Cfa Quotes

Literally, time is money. Starting to save now instead of later lessens the amount you will need to contribute.

A lagging indicator is something that tells you what is going to happen after it already happened.

Agadez has only a handful of multi-storey buildings. The main ones are the mosque and, next door to it, the palace of the Sultan of Aïr, who still retains a role in the local judicial system. But the houses overlooked by this pair are mostly single-storey courtyards, each enclosed by a windowless wall. These are the compounds, and perhaps fifty of them are used by smugglers – though no one knows the exact total. And that’s the point: they’re the perfect places to hide a hundred migrants until they head north to Libya. Once inside, the haggling starts. The going rate between Agadez and Libya is thought to be about 150,000 West African francs (CFA), or £166. But one traveller said he paid as much as €500 (£363), while Cisse claims he charges each of his thirty passengers as little as 50,000 CFA (£55). With such big numbers, it is no surprise that the business continues in full force despite a recent ban.

smuggling is a vital financial lifeline for many local people – and officials. Just look at the numbers. In a single trip, a smuggler might make as much as 4.5 million CFA (a little under £5000). In a year, he could take in as much as £250,000, in a country where the average annual household income is less than £500. In that time, the smugglers of Agadez will collectively make between £16 and £17 million. And that’s before bribes worth, by my calculation, somewhere in the region of £1 million for the police.2

Money doesn't care where it came from or what it is spent on, and neither should you.

Timing the market is a biased investor's game.

Anticipating the pain of regret if the odds don't play out as expected can impel you to play your hand prematurely. This is why a plaintiff may settle for a reduced award rather than take their chances in a court.

With gambling or investing, if your gains are quick and easy, you will tend to keep the money in a separate mental account. So, if you subsequently lose it, you won't feel as upset as you'd think if you lost the money you brought to the casino. Yet, they are both pots of currency.

You're more inclined to make a new investment after having success on your most recent transaction.

Generally, you'll be motivated to sell sound investments and hold onto the bad ones because we prefer to feel good about the gains and avoid the pain of acknowledging loss.

In every case of frenzied investing and herd mentality, investors who participate later in the cycle operate at an elevated and often unnecessary risk.

Once your investment account has touched a peak value, it's almost impossible to forget that number.

Like streamers on top of a sailboat indicating wind pattern changes, when long-term rates are lower than short-term rates, it's a telltale that trends are likely changing.

Stocks aren’t like a pair of shoes with a consistent value that you can buy on sale—the value of a business changes based on economics and its prospective earnings.

The sheer number of new businesses that fail speaks to the optimism of entrepreneurs to wander down such a gauntlet, and their willingness to believe that norms don't apply to them. But on average, of course, they do.

Tread carefully when making assumptions based on representativeness. If it walks like a duck and talks like a duck, it might not be a duck.

Money illusion is also why your Uncle John still gives you $50 per year for your birthday. That's the same amount that he's given you since you were born, and it used to be a tidy sum of money back then.

The more times in a row that the coin lands on heads, your confidence in calling heads will grow, even though the odds have not changed.

Again, I missed so many events with my friends while studying for the CFA exams. Nights out on the town, sports games, golf, weddings, bachelor parties—I missed them all! It’s rough, but the reality is that you just can’t do it all, especially if these events are close to exam time. You won’t be able to spare the time.

Perhaps there may be an element of the distortionary effects fingered by the likes of Green. But most fund managers willingly admit that the average skill and training of the industry keeps getting higher, requiring constant reinvention, retraining, and brain-achingly hard work. The old days of “have a hunch, buy a bunch, go to lunch” are long gone. Once upon a time, simply having an MBA or a CFA might be considered an edge in the investment industry. Add in the effort to actually read quarterly financial reports from companies and you had at least a good shot at excelling. Nowadays, MBAs and CFAs are rife in the finance industry, and algorithms can read thousands of quarterly financial reports in the time it takes a human to switch on their computer.

Factor markets are markets for the purchase and sale of factors of production. In capitalist private enterprise economies, households own the factors of production (the land, labor, physical capital, and materials used in production). Goods markets are markets for the output of production.

Demand, in economics, is the willingness and ability of consumers to purchase a given amount of a good or service at a given price. Supply is the willingness of sellers to offer a given quantity of a good or service for a given price.

Intelligent product design and oversight can be an effective substitute for consumer financial education. Such

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Macroeconomics deals with aggregate economic quantities, such as national output and national income. Macroeconomics has its roots in microeconomics, which deals with markets and decision making of individual economic units, including consumers and businesses. Microeconomics is a logical starting point for the study of economics.

Wade Pfau, Ph. D., CFA, is a Professor of Retirement Income in the Ph.D. program at the American College. He holds a doctorate in Economics from Princeton University and is very well respected in the discipline of retirement income. He is the co-editor of the Journal of Personal Finance and has published many articles in

Les économistes les plus coriaces se sont cassé les dents – même celles qui sont en or – sur l'épineuse question de la vie financière à Montaubout. Le premier os à ronger (non des moindres), demeure celui de la monnaie. Madame la Présidente a refusé de plier à la dure loi de la soumission aux monnaies existantes : dollar, livre sterling, euro, franc CFA… Les autorités économiques internationales ont toute reçu la même réponse d'une clarté aveuglante : « Inutile d'avoir une monnaie unique, car elles sont toutes iniques. » L'emploi de ce mot peu usité est d'abord passé pour une coquille journalistique ; puis pour une coquetterie langagière de madame la Présidente voulant exposer sa parfaite maîtrise de la langue française, mais au final, il s'est avéré que ce n'était ni l'un, ni l'autre, mais bel et bien un choix politique et économique fort. (p. 35)

Finally, a word about blockchain technologies and bitcoin:  first, there have been initiatives to use blockchain to document land titles.  Without claiming that it is a magical solution, transparent public ledgers that cannot be altered without a record of such alteration is certainly a solution worth exploring in nations with notoriously bad recordkeeping systems and pervasive corruption. Second, bitcoin is invaluable in nations with significant inflation and currency controls that prevent citizens from bringing capital in or out. In order for entrepreneurs to create prosperity in Africa, they need the freedom to deploy their choice of currency and to move capital freely. In many African nations, there are sharp restrictions on capital flows. But businesses often need to shift capital from one use to another quickly and frictionlessly.Many in the West have come to associate bitcoin with speculation, especially after the spectacular collapse of crypto exchange FTX. They are unaware of what it is like to live in a nation with weak financial institutions and, in many cases, chronically high inflation rates. Bitcoin is also a path to liberation from the CFA, a French-controlled currency that is currently used by fifteen nations and 180 million-plus people.

advisors who’ve earned designations from institutions with these tougher standards are more highly regarded by most Bogleheads. Two of the professional designations that fall into this highly regarded category include the Chartered Financial Advisor (CFA) and the Certified Financial Planner (CFP).

Yes, and this is something I wrote an article about for CFA magazine recently[9]. Tape reading is more important than it ever was before, especially if you’re trading illiquid stocks. You can see when the internalizers are subpennying the offer, stepping in front of the offer. Sometimes it’s just market making. On a stock like GE, for example, they’re just trying to capture the spread, so I don’t think it means anything there. But if you get into the small or mid-caps, it can definitely give you an idea of the direction the stock will go. If the internalizers are willing to step in front of that offer, that means the smart money is placing its bets that the stock will go down, so you might want to aggressively sell it or hit the bid knowing that information. I believe tape reading is very important, and the subpenny trades provide valuable information for traders.

With a strong academic background, including honors in Economics, an MBA from Cornell, and the CFA credential, Andrew Gordon is equipped to lead in financial analysis and investment decision-making.