February 19, 2021
After a series of record-setting sessions, stocks struggled to find direction this week. Another string of strong economic reports – this time from retail sales and industrial output – were not enough to push stocks higher for the week. Investors turned cautious towards week’s end as initial claims for unemployment increased by 13,000 from the prior week to 861,000. That was higher from the previous week’s figures which were revised upwards by 55,000 to 848,000. Given that Covid cases appear to be on the decline, the vaccine rollout is gathering speed, and governments are loosening restrictions, markets grew wary that the continued layoffs suggest businesses are opting to remain lean rather than ramping up as markets had expected. For the week, the Dow rose 0.11%.
Stimulus Checks Drive Retail Sales Higher
Industrial Production Gathers Steam
Record-Shattering Lumber Prices Curb Housing Starts
Probity’s Hunter Feagans Passes Level III of Industry Exam
Probity is proud to share that one of our associates, Hunter Feagans, has now passed all three levels of the Chartered Financial Analyst® (CFA®) Program and will earn his CFA Charter, which is widely considered to be the investment profession’s most esteemed credential.
Hunter joined Probity in August 2018 after graduating from Southern Methodist University and immediately began working towards his goal of becoming a CFA Charter Holder. To earn the designation, candidates must pass a total of three six-hour exams and meet additional requirements. Hunter passed Level I in December 2018 and passed Level II in June 2019. He was scheduled to take Level III in June 2020 but the exam was postponed to December 2020 due to the pandemic. Adhering to CDC guidelines, all test-takers were required to be masked for the duration of the six-hour exam administered at the convention center in downtown Dallas. It was the last time the exam will be given on paper: future tests will be taken on a computer. The CFA Program covers economics, financial reporting and analysis, corporate finance, portfolio management, analysis and valuation, performance measurement, and professional standards. Some of the topics encompassed in the final level include economics, derivatives, ethics, and fixed income investing.
Preparation for the three exams typically requires at least 900 combined hours of study, and completion of the CFA Program usually takes three to five years. Hunter was able to accomplish his goal in two years. He studied 1.5 hours to 6 hours per day to prepare. On his study breaks, he pursued a new hobby to stay in shape and be able to enjoy the great outdoors – rollerblading – which helped him avoid feeling claustrophobic due to the combination of staying home to study and COVID restrictions. He often rollerblades up to 20 miles on trails around Dallas.
Only around one in five candidates who enroll in the CFA Program pass all three exams and meet the work experience and professional and ethical requirements required to earn the charter. It is estimated that less than 10% pass all three exams on their first attempt, although the CFA Institute, the governing body that oversees the CFA Program, does not publish this statistic. Hunter will be able to utilize the CFA designation in August 2022 once he achieves the four years of relevant work experience required by the CFA Institute.
Hunter looks forward to celebrating his accomplishment with a family dinner. He shared that he realizes that the past year has been difficult for so many, and he is very grateful to have had the opportunity to work towards his goal. He will soon become a licensed financial advisor where he can utilize the skills and knowledge he has learned on the job along with the expertise he has gained from the CFA Program. One aspect of being an advisor that is intriguing to Hunter is helping clients understand the relationship between risk and return in investing and to balance their willingness and ability to take risks in their investment portfolio to achieve financial goals. He abides by the belief that one should never stop learning, and he hopes he can use his focus on setting and achieving goals – both personally and professionally – to motivate and inspire others.
Hunter will be the third associate at Probity Advisors, Inc. to hold the CFA Charter. Portfolio Manager Adam Bronson and Vice President Christopher Sorrow earned their CFA Charters in 2006.
We applaud Hunter for his commitment to achieving this prestigious credential. His accomplishment reflects the integrity and dedication of our entire staff in providing best-in-class advice and guidance while adhering to the highest industry standards.
Please join us in congratulating Hunter on a job well done.