Honestly, a significant portion of the CFA's value is just having a reason to enroll in Mark Meldrum's prep and learning from Mark Meldrum lol

Thanks for everything Mark, passed L3 in 2019 and got charterholder recently. I don't think I could've made it without you. I am now working as an analyst which was just a dream for me 5 years ago.

Mark - thank you for the shoutout, and for bringing all of our attention to the actual paper and what it really says. I know that your perspective helps me stay better informed, haha.

The CFA teaches you to be level headed, don't cause trouble, make rounded decisions etc. Like diversify your portfolio, be ethical, be loyal to the financial market, etc... the guys that outperform the market by a large margin consistently don't bother about all those prim and proper CFA thingy. If you flip it: 1. they should measure how many employees have bankrupt their firm who are CFA charter-holders vs those who are not. 2. How many CFA charter-holders have crashed the financial market vs those who are not charter-holders 3. How many CFA charter-holders have been involved in unethical conducts vs those who are not CFA charter-holders. I am almost certain that CFA charter-holders will win on those metrics. So measuring performance of CFA charter-holders against just performance is in itself unethical... that's the walls street mindset of getting result no matter what it costs.... Already typing too long...

Moral of the story: Mark Meldrum draws exceptionally well elephants 😂😂😂

I wonder how much of the demonstrated outperformance of experienced managers vs inexperienced ones is down to survival bias - if one is a lousy manager in their first few years, they don't get to gain a lot of experience, because they move on to do something else. Wouldn't it be more informative to compare experienced managers versus themselsfs as inexperienced managers?

Honored to have studied from you Dr. Mark. Miss my CFA study sessions

20:30 "Not me though" That's why we're here.

Was really waiting for this video after reading these headlines

89.1% are male. As a lady. I am proud of myself for trying. 😂

For everybody who outperformes the market somebody must underperforme the market because the sum of all returns is the market return. In most cases only additional information over the market can lead to outperformance. So investing in all world wide traded stocks is the best you can do.

i believe/roughly remember i read in the book 'barking up the wrong tree', there was one study that concluded long tenure doctors tended to misdiagnose more as they dont get to keep up with the latest medical findings. to answer your questions at around 16 mins.

19:40 Mark is funny guy (sounds like he just settled a personal score - is that guy watching?) on a serious note, he does make a very valid point -retail traders who make money in markets think basic and different. From fund manager perspective there are constraints depending on the manadate, investment goals & size fund (size matters, managing 50K vs 5B is different universe). Bottom line interpreate everything with a pinch of salt.

Adding to the open questions at the end of the video. Could it be that the ethical standards that need to be adhered by the charterholders contribute to a lower performance? Or said the other way around, could it be that no having to adhere to a strict code of ethics and standards improves a manager's performance? If a charterholder needs to adhere to the most strict code versus a non-charterholder that could adhered to a more relaxed one (i.e. local regulation), it would be clear that the non-charterholder has a competitive adventage over the charterholder.

Brilliant

Dr. Mark, have you been developing a theory explaining why we can actually break through the Markowitz efficient frontier? Would be interesting I think.

oooof aerospace engineering degree from Purdue, passed all the CFA exams quite handily, and an MBA. All well correlated in this study and yet I can't even get one interview at a bank/fund. I guess it was all just insignificant.

Give a data scientist any set of numbers and they can reach any conclusion.. my sense is that "CFAs" are going to have a value tilt while growth has outperformed over the past decade.. but it can come around.. media loves a good headline

826 on the SAT - that's terrible

Excellent video and critique but zerohedge is like DailyMail of finance blogs. It's a guilty pleasure and should be taken with a big ol' grain of salt. As for bloomberg, shame on them, althought what else can be expected from journalists.

Is there any research that studies the relationship between Bloomberg Terminals and Investment Performance?

his name was robert paulson

they say it’s gonna rain

Implicit bias 😝

you dont have to be CFA to be a fund manager.