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cfa level III

Long Run Equity Return in GGM/Grinold Kroner Framework

November 4, 2021 by CFA Study Guide
CFA Economics

In reading 10, the curriculum introduces the following equation. The equation ties the trend growth rate to the value of …

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Business Cycles in an Capital Market and Macroeconomic Framework

November 5, 2021November 2, 2021 by CFA Study Guide
CFA Economics

Business cycles are fluctuations in economic activity that follow a wave like pattern. While generally simplified into a single wave, …

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Exchange Rates Forecasting

November 9, 2021July 12, 2020 by CFA Study Guide
CFA Economics

Currency exchange rate forecasting is particularly difficult, causing investment managers to either fully hedge currency exposure, or accept the volatility. …

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Real Estate Forecasting

November 16, 2021July 12, 2020 by CFA Study Guide
CFA Economics

Real estate is inherently quite different from equities, bonds, and cash. It is a physical asset rather than a financial …

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Singer – Terhaar Model

July 12, 2020 by CFA Study Guide
CFA Economics

he Singer-Terhaar model is based on two versions of the international Capital Asset Pricing Model (CAPM): one in which global asset markets are fully …

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Grinold-Kroner Model

September 16, 2020July 12, 2020 by CFA Study Guide
CFA Economics

The Grinold-Kroner model states that the expected return of a stock is its dividend yield, plus the inflation rate, plus the real …

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Equity Forecasting

July 12, 2020July 12, 2020 by CFA Study Guide
CFA Economics

When looking at a very long time horizon—over 100 years—mean real returns of equity markets in various countries do not …

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Emerging Market Bonds

July 12, 2020July 12, 2020 by CFA Study Guide
CFA Economics

Investing in emerging market debt involves all the same risks as investing in developed country debt, such as interest rate …

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Fixed Income Forecasting

September 16, 2020July 12, 2020 by CFA Study Guide
CFA Economics

There are three main ways to approach forecasting fixed-income returns. The first is discounted cash flow. This method is really …

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Forecasting Asset Class Returns: Intro and Tools

July 12, 2020July 12, 2020 by CFA Study Guide
CFA Economics

Although investment opportunities are not constant, virtually all forecasting techniques rely on notions of central tendency, toward which opportunities tend …

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