub is such a cesspool lmao

Feltzinclasp5

CFA here. Save yourself money and a lot of time by just accepting that the market is unpredictable. Technical analysis and "stock trading signals" do not exist. People will argue they do, but they don't. Naturally, when you have a large subset of data, people will try to recognize patterns.

Feltzinclasp5

CFA here. The bottom line is RKLB is a proof of concept stock that got a ton of hype (and money) on the backs of investors who hope to be the first in a new wave of cellular technology. At this point there is no proof of ROI, but there is potential which got priced in.