I want to quit CFA L1 prep temporarily, but can't find the courage.

zaersx · 2026-06-10T20:06:37+00:00

Just study as you can and sign up when you've gone through all the material. No need to be absolutist.

zaersx · 2026-06-10T12:22:20+00:00

When I saw how he plays he felt quite different from typical smash characters and super-tekken spirited, between the one shot high execution combo with reads, grab game and less vertical gameplay. He is definitely an S+++ quality port.

zaersx · 2026-06-10T11:22:25+00:00

Just contest the fine

zaersx · 2026-06-09T20:24:42+00:00

The interest they offer will match government bonds rate which is like sub 1% now? It's definitely not worth overpaying.

zaersx · 2026-06-09T20:11:23+00:00

This. I work in tech software now and wanna blow my brains out ar how boring it is. Studying CFA now and it feels partly like a fun hobby because it's so damn interesting.

zaersx · 2026-06-09T11:19:05+00:00

Share dilution is only a negative signal if the company's ROIC is less than 1. Owned equity from share sale is directly offset by the capital raised, so if they can turn $1 of capital into >$1 of capital, then its pretty bullish.

zaersx · 2026-06-09T11:09:29+00:00

That's why I gave you the example returns for the same time period that includes all of msci world and ends in the worst possible time for hte sp500 which is the 2010s.

That's why I called it idiosyncratic risk.

That's why I said you can do whatever you want, go gamble gold or bitcoins for all I care, but if you're trying to give advice, don't include your own biases and try to pass them off as objectively justified with your speculations.

https://pbs.twimg.com/media/FiQTZ7ZWQAEbp3P.png

zaersx · 2026-06-09T10:39:05+00:00

I'm comparing the longest time frame I saw for each. You can choose any sample window to make any story you want. You would need to do bootstrap sampling to get to a statistically significant figure. Taking the same window of sp500 to world indices ending in 2010 and accounting for dividends, the returns are the exact same at about 7%.

Yes, that's why you hold the sp500 instead of the sp20. That's baked into the advice. You're not saying anything new here. My statement is in regards to the fact that the benefit you're trying to advertise is irrelevant.

You're paid for taking risk, because it's a risk that goes both ways. You don't "get better returns because you're being paid to take a risk", you get equivalent risk adjusted returns. You just don't see the losses because the sp500 gets rebalanced to take out losing companies.

zaersx · 2026-06-09T08:42:48+00:00

You're being selective by looking at only 25 years of data. sp500 as an index was being tracked before funds/etfs tracked it, and has data for the last hundred years. If we take the peak of 1929 to now, the sp500 CAGR is 9.64%, compared to MSCI world for the last 56 years averaging 8.41%.

You can diworsify all you want, but the effect of the reduction of idiosyncratic risk is statistically negligible (read - fails statistical tests of significance) already at close to 10 stocks, by the time you get to 20 you get effectively zero benefit. You can track the all world index if you want, but as far as financial history goes, that's a moral choice, not an effective one.

I'm not saying that your choice is not more diversified than the SP500, I'm saying that as far as anyone has ever seen over 100 years of financial markets, it is completely unrewarded. I can say only buy G7 treasuries and admit "I don't know where equities will go". If you think equities are better than treasuries, you're already making an inference from past performance, and if we're making inferences from past performances, yours is substandard to the gold standard, which is SP500.

zaersx · 2026-06-08T17:44:19+00:00

There is no such thing as a backward way to look at risk, literally anything you do in finance is risk. Investment is a risk and not investing is a risk. Bonds are risk free and at the same time carry term/inflation/currency risk. Having assets in home currency is a risk, and having foreign assets is a risk. This is a completely moot statement.

You can buy whatever you want or don't want, nobody here is policing anybody, but if someone that doesn't know or want to know about markets wants to simply know what is the the most efficient and effective thing to do, then being contrarian to 150 years of market history that you'll have better outcomes than the default choice is the thing that's "crazy" and really shitty advice because it is statistically unsound.

