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You can find the historical pass rate by following this link. I do not think the pass rate this year is higher than most of the previous years. If we got illusion of high pass rate, I think it is because the base of candidates got greatly enlarged...

Passed the full exam! Thank you very much, David. You are the best!

So GARP is generating new type of operational "RISK". :-)

Hi David, It was hard for me. I even thought that would be a surprise if I can pass after I completed the AM session because I felt so bad. I was only confident on less than half of answers through thinking and reasoning. Around 1/4 of answers are guessed by appling the tricks I gained when...

Hi David, I feel a little bit confused about the several terms used in Stulz's chapter 2. 1. Shareholder and invester, do they mean the same thing? Can I interpret that shareholders are pure stock holder but investers could buy other asset like derivatives? 2. Firm , does this word...

Hi David, Could you please clarify if there is any difference between these two historical-based approaches? I wonder they are actually about the same thing. Thanks Patrick

Hi David, In Jorion's VaR, Ch12, P315 (Also in video slides) "The current value of derivatives is obtained from discounting at risk-free rate and averaging across all experiments, that is f(t)=E*[e^-rtF(St)]" The order for this calculation is: discount each future value back to current...