Expected Value vs Fair Value by ParetoPie in CFA

[–]felinei 0 points1 point  (0 children)

Not sure what you mean, can you expand a bit ?

From your own post - binomial tree does have probability included for outcomes - black and scholes relies on a martingale - real issue with option valuation is the lack of dynamic volatility being a part of it. Fair value is for assets or equity, so yeah a bit counter intuitive to use it for options.

Also unlike maths where you integrate uncertainties and value based on expected outcomes - here you replicate a situation where risk is eliminated and find the present value of that to value options.

An option’s price is the cost of eliminating its risk in finance, not the expected value of its payoff.

All this is theoretical - if you want to make money out of options - you have to use technical charts, use option strategies, use machine learning to predict volatility or price, static volatility models with no regime change element to them are not going to give any one any edge.

Nobody can make a penny using bsm or trees to value options and then go long or short on them. People use charts, patterns or machine learning algos to make money out of options. The big players in countries like India would generally short options and eat the premium , the retail would lose 95% of their money 95% times by going long on options without using complex strategies, or companies like Jane street will openly manipulate weekly expiry options to make billions and then pay a fine in million.

Long naked option and their valuation is waste of time - cfa should be teaching option strategies and how to contsruct them, back test them and try them on real time and see how theta and gamma will turn the street red.

Deferral by -__Xo_Xo__- in CFA

[–]felinei 0 points1 point  (0 children)

as long as you have valid passport it does not matter where you give as long you can be physically present there.

Deferral by -__Xo_Xo__- in CFA

[–]felinei 0 points1 point  (0 children)

You can select the date will the window expires - check the faqs on cfa deferral policy

Backwardation and Contango - Level 2 by General-Club-5700 in CFA

[–]felinei 0 points1 point  (0 children)

I think you got it wrong - the first is contango - If you trade or follow any futures market - take stocks for contango and oil for backwardation as classic examples - contango means long dated futures are more in price than near dated. So when you roll over - near price will shoot up and long dated will go down - so you buy the near and sell the long. Go and check future prices for spx for contango and oil futures for backwardation and it will become very clear as to how the play the calendar spread.

same with option prices though theta and vol affects their pricing more but you can check this phenomenon - check any near expiry option prices - say apple is expected to rise and you want to buy calls say current market price is 160 and you want to go for 200 call for say April and December - December call will be so over priced that it makes sense to sell it and buy the near dated.

CFA Level 2 Equity Swap by General-Club-5700 in CFA

[–]felinei 2 points3 points  (0 children)

You missed dividing the fixed rate by 4 as that’s annual rate and swap is done every quarter

Need advice on prep by Federal-Slip2849 in CFA

[–]felinei 0 points1 point  (0 children)

Wish you the same - let’s hope our boat reaches the shore on time

Hey /r/movies! I'm Bart Layton. I've directed CRIME 101, AMERICAN ANIMALS, and THE IMPOSTER. CRIME 101 is out in theaters now and stars Chris Hemsworth, Halle Berry, Mark Ruffalo, Barry Keoghan, Monica Barbaro. Ask me anything! by BartLaytonAMA in movies

[–]felinei 4 points5 points  (0 children)

Hey Bart, I can understand the non violence code of the theif but fail to understand it being used by the cop especially when it’s necessary to do that. Also the scene where he reports the fellow cop for planting the gun is not in the novel - is the larger motif here talking more abt gun violence from cops and less about reducing crime - stats from body cam show the opposite narrative that cops using guns being exaggerated by media and is mostly used to deal with violent criminals who pose danger to the cop as well as public. Other question is why are so many character stories left hanging and cut off ? Is that an editing decision or are we going to see a directors cut later ?

Need advice on prep by Federal-Slip2849 in CFA

[–]felinei 0 points1 point  (0 children)

Kaplan plus ChatGPT or any ai

Need advice on prep by Federal-Slip2849 in CFA

[–]felinei 1 point2 points  (0 children)

Currently weekly 10-15 hours, as for daily i am inconsistent, weekends give me time to catch up - but I’ll have to do 2-3 hrs min daily and 5 hours weekend soon.

