leeway

How does he deal with drawdowns? It seems currently he is in a large drawdown both in absolute and relative terms. Does he tend to stick to his ideas and even double down, or cut losses somehow (say even for tax purposes like Ackman did with VRX)?

I am concerned. Trying to be "politically correct" makes this country less safe IMHO.

I use portfolio123.com to do some backtesting. they have fundamental stock level data going back to 1999.

I doubt this is true. Since last year SGD can directly trade with RMB (no need to be quoted through USD etc), which is far from full convertibility. http://www.ibtimes.co.uk/china-picks-singapore-dollar-ninth-currency-directly-trade-against-yuan-1471916

http://newsletters.briefs.bloomberg.com/document/25z1bq1xnb2zkmlet8/front

Petrobras just issued 100-year bonds yielding 8.45%. The PV of the final principal is almost nothing at this yield (3 cents per 100$ notional per my estimate). This is kind of an annuity with some default risk. http://www.reuters.com/article/2015/06/02/brazil-petrobras-bonds-idUSL1N0YO01V20150602

another complexity on capital gain treatment at the state level is that some states don't allow capital loss carry forward. I used to live in NJ and I tried to avoid taking more than 3K capital loss in the years that I would like to take some capital loss.

I got CFA quite late (but not that late), and I don't think it helped my career in any meaningful way. Granted I was already in the industry back then (10+ years ago). Sometimes I wonder if it is worth keeping paying close to $300 yearly to maintain it. Now more young people prepare for the exams in college years, so I would guess the value would likely be even less in the future.

what is the supposed time limit for the test?

Many thanks, will check out. Have you or anyone looked at Schwab's Portfolio Center?

nice python script. and also good collection of the math puzzles

P's statement (P knows Q does not know) is based on the info P has, ie the sum of the two integers.

this one is relatively straight forward with this type of problems. I just spent an evening and more to solve a similar but much more complicated problem: 2 numbers a and b, a >=b, both integers between 2 and 99. Mr. P knows the sum S=a+b, and Mr. Q knows the product M=a*b. Here is the conversation: Q: I don't know what are a and b. P: I know you don't know, and I don't know either. Q: I know now. P: I also know now. What are a and b?

A related question, anyone has a recommendation for portfolio management software, that can help to reconcile, calculate returns, aggregate client accounts and generating client reports? Basically I am trying to find a cheaper version of InData IMS and Advent. thanks

some PFIC discussion here: http://www.zerohedge.com/news/2015-04-02/more-unofficial-capital-controls-us-pfic-rules