so i’m about 3/4 done with SS11 now and in the 2008 books this is where it turns into SS12. SS12 last year had a lot of the DDM stuff and then the FCFF/FCFE, etc. Residual income was in SS13. This year, a bit more meat stuffed into the end of SS11 (but pretty much the same stuff), SS12 is FCFF/FCFE and Residual income, and SS13 looks entirely devoted to Alts with a bunch of new readings. I think this is a better structure year vs last, especially since it’s posted that there will be at least one item set on Alts. So far on SS10 it’s all the same, SS11 only thing i really noticed is there’s not the annoying cost differentiation/cost leader and market segmentation stuff like there was last year. still porter’s forces and industry cycle stuff. overall seems almost identical so far in equity, just structured a bit differently in terms of the LOS order- this year’s to me seems to flow a bit better. hoping to keep plugging along and finish my 1st pass at equity by end of month. dinesh, t minus about 3 weeks until you start. t minus about 6 weeks until we’re all caught up with eachother and you’re lapping me.
Banni… SS13 is very lengthy and looks tough. It has most of the stuff from 08 plus PE and LBO stuff which is not easy and may need 3-4 times of readings. I will be done with SS12 today and planning to start derivatives before SS13. I will also do SS6 and SS7 this week…need to revise some major points of all current and temporal. BTW, I got the letter yesterday and starting from 28th.
congrats cfaboston on quite possibly the shortest laid off > employment lapse ever. really glad it worked out for you and from the peeps that i have spoken with in that dept, they’re solid and i think your background should suit the group quite well. once you settle in, we’ll grab a celebratory drink after work. SS12, you’re cruising! derivs before SS13 would work, sure. alts has some calcs, but also theoretical. i like to break up the more qualitative readings (FI to me is like this) with the more calc intensive stuff like derivs. equity is a good mix of both. i prob will do equity then alts. after that, will prob do derivs > FI as the breaker upper > PM. end of march for the 1st pass is the goal. nice to have tomorrow off to keep plowing through this stuff. i think it’s almost time for a big football break though. GO EAGLES.
I am happy that it is worked out else god knows when would I have got another one. This superbowl will be for Pennsylvania…Steelers vs Eagles on 1st Feb
Isn’t SS12 equity the same in both 08 and 09…covering 3 readings: DDV, FCFV and Market based valuations: Price multiples…am reading from 08 until I get ma books, so I would appreciate your help, if you can confirm if this is so or not…working on SS11 now. Thanks…
you’ll be fine with '08 books- all of the stuff is still there, it’s just in different order. i have not seen almost any differences in the material, just order. in the '08 books, for example, residual income is in SS13. in the '09 books it’s in SS12. but it’s there. the DDM single/2 stage stuff this year is in SS11 not SS12, etc. the only thing this year that is NOT there so far that i’ve gone through is the cost leader, differentiation, etc (the stuff that was near porter’s 5 forces). those aren’t there this year unless they’re deep in SS12 and I haven’t gotten to them yet. that’s fine with me because i used to hate those questions on q-bank, many were vague. you’ll be fine with '08 books in equity. Alts you need the new text for new readings though- it’s more stuff than last year by a bunch of readings. do not rely only on 08 books for alternative investments.
the cost leader differentiation stuff is not there - bcos the Porter’s chapter is a different one from last year. It is a newer later write up. and here he talks of factors vs. forces, etc. etc. just as confusing.
agree that there are some confusing little things in the new text- the 5 forces then what were they called, “fleeting factors” or something like that? bigger focus also on industry lifecycle characteristics. some memorization necessary- hopefully with q-bank and a bit of review, they’ll all stick fine. i’m going to finish up SS11 today and hammer out the CFAI questions on it. stick baby stick.
banni and cfaboston…any tips on how to tackle PM? I will finish up SS16 and SS17 by next weekend and SS18 will be the thing left at that time. Should I spend the 2-3 weeks it will take me to go through the materials and take notes and what not? Or are there a few topics I should concentrate on. It is a lot of readings accounting for 5-10% of the exam. Appreciate any tips / help I can get on tackling this beast.
PM is tough b/c it’s tons of pages and all fair game. ICAPM, APT, factor models, what else… 2 yrs ago the q’s were on treynor black and last year it was all about the minimum variance frontier, 2 small areas compared to the text. it’ll take a while to read- do it and i’d say bang out a bunch of qbank. i think that qbank had a lot of q’s on PM if i can remember correctly. it’s maybe the biggest crapshoot area in terms of lots of text and who knows what it’ll be on. i just keep putting it off- i think it’ll be the last topic i read! a good amount of overlap with econ, quant, and equity which makes most of it interesting to study. but it’s a beast. if you’re already to PM, you’re doing great.
bannisja Wrote: ------------------------------------------------------- > PM is tough b/c it’s tons of pages and all fair > game. ICAPM, APT, factor models, what else… 2 > yrs ago the q’s were on treynor black and last > year it was all about the minimum variance > frontier, 2 small areas compared to the text. > it’ll take a while to read- do it and i’d say bang > out a bunch of qbank. i think that qbank had a > lot of q’s on PM if i can remember correctly. > it’s maybe the biggest crapshoot area in terms of > lots of text and who knows what it’ll be on. i > just keep putting it off- i think it’ll be the > last topic i read! a good amount of overlap with > econ, quant, and equity which makes most of it > interesting to study. but it’s a beast. if > you’re already to PM, you’re doing great. yeah, I think I will do copious notes first time around and then do all the problems on qbank. Was there one vignette or two on PM in 2008? I started as early as I could as I did not want to take LII lightly…March, April & May will be devoted problems…problems…& problems…I plan on doing every question on qbank…for LI I noly got to 60%.
There was only 1 vignette on PM in 2008 and hopefully there will only 1 in 09.