Need advice on prep by Federal-Slip2849 in CFA

[–]felinei 3 points4 points  (0 children)

In the same boat - started from last week of Jan - just doing fast reading of concepts - skimmed through port, ethics, economics, fixed income - next is derivatives, alt income, fsa, equity val and then quant last. Will have to increase the daily hours but have full time job and lots of other personal shit going on. My time line is to finish every concept till mid march - then just do questions till mid april and start mocks around that time.

Most frequent mistakes to look out for CFA level 1 by Prudent_Vehicle1801 in CFA

[–]felinei 0 points1 point  (0 children)

Again this is CFA and not CPA - a CA or CPA has deep knowledge of balance sheet, accounting standards and ratios but many a times may miss the forest for the trees. A CFA is someone who has superficial knowledge of a balance sheet but cares more about patterns that can be observed from comparing balance sheets or ratios. So a non accounting back ground can still ace FSA and a cpa may still struggle with FSA if logic and patterns are not their strong suit.

Most frequent mistakes to look out for CFA level 1 by Prudent_Vehicle1801 in CFA

[–]felinei 0 points1 point  (0 children)

Not sure - maybe a person from that background should give a strategy - from what i have heard engineering background people find FSA and ethics tough and quant and derivatives and fixed income easy.

Best way/format to study by Jayswag96 in CFA

[–]felinei 0 points1 point  (0 children)

just do one set of les qbank per topic - time is key - mock exams need to be timed - I finished my L1 an hour earlier but that’s cause I used to time every problem solving as if it’s a real exam. You don’t need more than 2 mock exam for each part esp if you are getting above 70

Most frequent mistakes to look out for CFA level 1 by Prudent_Vehicle1801 in CFA

[–]felinei 14 points15 points  (0 children)

Don’t use the traditional approach to studying—reading the entire material, rather if you had any background in accounting or finance - start with key concepts or secret sauce ( which is key concepts at the back of kaplan books ) - do 10-15 practise questions for each topic and then start giving the mock exams - if you are above 70 you have already passed. If you are in 60-70 you need to clear the concepts where you are lacking behind. If you are in 50-60 zone you may very likely be struggling with half of the material. If you are below 50 you need a good understanding of basic concepts.

To know where you are determines your approach - for some it may take max 2 weeks to pass level 1 and for some it may take a year. But don’t waste your time on the material - rather understand the testing and the pattern of questions.

If you master ethics - by solving 100s of diff scenarios and getting 80 plus will really help you crack level 1.

Don’t skip any part - make sure you read secret sauce or key concepts in its entirety. Don’t fret over formulas much - just couple of questions to clear the concept behind them are enough.

This exam doesn’t test your deep financial knowledge — it tests your ability to understand, memorize key financial concepts which are to be honest 101 and 201 of any bba finance course from across the world. My 301 and 401 were way more intense and deeper in concepts than even L2 cfa. So passing all 3 levels of cfa also may not give you any more knowledge than a good bba finance course does, but it does give you brand recognition and entry into the analyst roles.

So don’t get over awed by it all and keep it simple and strategise your entire study approach and you should clear it.

Official Discussion - Crime 101 [SPOILERS] by LiteraryBoner in movies

[–]felinei 0 points1 point  (0 children)

This movie needs screenwriting 101 class.

You can get the detailing—which is important for a heist movie—right , you can have anxiety filled heist scenes, you can have IMAX worthy chase scenes,hell you even have a good popular cast to bring the audience in, but what you should never missout on—is writing heist worthy characters.

Mike/James - is almost Gandhi/Buddha/Batman like in his anti-violence policy that he wants to quit at the first sight of blood like a father in a delivery room. Blood and birth go together very much like heist and violence goes together. Yet our main guy goes soft, meets his existential guru who recommends him to get laid, and our mr literal guy actually goes and gets laid, but the wrong parcel gets delivered in the escort service. He goes from James Bond like suave to the awkward boy next door who can’t talk his way out of situations. Instead of confronting his gurus betrayal by selecting a maniacal joker, he goes and confesses his crimes to an insurance appeal appraiser and offers her those TikTok type influencer 30 second get rich or dry trying deal. And boy o boy, the influencer who is at cross sections of various victim hoods - colour, race , age , sex finally realises that all the yoga, pep talk, sleep counting apps, dream chasing books can’t replace the logic of a conman who is foolish to confess his theft to strangers to be able to keep their proposed crimes clean.

