2009 Financial
Analysts Seminar
Program and Agenda
| Sunday, 19 July 2009 |
2:00−6:00
p.m.
Registration (InterContinental Chicago)
2:00−5:00
p.m.
Optional Workshop
Alpha-Generating Strategies for Today's Market Environment
Walter V. (Bud) Haslett, Jr., CFA
Head, Risk Management, Derivatives, and Alternative Investments
CFA Institute
- Enhance returns in turbulent markets, and provide equity holdings with low- or no-cost downside protection
- Establish limited-risk equity exposures to both bull and bear markets, and learn more about volatility and the VIX
- Learn through real-life simulations how different strategies react to favorable and unfavorable market conditions
6:00−7:30
p.m.
Reception and Dinner
7:30−8:30
p.m.
Reaching Your Performance Potential
Jamie Ziegler
Principal
Focus Consulting Group, Inc.
- Understanding how personality types link to investment style
- Improving personal performance and better managing career paths
- Creating high performance teams at investment firms
9:00−10:30
p.m.
Hospitality Lounge
| Monday, 20 July 2009 |
7:00−8:00 a.m.
Breakfast (Gleacher Center)
8:00−10:45
a.m.
A New Era for Central Bank Watching
David M. Jones
President and CEO
DMJ Advisors, LLC
- How did global central bank policies affect the financial crisis?
- With record low interest rates and a large U.S. Federal Reserve balance sheet, how effective will monetary policy be in the future?
- Can central banks balance near-term deflation during the deleveraging process with the long-term potential for hyperinflation and a weaker U.S. dollar?
11:00
a.m.−12:15 p.m.
China and Emerging Markets
─ Currencies, Economies,
and Investments
Louis-Vincent Gave
Founding Partner
MW GaveKal
- How quickly will China move from an expo economy to a domestic-based economy?
- Does China really have "no other option" than to hold U.S. government securities, and will China continue to buy U.S. bonds in the future?
- Where will economic growth come from in the future, and what are the implications for global investor strategy?
12:15−1:30 p.m.
Lunch (Gleacher Center)
1:30−2:45
p.m.
India ─
Investing in Private and Public Equity Markets
Arshad R. Zakaria
President and CEO
New Vernon Capital, LLC
- Macro- and microeconomic factors to consider when investing in companies in emerging markets, including the soundness of the banking system and credit availability; quality of labor; and government policies toward foreign involvement
- The realities of direct investment in India — risks, challenges, and opportunities for investors
- Public vs. private investment in emerging markets: Lessons from an experienced investor
3:00−4:15
p.m.
Emerging from the U.S. Banking Rubble
─ How Long Will It Take?
What Will These Organizations Look Like?
David A. Hendler
Head of Global Financial Services and Senior Analyst
CreditSights, Inc.
- How did banks' aggressive lending, structuring, and trading strategies lead to massive losses and destroy faith in the financial system?
- How can the faith or creditworthiness of the financial system be restored, and what part and responsibility do the major stakeholders (shareholders, bondholders, hybrid holders, government, regulators, taxpayers) have in reshaping it?
- How have banks' capital structures been damaged, and what needs to be done to restore more normal private sector capital markets fundraising and borrowing activities?
4:30−5:30
p.m.
Study Groups for the Athens Road Case
6:00−8:30
p.m.
Reception and Dinner with Speaker (InterContinental
Chicago)
Fees in the Asset Management Industry and What They Reveal
Mark J.P. Anson, CFA
President and Executive Director, Investment Services
Nuveen Investments, Inc.
- A close look at fees for private equity funds, hedge funds, and traditional asset management
- Fee structures and manager behavior
- Improved fee arrangements that better align manager and client objectives
Presentation of the 2008 Graham and Dodd Award
9:00−10:30
p.m.
Hospitality Lounge
| Tuesday, 21 July 2009 |
7:00−8:00 a.m.
Breakfast (Gleacher Center)
8:00−9:15
a.m.
Finding Value in Global Markets: Treasures vs.
Traps
Amit B. Wadhwaney
Portfolio Manager
Third Avenue Management, LLC
- Effective valuation approaches for global investors and why sound fundamental analysis is more important now than ever
- Reflections on the financial crisis from a bottom-up, global stock-picker
- Avoiding value traps in today's global markets
9:30−10:45
a.m.
