Where's the smart money?


Youve taken this test 4 times? What are you emphasizing this time around?

I’m the worst example!

In short, concepts matter much more…before I paid a lot of attention to pure calculations, exceptions, and the likes, but learned that they usually want to know whether you got the concept right or not. For example, I learned Treynor-Black so well that I could program it on a computer, but on the exam they don’t care about that. They want to know what it is the model is trying to do, more than anything else.