Level I Equity

Access to all Level I equity articles until the next Level I exam date

The idea of free cash flow is fairly straightforward: it’s cash flow that a company may use in any way it chooses (within reason, of course; for example, we’ll consider only legal uses here).  There are several types of (and, consequently, definitions for) free cash flow.  In this article, I’ll describe one of those: free […]

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CFA® Level I Membership, CFA® Level I Financial Reporting and Analysis (FRA) Membership

This will give you access to this and all other articles at that membership level.

The idea of free cash flow is fairly straightforward: it’s cash flow that a company may use in any way it chooses (within reason, of course; for example, we’ll consider only legal uses here).  There are several types of (and, consequently, definitions for) free cash flow.  In this article, I’ll describe one of those: free […]

This article is for members only.  You can become a member now by purchasing a

CFA® Level I Membership, CFA® Level I Financial Reporting and Analysis (FRA) Membership

This will give you access to this and all other articles at that membership level.

An equity index is nothing more nor less than a hypothetical stock portfolio.  The index pretends to invest in a bunch of stocks, and tracks their performance over time.  It’s the sort of thing that you may have done in a high school economics or history class.  I did, at least. I don’t intend to […]

This article is for members only.  You can become a member now by purchasing a

CFA® Level I Membership

This will give you access to this and all other articles at that membership level.

The price at which you will receive a margin call on a long position in a stock is given by: \[margin\ call\ price\ =\ P_0\left(\frac{1\ –\ initial\ margin}{1\ –\ maintenance\ margin}\right)\] where: \(P_0\): initial price of the stock The price at which you will receive a margin call on a short position in a stock […]

This article is for members only.  You can become a member now by purchasing a

CFA® Level I Membership

This will give you access to this and all other articles at that membership level.