CFA Institute Research & Policy Center (RPC)

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</ul> </nav> </section> <section class="article-grid">  <section class=" grid__item--full-width grid__item--inset grid__item--initial"> <div class="flex__container flex__container--j-c-center"> <a class="button--bright" href="/en/research/browse" > Browse All Content </a> </div>  <div class="section__separator"> <h2 class="section__header"> Recently Published </h2> </div>  <div class="flex__container brand-card__container flex__container--4-up@md flex__container--large-column-gap" >  <a href="https://sites.libsyn.com/361235/site/monika-freyman-practical-advice-on-investing-for-net-zero" class="brand-card flex__item" rel="noopener noreferrer" target="_blank" ><img src="/-/media/images/cards/podcast-page/2024/SS-MonikaFreyman-1920x1080.png?h=374&w=664&la=en&hash=0FCB2F25A32510F9D4F8A9E9ED35D441" class="brand-card__media media__ratio--wide" loading="lazy" alt="SS-MonikaFreyman" /> <div class="brand-card__content"> <span class="brand-card__content-category">Podcast</span> <h4 class="brand-card__content-title"> Practical Advice on Investing for Net Zero</h4> <div class="brand-card__content-description"> Featuring Monika Freyman, CFA </div> </div>  </a>  <a href="/en/research/financial-analysts-journal/2024/how-should-investors-long-term-returns-be-measured" class="brand-card flex__item" ><img src="/-/media/images/cards/blogs/2024/investment-manager-selection-is-hotting-up.jpg?h=443&w=664&la=en&hash=C3EE079100000526BEF6936496E25D9D" class="brand-card__media media__ratio--wide" loading="lazy" alt="Investment Manager Selection Is Hotting Up. Are You Ready for the Tough Questions? " /> <div class="brand-card__content"> <span class="brand-card__content-category">Financial Analysts Journal</span> <h4 class="brand-card__content-title">How Should Investors’ Long-Term Returns Be Measured?</h4> <div class="brand-card__content-description"> By Hendrik Bessembinder, Te-Feng Chen, Goeun Choi, and K.C. John Wei </div> </div>  </a>  <a href="/en/research/financial-analysts-journal/2024/how-much-does-chatgpt-know-about-finance" class="brand-card flex__item" ><img src="/-/media/images/cards/blogs/Research-and-Policy-Center-Three-Most-Popular-Articles-of-2023-Data-and-Technology.jpg?h=406&w=664&la=en&hash=2D5A2BBDBA3DCC71FC886F6FB4E744AF" class="brand-card__media media__ratio--wide" loading="lazy" alt="Research-and-Policy-Center-Three-Most-Popular-Articles-of-2023-Data-and-Technology" /> <div class="brand-card__content"> <span class="brand-card__content-category">Financial Analysts Journal</span> <h4 class="brand-card__content-title">How Much Does ChatGPT Know about Finance?</h4> <div class="brand-card__content-description"> By Douglas (DJ) Fairhurst, and Daniel Greene </div> </div>  </a>  <a href="/en/research/reports/2024/3d-investing-implications-for-net-zero" class="brand-card flex__item" ><img src="/-/media/images/cards/new-brand-cityscapes/aerial-city-buildings-with-greenspace.jpg?h=443&w=664&la=en&hash=83A762332238DE14BA35CC06607A3C19" class="brand-card__media media__ratio--wide" loading="lazy" alt="Aerial city buildings with green space" /> <div class="brand-card__content"> <span class="brand-card__content-category">Research Report</span> <h4 class="brand-card__content-title">3D Investing: Implications for Net Zero</h4> <div class="brand-card__content-description"> By Clint Howard, and Mike Chen </div> </div>  </a> </div>  <div class="section__separator"> <h2 class="section__header"> Thematic Content </h2> </div>  </section>   <section class=" grid__item--full-width grid__item--inset"> <div class="flex__container theme-cards flex__container--2-up@md flex__container--medium-column-gap" > <div class="flex__item theme--insights"> <div class="flex__container brand-card__container flex__container--1-up" >  <a href="/en/research/reports/2024/mercer-cfa-institute-global-pension-index-2024" class="brand-card flex__item" > <h3 class="brand-card__topic