Analyzing the Global Energy Sector
─ Peak Oil and
Beyond
Charles T. Maxwell
Senior Energy Analyst
Weeden & Company
- The era of energy transition: Effects of nearing Hubbert’s peak over the intermediate term for producers and consumers
- Investment opportunities and risks, and ways to speed up investment in old and new energy capacity
- Implications of the recent U.S. fiscal stimulus package for the energy sector
11:00
a.m.−12:15 p.m.
Fixed Income Portfolio Management
─ Investment Opportunities and
Risks Globally
Sudi Mariappa
Senior Advisor, Portfolio Management
PIMCO
- Signals in the credit markets in 2007–2008 that predicted the financial crisis
- Implications of the financial crisis for investors: Regulation, transparency, and risks
- Finding long-term investment opportunities in today’s global fixed-income markets
12:15−1:30 p.m.
Lunch (Gleacher Center)
1:30−2:45
p.m.
Exiting a World of Bubbles and Entering a World of
Busts
Jeremy Grantham
Chief Strategist and Co-Founder
GMO
- The breadth and depth of the impact of investors’ ignoring risks in recent times
- Career risk and bubbles breaking — that’s all that matters
- Value investing during (potentially long) economic and market downturns — valuation, risks, and asset allocation
3:00−4:30
p.m.
A Case Study on Infrastructure Investing: Athens
Ring Road (Attiki Odos)
Yiorgos Allayannis
Associate Professor of Business Administration, Darden Graduate School of Business Administration
University of Virginia
In a lively, interactive case discussion, participants will examine the economics of one of the most significant infrastructure projects in southeastern Europe. Participants must consider the characteristics, risks, benefits, and challenges of major infrastructure projects and determine the best ownership structure (private finance, public–private partnerships, etc.) for the Athens Ring Road project and the returns for the equity sponsors and the government.
6:00−8:30
p.m.
Reception and Dinner with Speaker (InterContinental
Chicago)
Value Risk Management, Macro Conditions, and the Current
Crisis
Bruce Greenwald
Robert Heilbrunn Professor of Finance and Asset Management
Columbia Business School
- Risk as permanent loss of capital, and diversification and macro risks in this context
- Macro risk management strategies
- Application to the current economic situation
9:00−10:30
p.m.
Hospitality Lounge
| Wednesday, 22 July 2009 |
7:00−8:00 a.m.
Breakfast (Gleacher Center)
8:00−9:15
a.m.
Risks and Returns of Global Equity Markets: Why are
High-Risk and Low-Risk Equities Priced the Same?
Harindra de Silva, CFA
President, Portfolio Manager
Analytic Investors LLC
- Valuation Levels and risk premiums for high-risk and low-risk equities in global markets
- Historical impact of the effects of economic uncertainty and financial crisis on low- and high-risk equities
- Opportunities for investors, and asset allocation implications
9:30−10:45
a.m.
Timely Lessons from Behavioral Finance
Christopher Malloy
Assistant Professor
Harvard Business School
- How can we better understand such phenomena as investor behavior, asset pricing, and managerial behavior?
- Is behavioral finance the driving force behind financial bubbles and market dislocations, and what have we learned from the recent financial crisis?
- How can the investment process be improved by understanding investor biases?
11:00
a.m.−12:15 p.m.
Rebuilding Institutional Funds in a Post-2008
World ─ Panel
Discussion
Ashvin B. Chhabra, Moderator
Chief Investment Officer
Institute for Advanced Study
Catherine A. Lynch, CFA
CEO and Chief Investment Officer
National Railroad Retirement Investment Trust
Donald M. Raymond, CFA
Senior Vice President, Public Market Investments
Canada Pension Plan Investment Board
- Changes made in the fund in direct response to the financial crisis — governance, internal vs. external management, cost management, and investment structures
- Risk management — what was missing, and what tools are still needed
- Expected changes in the regulatory environment and their effect on institutional investment management
12:15−1:30 p.m.
Lunch (Gleacher Center)
2:45−6:30
p.m.
Mock Trading Session at CME Group
Participants will visit CME Group for a brief floor tour followed by a lively and instructive mock trading exercise. In a new twist for 2009, join actual traders who will lead teams in an electronic trading challenge using financial futures contracts on S&P 500, NASDAQ-100, DJIA, and more. A reception hosted by CME Group will follow.
