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I've just received mine! It was 1 hour late (it's about 6 pm NY time) Gosh, thanks a million David! I couldn't have passed without your help! I really started from ground zero. Thank you so so much! I've love to write something for you on the Testimonial page so if you do want, pls let me know...

Hi all, The AM paper took up more time... but the PM one gave less of a headache. I heard people and even a colleague complaining about the difficulty of the paper. Quite a lot of people missed the exam so it is based on 50% of those who turned up? Anyway thanks David for your great help...

Hi David, Can you help me with this please? Your firm is holding a short position in an Argentinean bond with a notional value of ARS 5,000,000 and a coupon yield of 5.5%. Your model predicts the bond's yield will decrease over the coming year. You are asked to hedge the position. Your...

Hi David, Pls help me with this other one: In early 2000, a risk manager calculates the VaR for a technology stock fund based on the last three years of data. The strategy of the fund is to buy stocks and write out-of-the-money puts. The manager needs to compute VaR. Which of the following...

Hi David, Can you help me with these 2 questions please? Consider an all-equity firm with equity capitalization of $2 billion. The firm's CFO considers the following three financing strategies: 1) Issue zero-coupon senior debt with principal amount of $1 billion payable in 10 years and...

Hi Amit, Thanks a lot for your help! I've typed out the FRM handbook answer (didn't quite understand it, so left it out). Would it be similar to what you're saying? Answer: An important fact is that the option is held to maturity. Changes in the implied volatility would change the value...

Hi David, Sorry to flood you with questions! This should be the last one, so sorry. Pls take your time... I can always come back to it. Qn: A trader buys an at-the-money call option with the intention of delta-hedging it to maturity. Which one of the following is likely to be most...

Hi David, Sorry, thus question I really don't understand. A trader values off-the-run bonds using interpolated yield to maturity data from on-the-run bonds. How can one profit from this trader's valuation methodology when the yield curve is upward sloping? 1) Buy off-the-run bonds with...

Hi David, Sorry, another weird question that I can't figure out: Given the below data for the US dollar and Canadian dollar exchange rates, which of the following statement is true? Level CAD/USD USD/CAD Current 1.0...

Hi David, I know it sounds a bit stupid but can you tell me whether the int rate here refers to the domestic int rate or the foreign int rate? How do you analyse this question? I got the answer right by pretending that the int rate is the dividend yield... Assuming constant int rates...

Hi David, Don't mind, can you help me with this question? Qn: Your company is expecting a major export order from a London-based client. The receivables under the contract are to be billed in GBP, while your reporting currency is USD. Since the order is a large sum, your company does not...

Hi David, Just want to drop a note to thank you for the great teaching that you have given us, and I'm truly very very grateful. I too receive brochures from other competitors and I agree that Bionic Turtle is just way too cheap compared to them. And the syllabus this year for the Full Exam...

Hi, can someone help explain the principles behind this question? FRM Exam 2004 Qn 45 With LIBOR at 4%, a manager wants to increase the duration of his portfolio. Which of the following securities should he acquire to increase the duration of his portfolio the most? a) a 10-year reverse...