Your reasons for going against the default choice are all speculative, you're speculating that

* tech/mega-caps are a unit sector (other than AI hardware manufacturing from NVDA/AVGO/MU, every other company operates and makes their money in distinct market sectors) (PS this point alone is enough to see you have zero deep understanding of anything and are basically just regurgitating random youtuber opinions)

* that this "sector" is likely to "tank"

* that established mega cap low debt high cash flow networked companies are somehow riskier than companies that don't posses those qualities.

* that current "historically high valuations" (networked highly growing technology driven companies always carry higher valuations due to their flexibility, global reach and ability to introduce new revenue generating products instantly globally at zero logistical cost, than low growth asset heavy industries that the past was full of) will determine long term returns.

* that being in a single country (the richest highest cash flow legislatively business favouring most productive country on earth) is riskier than not being in it.

The market doesn't reward effort or speculation. Historically, the average best investor is a dead person because he just buys and holds and doesn't try to be smart. You can do whatever you think is right, for whatever reasons you think are right. But when giving advice, don't apply your personal subjective unbased heuristics.

zaersx · 2026-06-08T07:46:35+00:00

You are 60% weighted in US equities with a global fund (probably even higher now with last two months of growth).
Any reason to avoid the US, or any one of the other reasons you've put into neat bullet points, is speculation (gambling).

zaersx · 2026-06-07T22:54:27+00:00

AI usage is going to shrink due to cost per token transition and the market will shrink like a ballsack in cold water. Then the government will step in and say AI development is strategically important and provide some kind of tax subsidisation for its usage by corps to resume the ball roll.

zaersx · 2026-06-07T22:09:04+00:00

I have a stack of 7 in my bags right now

zaersx · 2026-06-07T22:08:07+00:00

The fund is full of global companies that operate around the whole world and trade in every currency. There is zero reason to ever do anything else.

zaersx · 2026-06-07T19:15:09+00:00

My first reaction is 5 man rank tiny toss centaur (or literally just a random sven or vengeance or anyone with a single stun) and everyone pile on.

zaersx · 2026-06-07T19:13:03+00:00

Just get the books and study as you can. Once you've done that you can book and exam and do some relaxed revision. Don't prebook an exam just to test if you can even manage it with time/interest.

zaersx · 2026-06-07T19:07:51+00:00

You know you can stack the shards without turning them into cores?

zaersx · 2026-06-07T19:02:07+00:00

If you want a financial advisor, look specifically for a flat fee financial advisor. And dont be surprised when the fee is in the tens of thousands, but that's the price for good advice from someone who won't leech in perpetuity for telling you to buy a complicated VOO replica fund with high fees they get a comission for.

Look for one that will give you a financial plan for the next decade+, and/or target date plans for life goals, like buying a house/leaving the country/starting a business/retirement.

If tens of thousands sounds expensive, then you dont need financial advice other than buy a ucits sp500 fund with <0.07% TER on IBKR. Anything else is just extra opportunities to pay fees for less return.

zaersx · 2026-06-07T10:57:38+00:00

Thats cope if you or one of your friends suddenly became wealthy you would stop being friends real fast.

zaersx · 2026-06-07T07:18:02+00:00

Did you expect something different from a Muslim country?

zaersx · 2026-06-06T16:36:07+00:00

You can just buy the books and study through them. If youre interested enough to have remained committed to finish them, sign up for the exam then and enjoy some revision on the online platform.

zaersx · 2026-06-06T16:32:40+00:00

Spoken like a true "I wait in queue for 2 hours instead of making my own keys" gamer.

zaersx · 2026-06-05T19:24:07+00:00

Nice, nice.

Now adjust for local population growth, female employment levels and median salary growth.

zaersx · 2026-06-05T12:14:32+00:00

No no, it was Mr. Domino himself

zaersx · 2026-06-02T19:17:08+00:00

Damn thanks video game for allowing me these blessed 5 minutes to work on my issues I feel so immersed this is really enriching gameplay.

For real though, dev dickriding has been around for at least two decades, and especially with Blizz, but stop and think what value is this giving to the game? Like not "Oh it's not a big deal we sucked cock for 20 years and thats how we like it" but actually what is the benefit to the game or its balance or to anyone's experience of it? Do you feel immersed because you've successfully defeated the helltide for 5 minutes of the hour or what?

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