Session 1
1. Components of code of ethics
2. Standard I: Professionalism
3. Standard II: Integrity of Capital Markets
4. Standard III: Duties to Clients
5. Standard IV: Duties to Employers
6. Standard V: Investment Analysis, Recommendations, and Actions
7. Standard VI: Conflicts of Interest
8. Standard VII: Responsibilities as a CFA
9. Standard I A. Knowledge of the Law
10. Standard I B. Independence and Objectivity
11. Standard I C. Misrepresentation
12. Standard I D. Misconduct
13. Standard II A. Material Nonpublic Information
14. Standard II B. Market Manipulation
15. Standard III A. Loyalty, Prudence, and Care
16. Standard III B. Fair Dealing
17. Standard III C. Suitability
18. Standard III D. Performance Presentation
19. Standard III E. Preservation of Confidentiality
20. Standard IV A. Loyalty
21. Standard IV B. Additional Compensation Arrangements
22. Standard IV C. Responsibilities of Supervisors
23. Standard V A. Diligence and Reasonable Basis
24. Standard V B. Communication with Clients and Prospective Clients
25. Standard V C. Record Retention
26. Standard VI A. Disclosure of Conflicts
27. Standard VI B. Priority of Transactions
28. Standard VI C. Referral Fees
29. Standard VII A. Conduct as Members and Candidates in the CFA Program
30. Standard VII B. Reference to CFA Institute, the CFA designation, and the CFA Program
31. Creation of performance standards
32. Constituencies
33. Who can claim compliance
34. Performance history
35. Composites
36. Firm
37. Verification requirements
38. Objectives of performance standards
39. Characteristics
40. Compliance
41. Fundamentals of compliance
42. Important dates
43. Definition of firm
44. Historical performance record
45. Conflict with local standards
46. Eight major sections of performance standards
Session 2
1. Interest rate and its components
2. Future value of a single sum
3. Present value of a single sum
4. Stated annual rate SAR and effective annual rate EAR
5. Annuity
6. Future value of an annuity
7. Present value of an annuity
8. Annuity due
9. Present value of a perpetuity
10. Future value of uneven cash flows
11. Present value of uneven cash flows
12. Cash flow additivity principle
13. Net present value NPV
14. Internal rate of return IRR
15. Contrast NPV and IRR
16. Problems associated with IRR
17. Money weighted return
18. Time weighted return
19. Bank discount yield
20. Holding period yield HPR
21. Effective annual yield (EAY)
22. Money market yield MMY
23. Bond-equivalent yield (BEY)
24. Descriptive statistics
25. Inferential statistics
26. Population
27. Sample
28. Parameter
29. Sample statistic
30. Measurement scales
31. Frequency distribution
32. Histogram or frequency polygon
33. Arithmetic mean
34. Sample mean
35. Median
36. Mode
37. Weighted mean
38. Geometric mean
39. Harmonic mean
40. Quartiles quintiles deciles and percentiles
41. Portfolio return
42. Range
43. Mean absolute deviation
44. Variance and standard deviation1
45. Chebyshevs inequality
46. Coefficient of variation
47. Sharpe ratio
48. Skewness
49. Relative locations of mean median and mode for non symmetric distributions
50. Kurtosis
51. Random variable
52. Mutually exclusive events
53. Exhaustive events
54. Probability
55. Properties of probability
56. Empirical subjective and a priori probabilities
57. Unconditional and conditional probability
58. Joint probability of two events
59. Probability of occurrence of at least one of two events
60. Dependent and independent events
61. Joint probability of multiple independent events
62. Unconditional probability
63. Bayes rule
64. Expected value
65. Variance and standard deviation
66. Conditional expectations
67. Total probability and expected value
68. Covariance
69. Correlation
70. Covariance and joint probability function
71. Expected return
72. Variance and standard deviation of return on portfolio
73. Rules of counting
74. Factorial combination
75. Permutations
Session 3
1. Random variable
2. Probability distribution
3. Type of random variables
4. Probability function and its properties
5. Probability density function
6. Cumulative distribution function
7. Discrete uniform random variable
8. Binomial random variable
9. Expected value and variance of binomial distribution
10. Continuous uniform distribution
11. Properties of a normal distribution
12. Univariate and multivariate distribution
13. Correlation
14. Confidence interval
15. Standard normal distribution
16. Shortfall risk
