CFA Institute: 2010 Annual Conference

Refocus: Your Thinking, Your Networks, Your Profession

16–19 May 2010
Boston Marriott Copley Place
Boston, Massachusetts, United States

Hosted by The Boston Security Analysts Society, Inc.

Price:

US$1,150 Members

US$1,150 Candidates

US$1,450 Non-Members

Credits:

14.00 CE
3.00 SER

Topics covered:

Alternative Investments
Behavioral Finance
Economics
Equity Investments
Fixed Income
Portfolio Management
Private Wealth Management
Standards, Ethics, and Regulations (SER)

The right perspective is often all that stands between investment success and failure. As investors seek solutions that address today’s many challenges in innovative ways, there has never been a better time to take a fresh look at your investments in light of new market conditions, emerging opportunities, and enduring values. Join us at the 63rd CFA Institute Annual Conference to assess new ideas and strategies from industry luminaries and build rewarding relationships with colleagues from around the world.

The 2010 Annual Conference offers participants:

Globally relevant and timely sessions by industry thought leaders on ground-breaking topics
Topical sessions focused on equity analysis, fixed-income analysis, portfolio management, private wealth management, alternative investments, ethics, and firm management
Exclusive networking opportunities

Who Should Attend
Portfolio Managers
Analysts
Chief Investment Officers
Chief Executive Officers
Investment Advisers
Pension Plan Investment Officers
Relationship Managers
Consultants

View the Annual Conference participant affiliations

Read about the spouse/guest social events (PDF)
On-site registration only.

Plan your trip: Boston restaurants (PDF) and attractions (PDF)

Attend the Research for the Practitioner IX: The Research Foundation of CFA Institute Annual Workshop

Attend the Developing Your Wealth Management Business workshop

Download the schedule (PDF) and reception information (PDF)

Opening Speaker
This year's conference will begin with a special presentation on Sunday evening, 16 May

5:00 p.m.
Predictably Irrational: The Hidden Forces That Shape Our Decisions
Dan Ariely
Author of Predictably Irrational
James B. Duke Professor of Behavioral Economics
Duke University

How expectations, emotions, social norms, and other seemingly illogical forces skew our reasoning abilities
How we really think about money, why we’ve fallen for the fallacy of supply and demand, and how the financial crisis magnified the role of irrational behavior in the economy
How large bonus compensation affects behavior, and why incentives can backfire

Plenary Sessions
Plenary sessions each morning feature prominent leaders in our profession. Speakers address key topics facing institutional and private wealth managers today, providing lessons learned and ideas for future investment opportunities.

Monday, 17 May Plenary Sessions

9:15 a.m.
Understanding Financial Crises
Kenneth Rogoff
Thomas D. Cabot Professor of Public Policy
Harvard University

Why do crises occur frequently, and how can they be anticipated?
What is the typical depth and duration of the downturn after a crisis?
What are the risks to growth, inflation, and stability that are caused by post-crisis public debt buildups?

10:15 a.m.
Why African Markets Are More Profitable Than You Thought
Dambisa Moyo
Author of Dead Aid

Why an aid-free approach to development, rooted in the movement of capital and competition, is the only way forward for the world’s poorest countries
How China’s growing influence and investment in Africa will benefit both regions
How African companies are performing, and what efforts are under way to develop more robust local bond and stock markets

11:45 a.m.
Bailouts, Ballyhoo, and New Betas: Managing Portfolio Risks and Rewards
Clifford S. Asness
Managing and Founding Principal
AQR Capital Management LLC

How to position portfolios, manage risks, and alter expectations as deleveraging works through the system
Why knowing your betas can be good for your portfolio’s health
What a few basic ideas can do to prevent systemic risks in the future

Tuesday, 18 May Plenary Sessions

9:15 a.m.
The U.S. SEC’s Investor-Focused Agenda
Mary L. Schapiro
Chairman
U.S. Securities and Exchange Commission

10:15 a.m.
Opportunities for Patient Investors
Seth A. Klarman
Author of Margin of Safety
President
The Baupost Group, LLC

How should a modern-day investor view and use the advice of Graham and Dodd?
What happened last year, and what is to come?
How can investors apply tried-and-true value principles in equity and debt markets around the world?

