CFA Institute Research and Policy Center

Conversations with Frank Fabozzi, CFA, Featuring Lev Dynkin and Arik Ben Dor

Frank Fabozzi RPC; Lev Dynkin; Arik Ben Dor — Wed, 23 Sep 2026 12:00:00 Z

In this upcoming episode of Conversations with Frank Fabozzi, CFA, Lev Dynkin, Managing Director at Barclays Corporate and Investment Bank, and Arik Ben Dor, Head of Quantitative Equity Research at Barclays, draw on decades of work at Barclays' Quantitative Portfolio Strategy Group to show how investors can combine fixed income and equity insights into more effective systematic strategies. They cover the evolution of quantitative portfolio construction, cross-asset research, and what it takes to translate rigorous research into real portfolio decisions.

Deleveraging Is a Capital Allocation Decision

Mustafa Iqbal — Thu, 10 Sep 2026 12:00:00 Z

Managing LLM Bias in Investing: From Detection to Mitigation

James Tait; Brian Pisaneschi — Thu, 10 Sep 2026 12:00:00 Z

This report explores how human and large language model (LLM) biases enter investment workflows and how investment practitioners can detect, measure, and mitigate this phenomenon through prompt engineering, guardrails, comparative testing, and human oversight.

Structural Reforms are Creating New Global Investment Opportunities

Rohit Goel; Apoorv Bhargava — Wed, 09 Sep 2026 12:00:00 Z

Why One Stop-Loss Rule Cannot Fit Every Holding

Tchai Tavor — Tue, 08 Sep 2026 12:00:00 Z

The Risk of Treating Derivatives as the Strategy

Bruno Luiz Buriozzi — Fri, 04 Sep 2026 12:00:00 Z

Beyond Price Improvement: The Order Execution You Do Not See

Nadeem Al-Qahwi — Wed, 02 Sep 2026 12:00:00 Z

Investor Perspectives: Quarterly Reporting

Sandra Peters; Matthew Winters — Wed, 02 Sep 2026 12:00:00 Z

Would the Backtest Survive a Different Specification?

Milos Maricic — Tue, 01 Sep 2026 12:00:00 Z

Response to Proposed Revisions to QC 1000

Sandra Peters; Manoj Mahanama — Mon, 31 Aug 2026 12:00:00 Z

CFA Institute responds to the Public Company Audit Oversight Board’s supplemental request for comment: “Proposed Amendments to QC 1000, A Firm’s System of Quality Control, and Related Rule and Forms”.

Private Market Investment in the EU: Prudent Access for Retail Investors

Alexander Lehmann — Mon, 31 Aug 2026 12:00:00 Z

This report examines the European Union’s expanding private markets and revised European long-term investment fund framework, assessing investor opportunities, risks, protections, and policy changes needed to support responsible, sustainable growth in Europe.

Book Review: Investment Trusts Explained

Janet Mangano — Fri, 28 Aug 2026 12:00:00 Z

Digital Money’s New Plumbing

Jacob Su; Urav Soni — Thu, 27 Aug 2026 12:00:00 Z

Response to HKEX Listing Framework Competitiveness Review

Matthew Chan; Monica Cheung; Olivier Fines; Phoebe Chan — Wed, 26 Aug 2026 12:00:00 Z

In Practice Brief: EBITDA, EBITA, or EBIT?

CFA Institute - Ogilvy — Wed, 26 Aug 2026 12:00:00 Z

The Housing Market's Paper Illusion

Thomas Smith — Wed, 26 Aug 2026 12:00:00 Z

Conversations with Frank Fabozzi, CFA, Featuring Kari Vatanen

Frank Fabozzi RPC; Kari Vatanen — Wed, 26 Aug 2026 12:00:00 Z

In this episode of Conversations with Frank Fabozzi, CFA, Kari Vatanen, CFA draws on decades of experience in asset allocation, risk management, derivatives, and pension investing to examine how portfolio construction is evolving beyond traditional models. As inflation uncertainty, private markets, and shifting market dynamics reshape investment decisions, he explores the rise of total portfolio thinking, the growing role of alternative investments and factor-based approaches, and why integrating risk management into strategic decision-making is more important than ever.

