Dear Mr. Voss,

it was an absolute pleasure reading your article! I am most relieved to see something like this coming from someone who is such an integral part of the Institute. This article brings me hope that we may soon see some major overhauling of the CFAI curriculum. To specific parts of the curriculum addressing risk measurement and portfolio management.

You see being a CFA level 3 candidate, I started having trouble accepting volatility as a measure of risk after hearing Warren Buffett talk of risk as the chance of permanent capital loss. Although I did not completely understand this perspective, at that time, however; I realized that I needed to start thinking about this topic seriously.

Please understand that I have the utmost respect for the Institute as I believe that it is doing a fine job when it comes to learning (and updating its curriculum) from market practitioners and like any evolving entity is learning from it's mistakes and growing each and every day.

I am appearing for the CFA level 3 exam this June and after reading your article I am most hopeful that we will get to see a fresh perspective on risk and portfolio management coming directly from the institute, soon. I intend to review anything and everything the institute updates in the future, in this regard. I am sure the content will be top quality just like the body of knowledge (from the institute) which is second to none.

wishing you all the best.