Over the past 30 years, the investment industry has seen stock market and real estate bubbles, interest rates approaching zero, the emergence of hedge funds and private equity companies, the globalization of financial markets, the proliferation of derivative securities, and the growth of securitized assets and structured financing. Mirroring these events has been the academic contributions to the investment discipline: the development of capital market theories, the derivation of option pricing models, and the explorations into efficient market theories. The financial events and the academic contributions together point out the challenges in mastering an understanding and developing a knowledge of investments and financial markets. ...

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