有人说CFA就是花钱雇人挖一个坑，然后把自己给埋了。然后再花钱雇人补上几脚。哈哈。

CFA is kind of investment and investment on life. what's more precious is common sense you developed in the CFA program. 就像管理层最近出的调高印花税财政政策，是可以预期的。先是小川说话，后是货币政策，都没反应，给我们上了生动的一课，原来货币政策有time lag，而且是预期的所以，没有那么快，再加上我们的实际利率为复，所以没有什么效果。货币政策不行的时候，管理层还有财政政策，而且后面牌还多着呢。

7 out of 10 people felt difficult about the level I today，well, it's good. meaning that Minimmum passing score will be lowered. meaning that you'll be likely to pass.

Think morning's part is easier than afternoon's one. Ethics 其实是英语的问题；Qty中国人的强项；Economics有不少新题，但其实不难，当然我也是猜，希望狗屎云八。FSA, i think it's easy, trend is that CFA institute would prefer to comparison, ie, two companies, A&B, 告诉Ni/S, S/A, S/E,比较A/E, 或者the same company 比较FIFO, LIFO,etc. Think that's the basic skills and elegance, if you wanna be analyst. Asset allocation比较杂，个人认为bond比较厉害，说不定以后去投行的FID,haha. 其他derivative, and alternative觉得因为没有感受，所以学得不扎实，以后二级巩固八。Portfolio management也是，不难，可是没做好，后来提前45mins胶卷，然后中午恶补一把，下午应该还不错。至少对5题。

Personal feeling: invest your life via CFA program and experiences and quick common sense are pivatol. See you in Level II, CFA, haha.