11:45 a.m.
The End of the Free Market: Who Wins the War between States and Corporations?
Ian Bremmer
President
Eurasia Group

How governments are driving local economies, and why this trend threatens the conduct of free markets everywhere
How sovereign wealth funds and state-owned/supported firms are reshaping international politics and the global economy
How the battle for competing economic models has replaced the rival political ideologies of the past, and why an entirely different set of global winners and losers is emerging

Wednesday, 19 May Plenary Sessions

9:15 a.m.
Animal Spirits and the Economy
George A. Akerlof
2001 Nobel Laureate in Economics
Daniel E. Koshland Sr. Distinguished Professor of Economics
University of California, Berkeley

The importance of noneconomic motives (such as fairness, confidence, and trust) that are not part of conventional economic theories
The case for a more robust, behaviorally informed Keynesianism, and why animal spirits necessitate a governmental role in stabilizing markets
The recovery from a crisis of confidence, and why investor fears linger longer than is rational

10:15 a.m.
The Way Forward: Rebuilding the Financial Services Industry
John C. Bogle
Founder
The Vanguard Group, Inc.

Christopher C. Davis
Chairman and Portfolio Manager
Davis Advisors

Understanding the financial practices that encouraged excessive risk taking, exaggerated returns, and contributed to a failure of professional security and risk analysis
Restoring faith in the markets, and achieving the reforms needed to fix the system
Addressing our profession’s lack of leadership and conflicts in its ownership structure

11:45 a.m.
History in the Making: Lessons and Legacies of the Financial Crisis
Niall Ferguson
William Ziegler Professor of Business Administration
Harvard Business School

The fragility of the American Empire, and the global shift in economic power
The myth of “too big to fail” in a free market system
The crisis of excessive indebtedness—moving beyond the Age of Leverage

Concurrent Sessions
Concurrent sessions each afternoon provide perspectives from highly respected industry leaders. Learn more about topics of particular interest, including equity analysis, fixed-income analysis, portfolio management, private wealth management, alternative investments, ethics, and firm management.

Monday, 17 May Concurrent Sessions

2:30 p.m.
Risk Management Revisited
Specialty Focus Area: Portfolio Management
Richard Bookstaber
Author of A Demon of Our Own Design
Senior Policy Adviser
U.S. Securities and Exchange Commission

Re-evaluating risk management practices post-crisis: Risk models, fat tails, the myth of noncorrelation, and more
Understanding dynamics that lead to unexpected linkages between markets: Can complexity, leverage, and tight coupling give us early warning to a crisis
Navigating the liquidity crisis cycle: The role of regulators in mitigating systemic risk by “mapping the market genome”

The Future of Securitization
Specialty Focus Area: Fixed-Income Analysis
Tom Hourican
Managing Director and Head of ABS Securitization Risk Management
Société Générale

Jeffrey T. Prince, CFA
Managing Director
Babson Capital Management LLC

Jennifer Quisenberry, CFA
Asset Class Specialist
General Re–New England Asset Management, Inc.

Sean Sheerin
Co-Head, ABS/CMBS Group
DA Capital

What can investors expect in the new issue and secondary markets? Are the headlines telling the real story?
Can the viability of securitization be restored, and what conditions must exist to make securitization without government support feasible?
Is restored credibility of structured ratings necessary for the market to recover, and will changes in ratings criteria and the regulatory approach toward rating agencies be enough?

Investment Management Leadership: Creating a Culture of Excellence
Specialty Focus Area: Firm Management
Scott F. Powers
President and CEO
State Street Global Advisors

Recognizing the greatest challenges facing the asset management industry and identifying possible solutions
Creating a culture, an organizational structure, and incentives that effectively leverage skills and abilities
Building trust internally and externally through commitment and competency

Financial Shenanigans: How to Detect Accounting Gimmicks and Fraud in Financial Reports
Specialty Focus Area: Equity Analysis
Howard M. Schilit
Founder and CEO
Financial Shenanigans Detection Group, LLC

Common tricks companies use to hide operational problems, including earnings manipulation and operating cash flow distortions
The dangers behind company-created metrics and why they may signal problems ahead
Environments that breed deceit, and quantitative and qualitative screens to help detect bad actors

The Art and Science of Hedge Fund Manager Selection
Specialty Focus Area: Alternative Investments
Ted Seides, CFA
Senior Managing Director
Protégé Partners, LLC

Understanding the manager selection process
Analyzing the people, strategies, and GP/LP relationship
Preparing for the possibility of malfeasance

Monday, 17 May Concurrent Sessions

4:00 p.m.
Inputs to Monetary Policy Decisions
Specialty Focus Area: Portfolio Management
Marlene Amstad
Head of Financial Market Analysis
Swiss National Bank

The strengths and weaknesses of the models used in making monetary policy decisions, and how the financial crisis has changed the way data and models are used
Unconventional policy measures, such as quantitative and credit easing, and how they affect a central bank balance sheet
The key risks facing policymakers as the global economy works through the deleveraging process, including inflation vs. deflation, tight credit, and lack of demand

The Questions That Keep Bond Managers Up at Night
Specialty Focus Area: Fixed-Income Analysis
Daniel J. Fuss, CFA
Vice Chairman
Loomis, Sayles & Company

John V. Malvey, CFA
Global Capital Markets Consultant

William L. Nemerever, CFA
Partner
GMO

Marc P. Seidner, CFA
Executive Vice President, Portfolio Management
PIMCO

Does the U.S. Federal Reserve have an exit strategy, and what are the lasting implications of the federal government’s involvement in many fixed-income markets?
What lessons on risk management and portfolio construction did we learn from the financial crisis?
Where are the compelling return opportunities in global fixed-income markets?