Volatility-Managed Target Date Funds

Byounghyo Lim — Mon, 24 Aug 2026 12:00:00 Z

Some Unpleasant Total Return Arithmetic

Bernhard (Bernd)Scherer — Mon, 24 Aug 2026 12:00:00 Z

Private Credit Funds and the Retail Shift

Cheryll-Ann Wilson — Mon, 24 Aug 2026 12:00:00 Z

Book Review: Deep Learning in Quantitative Trading

Mark Rzepczynski — Thu, 20 Aug 2026 12:00:00 Z

AI’s Role in Addressing Risk in Supply Chains at Scale

Ebro Dossajee; Bradley McCann; Connor O'Keeffe — Wed, 19 Aug 2026 12:00:00 Z

Regimes Matter: Regime-Based Dynamic Asset Allocation Using Neural Networks

Uri Carl ; Yaacov Kopeliovich; Michael Pokojovy; Kevin Shea — Tue, 18 Aug 2026 12:00:00 Z

The Question That Reveals Whether a Quant Manager Can Explain a Single Trade

Milos Maricic — Tue, 18 Aug 2026 12:00:00 Z

Speculative Supply Chains and the Madness of Crowds

Mark Higgins — Mon, 17 Aug 2026 12:00:00 Z

The Risks of Cognitive Delegation and the Challenge of Accountability in the Age of AI

Fri, 14 Aug 2026 12:00:00 Z

ESG Scores Miss What Matters: Can Companies Adapt?

Herman Bril — Thu, 13 Aug 2026 12:00:00 Z

Using AI to Develop Optimal Trade Execution Strategies

Maksim Kitikov ; Harrison Maxwell; Kirill Papka — Tue, 11 Aug 2026 12:00:00 Z

Six Risks Private Equity Investors Should Consider in a Buy-and-Build Strategy

Carlos Ceppas Lynch; Leonardo Alves — Mon, 10 Aug 2026 12:00:00 Z

CFA Institute, ILPA Aligned on Need for Safeguards on Continuation Funds

Stephen Deane RPC; Ken Robinson — Fri, 07 Aug 2026 12:00:00 Z

In Practice Brief: Carbon Beta: A Market-Based Measure of Climate Transition Risk Exposure

CFA Institute - Ogilvy — Fri, 07 Aug 2026 12:00:00 Z

In Practice Brief: Profitability Meets Investment

CFA Institute - Ogilvy — Fri, 07 Aug 2026 12:00:00 Z

Most Asset Managers Already 'Use AI.' Few Turn It Into Alpha

Michael Schopf — Fri, 07 Aug 2026 12:00:00 Z

Can AI Decode Not Just What Management Says, but How They Say It?

William Armstrong; Archie Clark; James Hillan; Zac Moraghan — Thu, 06 Aug 2026 12:00:00 Z

A medalist in CFA Institute's AI Investment Challenge introduces EarningsIQ--an AI app that analyzes earnings calls and management confidence using voice patterns.

The Algorithmic Market Hypothesis

Joseph Simonian — Thu, 06 Aug 2026 12:00:00 Z

This report examines the transformation of financial markets as trading shifts from human-driven to algorithmically dominated activity, with particular focus on LLMs as a distinct and increasingly influential category of market participant.

Stablecoins and the Future of Treasury Markets

Baxter Hines — Mon, 03 Aug 2026 12:00:00 Z

Stablecoins have become one of the fastest-growing segments of global finance. Originally developed to facilitate cryptocurrency trading, they are increasingly used for payments, remittances, treasury management, and cross-border transactions.

The New SEC Semiannual Reporting Proposal

Matthew Winters — Wed, 29 Jul 2026 12:00:00 Z

The SEC proposal over semiannual reporting is creating two distinct camps of advocates--corporations and investors. What can investors do?

Conversations with Frank Fabozzi, CFA, Featuring Francesco Fabozzi

Frank Fabozzi RPC; Francesco Fabozzi — Wed, 29 Jul 2026 12:00:00 Z

In this episode of Conversations with Frank Fabozzi, CFA, Francesco Fabozzi explores how large language models are transforming investment workflows, from discretionary research and quantitative strategies to portfolio construction and governance. He discusses where AI creates value, the risks firms must manage, and why the future of investing will depend on combining domain expertise with AI-driven insights.

