CFA Institute is pleased to provide you with this Investment Series covering major areas in the field of investments. These texts are thoroughly grounded in the highly regarded CFA Program Candidate Body of Knowledge that serves as the anchor for the three levels of the CFA Program. Currently, nearly 200,000 aspiring investment professionals from over 150 countries are devoting hundreds of hours each year to master this material, as well as other elements of the Candidate Body of Knowledge, to obtain the coveted CFA designation. We provide these materials for the same reason we have been chartering investment professionals for over 45 years: to lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence.


This book series draws on the rich history and origins of CFA Institute. In the 1940s, several local societies for investment professionals developed around common interests in the evolving investment industry. At that time, the idea of purchasing common stock as an investment—as opposed to pure speculation—was still a relatively new concept for the general public. Just 10 years before, the U.S. Securities and Exchange Commission had been formed to help referee a playing field marked by robber barons and stock market panics.

In January 1945, a fundamental analysis–driven professor and practitioner from Columbia University and Graham-Newman Corporation wrote an article in the precursor of today’s ...

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