Kevin:
I started the CFA because I'm teaching investments and advising the student-managed fund at my school. I wanted to make sure that what I was teaching was relevent, timely, and in sync with current investment industry practice.
In addition, I make a good chunk-o-change teaching teaching CFA prep classes on the side. Getting the charter opens up some other opportunities for additional income.
Good luck on the CFA.
Sorry if this question gets asked too often, but.. Just out of curiosity, what motivates you to get the CFA (especially considering that you're on tenure-track)?
Thanks!
I found this article very interesting. A bit worrying, as well. You can almost see the seeds of the next financial crisis, or the next LTCM, in this article.
From the article:
"the Princeton trio focuses less on mass psychology than on mathematical models. These they use to show how bubbles can be created even in markets that include rational, calculating investors."
A couple lines later:
"[Professor Hong] recalls his thought process: "My sister's getting rich. My friends are getting rich....I think this is all crazy, but I feel so horrible about missing out, about being left out of the party." In 2000, "I finally caved in," he says. "I put in some money just as a hedge against other people getting richer than me and feeling better than me.""
Amazing, really. This professor saw and recognized an obvious example of irrational behavior in himself. His rational mind was overwhelmed by envy and following-the-herd. Yet it appears he will be putting together mathematical models that rely on rational individuals; He values his Greek letters more than his own personal experience.
(One thing I have learned recently - never let an economic theorist within 50 yards of your portfolio!)
Yet, unable to control his own emotions, he will nonetheless argue:
"the Princeton squad argues that the Fed can and should try to restrain bubbles, rather than following former Chairman Alan Greenspan's approach: watchful waiting while prices rise and then cleaning up the mess after a bubble bursts."
despite the fact that:
"Only when skeptical investors act simultaneously -- a moment impossible to predict -- does the bubble pop."
Controlling the impossible moment; that will be interesting to watch. 
- Jeff
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