Wrong!

Look, MV=PQ (or, more accurately, MV=PY) is NOT the Quantity Theory of Money. It's called the Equation of Exchange, which, of course, is an accounting identity. It's a mathematical truism. The Quantity Theory of Money, on the other hand, imposes particular behavioral assumptions on the Equation of Exchange. Historically, it has assumed that velocity is fixed, but Milton Friedman and the Monetarists calmed down the Classical craziness, and simply maintained that in their version of the Quantity Theory, velocity is empirically predictable. And, of course, they were dead wrong about that as well as their k% money growth rule.

I expected the CFA Institute to be smarter than making an Econ-101 mistake by screwing up the difference between an accounting identity and a behavioral relationship, to say nothing of the rest of this atrocious article.