9:00−10:30
p.m.
Hospitality Lounge
| Thursday, 23 July 2009 |
7:00−8:00 a.m.
Breakfast (Gleacher Center)
8:00−9:15
a.m.
Assessing Global Property Markets
─ 2009 and
Beyond
Earl E. Webb
CEO, Capital Markets
Jones Lang LaSalle Americas, Inc.
- Where are we in the commercial real estate cycle?
- What are the key risks for institutional investors to consider, and how can these risks be mitigated?
- Where are the opportunities in public and private global real estate markets?
9:30−10:45
a.m.
Hedge Fund
Investing ─ What 2008
Taught Us
Roxanne M. Martino
President and CEO
Aurora Investment Management L.L.C.
- What did a long-time hedge fund investor take away from the turmoil of 2008?
- After the dust of 2008 settles, who will remain, who will succeed, and who will fail?
- Is the industry set up for multiple years of outperformance or for failure?
11:00
a.m.−12:15 p.m.
The Continuum from Passive to Active Currency
Management
Giulio Martini
Chief Investment Officer, Currency Strategies
AllianceBernstein
- Passive currency management — neutral, optimal, or neither
- Approaches to active currency management
- Applications and opportunities in unusual circumstances: G-7 and emerging market currencies
12:15−1:30 p.m.
Lunch (Gleacher Center)
1:30−2:45
p.m.
The Case for and Benefit of Smart
Rebalancing
Arun S. Muralidhar
Chairman and Chief Investment Officer
AlphaEngine Global Investment Solutions/Mcube Investment Technologies, LLC
- What are the appropriate performance and risk measures for determining the best asset and risk allocation approach?
- Is there a better way to manage asset allocation decisions than static rebalancing methods?
- Can other approaches preserve the advantages that rebalancing policies have, namely, the ability to have explicit, transparent, and disciplined asset allocation decisions?
3:00−4:30
p.m.
Analyzing the Interconnectedness of Global
Markets
Marc Faber
Managing Director, Mark Faber Limited
Editor, "The Gloom, Boom & Doom Report"
- Analyzing the effects of the interconnectedness of global economies, markets, and currencies
- Identifying undervalued companies with staying power vs. those that may run out capital for funding future growth
- Positioning portfolios for the long run — the case for emerging markets, natural resources, and other cyclicals
6:00−8:30
p.m.
Reception and Dinner with Speaker (InterContinental
Chicago)
Geopolitical Risk: Emerging Trends and Hot Spots
Willis Sparks
Eurasia Group
- Political risk and emerging markets
- Longer-term geopolical trends
- Country-by-country analysis of current internal political dynamics
9:00−10:30
p.m.
Hospitality Lounge
| Friday, 24 July 2009 |
7:00−8:00 a.m.
Breakfast (Gleacher Center)
8:00−9:15
a.m.
Hedge Funds: A View from the Buy Side
François-Serge Lhabitant
Chief Investment Officer, Kedge Capital
Professor of Finance, HEC Lausanne and EDHEC Business School
- Qualitative and quantitative tools investors need to assess the array of hedge fund strategies available, manage risks, determine allocations, and address liquidity issue
- Concentration vs. diversification
- Opportunities for investors, and asset allocation implications
9:30
a.m.−10:45 a.m.
"Is That Your Final Answer?": Debating
Everyday Ethics for Investors
Robert M. Luck, CFA
Director, Member and Society Liaison
CFA Institute Centre for Financial Market Integrity
The CFA Institute Centre for Financial Market Integrity offers this popular ethics refresher enriched by group interaction and debate. Join this lively discussion of cases encountered in daily practice in the investment industry, and see how the CFA Institute Code of Ethics and Standards of Professional Conduct can help you handle challenging ethical situations. Participants will earn two hours of Continuing Education (CE) credit in the Standards, Ethics, and Regulatory (SER) topic area.
11:00
a.m.−12:15 p.m.
Managing through Chaos: Motivating Your Team (and
Yourself) during Difficult Times
Fran Skinner, CFA
Principal
Focus Consulting Group, Inc.
- How to lead when so much is out of your control
- The value of values in difficult times
- Four actions to take right now to motivate yourself and your team in these days of turbulence
12:15−1:30 p.m.
Lunch (Gleacher Center)
1:30
p.m.
Seminar Concludes