just graduated up here… please tell me no more porter (was he 2 chapters in level 2, or was the second chapter just similar to porter??)… anyway, i have great respect for his work, but i feel like his stuff is just crammed into the curriculum and some of the practice questions were just beyond awful. thanks in advance!!!
Yeah, no more Porter. Level 2 is about valuation, and competitive advantage is critical to developing a forward looking valuation decision. Level 3 is about putting assets together into portfolios to reflect broad views, take advantage of diversification, and hedge risks appropriately. This year they snuck in a little bit of valuation by sticking what was essentially a FCFE formula into the economics analysis, but no Porter.