As most media outlets and finance professionals take an introspective look 10 years after the global financial
crisis, we thought it would be apropos to revisit a paper by Andrew Rozanov, CAIA titled “Volatility, NonRandomness
or Non-Linearity: What Drives Portfolio Returns in Times of Stress and Dislocation?” This paper
considers what underlying exposures drive portfolio returns in periods of extreme market stress and dislocation.
March 2020 Exam Registration Opens October 1.