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Thanks @David Harper CFA FRM I think I finally understand the "as seen today". So Conditional (aka Marginal) PD is a combination of assumed certainty and probability: e.g. We assume we are certain you haven't defaulted in the first 3 years, and are calculating the probability of you defaulting...

Thanks @Nicole Seaman :) I'll accrue mine. Thanks Karim

Hi @David Harper CFA FRM I'm feeling pretty dense, but I'm still not getting it :( Aside from my question above, in the GARP 2018 P2 Question 6 we got another PD question and I thought "Unconditional Probability is a probability that does not take into account any other information, knowledge...

Hi @David Harper CFA FRM GARP replied: "GARP is aware of this discrepancy in the text and is working with the publisher to address it. It will not impact actual FRM Exam questions." So there's still hope :) Best Karim

Thanks @Nicole Seaman We're rooting for you and the G & H mock exams :) Thanks Karim

Hi @David Harper CFA FRM @Nicole Seaman Given we're just over a week away, I'm trying to decide how to spend the little time remaining to get the best bang for my buck to try and pass the part II exam. So I'm facing a tradeoff between quantity and quality where my impression is that your more...

Hi @David Harper CFA FRM Your post and video above are very useful thanks. The one piece I'd still need a hand with please is the difference between Marginal PD as found in the Excel sheet from here...

My pleasure @David Harper CFA FRM :) My guess is they want to keep it in because it covers a broad array of topics, but sadly seems to personify "jack of all trades, master of none" :( So I'm thinking they would need several replacement texts to cover the 1 book's learning objectives. Btw...

Thanks @David Harper CFA FRM I've pinged GARP about this particular error in hopes that it won't make it onto the exam. Thanks Karim

Hi @David Harper CFA FRM I've also got these various PD definitions swimming around in my head, and after looking at our beloved De Laurentis I'm even more confused than when I started :confused: This post is the closest I've found to explanations of what the various flavors of PD mean, and...

Thanks @David Harper CFA FRM Yes same issue in the GARP 2018 FRM Part II Credit Risk book on page 72. Screenshot: If you can send me a list of the other issues after exam day (we both have more pressing things to do now :)) I'll ask GARP too so hopefully we can get them to reconsider. Thanks...

Hi @David Harper CFA FRM I remember you mentioned the De Laurentis text was weak, but I wanted to confirm my understanding of his marginal contribution to portfolio unexpected loss formulae which seem to imply Correlation = Beta. R42.P2.T6 Giacomo Study Note page 9: Screenshot: If we...

Thanks @Nicole Seaman I also thought I'd post it since we're in the last weeks before exam day and more people might be using the review videos. I spent some time scratching my head as to how the answer was reached until I realized it wasn't correct :) Best Karim

Thanks for the follow up @David Harper CFA FRM That makes sense thanks :) Sorry for the delay but work has gotten crazy again at exactly the wrong time as exam day approaches (5:32am my time and going to bed now after working :eek:). Thanks Karim

Hi @David Harper CFA FRM @Nicole Seaman In the Market Risk focus review video 2 it refers to the original incorrect solution to question 63.2 which was fixed here: https://forum.bionicturtle.com/threads/l2-t5-63-fixed-income-mapping-jorion.3617/ Screenshot from P2_FR2.PDF: Correct Answer...

Thanks @Nicole Seaman I'll accrue mine. Best Karim

Hi @David Harper CFA FRM @Nicole Seaman As exam day in May is fast approaching I was thinking about the materials to use to review. 1) The E & F mock exams from last year should be mostly applicable due to the few syllabus changes in 2018, so maybe you could just point us to some additional...

Thanks @David Harper CFA FRM By the way, I'm a big fan of the chapter summaries at the end of some of the Gregory study note chapters! There's a lot of information, and it helps to have a summary of the key points at the end. If possible, it would be great to have the same kind of concept in...

Hi @David Harper CFA FRM @Nicole Seaman For Gregory, Counterparty Credit Risk there's a 6th chapter on Collateral in the 2018 GARP learning objectives which is correctly listed in the Study Notes, but missing from the Study Planner header, and list of instructional videos. Screenshot...

Hi @David Harper CFA FRM R44.P2.T6 Malz Study Notes page 42: I think the Default01 formula should have 1/20 multiplied by the difference in the next 2 terms rather than just being 1/20th of the 1st term. Current formula: What I think it should be: Default01 = 1/20 * [(mean value/loss for Pi...