CFA Institute Research Foundation

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breadcrumbs--slash breadcrumbs--independent"> <li class=""> <a href="/">Research and Policy Center</a> </li> <li class="current-page"> Research Foundation </li> </ol> </nav> </div> </section> <article > <section class="coh-container ssa-component coh-component ssa-component-instance-705a3a41-0e63-4953-af62-6af97ff23b4d coh-component-instance-705a3a41-0e63-4953-af62-6af97ff23b4d grid__item--bleed spotlight-hero" > <picture class="spotlight-hero__image media__ratio--square media__ratio--triple@md media__ratio--quad@lg media__ratio--quad-bleed@xl "> <source srcset="https://cfainstitute.widen.net/content/d48ea085-3479-4ea1-91f7-8985b7d6e05e/web/research-foundation-hero.jpg?w=2048&itok=XfPLdbyc" media="(min-width: 900px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/d48ea085-3479-4ea1-91f7-8985b7d6e05e/web/research-foundation-hero.jpg?w=900&itok=kCkgKyBw" media="(min-width: 600px) and (max-width: 899px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/d48ea085-3479-4ea1-91f7-8985b7d6e05e/web/research-foundation-hero.jpg?w=768&itok=gZfEuKM8" media="(max-width: 599px)" type="image/jpeg"> <img class="coh-image ssa-component coh-component coh-image-responsive-xl coh-image-responsive-sm coh-image-responsive-ps media__fit--none " loading="eager" src="https://cfainstitute.widen.net/content/d48ea085-3479-4ea1-91f7-8985b7d6e05e/web/research-foundation-hero.jpg?w=768&itok=gZfEuKM8" alt="research-foundation-hero" /> </picture> <div class="coh-container spotlight-hero__container" > <div class="coh-container spotlight-hero__text" > <h1 class="coh-heading spotlight-hero__title" > CFA Institute Research Foundation </h1> <span class="coh-inline-element spotlight-hero__subtitle">Providing independent, high-quality research that helps investment management professionals effectively fulfill their duties with prudence, loyalty, and care.</span> <a href="/research-foundation/trustees" class="coh-link spotlight-hero__cta coh-ce-cpt_theme_page_hero_spotlight-a586471a" > Research Foundation Board of Trustees </a> </div> </div> </section> <div class="coh-container content-grid stack-reset coh-ce-a586471a" id="contentarea" > <div class="coh-container article-grid" > <div class="coh-container ssa-component coh-component ssa-component-instance-bbaa2d01-a371-4386-8775-1e45da9f3f1a coh-component-instance-bbaa2d01-a371-4386-8775-1e45da9f3f1a grid__item--full-width grid__item--inset grid__item--initial coh-ce-cpt_general_section_w_top_margin-a586471a" > <div class="coh-container ssa-component coh-component ssa-component-instance-99c49cd0-b151-4798-8a66-67a5867c552c coh-component-instance-99c49cd0-b151-4798-8a66-67a5867c552c flex__container flex__container--large-column-gap brand-card__container flex__container--1-up flex__container--row-normal flex__container--4-up@lg flex__container--row-normal flex__container--row-normal grid__item--full-width coh-ce-cpt_brand_cards_group-c212a4f9" > <a href="/research/foundation/2025/financial-entrepreneurship" class="coh-container ssa-component coh-component ssa-component-instance-5348b1ae-eb48-4a80-b4f4-d867d242f3c2 coh-component-instance-5348b1ae-eb48-4a80-b4f4-d867d242f3c2 flex__item brand-card media__fit--cover media__fit--cover media__fit--cover media__fit--cover coh-ce-cpt_brand_card-32767096" target="_self" > <picture class="brand-card__media media__ratio--wide "> <source srcset="https://cfainstitute.widen.net/content/760685b6-b2c1-4471-ba05-f8a7f004b714/web/data-science-991536908.jpg?w=1152&itok=oVrFfOzU" media="(min-width: 900px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/760685b6-b2c1-4471-ba05-f8a7f004b714/web/data-science-991536908.jpg?w=768&itok=-0JhRJj1" media="(min-width: 600px) and (max-width: 899px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/760685b6-b2c1-4471-ba05-f8a7f004b714/web/data-science-991536908.jpg?w=568&itok=7aDThh4c" media="(max-width: 599px)" type="image/jpeg"> <img class="coh-image ssa-component coh-component coh-image-responsive-xl coh-image-responsive-sm coh-image-responsive-ps media__ratio--wide media__fit--cover brand-card__media " loading="lazy" src="https://cfainstitute.widen.net/content/760685b6-b2c1-4471-ba05-f8a7f004b714/web/data-science-991536908.jpg?w=568&itok=7aDThh4c" alt="city office buildings" /> </picture> <div class="coh-container brand-card__content coh-ce-cpt_brand_card-4577181d" > <span class="coh-inline-element brand-card__content-category coh-ce-cpt_brand_card-a586471a">By Lotta Moberg, CFA, and Brian D. Singer, CFA</span> <h3 class="coh-heading brand-card__content-title coh-ce-cpt_brand_card-a586471a" > Financial Entrepreneurship: Balancing Active and Passive Investment Horizons </h3> <div class="coh-inline-element