17. Safety-first ratio
18. Lognormal and normal distributions
19. Discretely and continuously compounded return
20. Monte Carlo simulation
21. Simple random sampling
22. Sampling error
23. Sampling distribution
24. Central limit theorem
25. Standard error of sample mean
26. Desirable properties of estimator
27. Point estimate and confidence interval
28. Student's t-distribution
29. Degrees of freedom
30. Confidence interval for population mean
31. Time-series and cross-sectional data
32. Appropriate sample size
33. Simple random and stratified random sampling
34. Data-mining bias
35. Other biases
36. Hypothesis ' definition
37. Steps in hypothesis testing
38. Null and alternative hypothesis
39. One-tailed and two-tailed tests
40. Test statistic
41. Type I and Type II error
42. Significance level
43. Power of a test
44. Decision rule
45. Confidence interval and hypothesis tests
46. Statistical and economic decision
47. Test statistic for population mean
48. Test statistic for equality of means
49. Test statistic for mean difference
50. Test statistic for variance of normal distribution
51. Test statistic for equality of variances
52. Parametric and non-parametric tests
53. Situations for parametric tests
54. Assumptions behind technical analysis
55. Distinguishing from fundamental analysis
56. Advantages
57. Challenges
58. Categories of technical indicators
Session 4
1. Price and income elasticity of demand
2. Cross-elasticity of demand
3. Determinants of demand elasticity
4. Price elasticity of supply
5. Determinants of elasticity of supply
6. Elasticity of a straight-line demand curve
7. Total revenue and price elasticity
8. Marginal benefit
9. Opportunity cost
10. Marginal cost
11. Invisible hand
12. Price vs. value
13. Consumer surplus
14. Cost and price
15. Producer surplus
16. Deadweight loss
17. Obstacles to efficiency
18. Utilitarianism
19. Symmetry
20. Price ceilings
21. Price floors
22. Black market and economic efficiency
23. Inefficiency of minimum wage
24. Impact of taxes
25. Actual incidence of taxes
26. Statutory incidence of taxes
27. Subsidies and quotas
28. Opportunity cost
29. Economic vs. accounting profit
30. Constraints on profit maximization
31. Technological efficiency
32. Economic efficiency
33. Principal-agent problem
34. Business organization
35. Market types
36. Concentration measures
37. Markets and economic coordination
38. Total product of labor
39. Marginal product of labor
40. Average product of labor
41. Diminishing marginal product of capital
42. Variable cost
43. Total economic cost
44. Marginal cost
45. Average total cost
46. Short-run and long-run costs
47. Economies of scale
48. Long-run production function
Session 5
1. Perfect competition
2. Market demand curve
3. Firm demand curve
4. Profit maximization
5. Price-quantity equilibrium
6. Short-run supply
7. Decision to shut down
8. Effect of plant size
9. Technology and profit sensitivity
10. Monopoly
11. Firm demand curve
12. Characteristics
13. Profit maximization
14. Comparison with perfect competition
15. Price discrimination
16. Monopoly gains
17. Regulation
18. Monopolistic competition
19. Monopolistic competition and profits
20. Monopolistic competition and innovation
21. Oligopoly
22. Oligopoly and kinked demand curve
23. Oligopoly and dominant firm model
24. Oligopoly and game theory
25. Prisoner's dilemma
26. Repeated games
27. Sequential games
28. Derived demand
29. Marginal revenue product (MRP)
30. MRP and demand for labor
31. Profit maximization
32. Cost minimization
33. Resource demand curve
34. Demand for labor
35. Resource supply curve
36. Supply curve for labor
37. Impact of unions
38. Monopsony and labor
39. Physical capital
40. Financial capital
41. Factors affecting capital supply
42. Renewable resource
43. Non-renewable resource
44. Economic rent
45. Opportunity cost
46. Business cycle
47. Labor force
48. Unemployed person
49. Employed person
50. Unemployment rate
51. Labor force participation rate
52. Inflation
53. CPI and bias
54. Real wage rate
55. Types of unemployment
56. Natural rate of unemployment
57. Aggregate demand
58. Long-run aggregate supply
59. Short-run aggregate supply
60. Factors affecting GDP and supply curves
61. Movements along supply curves
62. Slope of aggregate demand
63. Short-run macro equilibrium
64. Long-run macro equilibrium
65. Keynesian economics
66. Classical economics
67. Monetary economics
Session 6