Adding Value through Corporate Governance
Specialty Focus Area: Standards, Ethics, and Regulations
Robert A.G. Monks
Founder
The Corporate Library

The role of owners
The role of government as owner
The role of reform through presidential decree

Trends in Family Offices
Specialty Focus Area: Private Wealth Management
Laird P. Pendleton
Co-Founder, Chairman
CCC Alliance

The current landscape and future trends for single-family offices, multi-family offices, and those institutions that serve them
Why single-family offices are different from the rest
How the financial crisis affected family offices, and why some thrived in the economic downturn and others did not

The Half-Global Crisis: Long Term Investment Opportunities in Emerging Markets
Specialty Focus Area: Equity Analysis
Antoine W. van Agtmael
Chairman and Chief Investment Officer
Emerging Markets Management, LLC

Examining why many emerging economies were more resilient to the financial crisis than developed nations were, and whether these characteristics will continue to make them attractive investments
Understanding key trends for emerging market growth: One billion new consumers and investors, improved transportation and infrastructure, and outsourcing of manufacturing, IT, and research
Evaluating the major risks in emerging markets, and determining the countries and regions that are particularly compelling

Tuesday, 18 May Concurrent Sessions

2:30 p.m.
The Hidden Costs of Asset Owner/Asset Manager Relationships
Specialty Focus Area: Standards, Ethics, and Regulations
Mark J.P. Anson, CFA
Managing Partner and Chief Investment Officer
Oak Hill Investments

Why delegating investment decisions to asset managers can create agency costs and what asset owners can do to control them
Particular challenges in alternative assets, and why hedge fund and private equity incentives often lead to unexpected risk profiles
Four asymmetries that may misalign interests of asset owners and asset managers: Liquidity, incentives, skills, and risks

Understanding the Inflation/Deflation Debate
Specialty Focus Area: Fixed-Income Analysis
Van R. Hoisington
President and Senior Investment Officer
Hoisington Investment Management Company

The Irving Fisher/Milton Friedman conflict
Monetary and fiscal policy shortcomings
Structural economic impediments in a deflationary world

Lessons from Japan: Fighting a Balance Sheet Recession
Specialty Focus Area: Portfolio Management
Richard C. Koo
Chief Economist
Nomura Research Institute

The four kinds of banking crises, their different solutions, and what makes a balance sheet recession unique
An unorthodox prescription for fixing the global economy when conventional tools — such as monetary policy — are ineffective
The benefits of deficit spending, and the temptation to end stimulus efforts prematurely and trigger a second (worse) collapse

International Wealth Planning for Families
Specialty Focus Area: Private Wealth Management
Philip Marcovici
CEO
LawinContext Pte. Ltd

Why virtually every wealth-owning family is international
Development of an international wealth-planning mandate that includes both tax and nontax issues
Reflections on how the global acceleration of transparency affects the needs of the wealth-owning family

Carbon Exposure and Strategic Opportunities in Energy Markets
Specialty Focus Area: Alternative Investments
John E. Parsons
Executive Director
Center for Energy and Environmental Policy Research
Massachusetts Institute of Technology

An overview of existing markets for emissions, what we’ve learned from the European cap-and-trade system, and what may be coming down the road
The impact of emissions limits on the power industry, energy-intensive industries, and agribusiness
The competitive landscape for energy innovations

Tuesday, 18 May Concurrent Sessions

4:00 p.m.
Managing Investments through Turbulent Times
Specialty Focus Area: Portfolio Management
Seth Alexander, CFA
President
MIT Investment Management Company

Staying the course: Why a significant allocation to less-liquid alternative strategies is still compelling for long-term investors
Surviving the short term: Understanding your true liabilities and meeting liquidity needs
Balancing it all: Diversification, rebalancing, and dynamic correlations

The Power of Negative Thinking: A Short Seller’s Perspective
Specialty Focus Area: Equity Analysis
James S. Chanos
Founder and President
Kynikos Associates

