Course Format of the study materials provided

[TheGreatGodel]

Hi David,

Are the study notes only in PDF format or is BT also providing print-out ones as well (similar to Schweser)?

 

[David Harper CFA FRM]

Hi GreatGodel - Only PDF, not printouts. Reasons: 1. Less cost; 2. Much much easier to issues changes (e.g., errata) which we do frequently. The main reason for printouts, aside from the occasional customer preference, is from the vendor's preference to minimize piracy (printed books are harder to share), but we don't operate from suspicion, we operate from trust (our PDFs are totally unsecured). We do realize a few people prefer printed books, but our PDFs can be easily printed, and the number who still prefer printed books after realizing the PDFs are unprotected is, so far, quite small. Thanks!

 

[Citros1]

Hi David,
Are the learning spreadsheets in MP4?

 

[Nicole Seaman]

Hi David,
Are the learning spreadsheets in MP4?

Hello @Citros1

Are learning spreadsheets are published in XLS format.

Thank you,

Nicole

 

[Chiao Chn]

Hi David. My question probably sounds like a no brainer but is it legal for someone to share the PDFs with their peers?

 

[David Harper CFA FRM]

Hi @Chiao Chn Thank you for asking! @Nicole Seaman are you able help with an answer with respect to legality, please? Our RocketLawyer account probably has the correct legal answer, but I have always just assumed that copyright law (https://en.wikipedia.org/wiki/Copyright_law_of_the_United_States) attaches to our work.

@Chiao Chn The business reality is that some people not only share our PDFs, but we are always aware (at any given point in time, mostly thanks to customers who report back to us) of about 3 to 8 (on average) sites/users who actually resell our (dated) material at steep discounts; in many cases, these infringers who practice piracy re-sell Schweser's material also, so we are not alone in this regard. In the past, we've reported them when possible to the offending host/platform. But the business reality is that, given our resources, we cannot control much of this activity, especially if it is offshore (outside the US). There are certain known international jurisdictions where cultural norms are frankly permissive, such that piracy has no shame. It's not a secret.

You might notice that we personalize the PDF documents with (i just downloaded my own copy, is the reason my name is here, your copy should show your name): "Licensed to David Harper at [email protected]. Downloaded August 13, 2017. The information provided in this document is intended solely for you. Please do not freely distribute"

I never wanted to add DRM-type security to the documents because, frankly, as a consumer I hate the locklizard (eg) DRM security that GARP applied (applies?) to paid PDF documents. It's super inconvenient. So rather than try to control the PDF with security that inconveniences paid customers, we let them be unsecured, but we add the personalized notice. My philosophy n this is, it is better to prioritize the experience of paid customers rather than inconvenience them in order to give attention to pirates.

From a business perspective, we just hope (and expect) that customers who find the material valuable will pay for it. It's weird to me that many people apparently do not understand this concept, some really do expect everything to be free. For example, just last week on one of the FB groups where material is circulated, somebody posted this: "Knowledge or its access is not something that should be sold. I have seen people trying to sell GARP/Schweser books. If anyone wants pdf copies PART 1...please leave ur email ID and I will share them with you." We aren't a set of facts ("knowledge") but rather we are a labor-, skill- and talent-intensive service. It takes hard, hard work to write new practice questions, to prepare and record videos, to implement the concepts quantitatively (in some cases, to such a degree that GARP itself benefits from our feedback, as they did with my feedback on this year's practice exam), to host the support forum, etc etc. If a company provides you with a valuable service, you should pay for the service. By paying for the service, you enable us to invest in improvements (this year, we've been able to afford to hire Deepa to help upgrade the notes, and she's done fabulous work. Our notes are really getting better. Customers who pay make this possible!). I hope that's helpful!

 

[Chiao Chn]

Hi David,

Thank you for the clarification. At first I thought it's okay for me to share the materials with my friends since I already paid for it and they just need the practice questions part, which GARP doesnt have. But when I think from ethical perspective, it's a bit confusing and honestly I dont want to illegally circulate the materials.

