A quick read. Please do not email me unless you have read the FAQ first.


Teaching slides used in a UCLA intro course for MFE students in 2017

On-Line Testing

Two Good Choices Now:

  • syllabus.space: student self-testing, course administration;
  • accepi: supported, universal, affordable.
textbook cover

NEW MFE Edition

for Masters of Finance or Masters of Data Sciences Programs
with extra programming and data resources
Data Sets: 100 Large Stocks in 2005 100 Large Stocks in 2015

Full Instructor Support

Instructor materials are available only to legitimate instructors for university-registered courses, never to students under any circumstances. If you have the required credentials, please contact ivo.welch@anderson.ucla.edu for access.

Check out the coverage and feature comparison for Berk-Demarzo, Brealy-Myers-Allen, Ross-Westerfield-Jaffe, and Welch, and the instructor preface for some further perspectives and comparisons.

I also posted my 2018 presentation to the FMA why this book is the best there is at here.


These chapters would be too much for a first corporate finance course (e.g., Int'l, M&A, Governance, Options).


An old writeup, but still the right way to teach investments. Never fully developed.

This website is also available in encrypted https://book.ivo-welch.info form in case you are paranoid.

Please leave a non-anonymous review. (You will have to authenticate with a google account.)

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