brand-card__content-description"> <div class="coh-wysiwyg" > </div> </div> </div> </a> <a href="/research/foundation/2024/beyond-active-and-passive-investing" class="coh-container ssa-component coh-component ssa-component-instance-bb390938-9359-4e31-be20-3c74e801abd9 coh-component-instance-bb390938-9359-4e31-be20-3c74e801abd9 flex__item brand-card media__fit--cover media__fit--cover media__fit--cover media__fit--cover coh-ce-cpt_brand_card-32767096" target="_self" > <picture class="brand-card__media media__ratio--wide "> <source srcset="https://cfainstitute.widen.net/content/af3cac7b-80bc-4110-abf7-3dc8e99a8a78/web/women-alone-in-conference-room.jpg?w=1152&itok=t3Vx7Jp5" media="(min-width: 900px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/af3cac7b-80bc-4110-abf7-3dc8e99a8a78/web/women-alone-in-conference-room.jpg?w=768&itok=kWQK0zR3" media="(min-width: 600px) and (max-width: 899px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/af3cac7b-80bc-4110-abf7-3dc8e99a8a78/web/women-alone-in-conference-room.jpg?w=568&itok=pbRj7IFa" media="(max-width: 599px)" type="image/jpeg"> <img class="coh-image ssa-component coh-component coh-image-responsive-xl coh-image-responsive-sm coh-image-responsive-ps media__ratio--wide media__fit--cover brand-card__media " loading="lazy" src="https://cfainstitute.widen.net/content/af3cac7b-80bc-4110-abf7-3dc8e99a8a78/web/women-alone-in-conference-room.jpg?w=568&itok=pbRj7IFa" alt="women-alone-in-conference-room" /> </picture> <div class="coh-container brand-card__content coh-ce-cpt_brand_card-4577181d" > <span class="coh-inline-element brand-card__content-category coh-ce-cpt_brand_card-a586471a">By Marc R. Reinganum, and Kenneth A. 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Sometimes Yes, Sometimes No. Image from webinar with participants in discussion." /> </picture> <div class="coh-container brand-card__content coh-ce-cpt_brand_card-4577181d" > <h3 class="coh-heading brand-card__content-title coh-ce-cpt_brand_card-a586471a" > New Insights on Stocks for the Long Run | Watch the Debate </h3> <div class="coh-inline-element brand-card__content-description"> <div class="coh-wysiwyg" > </div> </div> </div> </a> <a href="/research-foundation/publications" class="coh-container ssa-component coh-component ssa-component-instance-d38b5628-7608-4437-94bd-ec540e36ab81 coh-component-instance-d38b5628-7608-4437-94bd-ec540e36ab81 flex__item brand-card media__fit--cover media__fit--cover media__fit--cover media__fit--cover coh-ce-cpt_brand_card-32767096" target="_self" > <picture class="brand-card__media media__ratio--wide "> <source srcset="https://cfainstitute.widen.net/content/d14a1e8c-662b-4021-9646-4ee4e550b310/web/rf-purple.png?w=1152&itok=sYIVQmus" 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class="coh-container brand-card__content coh-ce-cpt_brand_card-4577181d" > <span class="coh-inline-element brand-card__content-category coh-ce-cpt_brand_card-a586471a">Video with Allison Schrager</span> <h3 class="coh-heading brand-card__content-title coh-ce-cpt_brand_card-a586471a" > Personal Risk: Big Wave Surfers, Tightrope Walkers, and Big Financial Losses </h3> <div class="coh-inline-element brand-card__content-description"> <div class="coh-wysiwyg" > </div> </div> </div> </a> <a href="https://bcove.video/4isNoxQ" class="coh-container ssa-component coh-component ssa-component-instance-9a9c269c-3fd2-4f2a-9745-7e818f99e109 coh-component-instance-9a9c269c-3fd2-4f2a-9745-7e818f99e109 flex__item brand-card media__fit--cover media__fit--cover media__fit--cover media__fit--cover coh-ce-cpt_brand_card-32767096" target="_blank" > <picture class="brand-card__media media__ratio--wide "> <source 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coh-ce-cpt_brand_card-a586471a" > Financial Thought Exchange Podcast </h3> <div class="coh-inline-element brand-card__content-description"> <div class="coh-wysiwyg" > <div class="tex2jax_process"><p>The Financial Thought Exchange Podcast offers listeners invaluable insights from top financial thought leaders across various sectors.</p> </div> </div> </div> </div> </a> <a href="/research-foundation/donate" class="coh-container ssa-component coh-component ssa-component-instance-cc1ce2d7-34a2-4a88-b7c4-bf721aee87bf coh-component-instance-cc1ce2d7-34a2-4a88-b7c4-bf721aee87bf flex__item brand-card media__fit--cover media__fit--cover media__fit--cover media__fit--cover coh-ce-cpt_brand_card-32767096" target="_self" > <picture class="brand-card__media media__ratio--wide "> <source srcset="https://cfainstitute.widen.net/content/51f6c72a-3d38-4113-b77b-b354958fd8b3/web/RF%20ad%20for%20RPC%20site.png?w=800&itok=lxKKm4Hs" media="(min-width: 900px)" type="image/png"> <source 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