1. Functions of money
2. Components of M1 and M2
3. Fractional reserve banking system
4. Deposit expansion multiplier
5. Monetary policy goals
6. Tools for managing money supply
7. Monetary base
8. Demand for money
9. Effects of money on real GDP
10. Money supply and aggregate demand
11. Quantity theory of money
12. Money supply growth and GDP growth
13. Inflation and price level
14. Demand-pull inflation
15. Cost-push inflation
16. Inflation and demand for money
17. Anticipated and unanticipated inflation
18. Inflation and demand for labor
19. Phillips curve
20. Inflation
21. Mainstream business cycle theory
22. Real business cycle theory
23. Income tax wedge
24. Supply side effects
25. Laffer curve
26. Fiscal policy and capital markets
27. Impact of tax on savings
28. Government savings and capital market
29. Ricardian model
30. Generational accounting and imbalance
31. Government purchase multiplier
32. Tax multiplier
33. Balanced budget multiplier
34. Recession and fiscal policy
35. Boom and fiscal policy
36. Discretionary fiscal policy
37. Automatic stabilizers
38. Goals of monetary policy
39. Policy instruments
40. Targeting rule
41. Open market operations
42. Transmission mechanism
43. Fed's actions and GDP growth
44. Monetary policies rejected by the Fed
45. Functions of a central bank
46. Monetary policy tools
Session 7
1. External users of financial statements
2. Balance sheet
3. Income statement
4. Statement of cash flows
5. Statement of stockholders' equity
6. Footnotes
7. Management discussion and analysis
8. Auditor's role
9. Additional sources of information
10. Steps in financial statement analysis
11. Business activities
12. Current assets
13. Investments
14. Property, plant and equipment
15. Intangibles
16. Current liabilities
17. Long-term liabilities
18. Stockholders' equity
19. Income statement components
20. Gross margin
21. Income from operations
22. Other revenues and expenses
23. Income before taxes
24. Net income
25. Earnings per share
26. Net income equation
27. Balance sheet
28. Debit
29. Credit
30. Cash vs. accrual accounting
31. Recognition of revenue
32. Recognition of expenses
33. Usefulness of accrual accounting
34. Accounting system
35. Financial reporting objective
36. IASB
37. US FASB
38. US SEC
39. IOSC
40. SEC vs. FASB
41. Barriers to universal standards
42. IFRS framework
43. General requirements of financial statements
44. Major differences between FASB and IFRS
45. Coherent reporting network
46. Barriers to coherent network
Session 8
1. Format of income statement
2. Components of income statement
3. Accrual accounting
4. Usefulness of accrual accounting
5. Revenue recognition principles
6. Revenue recognition methods
7. Expense recognition principles
8. Depreciation assumptions
9. Depreciation methods
10. Comparison of depreciation methods
11. Amortization
12. Accounting for intangibles
13. Inventory accounting
14. Inventory costing methods
15. BS and IS effects of inventory
16. Operating and non-operating items
17. Unusual or infrequent items
18. Discontinued items
19. Extraordinary items
20. Accounting changes
21. Non-recurring items
22. Simple capital structure
23. Complex capital structure
24. Basic EPS
25. Weighted average shares
26. Stock dividends
27. Stock splits
28. Dilutive securities
29. Anti-dilutive securities
30. Diluted EPS
31. Effect of convertible bonds
32. Adjustments required for diluted EPS
33. Common size income statement
34. Profitability ratios
35. Classification of securities
36. Comprehensive income
37. Balance sheet
38. Balance sheet items
39. Contingent liabilities
40. Intangibles
41. Balance sheet formats
42. Listing of accounts
43. Current and non-current assets
44. Current and non-current liabilities
45. Definitely determinable liabilities
46. Estimated liabilities
47. Inventory cost
48. Tangible assets
49. Intangible assets
50. Goodwill
51. Financial instruments
52. Bonds
53. Dividend and interest income
54. Preferred stock
55. Common stock
56. Statement of changes in stockholders' equity
57. Common size balance sheet
58. Current ratio
59. Quick ratio
60. Cash ratio
61. Long-term debt to equity ratio
62. Total debt ratio
63. Debt to equity ratio
64. Financial leverage
65. Cash flow statement
66. Effect of global operations
67. Operating adjustments
68. Investing adjustments
69. Financing adjustments
70. Differences between IFRS and US GAAP
71. Direct method of reporting operating cash
72. Indirect method
