I hate criticising the CFA Institute because, as a charterholder, I end up inadvertently bashing myself. Still, the organization’s historical commitment to the Efficient Market theories has always been frustrating to me. The CFA Institute counts among its members some of the brightest minds in finance…yet much of its curriculum supports a theory that has been proven time and again in the real world to be patently false and unrealistic. Belief in the efficiency of markets given the series of meltdowns over the past decade is almost as crazy as continuing to believe in communism as an economic model given the failure of the Soviet Union. Read the rest of this entry »