CFA Institute Research Challenge Finals: Princess Sumaya University for Technology
The Princess Sumaya University team presented a hold recommendation for Neutra, Jordan’s only local infant‑formula manufacturer. They set a target price of 1.07 Jordanian dinars, implying a modest 3.4% upside from the 1.03 JD close on May 4, and highlighted the company’s 25% domestic market share and export exposure to Iraq, Syria and Algeria. Key insights include a projected 9% revenue CAGR driven by new African market entries, a modest improvement in profitability, and a disciplined debt‑reduction strategy. The valuation blends a 90% weighted discounted cash‑flow model with a 10% relative‑valuation overlay, incorporating a 2% geopolitical risk premium and a 1.5% ESG‑liquidity surcharge. ESG scores average 6.8, but governance suffers from non‑independent board members and limited disclosures. During the Q&A, the team emphasized concrete ESG actions—solar panels, waste recycling, and community health initiatives—while acknowledging governance gaps and the absence of dividend policy due to accumulated losses. Sensitivity and Monte‑Carlo analyses showed the stock trading near fair value, with a 9% upside versus a 10% downside risk range. The recommendation rests on Neutra’s defensive, inelastic demand profile, low‑beta exposure, and potential cash‑flow buildup from retained earnings. However, investors must watch geopolitical volatility, currency mismatches, and liquidity constraints, as a worsening regional conflict or a new low‑cost entrant could quickly shift the risk‑return balance.
2026 CFA Institute Research Challenge Finals: University of Waterloo
The University of Waterloo team presented a sell recommendation on Lightspeed Commerce, arguing that the company faces structural headwinds in a mature, hyper‑competitive POS market. Their analysis highlighted three core deficiencies: a history of value‑destructive acquisitions, an undersized and inefficient...
Stocks or Bonds?
The video debates whether stocks or bonds are the superior asset class, focusing on their historical performance as inflation hedges and the perception of a durable equity premium. The speaker notes that since 1926 U.S. equities have delivered exceptional returns, while...
Conversations with Frank Fabozzi, CFA, Featuring Mark Anson, CFA
The conversation between Frank Fabozzi and Mark Anson focuses on how geoeconomic tensions reshape the modern CIO’s asset‑allocation playbook, emphasizing a “regionalized global economy” and its impact on private‑capital and public‑market strategies. Anson explains Commonfund’s shift toward region‑specific, sector‑focused investments—allocating to...
CFA Program Careers: Chief Investment Officer (CIO)
The CFA Institute’s career‑focus video spotlights the Chief Investment Officer (CIO) role, featuring three CFA‑qualified CIOs from PNC Asset Management, Truest Wealth, and J.P. Morgan. Rob Langrich frames the discussion around the rarity of the position—about 11,000 globally, with roughly half...
What Is the Future of the Equity Risk Premium?
The video examines the elusive equity risk premium, questioning whether historical averages can guide future expectations. It notes the conventional 3.6% premium measured against bonds, but argues that extending the sample back before 1926 paints a dimmer picture of stock returns....
Are Stocks Still Worth It? Future Returns, AI, and Market Reality
In the closing panel of the CFA Institute’s joint anniversary event, leading academics and practitioners examined why future stock returns may be lower and more uncertain than past performance suggests. The discussion highlighted a reassessment of the equity premium, the...
What Professionals Get Wrong About the Equity Risk Premium
The panel, featuring Roger Ibbotson, Elroy Dimson and Carla Nunes, examined the equity risk premium (ERP) through a century‑plus of U.S. stock and bond data and announced a forthcoming, CFA‑hosted data platform. Ibbotson described rebuilding the historic “I‑indices” after licensing...
Will Stocks Outperform Again? Inside the Equity Risk Premium Debate
The CFA Society New York hosted a special event marking the 80‑year anniversary of the Financial Analyst Journal and the 60‑year anniversary of the CFA Institute Research Foundation, centering on the question “Will the equity risk premium in a century...
Peter Lazaroff on Exams
Peter Lazaroff recounts his grueling journey through the three‑level CFA program, emphasizing how the exam’s intensity eclipsed typical weekend plans and social life. He describes the physical toll of endless essay writing and the relentless study schedule that left little...
Raluca Filip, CFA: Helping Investors Navigate Risk, Volatility, and Second Thoughts
The podcast with CFA charterholder Raluca Filip focuses on helping financial advisors guide clients through heightened volatility, hesitation, and second‑thoughts about risk. Filip explains that investors often enter markets with bullish expectations and underestimate volatility, leading to panic when portfolios turn...
Conversations with Frank Fabozzi, CFA, Featuring Iro Tasitsiomi, PhD
The interview with Iro Tasitsiomi, head of AI and investments data science at T. Rowe Price, explores how a physicist’s training shapes AI strategy in asset management. Her transition from cosmology research to quantitative finance illustrates the power of...
Roger Urwin: What a Total Portfolio Approach Looks Like in Practice
The podcast revisits Roger Owen’s Total Portfolio Approach (TPA), focusing on how the framework has moved from a niche concept to mainstream practice after the pivotal 2025 “cross‑the‑chasm” year. Owen explains that large institutional investors such as the Dutch pension fund...
Finfluencers: What Drives Them, & How Should Regulation Evolve
The CFA Live 25 conference panel examined the rise of "finfluencers" – content creators who translate complex finance topics into bite‑size social media posts. Speakers highlighted how these creators fill an information gap for retail investors, especially younger audiences,...