Learn essential probability concepts for the CFA® Level I exam through a 34-minute video lecture covering probability trees and conditional expectations in quantitative methods. Master the calculation of expected values, variances, and standard deviations while understanding their practical application to investment scenarios. Explore how to structure investment problems using probability trees and gain proficiency in using conditional expectations for investment applications. Develop skills in calculating and interpreting updated probabilities using Bayes' formula, all aligned with Module 4 of the Quantitative Methods section. Part of a comprehensive CFA® exam preparation series that equips candidates with fundamental statistical tools for investment analysis and decision-making.