73. Analyzing cash flow statement
74. Common size statement of cash flows
75. Free cash flow to the firm
76. Free cash flow to stockholders
Session 9
1. Inventory valuation problem
2. Capitalizing inventory costs
3. Allocating costs between COGS and inventory
4. Inventory valuation methods
5. Ending inventory
6. Impact of changing prices on inventory
7. Inventory turnover
8. Number of days' inventory
9. Inventory valuation method and ratios
10. Liquidity
11. Activity - asset utilization (turnover) ratios
12. Making adjustments
13. Inventory valuation methods and financial statements
14. LIFO liquidation
15. Reporting methods for inventory
16. Nature of an asset
17. Capitalizing an asset
18. Fair value
19. Capitalization of costs
20. Capitalization of interest
21. Research and development (R&D)
22. In-process R&D
23. Others (patents, copyrights, franchises, licenses etc.
24. Capitalizing vs. expensing
25. Depreciation
26. Depreciation methods
27. Depreciable lives and salvage value
28. Straight line method
29. Accelerated method
30. Depreciation for tax and reporting purposes
31. Usage rate
32. Effects on financial statements
33. Changing depreciation methods
34. Depreciable lives and salvage values
35. Relative age of assets
36. Average depreciable (useful) life of assets
37. Average age of assets
38. Liability for closure, removal and environmental effects
39. Sales of long-lived assets
40. Impairment of tangibles
41. Impairment treatments
42. Recognizing impairment
43. Impact on financial statements and ratios
44. Impairment of intangibles
45. US GAAP vs. IAS
46. Effects of revaluations
47. Accounting profit
48. Taxable income
49. Statutory tax rate
50. Taxes payable
51. Income tax expense
52. Effective tax rate
53. Deferred tax liabilities and assets
54. Deferred tax assets
55. Deferred tax liabilities
56. Valuation allowance
57. Treating deferred tax liability as equity
58. Temporary and permanent items
59. Change in tax rate
60. Factors affecting deferred taxes
61. Tax base
62. Effect of changes in income tax rate
63. Effect of valuation allowance
64. Effective tax rate reconciliation
65. IFRS and GAAP income tax accounting
66. Par bond
67. Premium bond
68. Discount bond
69. Zero coupon bond
70. Reporting debt issuance
71. Amortization of premiums
72. Amortization of bond discounts
73. Reporting of interest ' par bonds
74. Reporting of interest ' premium bonds
75. Reporting of interest ' discount bonds
76. CFO effects of zero coupons
77. Debt covenants
78. Bond's market value and interest rate
79. Effect of changing interest rates
80. Convertible debt
81. Debt with warrants
82. Preferred stock
83. Leasing vs. purchasing
84. Operating lease
85. Capital or financial lease
86. Effect of leasing on financial ratios
87. Financial statement effects of capital leases
88. Preference for capital over operating lease
89. Sales-type and direct financing lease
90. Off-balance sheet financing
91. Take-or-pay contracts
92. Sale of accounts receivable
Session 10
1. Goal of financial analysis
2. Common size income statement
3. Common size balance sheet
4. Limitations of ratio analysis
5. Total asset turnover
6. Fixed asset turnover
7. Receivables turnover
8. Days of sales outstanding (DSO)
9. Inventory turnover
10. Days of inventory on hand
11. Payables turnover ratio
12. Days' payables outstanding
13. Working capital turnover
14. Current ratio
15. Quick ratio
16. Cash ratio
17. Cash conversion cycle
18. Defensive interval ratio
19. Total debt ratio
20. Debt-to-capital ratio
21. Debt-to-equity ratio
22. Interest coverage ratio
23. Fixed charge coverage ratio
24. Gross profit margin
25. Operating profit margin
26. Pre-tax margin
27. Net profit margin
28. Operating return on assets (Operating ROA)
29. Return on Assets (ROA)
30. Return on total capital (ROTC)
31. Return on equity (ROE)
32. Return on common equity (ROCE)
33. P-E ratio
34. P-CF ratio
35. P-S ratio
36. P-BV ratio
37. Basic EPS
38. Diluted EPS
39. CF per share
40. EBITDA per share
41. Dividends per share
42. Payout ratio
43. Retention ratio
44. Sustainable growth rate (SGR)
45. Coefficient of variation (optg. income)
46. Coefficient of variation (net income)
47. Coefficient of variation (revenue)
48. Cross-sectional and time-series comparison
49. Dupont analysis
50. Credit analysis
51. Segment analysis
52. Modeling and forecasting earnings
53. Sensitivity analysis
54. Scenario analysis
55. Simulation