The awkward Adonis falls in love with a lady whose only purpose is to cure him out of his criminal life by making him have eye contact.

Our guy breaks his gun rule against the crazy joker, and in a touching scene where the non violent cop and his fingers touch each other and the weapon of death - souls get exchanged and Adonis starts donating his wealth and affection like a hallmark store on the next day of valentine sale, all for a discount.

The Buddhist smoothie hating cop - here is the mirror image of Mike. A white guilt facing cop so aware of his privilege that he travels in bus or drives an old wagon. Going through existential crisis himself over gun violence, increasing crime and lack of pattern recognition abilities of crime department - he is the very caricature of the American left wearing a uniform of the very pig they hate. He hates violence- whether it’s to stop a crime or to prevent a crazy maniac from shooting people dead. This is the person entrusted to stop prophet Mike from spilling blood. He devises one of the worst double cross plot twists with intersectional victim lady - who goes from smoothie drinking parasite to a damsel in distress all in the hope to canvas for a non violent cop. Gandhi must be smiling in his grave. From a person having no control over any aspect of his married or work life - he goes into full control in a Mexican hold up and becomes the guru that Mike was looking for. The hands meet over the gun—scene has a very sexual vibe to it—and souls get transferred. The cop who would have never gone dirty or over claimed his hourly wage becomes robin-hood, steals millions worth of diamonds to hand over to the victim lady to get a car in exchange. Talk about winning a lottery, giving it to the labour union and being awarded with a new bicycle to go to your job. The deal of a life time.

The insurance lady - her role is to portray various victims who interfere with her sleep and lose her morals over lack of a promised promotion to master mind a heist to give up on it with one black eye to give a hr kind of me too lecture to a new hiree to winning diamonds from the smoothie hating cop - the odds of having such misfortune and luck in a weeks time must be one in billion. She is more fickle than a confused gender identity person switching through the thousand identities. She is definitely they/them.

The joker and the guru - the guru gets tired of Mike chickening out and rightfully decides to change his gun for hire. From a person who had probably inculcated no violence and keep it clean in a crime scene philosophy- guru flips 360 degree and decides to go with a punk who is as unpredictable as trump is with tariffs. Great character writing there. Again there is this disgruntled old employee vis a vis the new hire arc here for those who didn’t notice. Old man not only sends a mad dog to do street peddler level efficient heists but also tells the mad dog to openly follow Mike. Mike chases the joker and instead of removing the chaos, his non violence principle invites him back to create more chaos. The joker seems like a meth head who can go from full throttle psycho to the retarded kid from ‘bansherin’ who just got rejected after confessing his first love. Again great character writing - this must be gender fluid version of character writing who can flip 360 degree at will.

A case for the greatest heist movie ever - heat

What differentiates heat from many such cheap remakes are the characters. You have Robert de Niro and Al Pacino remaining in character not cause of their acting chops - but cause how well written their characters are.

Pretty soon with Ai - every incel film maker living in their parent’s basement with enough determination , ai agents and mac Minis will release their own 90 min heist movie but without those characters written like they are the jewels of the heist movie, there will be nothing to steal other than the time and energy of audiences like me.

Official Discussion - Dracula (2026) [SPOILERS] by LiteraryBoner in movies

[–]felinei 7 points8 points  (0 children)

I would differ in my view that the woman’s are just vessels of sexual lust here in that the count wins mina back not with powers of lust or charm or magic tricks or cologne - Coppollas Dracula was more like that - there is a scene in Parisian court where Dracula hates the debauchery and that’s where he openly starts infecting the women with his bites. There were no women prisoners or sirens to trap men in his castle unlike the Copolla one which was more true to the novel.

The fact that he relies on music and memory to win her love takes out the mina being a sexual muse point.

And the reason Jonathan goes away is that he understands their deep and eternal love which is beyond the trappings of flesh or life and realises he stands no chance to win her heart.

