Is this a new topic to level 3? I remeber reading an article in the Financial Times late last year slagging off EMH and citing the CFA as one of the causes of it being so widespread. CFA institute mentioned they also incorporated alternative views (behavioral finance etc). Has this part of the curriculum been pumped up at al over the last few years?
Only one new LOS (one deleted and four changed) in Behavioral Fincance compared to last year: http://www.stalla.com/pdf/level3_10.pdf
Actually one of the main causes of the EMH being so widespread is the inability of individuals to question things and think independently. If anything, the phenomenon is ACTUALLY described in the CFA CBOK… it’s called herding… but maybe I am asking too much out of people to think along this line of reasoning. Let the spoon-feeding frenzy continue I suppose. Doesn’t bother me one bit, since it provides an easy opportunity to take advantage of others. So lets churn some more candidates through the CFA Program and all those MBA programs…
Well, I just was a lecture by George Soros where he announced he is donating 50m USD to the Central European niversity to start INET (Institute for New Economic Thnking) in order to stimulate some ideas other than EMH. Not a bad effort!