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Notes
1 In 2007, Moody’s Investors Service downgraded 90 percent of all asset-backed collateralized debt obligation investments issued in 2006 and 2007, including 85 percent of the debt originally rated Aaa (Shefrin 2009).
2As we go to print, we learned that our dear, wise friend Peter Bernstein has passed. Peter’s penetrating wisdom on all matters of economics and finance has left an indelible mark on our industry. He will be greatly missed.
3 Every year, CFA Institute members reaffirm their obligation, among others, to “place the integrity of the profession and the interests of clients above your own interests.” You can see the full member Code of Ethics and Standards of Professional Conduct at www.cfainstitute.org/centre/codes/index.html.