Why Yesterday's Market Rules Don't Always Apply Today

Navneeth Krishna Mohan — Tue, 28 Jul 2026 12:00:00 Z

Book Review: To Protect Their Interests

Martin Fridson — Tue, 28 Jul 2026 12:00:00 Z

Chinese Investors: Understanding China’s Next Generation of Wealth

Jacob Su — Tue, 28 Jul 2026 12:00:00 Z

Clicks and Credibility 2.0

Gaurav Kapur; Pankaj Sharma; Urav Soni; Harsh Garg — Tue, 28 Jul 2026 12:00:00 Z

The current report, “Clicks and Credibility 2.0,” builds on our earlier work to explore what has evolved in this space since March 2025. The 2026 report points to a partial shift in this landscape: The share of SEBI‑registered finfluencers has increased to 6%, but the proportion offering explicit stock recommendations remains unchanged at 33%.

Total Portfolio Approach: A Critical Literature Review

Redouane Elkamhi; Jacky SH Lee — Tue, 28 Jul 2026 12:00:00 Z

This literature review explains the total portfolio approach (TPA) as integrated total-fund decision-making.

The Total Portfolio Approach (TPA)

Roger Urwin; Genevieve Hayman — Tue, 28 Jul 2026 12:00:00 Z

Explore the total portfolio approach (TPA), its advantages over traditional asset allocation, and the governance, culture, technology, and leadership needed for adoption. Learn from leading asset owners and gain practical guidance for transitioning to TPA.

The Self-Driving Portfolio: Promise, Pitfalls, and the Practitioner Gap

Irina Bevza — Mon, 27 Jul 2026 12:00:00 Z

Artificial Intelligence Will Clarify What Asset Managers Are Paid For

Dr. Heiko Opfer — Fri, 24 Jul 2026 12:00:00 Z

Machine Learning Improves Return Forecasting

Rossa O'Reilly — Thu, 23 Jul 2026 12:00:00 Z

Conflicts of Interest in Continuation Funds

Stephen Deane RPC — Thu, 23 Jul 2026 12:00:00 Z

This report is the second of a three-part series on ethics in private markets. The first report, Continuation Funds: Ethics in Private Markets, Part I, explains what continuation funds are and concisely summarizes the key ethical issues they raise.

Financial Analysts Journal, Third Quarter 2026, Vol. 82, No. 3

CFA Institute - Ogilvy — Wed, 22 Jul 2026 12:00:00 Z

Six Steps for Navigating Professional Transitions in Investment Management

Rhonda Hopps; Jim Ware — Tue, 21 Jul 2026 12:00:00 Z

Artificial Intelligence and the Future of Finance

Mona Naqvi — Mon, 20 Jul 2026 12:00:00 Z

This report addresses how artificial intelligence could reshape finance by changing how investors process information, allocate capital, manage risk, define professional skill, and preserve accountability in an increasingly automated system.

Heat is a Risk–Markets Still Struggle to Price It

Mustafa Dah — Fri, 17 Jul 2026 12:00:00 Z

Beyond Diversification: Factor Risk in Sovereign Portfolios

Vivek Mani — Thu, 16 Jul 2026 12:00:00 Z

Private Credit: Market Structure, Fund Design, and Retail Access

Cheryll-Ann Wilson — Thu, 16 Jul 2026 12:00:00 Z

Private credit has grown from a niche institutional asset class into a $2.6 trillion global market and a major source of corporate financing. Driven by post–Global Financial Crisis regulatory reform, bank retrenchment, and investor demand for income, it has become a central feature of modern capital markets and is increasingly reaching wealth management clients and sophisticated retail investors through semi-liquid funds, non-traded BDCs, interval funds, and digital platforms.