56. Motivations to report higher earnings
57. Motivations to report lower earnings
58. Balance sheet manipulations
59. Activities that result in low quality of earnings
60. Fraud triangle
61. Risk factors related to incentives and pressures
62. Risk factors related to opportunities
63. Risk factors related to rationalizations
64. Accounting warning signs and detection
65. Warning signs related to Enron scandal
66. Warning signs related to Sunbeam scandal
67. Manipulation of cash flow statement
68. Stretching of payables
69. Financing of payables
70. Securitization of receivables
71. Stock options ' tax benefits
72. Other methods
73. Past performance and company strategy
74. Projection of future financial statements
75. Assessing credit quality of debt
76. Credit risk
77. Factors assessed in credit analysis
78. Analysis for equity investments
79. Adjustments to facilitate comparison
80. IASB criteria for standards
81. IASB definitions
82. Challenges for financial statements
83. Marketable securities
84. Inventories
85. Property, plant and equipment
86. Long-term investments
87. Goodwill
88. Other intangibles
89. Provisional or non-financial liabilities
90. Revenue recognition
91. Cost of sales
92. Administrative expenses
93. Depreciation
94. Financing costs
95. Income taxes
96. Non-recurring items
97. Interest and dividend income
98. Interest and dividend expense
99. Asset revaluation
Session 11
1. Payback period
2. Discounted payback period
3. Net present value (NPV)
4. Internal rate of return (IRR)
5. Profitability Index
6. Average Accounting Rate of Return
7. Conflict between NPV and IRR
8. Multiple and No IRRs
9. NPV profile
10. Popular Methods
11. NPV and Stock Price
12. Incremental cash flow
13. Sunk cost
14. Opportunity cost
15. Externality
16. Cannibalization
17. Capital rationing
18. Cost of capital
19. Optimal capital structure
20. Weighted average & marginal cost of capital
21. Factors affecting cost of capital
22. MCC and breakpoints
23. Country risk premium
24. Calculating cost of risky debt
25. Ratio analysis
26. Cash conversion cycle
27. Cash flow forecasting
28. Money market yield
29. Bond-equivalent yield
30. Effective annual yield
31. Investment policy statement
32. Aging schedule
33. Cost of accounts payables
34. Short-term sources of credit
35. DuPont Analysis
36. Extended DuPont Analysis
37. Proforma statements
38. Corporate governance
39. Board of directors
40. Board committees
41. Strong code of ethics
42. Provisions that weaken shareowner rights
Session 12
1. Portfolio management process
2. Need for a policy statement
3. Investment objectives
4. Factors affecting risk tolerance
5. Return objectives
6. Investment constraints
7. Asset allocation
8. Risk aversion
9. Individual behavior assumptions
10. Investment statistics
11. Efficient frontier
12. Indifference curves
13. Optimal portfolio
14. Capital market theory assumptions
15. Combining risk free asset with risky assets
16. Role of market portfolio
17. Systematic risk
18. Unsystematic risk
19. CAPM
20. Beta
21. Security evaluation
22. Characteristic line
Session 13
1. Well-functioning securities market
2. Primary markets
3. Secondary markets
4. Call and continuous markets
5. National stock exchanges
6. Regional stock exchanges
7. Over-the-counter (OTC) markets
8. Members and brokers
9. Types of orders
10. Short-sale
11. Margin buying
12. Maintenance margin
13. Weighting schemes
14. Biases due to weighting schemes
15. Structural features of global and domestic markets
16. Correlations and global investing
17. Efficient markets
18. Forms of EMH
19. Tests of EMH
20. Market anomalies
21. Overall conclusion about EMH
22. EMH and analysis
23. EMH and portfolio management
24. Index funds investing
25. Behavioral finance
26. Behavioral biases
27. Limitations to achieving full market efficiency
28. Problems faced by arbitrageurs
29. Biases that distort testing for mispricing
30. Fixed income securities
31. Equity securities
32. Derivatives
33. Alternative investments
Session 14
1. Top-down approach
2. Infinite period DDM
3. 2-stage growth model
4. Expected return
5. Required return
6. Preferred stock
7. Valuation methods
8. P-E ratio
9. Components of required return
10. Risk factors in foreign securities
11. Estimating growth rate
12. Developing inputs for DDM
13. Demographics
14. Lifestyle
15. Technology
16. Regulation and politics
17. Growth company and stock
18. Defensive company and stock
