Hi All, Isn’t Mosaic theory by definition always a violation of ‘Diligence and reasonable’ basis? Thanks
? No–the mosiac theory describes the use of diligence and reasonable basis through putting together non-material, non-public information and reaching a meaningful conclusion.
fantastic! thanks… this makes sense and will carry me through… 
One more on this…Related to standard I (B), Independence and objectivity… Is it true that a CFA cannot accept a one week golf pass even when s/he got written permission from compliance officer and supervisor. (Scheweser Morning exam 1, item set 2)… This seems odd especially when the permission was taken before accepting the gift… Also the one week golf pass is worth how much - is it an expensive gift… may be extremely subjective… It is expensive for a broke like me, but for my hedge fund friend, its peanuts… what am i missing???