Originally Posted by Dreamer
I have the 4rth edition ASM as opposed to the newer ASM edition volume I that came out.
Is the difference negligible for the first volume?
Of course, I bought volume II and III; I really don't want to rebuy volume I.
You should be OK with the 4th edition. The main improvement in the 5th edition of Vol. 1 (as noted on the various web sites) is an expansion of the section on yield curves, spot rates, forward rates, duration, convexity, immunization, etc. (As I recall, this section has been increased from about 10 pages to 32 pages.) There was also an expansion of the section on comparing alternative investments by the NPV or IRR methods, and of the section describing various investments, like mutual funds, Treasuries, etc. But the 4th edition is still adequate preparation for the exam.