19. Cyclical company and stock
20. Speculative company and stock
21. Earnings multiplier
22. Rationales for using price multiples
23. Drawbacks of price multiples
24. Interpreting price multiples:
Session 15
1. Features of bonds
2. Payoff provisions
3. Embedded options
4. Regular redemption
5. Special redemption
6. Covenants
7. Coupon structures
8. Floating rate securities
9. Accrued interest and full price
10. Bond risks
11. Bond price and interest rates
12. Factors affecting interest rate risk
13. Market yield and bond price
14. Floating rate security and interest rate risk
15. Duration
16. Duration is dynamic
17. Dollar duration
18. Parallel yield curve shifts
19. Factors affecting reinvestment risk
20. Credit risk
21. Sovereign debt
22. US Treasury Securities
23. On-the-run securities
24. Stripped securities
25. Mortgage backed securities (MBS)
26. Prepayment risk
27. US federal agency securities
28. Municipal securities
29. Credit ratings
30. Types of debt
31. Medium term notes
32. Collateralized debt obligations (CDOs)
33. Commercial paper
34. Asset backed security (ABS)
35. Credit enhancement
36. Primary market
37. Secondary market
38. Monetary policy tools
39. Yield curve
40. Theories of term structure
41. Yield spread measures
42. Inter- and intra-market spreads
43. Embedded options & yield spreads
44. Liquidity & yield spreads
45. Tax-exempt securities and yields
46. Taxable securities yields
47. LIBOR
Session 16
1. Bond valuation
2. Discount rate
3. Effect of changing discount rates
4. Bond price and coupon rate
5. Bond price and maturity date
6. Arbitrage profit
7. Arbitrage-free valuation approach
8. Bond under- or overvaluation
9. Sources of bond returns
10. Yield measures
11. Assumptions for yield measures
12. Reinvestment income
13. Reinvestment risk
14. Spot rates
15. Theoretical treasury spot rate curve
16. Spreads
17. Forward rate
18. Duration
19. Convexity
20. Full valuation approach
21. Interest rate exposure
22. Price volatility of option-free bonds
23. Price volatility of callable bonds
24. Price volatility of putable bonds
25. Modified duration
26. Macaulay duration
27. Effective duration
28. Portfolio duration
29. Limitations of duration
30. Effective convexity
31. Price value of a basis point
Session 17
1. Derivative
2. Exchange vs. OTC derivatives
3. Forward contract
4. Futures contract
5. Swaps
6. Contingent claim
7. Option characteristics
8. Arbitrage
9. Long & short positions
10. Settlement of a forward
11. Default risk
12. Early termination of a forward
13. Equity forward contracts
14. Forwards on bonds
15. LIBOR
16. FRA
17. Currency forwards
18. Futures vs. forwards
19. Futures characteristics
20. Margin on futures
21. Closing out a futures position
22. Types of margins
23. Marking-to-market
24. Price limits
25. Settlement at expiration
26. Delivery option
27. Types of traders
28. T-bill futures
29. T-bond futures
30. Eurodollar futures
31. Stock index futures
32. Currency futures
33. Options
34. European vs. American
35. In-the-money
36. Out-of-the-money
37. At-the-money
38. Intrinsic value
39. Time value
40. Types of options
41. Option payoffs
42. Interest rate options
43. FRA
44. Interest rate caps
45. Floors
46. Arbitrage free pricing bounds
47. Option strategies
48. Effect of exercise price
49. Effect of time to expiration
50. Put-call parity
51. Fiduciary call
52. Protective put
53. Early exercise
54. Effect of interest rates
55. Effect of volatility
56. Swaps
57. Termination of swaps
58. Currency swaps
59. Interest rate swap
60. Equity swaps
61. Profit on an option
62. Maximum profit
63. Maximum loss
64. Breakeven price
65. Option strategies
Session 18
1. Open-end funds
2. Closed-end funds
3. Net asset value (NAV)
4. Investment company fees
5. Equity strategies
6. ETFs
7. Real estate investments
8. Characteristics of real estate investments
9. Valuation of real estate
10. Stages of venture capital (VC)
11. Hedge funds
12. Hedge fund classifications
13. Unique risks of hedge funds
14. Performance of hedge funds
15. Valuation of closely held companies
16. Discounts and premiums for private companies
17. Distressed securities
18. Commodity investing
19. Cost of carry model
20. Backwardation
21. Contango
22. Normal Backwardation
23. Normal Contango
24. Sources of commodity returns
25. Risks in commodity investing
26. Portfolio effects
27. Indexing as an active strategy

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