Investments serves as a graduate (MBA) text designed primarily for investment analysis courses. It presents material through a framework rooted in fundamental principles, addressing key issues relevant to investors. Aligning with the CFA Institute, the authors ensure the text complements the CFA curriculum. The central theme is the near-efficiency of security markets, emphasizing that most securities are priced correctly based on their risk and return, while highlighting that competitive markets do not provide 'free lunches' to participants. A second theme explores the risk-return trade-off, while also emphasizing asset allocation and providing an in-depth look at futures, options, and derivatives.