Dear Mr. Voss,

Since, we both agree that the way to understand business risk is by spending time in order to study an industry/business and develop a conceptual framework which allows us to understand the main factors that will drive performance in the future. By doing so not only do we develop a deeper understanding of how the business/industry operates but we also become aware of the risks associated with these business drivers and how they could negatively impact the business/industry and eventually our investments.

I saw the CFAI ''industry guides'' a few weeks back and was instantly hooked to them! (Excellent work by the Institute I must say!) I am sure you would agree that these are quite important readings, along with corporate filings, for anyone who wishes to understand and develop a deeper understanding of specific industries.

As I am currently interested in specializing in analyzing and evaluating the energy sector (including oil and gas, coal, electricity and alternatives) I would like to ask if you believe there is value in going for a specialized study program such as the Energy Risk Professional (offered by GARP)?

This program is designed to develop a candidates ability to understand how businesses operate in the energy sector as well as the risks associated with them so that one is eventually able to manage and mitigate risk.

Your advice would be most helpful to me.

Thanking you for taking out the time to read my comments and responding!

Best wishes.

Muhammad.