The Retirement Strategy Hiding in Plain Sight

Ernie Caballero — Mon, 13 Jul 2026 12:00:00 Z

Demographics and Technology

Maria Vassalou — Fri, 10 Jul 2026 12:00:00 Z

Book Review: Private Finance, Public Power:

Mark Bhasin — Thu, 09 Jul 2026 12:00:00 Z

Home Bias: The Hidden Cost of Staying Close to Home

Fabricio Oliveira — Wed, 08 Jul 2026 12:00:00 Z

Book Review: Stock Market Maestros:

Martin Fridson — Thu, 02 Jul 2026 12:00:00 Z

Profitability Meets Investment

Francesco Franzoni; Daniel Obrycki; Rafael Resendes — Wed, 01 Jul 2026 12:00:00 Z

Your Client’s Biggest Asset Isn’t in Their Portfolio

Jordan M. Whitledge — Wed, 01 Jul 2026 12:00:00 Z

When Information Is No Longer the Edge

Boecyàn Bourgade — Mon, 29 Jun 2026 12:00:00 Z

Late Payments Can Be an Early Warning Signal for Investors

Jean Claude Rutayisire — Thu, 25 Jun 2026 12:00:00 Z

EBITDA, EBITA, or EBIT?

Doron Nissim — Tue, 23 Jun 2026 12:00:00 Z

When the Equity Premium Was New

Edward McQuarrie — Tue, 23 Jun 2026 12:00:00 Z

When "Non-Monetary" Fed Operations Move Markets

Victor Xing — Tue, 23 Jun 2026 12:00:00 Z

Investment Committees: Governance and Design Choices

Bernhard (Bernd)Scherer — Tue, 23 Jun 2026 12:00:00 Z

Investment committees are widespread but often flawed. This monograph shows how structure and group dynamics distort decisions and offers a transparent, model-driven approach to improve accountability and outcomes.

Don’t Blame Indexing for Your Problems

Owen A. Lamont — Mon, 22 Jun 2026 12:00:00 Z

Analyzing ESG Follow-Through of Pension Funds

Sehee Kim; Woo-Jong Lee; Hee-Yeon Sunwoo; Aaron Yoon — Mon, 22 Jun 2026 12:00:00 Z

The Board-Lot Reckoning: Access, Liquidity, and Governance

Monica Cheung — Mon, 22 Jun 2026 12:00:00 Z

Understanding the Growth of Private Markets

Rhodri Preece; Cheryll-Ann Wilson — Mon, 22 Jun 2026 12:00:00 Z

Private markets now shape capital formation, portfolio construction, and financial stability. This report examines private markets’ growth, risks, and implications for investors, policymakers, intermediaries, and the investment profession.

In Practice Brief: The Fallacy of Concentration

CFA Institute - Ogilvy — Wed, 17 Jun 2026 12:00:00 Z

Market Structure Reaches the Boardroom

Tanseli Savaser; Khaladdin Rzayev; Elif Sisli Ciamarra — Wed, 17 Jun 2026 12:00:00 Z

Preliminary Response to Semiannual Reporting Proposed Rule

Sandra Peters; Matthew Winters — Tue, 16 Jun 2026 12:00:00 Z

CFA Institute responds to US Security and Exchange Commission’s proposed rule to allow companies to file semiannual reports in lieu of quarterly reports.

Recession Risk Through a Real-Economy Lens

Daniel Fang — Tue, 16 Jun 2026 12:00:00 Z

Did the Manager Change the Model or Just the Settings?

Milos Maricic — Mon, 15 Jun 2026 12:00:00 Z

Book Review: Fixed: Why Personal Finance Is Broken and How to Make It Work for Everyone

William Bernstein — Thu, 11 Jun 2026 12:00:00 Z

Fiduciary Duties in Selecting Designated Investment Alternatives

Olivier Fines; Kurt Schacht; Fan Yang — Wed, 10 Jun 2026 12:00:00 Z

CFA Institute supports broader access to private market investments in 401(k) plans while urging stronger fiduciary safeguards, enhanced participant disclosures, rigorous valuation and liquidity standards, and a phased approach to integrating private assets into retirement portfolios.

