Benjamin Graham's Other Legacy

(班傑明.葛拉罕 他是巴菲特的老師,CFA考試的始作俑者)

2009年6月份CFA協會首頁
來自John Rogers的一封信，還蠻有意思的,做點重點整理：
The most recent administration of the CFA examinations on 6–7 June 2009 marked a historic time for our profession. Aside from a record number of enrollments — 128,600 candidates from 154 countries — this month marks another historic occasion: the 50th anniversary of the decision to create the CFA Program. The genesis for this can be attributed to the vision of Benjamin Graham, whose contributions go beyond articulating the fundamental principles of modern security analysis.

2009年6月6.7日的CFA考試刷新了歷史記錄：
來自全世界154個國家，128,600名考生報名參與(剛好我也是其中一個)
這個月也締造了另一項記錄:
決定舉行CFA考試後的第50周年
(這裡應該是說,他們50年前決定舉辦CFA考試,並不是第一次舉辦)
這個考試的起源可以歸功於班傑明.葛拉罕的遠見，他的貢獻闡明了現代證券分析的基本原則。

Graham saw that security analysts had an image problem as well as a self-image problem. In the wake of the stock market crash of 1929 and the Great Depression, stocks in general and those who dealt in them were widely regarded with suspicion — frequently with good reason. To change public perception, Graham reasoned, analysts first had to raise their own standards. The investing public needed to have confidence not only that analysts met certain minimum requirements of knowledge and competence but that analysts would be beholden to rules of ethical conduct. Security analysis was more than a trade; it should become a profession.

葛拉罕認為，證券分析師存在著形象的問題。隨著股市崩盤和1929年的大蕭條，(這句不會，亂翻的)。要改變公眾的看法，葛拉罕認為，分析師首先要提高自己的標準。投資大眾需要的信心不只是分析師符合某些最低要求的知識和能力，更重要的是分析師會注重道德行為。證券分析超過一般股票交易；它應該成為一種職業。

Progress, however, was slow to come. In 1942, the New York Society of Security Analysts acted on Graham’s suggestion and proposed the creation of a “Qualified Security Analyst” rating, but although members voted to approve the proposal, the plan was never implemented. Graham would spend the next decade advocating for a professional rating.

The National Federation of Financial Analyst Societies (NFFAS) took up the issue in 1951. For several years, the rating question was trapped in committee, where it was deliberated and debated with varying degrees of enthusiasm, apathy, and even hostility. In the end, Graham’s idea prevailed and, on 14 June 1959, the NFFAS voted to establish the Institute of Chartered Financial Analysts, which would administer a certification program.

這2段簡單地說,
在1942年New York Society of Security Analysts通過了
Qualified Security Analyst(證券分析師)評價的提案，但是沒有執行

10年後，1951年NFFAS又拿出來討論，
最後在1959年6月14日NFFAS建立CFA協會，可喜可賀

Fifty years later, what began as a modest proposal intended primarily for analysts in the United States has grown into a global movement. Today, the CFA Program enrolls more than 170,000 candidates worldwide, administering exams in more than 150 countries. The global sweep of the program not only forms a major part of Benjamin Graham’s legacy but testifies to the enduring power of his ideas, which, despite the many advances in investment theory, practice, and ethics over the years, remain at the core of the CFA Program to this day.

50年後，這個考試吸引了全球超過150個國家170,000名考生報名參加
這個席捲全球的考試不只是班傑明.葛拉罕的遺產，更證明了他的想法的力量 。
到今天，儘管多年來投資理論、實務及道德規範有許多發展，它們仍是CFA考試的核心 。

On behalf of all of us at CFA Institute, it is indeed an honor to be part of a profession molded by visionaries such as Graham. The global reach of our organization — and the legacy established by our founding fathers — is truly extraordinary. During these particularly tumultuous times for our profession, may we all find encouragement in acknowledging how far we have come.
(還沒翻 待補完)

Sincerely,
John Rogers, CFAPresident and CEO CFA Institute

誠摯的
John Rogers CFA協會的老大


CFA官方網站
http://www.cfainstitute.org/