Frankly speaking, USD 200+ is a bit expensive for us in Malaysia with the exchange rate now (that's already equal to 1000+ ringgit) and as far as I know, there's no discount. Plus our sponsorship does not cover study materials other than the ones prescribed by GARP. With that being said, I understand why my friends are slightly reluctant to purchase the subscription. Anyway thank you again for clearing it up. I truly appreciate it! Will definitely explain this to them.

 

[Nicole Seaman]

@David Harper CFA FRM Yes, I can look into the legal side of this, and will post my findings here.

@Chiao Chn

We appreciate you asking this question, as it may help others who have the same doubts, and who are not aware of how hard we work each day to provide these materials for our customers. We understand that our study materials may not be affordable for everyone, although our materials are priced very competitively when it comes to FRM prep materials. I am always happy to help in any way that I can, and answer any questions that your friends may have about purchasing our materials. They can always email me at [email protected].

Thank you,

Nicole

 

[Nicole Seaman]

Hi @Chiao Chn Thank you for asking! @Nicole Seaman are you able help with an answer with respect to legality, please? Our RocketLawyer account probably has the correct legal answer, but I have always just assumed that copyright law (https://en.wikipedia.org/wiki/Copyright_law_of_the_United_States) attaches to our work.

@Chiao Chn The business reality is that some people not only share our PDFs, but we are always aware (at any given point in time, mostly thanks to customers who report back to us) of about 3 to 8 (on average) sites/users who actually resell our (dated) material at steep discounts; in many cases, these infringers who practice piracy re-sell Schweser's material also, so we are not alone in this regard. In the past, we've reported them when possible to the offending host/platform. But the business reality is that, given our resources, we cannot control much of this activity, especially if it is offshore (outside the US). There are certain known international jurisdictions where cultural norms are frankly permissive, such that piracy has no shame. It's not a secret.

You might notice that we personalize the PDF documents with (i just downloaded my own copy, is the reason my name is here, your copy should show your name): "Licensed to David Harper at [email protected]. Downloaded August 13, 2017. The information provided in this document is intended solely for you. Please do not freely distribute"

I never wanted to add DRM-type security to the documents because, frankly, as a consumer I hate the locklizard (eg) DRM security that GARP applied (applies?) to paid PDF documents. It's super inconvenient. So rather than try to control the PDF with security that inconveniences paid customers, we let them be unsecured, but we add the personalized notice. My philosophy n this is, it is better to prioritize the experience of paid customers rather than inconvenience them in order to give attention to pirates.

From a business perspective, we just hope (and expect) that customers who find the material valuable will pay for it. It's weird to me that many people apparently do not understand this concept, some really do expect everything to be free. For example, just last week on one of the FB groups where material is circulated, somebody posted this: "Knowledge or its access is not something that should be sold. I have seen people trying to sell GARP/Schweser books. If anyone wants pdf copies PART 1...please leave ur email ID and I will share them with you." We aren't a set of facts ("knowledge") but rather we are a labor-, skill- and talent-intensive service. It takes hard, hard work to write new practice questions, to prepare and record videos, to implement the concepts quantitatively (in some cases, to such a degree that GARP itself benefits from our feedback, as they did with my feedback on this year's practice exam), to host the support forum, etc etc. If a company provides you with a valuable service, you should pay for the service. By paying for the service, you enable us to invest in improvements (this year, we've been able to afford to hire Deepa to help upgrade the notes, and she's done fabulous work. Our notes are really getting better. Customers who pay make this possible!). I hope that's helpful!

Sorry it took me so long to get back to this post! David's post above is correct. Rocket Lawyer states, "The most important aspect of copyright is that it applies to all works, regardless of whether they are published or not. Therefore, unless a work is specifically stated to be in the public domain, you should always assume that it is protected by copyright and seek permission from the rights-holder to use it. Without their permission, you will infringe upon the copyright."

Bionic Turtle's materials are not in the public domain (they must be purchased to gain access) so the copyright laws apply. Anyone who purchases our materials can legally only use those materials for their own personal use and not distribute to others.

I hope this is helpful!

Nicole

 

[David Harper CFA FRM]

@Nicole Seaman belated THANK YOU for looking into this (I'm collecting WIR links so I only now focused on your reply )