Decision Architecture: The Real AI Edge

Wed, 10 Jun 2026 12:00:00 Z

Markets Don't Just Price Risk—They Price Waiting

Kevin Prall; Jason Bares; Do-Yun Park — Tue, 09 Jun 2026 12:00:00 Z

The Current State of BRSR in Corporate India 2.0

CFA Institute - Ogilvy; CFA Society India-ARX — Mon, 08 Jun 2026 12:00:00 Z

Fiscal Injection, Monetary Impulse

Valery Bonakhau — Thu, 04 Jun 2026 12:00:00 Z

Response to UK FCA CP25/13: Cryptoasset Perimeter Guidance

Olivier Fines; Amit Bisaria; Suzanne Hsu; Urav Soni; Phoebe Chan — Wed, 03 Jun 2026 12:00:00 Z

When Trade Payables Become Debt

Florian Lücker — Tue, 02 Jun 2026 12:00:00 Z

Module 2: Evaluating ETFs

Joanne Hill RPC; Elisabeth Kashner; Dave Nadig — Tue, 02 Jun 2026 12:00:00 Z

When CPI Breaks, So Do Real Returns

Ejiye Jimeta "EJ" Ibhawoh — Mon, 01 Jun 2026 12:00:00 Z

Buy ESG Improvement, Not ESG Status

David Fernández Tavares — Thu, 28 May 2026 12:00:00 Z

Muni Call Risk: Why Similar Bonds Behave Differently

Baridhi Malakar; Daniel Garrett — Wed, 27 May 2026 12:00:00 Z

Why Legal Rights Shouldn’t Sit Within the Investment Function

Baraa Shaheen — Tue, 26 May 2026 12:00:00 Z

Alpha is in the Capabilities You Don’t See

Ralph Welborn — Thu, 21 May 2026 12:00:00 Z

Conversations with Frank Fabozzi, CFA, Featuring Sue Brake

Frank Fabozzi RPC; Sue Brake — Wed, 20 May 2026 12:00:00 Z

How can investment professionals improve decision-making in increasingly complex and uncertain markets?

In this episode of Conversations with Frank Fabozzi, CFA, Susan Brake offers practical perspectives on the total portfolio approach, governance, and the evolving role of AI in investment decision-making.

Carbon Beta: A Market-Based Measure of Climate Transition Risk Exposure

Joop Huij; Dries Laurs; Philip Stork; Remco Zwinkels — Tue, 19 May 2026 12:00:00 Z

When Tech Dominates EM, Passive Is No Longer Neutral

Rohit Goel; Zachary Apoian — Tue, 19 May 2026 12:00:00 Z

Private Credit Stress: Concentrated Risk, Not Systemic Crisis

Alfonso Ricciardelli — Mon, 18 May 2026 12:00:00 Z

Yes, You Should Gamble (Sometimes)

Franklin Parker — Thu, 14 May 2026 12:00:00 Z

Litigation Finance: An Industry at a Crossroads

Joshua J. Myers — Thu, 14 May 2026 12:00:00 Z

Bad Timing Does Not Cost Investors 15% of Their Funds’ Returns

Jon Fulkerson; Bradford Jordan; Timothy Riley; Qing Yan — Tue, 12 May 2026 12:00:00 Z

Capital Efficiency With Derivatives

Bruno Luiz Buriozzi — Tue, 12 May 2026 12:00:00 Z

Reforming Regulation S-K

Sandra Peters; Matthew Winters — Mon, 11 May 2026 12:00:00 Z

Tokenized Equities: Infrastructure Evolution or Institutional Illusion?

Baxter Hines — Mon, 11 May 2026 12:00:00 Z

Book Review: Wrong Number

Mark Rzepczynski — Fri, 08 May 2026 12:00:00 Z

The Active Side of Indexing

Robert Arnott; Lillian Wu — Thu, 07 May 2026 12:00:00 Z

Indexing isn’t purely passive. Arnott and Wu show that cap-weighted indexes embed momentum bias, driving buy-high/sell-low trades and hidden costs. They propose simple tweaks to reduce turnover and distortions and to improve outcomes.

Private Equity Best Practices: What Drives Outcomes

Sebastien Canderle — Wed, 06 May 2026 12:00:00 Z

Scaling AI Requires Rethinking Governance

Julia Cherashore — Tue, 05 May 2026 12:00:00 Z

Global Compliance Carbon Markets: Auction Mechanisms

Yushuo Yang — Tue, 05 May 2026 12:00:00 Z

This report analyzes auction mechanisms of global compliance carbon markets. It outlines key auction designs, evaluates their effectiveness, and identifies the factors that drive outcomes — informing carbon market participation and policymaking.

