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fwiw I just wrote our contact at GARP with the following suggestion:

Hi @Jared Seguin Glad you saw the alternate expression, thanks for the good comment! However, in the first approach (which follows Diebold of course) where the seasonality is modeled with four (4) quarterly variables, please note that no intercept is included, such that perfect multicollinearity...

Hi @ziminli1228 APT is associated with the Bodie reading (Elton is R8 and Bodie is R10) so that the APT note is two readings below the CAPM at https://learn.bionicturtle.com/topic/study-notes-bodie-chapter-10/ I hope that helps, thanks!

Hi @syr1k totally congrats!! Unlike the ERP, the FRM CPD is voluntary, here is the handbook https://www.dropbox.com/s/y9uzut15p2mlwx4/2017_CPD_Handbook.pdf?dl=0 see below extract from same handbook

Hi @sharman.jamie You will "get away with it." Normally I would not say this, but GARP only substantively changed T9. Current Issues this year (very rare). The rest of Part II is substantively unchanged. Definitely upgrade Current Issues, of course. The only other recommended upgrade would be...

Hi @[email protected] No, you clearly do not need to know Jorion 6.3, it is beyond GARP's general-audience capabilities with zero chance of being directly tested (something I rarely assert). I copied it below and, in case it is helpful, here is an XLS...

Hi @[email protected] Good question (!), but not quite. In matrix form, portfolio variance is given by x'Σx which might be better expressed as x'(Σx) to reflect the post- then pre-multiplication. Here Σ is the correlation matrix and x is the vector of volatilities. We are doing both step (1) and...

Thank you @nikogeorgiev We've invested additional time and resource to improve the notes

Thank you @Nicole Seaman! I'm learning a lot about Texas history, this is from The Saga, a light show in downtown San Antonio (where the Alamo is located)

Hi @filip313 Super good question! I think the answer is, no. YTM is not congruent with the implied forward curve, unless the curve is flat. See below, I did this quickly (I may clean up and add to our R28 Tuckman XLS which captures most of Tuckman's extant scenarios. My below is dead simple (XLS...

@RaDi7 I just saw that gift card go out! Basically, we are dangerously close to paying you for being a customer ;) Teasing! I love it, thank you for all of your helpful forum contributions!!

Hi @theapplecrispguy Yes, but only because occasionally (or rarely) the 95.0% VaR will be represented by an author as the 0.050 VaR, treating them as the same idea. In any realistic use case, we are referring to the losses that happen in the worst 5.0% of times, the losing tail. It would not be...

@oldfed actually T9 doesn't give us too much trouble, we've been writing PQs for over a decade and frankly know the corpus, primarily via 10+ years of forum interaction with candidates and practitioners, better than GARP. What I sincerely care about is learning and mastery. For example, these...

Hi @oldfed Nicole is checking on whether the T9 source readings are posted by GARP (they used to do this and maybe they will be forthcoming); I think our own T9 Study Notes are almost finshed FWIW. Re: Does the content of that topic 9 will be further updated by GARP or is it definitive? The T9...

Hi @theapplecrispguy FYI, the source Q&A (with follow on discussion) is here at https://forum.bionicturtle.com/threads/p1-t2-300-probability-functions-miller.6728/ but briefly: Re: "My interpretation of this is that 5% of the time the bond will be priced below $1.842 and the other 95% of the...

Hi @robertlorick Immediately after purchase, you should have full access to https://learn.bionicturtle.com/frm-study-planner/ ... it would be rare for this access to fail to enable. I have sent @Nicole Seaman a message, but it's Sunday; she can remedy this immediately on Monday when she gets...

@ziminli1228 As Nicole wrote, we definitely have new Crouhy videos on our task list. Currently, we've been recording/publishing some of the other videos that really need updating. I appreciate that Crouhy is important to the introduction, so we do look forward to publishing some high-quality...

@jamietay Nicole will have her own view, but I don't want to add dates to the documents (PDF) themselves: on many occasions, we revise a small error or make a minor improvement and then upload the revision such that the majority of users don't need to be distracted by a super-minor update...

Hi @JYP I am always forgetting how to use "FRM" in a sentence. @Nicole Seaman do you happen to know of any resource; e.g., the GARP Code of Conduct (R12.T1) does not appear to speak to this. Below I copied from GARP's website FAQ, such that clearly appropriate is "Certified FRM" (and not as...

Learning objectives: Describe Bayes’ theorem and apply this theorem in the calculation of conditional probabilities. Compare the Bayesian approach to the frequentist approach. Apply Bayes’ theorem to scenarios with more than two possible outcomes and calculate posterior probabilities...