I am a successful investor in Vietnam and I am reading CFA books. some of the books is great, other is not. I do think that cfa program better my investment.

the difference in performance between cfa holder and non holder as dicussed above is correct but dose not deserve with the reading of 18 books. I means the reading is too long.

risk in Markowit frontier line is not explained clearly. what is this risk? we can not know the risk of stock , not knowing the risk of stock is high or low, so we can not assign a high or low expected return to the unknown risk. if we know a risk is high , we require higher return. bond is not alway less risky than stock. if Ford company can make a engine consuming 1 litter for 1000km commercially , then stock of Ford will less risky than bond.

a competitive analysis of stock/company will help us better to know the risk. but this competitive analysis is not explained in cfa program.

i feel that Markowith frontier line is description of the past behaviour of the stocks . we can not use this line to make our portfolio. I am reading book 4 level 1 at the page 400. I will finish this book in few days.

the froniter line is still good because, though we do not know the risk of each stock, we can still combine them to make a portfolio with reduced risk.