cfa books do not say about competitive advantage which protect company growwth. what is Risk in the mokovic Frontier line. I am sorry i do not spell his name correctly.

Risk in this frontier line is standard deviation which measure the price change in a period. but a stock price can reduce 50 percent after 3 years. where in cfa program, this risk is explained. I do not find where .

cfa books do not contain the any analysis the author do in this article. it is strange.