h4">Capital Markets</h3> <img src="/-/media/images/cards/new-brand-cityscapes/aerial-view-of-bridge.jpg?h=497&w=664&la=en&hash=2CC0BB6199FA8844894F30C1357C7256" class="brand-card__media media__ratio--double" loading="lazy" alt="aerial view of bridge" /> <div class="brand-card__content"> <span class="brand-card__content-category">Research Report</span> <h4 class="brand-card__content-title">Mercer CFA Institute Global Pension Index 2024</h4> <div class="brand-card__content-description"> <span class="brand-card__content-meta">By Mercer and CFA Institute</span> The rise of defined contribution (DC) pensions is shifting greater financial responsibility to individuals. This report rates global pension systems, recommending reforms to improve outcomes and participant trust in an era of aging populations. </div> </div>  </a> </div> </div><div class="flex__item theme--insights"> <div class="flex__container brand-card__container flex__container--1-up" >  <a href="/en/research/the-automation-ahead-content-series" class="brand-card flex__item" > <h3 class="brand-card__topic h4">Technology</h3> <img src="/-/media/images/cards/automation-ahead-series/header-image-introduction.jpeg?h=469&w=664&la=en&hash=8B09E09F93C472549B77F47456704D49" class="brand-card__media media__ratio--double" loading="lazy" alt="Automation Ahead content series" /> <div class="brand-card__content"> <span class="brand-card__content-category">Research </span> <h4 class="brand-card__content-title">The Automation Ahead - A New Content Series</h4> <div class="brand-card__content-description"> <span class="brand-card__content-meta">By The Research and Policy Center</span> This series breaks down the reality of GenAI’s current state, guiding you through the innovations, possibilities, and risks of this new wave of automation. </div> </div>  </a> </div> </div><div class="flex__item theme--insights"> <div class="flex__container brand-card__container flex__container--1-up" >  <a href="/en/research/reports/2024/finfluencer-appeal" class="brand-card flex__item" > <h3 class="brand-card__topic h4">Industry Future</h3> <img src="/-/media/images/hero/Homepage-Hero-Images/finfluencer-report.jpg?h=496&w=664&la=en&hash=B0E8994575CF6DE5E20066191ED8EA98" class="brand-card__media media__ratio--double" loading="lazy" alt="Finfluencer Report" /> <div class="brand-card__content"> <span class="brand-card__content-category">Research Report</span> <h4 class="brand-card__content-title">The Finfluencer Appeal: Investing in the Age of Social Media</h4> <div class="brand-card__content-description"> <span class="brand-card__content-meta">By Serena Espeute, and Rhodri G. Preece, CFA</span> This report examines how young investors use content from financial influencers on social media platforms, such as YouTube, TikTok, and Instagram, to gather information and make investment decisions. </div> </div>  </a> </div> </div><div class="flex__item theme--insights"> <div class="flex__container brand-card__container flex__container--1-up" >  <a href="/en/research/reports/2024/how-to-build-a-better-esg-fund-classification-system" class="brand-card flex__item" > <h3 class="brand-card__topic h4">Sustainability</h3> <img src="/-/media/images/cards/blogs/2024/esgnicole.jpg?h=443&w=664&la=en&hash=C31FD20D150C00B6B4E598FCD03FDAF3" class="brand-card__media media__ratio--double" loading="lazy" alt="CFA Institute Global Industry Standards Team Takes on ESG Fund Classification" /> <div class="brand-card__content"> <span class="brand-card__content-category">Research Report</span> <h4 class="brand-card__content-title">How to Build a Better ESG Fund Classification System</h4> <div class="brand-card__content-description"> <span class="brand-card__content-meta">By Chris Fidler, and Nicole Gehrig</span> "ESG funds" refers to investments that consider environmental, social, and governance factors. Despite attempts to define them, the term remains unclear. This report suggests classifying ESG funds by their focus on risk-adjusted