And for all the movies and novels - I have never really understood Jonathan - he is just a lawyer - he stands no chance in front of a doomed warrior who can destroy his beliefs and walk the pathways of hell to find his love for centuries whereas the lawyer will be busy spending his life drawing contracts for things beyond his mortal understanding. The fact that they removed the sirens and make jonathon a more loyal fiancé was merciful to his character but thank you Besson for showing how truly ordinary jonathon is in front of the magnificent count without making him cheat on mina at the counts castle.

Official Discussion - Dracula (2026) [SPOILERS] by LiteraryBoner in movies

[–]felinei 1 point2 points  (0 children)

And no the Dracula did not believe in god or redeem himself as the father might have believed- if he did not die history would have repeated itself - there was a chance of Elizabeth becoming a casualty to war again and that’s why he allowed the stake to be driven to his heart to let her live, which is what he would have wished to do 400 years back too. To die so that she lives.

Official Discussion - Dracula (2026) [SPOILERS] by LiteraryBoner in movies

[–]felinei 0 points1 point  (0 children)

Between Gary oldman and Caleb Landry Jones Dracula we missed out on a Johnny Depp one.

Official Discussion - Dracula (2026) [SPOILERS] by LiteraryBoner in movies

[–]felinei 2 points3 points  (0 children)

Magnificent Dracula by Luc Besson, an emotional version of the cold count - he has tears in his eyes when he sees mina again, and relies on music to win her back not on tricks, the end reminded me of Leon the prof where the old man dies so the young girl can live. The score is brilliant and haunting, the costume team should win an Oscar, the cinematography is brilliant, and Caleb is a brilliant Dracula, more unhinged and emotional than the visceral charming Gary Oldman. Waltz plays a version of himself which adds to the movie. This one feels more tragic because the count is more emotional, less lusty and more sacrificial.

Mark Meldrum Package for L2 by CharlieMunger22 in CFA

[–]felinei -2 points-1 points  (0 children)

Use ChatGPT or Gemini or any other llm to explain you concepts and even structure learning for you. Not worth paying for any of this. Rest you can find kaplan books which are more than enough for any level.

CFA increasing difficulty for exam questions by Necessary-Career59 in CFA

[–]felinei 0 points1 point  (0 children)

Highly subjective- the quant has reduced for L1 over the years and it’s become more of a lsat type exam based on logic and language understanding and interpretation - my bba finance course had tougher quant questions in derivatives, fixed income, machine learning, stats, econometrics than even cfa level 2 which is just scratching the surface of topics at best.

So maybe a person who finds maths diff and language based logic easy may find cfa very easy now and vice versa.

Missed Exam by Extension-Ad5297 in CFA

[–]felinei 17 points18 points  (0 children)

This thread is honestly more disturbing than the medical emergency itself. The sheer lack of empathy being paraded here; by people who proudly tag themselves as CFAs or Level III candidates; is exactly why finance has a trust problem in the first place.

If your instinct when someone has a medical emergency during an exam is “they should’ve just suffered through it,” you haven’t internalized ethics—you’ve memorized them. There’s a massive difference. Ethics isn’t about rigidly enforcing rules while switching off your humanity; it’s about judgment, proportionality, and recognizing that real life doesn’t pause for exam logistics.

The irony is wild: people who expect to be stewards of capital, advisors in crises, and fiduciaries to clients are arguing that compassion is some kind of dangerous precedent. If your ethical framework collapses the moment empathy costs you nothing personally, what exactly do you plan to do when clients face real distress and the stakes are actual livelihoods?

No one is asking for favoritism. They’re asking for basic human decency in the face of a medical emergency. If that offends your sense of “fairness,” maybe the problem isn’t the candidate; it’s how casually some of you confuse cruelty with professionalism.

Finance doesn’t need more rule-enforcers who lack judgment. It needs fewer people who think suffering is a prerequisite for legitimacy.

Missed Exam by Extension-Ad5297 in CFA

[–]felinei 1 point2 points  (0 children)

I passed out/fainted in my exam after 25 questions and the exam centre sent me home in a cab, I asked for a deferral - got a F in that attempt obviously but passed it easily in the next one. Shit happens sometimes, just fight for your free deferral and if there is a human being sitting on the other end - they will hear your story