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Category: Level III Private Wealth Management
Tax Regimes
A few years ago CFA Institute added a new reading on tax regimes to the Level III curriculum, and it caused quite a stir: apparently they had a large question about taxes on that first year’s Level III exam, and few candidates were prepared for it. I want you to be prepared for it. And…
Prepaid Variable Forward (PVF)
A prepaid variable forward (PVF) is a hybrid security that is quite useful in monetizing a concentrated position in publicly traded stock. In essence, a PVF is a combination of an equity collar and a loan. A simple example will make it clear how a PVF works, and how it can be used to monetize…
Inflation in Required Rate of Return – to Tax, or Not to Tax?
A common question that plagues many Level III candidates is how to treat inflation when calculating a nominal, before-tax required rate of return for an individual investor: do you add inflation to the real after-tax return, then compute the before-tax return, or do you start with the real after-tax return, compute the before-tax return, then…