returns, managing systemic ESG issues, and achieving specific environmental and social goals, aiming to refine their classification. </div> </div>  </a> </div> </div> </div> </section>  </section>  <section class="bg--highlight grid__item--bleed content-grid">  <section class=" article-grid">  <section class=" grid__item--full-width grid__item--inset">  <div class="section__separator icon icon--flex icon--blog"> <h2 class="section__header"> Blogs </h2> </div>  <div class="flex__container brand-card__container flex__container--3-up@md flex__container--large-column-gap flex-justify-content-space-between" >  <a href="https://rpc.cfainstitute.org/en/blogpage#q=bf7558a61afba16c6e460c2695f03c1ae42ab7eb076d97359859c85b50d7" class="brand-card flex__item" ><img src="/-/media/images/cards/blogs/2024/reality-check.jpg?h=443&w=664&la=en&hash=09D20357DDB6F619FFFACF67F152E729" class="brand-card__media media__ratio--wide" loading="lazy" alt="A Reality Check on Private Markets: Part III" /> <div class="brand-card__content"> <span class="brand-card__content-category">Enterprising Investor</span> <h4 class="brand-card__content-title">A Reality Check on Private Markets: Part III</h4> <div class="brand-card__content-description"> <span class="brand-card__content-meta">22 Nov 2024 - This blog is the third in a three-part weekly series by Ludovic Phalippou, PhD.</span> How does the internal rate of return (IRR) work and why do investors need to be careful not to view the metric as an equivalent measure to a rate of return on investments? Ludovic Phalippou, PhD, offers a critical examination of how IRR is often misinterpreted in private markets. In this second of his three-part series, he shares a simple smell test investors can use to evaluate fund managers’ performance claims. </div> </div>  </a>  <a href="https://rpc.cfainstitute.org/en/blogpage#q=72eb9936599b2827c6c58ac59cb4c835fd85a1400228e548a3e729c631c6" class="brand-card flex__item" ><img src="/-/media/images/cards/blogs/2024/low-probability.jpg?h=443&w=664&la=en&hash=ECED77FEC0D979646D1ECF57F6029AFE" class="brand-card__media media__ratio--wide" loading="lazy" alt="Low Probability of Loss: Why It Doesn’t Equal Low Risk in Investing " /> <div class="brand-card__content"> <span class="brand-card__content-category">Enterprising Investor</span> <h4 class="brand-card__content-title">Low Probability of Loss: Why It Doesn’t Equal Low Risk in Investing </h4> <div class="brand-card__content-description"> <span class="brand-card__content-meta">20 Nov 2024</span> Explore the nuanced world of investment risk with Sandeep Srinivas, CFA. He makes his Enterprising Investor debut with a post that dives into the difference between low probability and low risk, offering practical strategies for managing leverage and safeguarding capital. Learn why focusing on strong balance sheets and avoiding extreme payoffs can lead to sustainable, long-term success. </div> </div>  </a>  <a href="https://rpc.cfainstitute.org/en/blogpage#q=fac7d09d696c789e6bea3f4a0a09323125a8f3195b56c0aeadebcc16a754" class="brand-card flex__item" ><img src="/-/media/images/cards/blogs/2024/from-equities-to-real-assets.jpg?h=443&w=664&la=en&hash=E61152F422CA621A5B4295014411E4CC" class="brand-card__media media__ratio--wide" loading="lazy" alt="From Equities to Real Assets: Key Trends Shaping Multi-Asset Investment" /> <div class="brand-card__content"> <span class="brand-card__content-category">Enterprising Investor</span> <h4 class="brand-card__content-title">From Equities to Real Assets: Key Trends Shaping Multi-Asset Investment</h4> <div class="brand-card__content-description"> <span class="brand-card__content-meta">18 Nov 2024</span> As global capital stock surpasses $795 trillion, the trends shaping multi-asset investing are clearer than ever. Diversification, alternative investments, and liquidity management are no longer optional. They are essential for navigating today’s increasingly complex markets. Markus Schuller, Nithunraj Periasamy, and