Charles Braun CFA, CEO of Braun Investment Analysis Consultants recently sent an update to his clients, and cc$\text{'}$d this to any prospect that he or his employees have been communicating with. This is standard practice for the firm $-$ Braun's updates typically go out three or four times each year. In the update, Braun quoted one of the company's analysts, Sunni Kalagnanam CFA, who said that "Braun clients can expect annual growth of $18\%$ on their accounts over time, mainly because the firm only hires CFA charterholders. One of the company's major clients did in fact experience an $18\%$ increase in their account values over the last several years, but Braun company accounts overall only averaged $11\%$ compounded annually during that time. Discuss With citations and references