In Practice Brief: Emotional Yields of Collectibles

CFA Institute - Ogilvy — Mon, 04 May 2026 12:00:00 Z

A Clearer Way to Benchmark Private Equity

Sofia Gertsberg — Mon, 04 May 2026 12:00:00 Z

Financial Analysts Journal, Second Quarter 2026, Vol. 82, No. 2

CFA Institute - Ogilvy — Mon, 04 May 2026 12:00:00 Z

Repricing the AI Narrative: From Hype to Economic Profit

Pankaj Mhatre — Mon, 04 May 2026 12:00:00 Z

Geopolitical Shocks: What Moves First and Why It Matters

Shubhangi Srinetra — Fri, 01 May 2026 12:00:00 Z

Capital Preservation Is the Foundation of Wealth

Matthew Simpson — Thu, 30 Apr 2026 12:00:00 Z

Conversations with Frank Fabozzi, CFA, Featuring Mark Anson

Frank Fabozzi RPC; Mark Anson — Wed, 29 Apr 2026 12:00:00 Z

In this episode of Conversations with Frank Fabozzi, CFA, Mark Anson, CFA, they discuss how institutional investors are positioning portfolios in a less-synchronized global economy. The conversation examines the potential decline of global equity correlations, the structural rise of private credit, and the role of the equity risk premium as a valuation discipline across market cycles. Drawing on decades of experience managing endowment and foundation assets, Anson outlines practical considerations for diversification, liquidity, and long-term risk management.

Passive vs. Active in DC Plans

David Blanchett; Spencer Look — Tue, 28 Apr 2026 12:00:00 Z

Response to EU Consultation on Private Equity Exits

Alexander Lehmann — Mon, 27 Apr 2026 12:00:00 Z

The New Demands of Optimal Execution

Natascha Hey — Mon, 27 Apr 2026 12:00:00 Z

In Practice Brief: Rethinking Variable Importance in Machine Learning

CFA Institute - Ogilvy — Fri, 24 Apr 2026 12:00:00 Z

Book Review: Streetwise: Getting to and Through Goldman Sachs

Erfan Sadeghi — Thu, 23 Apr 2026 12:00:00 Z

In Practice Brief: The Best Defensive Strategies

CFA Institute - Ogilvy — Wed, 22 Apr 2026 12:00:00 Z

Quantum Computing vs. AI: Real-World Applications

Genevieve Hayman; Oswaldo Zapata — Wed, 22 Apr 2026 12:00:00 Z

Essay: The Perils of Declining Judgment in the Age of AI

Markus Schuller — Tue, 21 Apr 2026 12:00:00 Z

From Risk Premia to Constraints: How Markets Really Clear

Sandeep Srinivas — Mon, 20 Apr 2026 12:00:00 Z

Emotional Yields of Collectibles

Elroy Dimson; Kuntara Pukthuanthong; Blair Vorsatz — Thu, 16 Apr 2026 12:00:00 Z

Liquidity as a Product Feature, Not a Market Reality

Nirasha Senanayake — Thu, 16 Apr 2026 12:00:00 Z

AI Hype Meets Gatekeepers: What Survives Due Diligence

Dan Philps; Ram Gopal — Wed, 15 Apr 2026 12:00:00 Z

In Practice Brief: Fundamental Growth

CFA Institute - Ogilvy — Mon, 13 Apr 2026 12:00:00 Z

How Capital Flows Are Reshaping Markets

Valery Bonakhau — Mon, 13 Apr 2026 12:00:00 Z

A Reassessment of Hedge Fund Returns Using Daily Return Data

Christos Antoniadis; Spyros Skouras — Fri, 10 Apr 2026 12:00:00 Z

The Fallacy of Concentration

Mark Kritzman; David Turkington — Fri, 10 Apr 2026 12:00:00 Z

Book Review: Financial Data Science

Mark Rzepczynski — Thu, 09 Apr 2026 12:00:00 Z