Andrea Vacchino discuss how tools like the Global Capital Stock benchmark are helping investors optimize portfolios in an increasingly complex financial landscape. </div> </div>  </a> </div> </section>  </section>  </section>  <section class="article-grid">  <section class=" grid__item--full-width grid__item--inset">  <div class="section__separator"> <h2 class="section__header"> More </h2> </div>  <div class="flex__container brand-card__container flex__container--4-up@md flex__container--large-column-gap" >  <a href="/en/research/foundation/2023/ai-and-big-data-in-investments-handbook" class="brand-card flex__item" ><img src="/-/media/images/cards/Lifestyle-and-Graphic/AI-red.jpg?h=301&w=664&la=en&hash=23A695F5281C9B67FF665B89AC0D0AC3" class="brand-card__media media__ratio--wide" loading="lazy" alt="ai-red" /> <div class="brand-card__content"> <span class="brand-card__content-category">Research Foundation</span> <h4 class="brand-card__content-title">Handbook of Artificial Intelligence and Big Data Applications in Investments</h4> </div>  </a>  <a href="/en/research/reports/2024/net-zero-in-the-balance" class="brand-card flex__item" ><img src="/-/media/images/cards/new-brand-landscape/ocean-near-field.jpg?h=475&w=664&la=en&hash=FF455201F4BE967D449DE04FE8BC283B" class="brand-card__media media__ratio--wide" loading="lazy" alt="Ocean near field" /> <div class="brand-card__content"> <span class="brand-card__content-category">Research Report</span> <h4 class="brand-card__content-title">Net Zero in the Balance</h4> </div>  </a>  <a href="/en/research/foundation/2024/beyond-active-and-passive-investing" class="brand-card flex__item" ><img src="/-/media/images/cards/new-brand-people-at-work/women-alone-in-conference-room.jpg?h=444&w=664&la=en&hash=5F486260435BB24930F2CE06477397A7" class="brand-card__media media__ratio--wide" loading="lazy" alt="women-alone-in-conference-room" /> <div class="brand-card__content"> <span class="brand-card__content-category">Research Foundation</span> <h4 class="brand-card__content-title">Beyond Active and Passive Investing: The Customization of Finance</h4> </div>  </a>  <a href="/en/research/multimedia/2024/new-insights-on-stocks-for-the-long-run" class="brand-card flex__item" ><img src="/-/media/images/cards/custom/stocks-for-long-run-video-discussion.png?h=370&w=664&la=en&hash=03066ED393B4A84984A5C3078FC18AAB" class="brand-card__media media__ratio--wide" loading="lazy" alt="Stocks for the Long Run? Panel Discussion" /> <div class="brand-card__content"> <span class="brand-card__content-category">Multimedia</span> <h4 class="brand-card__content-title">Watch the Debate: New Insights on Stocks for the Long Run</h4> </div>  </a>  <a href="/en/research/conversations-with-frank-fabozzi-2024" class="brand-card flex__item" ><img src="/-/media/images/cards/custom/frank-fabozzi-page.png?h=373&w=664&la=en&hash=EB8CA2257B7E2C6F200EC27C05434990" class="brand-card__media media__ratio--wide" loading="lazy" alt="Conversations with Frank Fabozzi" /> <div class="brand-card__content"> <span class="brand-card__content-category">Video Series</span> <h4 class="brand-card__content-title">The 2024 Conversations with Frank Fabozzi, CFA</h4> </div>  </a>  <a href="/en/research/financial-analysts-journal/2024/choices-matter-when-training-machine-learning-models-for-return-prediction" class="brand-card flex__item" ><img src="/-/media/images/cards/Lifestyle-and-Graphic/artificial-intelligence.jpg?h=473&w=664&la=en&hash=019D5A441BFA386299A4283F56F06A10" class="brand-card__media media__ratio--wide" loading="lazy" alt="artificial-inteligence" /> <div class="brand-card__content"> <span class="brand-card__content-category">Financial Analysts Journal</span> <h4 class="brand-card__content-title">Choices Matter When Training Machine Learning Models for Return Prediction</h4> <div class="brand-card__content-description"> <style> .content-grid .article-grid .footer-cta { --button-color: black; 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