Understanding what makes a short seller’s approach to research and valuation different
Identifying the potholes — declining business models, fantasy accounting, counterparty risks, faulty cost structures, and more
Incorporating a macro view in bottom-up analysis — the cost of government intervention, re-regulation, and increasing taxation to markets and securities

The Daily Grind: An Examination of Our World Economy
Specialty Focus Area: Portfolio Management
Speaker TBD

The systemic problems across all sectors, and how world economies came to panic in 2008
Investment and policy implications
Future growth through innovation

Techniques for Managing Your Clients’ Behavioral Biases
Specialty Focus Area: Private Wealth Management
Richard L. Peterson
Managing Partner
MarketPsych LLC

Understand how investor emotions underlie mental biases, alter financial behavior, and predict market turning points
Strengthen client relationships, increase client trust, and prevent biased behaviors using the conversational tool IDEAS (Inquire, Describe, Empathize, Add another perspective, and Suggest solutions)
Via a case study, learn how to deepen your understanding of client motivations while simultaneously helping clients make better decisions

Next Generation Asset Management: Competition, Compensation, and Consolidation
Specialty Focus Area: Firm Management
Donald H. Putnam
Managing Partner
Grail Partners LLC

How can asset managers strengthen their competitive position — what are the defining characteristics of a successful firm going forward, and what are the new products under development that will provide an edge?
How might the fee structure for investment firms evolve?
Will the asset management industry consolidate further in coming years, and what will be the driving forces?

Corporate Breakfast Presentations

Corporate presentations begin the educational content of the day with relevant information about current market trends, industry sectors, and best practices, plus strategies and tactics for successful investment management and financial analysis. Read more about the 18 corporate presentations offered this year.

CFA Institute Initiatives Sessions

Monday, 17 May

12:45 p.m.
Using Social Media Tools to Enhance Your Membership Experience
Len Costa
Director, Social Media, CFA Institute

Heidi Herrington
Director, Strategic Marketing, CFA Institute

The rapid development of social media and its movement into the mainstream have changed the way we communicate, network, and learn online. Join us for a preview of social media features and functionality that CFA Institute is exploring as additions to the new interactive member website. CFA Institute managers responsible for social media strategy will share ideas and solicit your input to help shape the development of new interactive tools designed to help you connect with fellow members and find the online educational and career resources that are most relevant to you.

Topics will include:

Ratings and recommendations to help you filter educational content
Potential uses of member-only forums, messaging, and peer networking applications
Strategies for extending and enhancing social networking within CFA Societies
New ways to stay connected with CFA Institute activities through the social media sites that you may already be frequenting

Developing Future Investment Professionals
Bob McLean, CFA
Head, University Relations, CFA Institute

Rhonda Reid
Manager, Global Investment Research Challenge, CFA Institute

Learn how CFA Institute is working with universities around the world to attract future investment professionals and teach them more about our profession. Hear about the Global Investment Research Challenge, a competition now in its fourth year in which students evaluate a public company in a real-world exercise and present their sell-side research report to a panel of charterholders. This year there are nearly 2,000 students on more than 400 teams vying for the title of Global Investment Research Challenge champion, and approximately 1,000 volunteers supporting the effort. The session will also discuss ways many universities are incorporating CFA program material into their curriculum.

Topics will include:

Volunteer opportunities with the Global Investment Research Challenge: Mentoring, judging, and more
The opportunity to view a research team in action
Overview of the growth of the CFA Program Partners Initiative

Tuesday, 18 May

12:45 p.m.
The CFA and CIPM Exams: An Overview and Future Directions
Bobby Lamy, CFA
Head, CFA Program Content, CFA Institute

Philip Lawton, CFA, CIPM
Head, CIPM Program, CFA Institute

Peter Mackey, CFA
Head, CFA Examinations, CFA Institute

Learn firsthand about today’s CFA Program, now in its 48th year, and the newer Certificate in Investment Performance Measurement (CIPM) program, now in its 5th year. This session will provide details of the CFA Program’s rigorous structure and the developments under way to ensure that it remains current and relevant for the investment management industry. Meanwhile, the CIPM program continues to attract candidates as a specialized credentialing program that develops the performance evaluation and presentation expertise of investment professionals. CFA Institute leaders responsible for all aspects of these examination programs will describe the processes that maintain and enhance their high standards.

Topics will include:

Candidate profiles and growth around the world
The practice analysis and curriculum development processes
The introduction of an electronic curriculum that members can also access
The examination development process
Examination administration, grading, and standard setting

The Investor Legislative Agenda: How’s It Working for Us?
James C. Allen, CFA
Head, Capital Markets Policy, CFA Institute

Charles Cronin, CFA
Head, Standards and Financial Market Integrity, EMEA, CFA Institute

Now, more than a year after the financial market meltdown lost its steam, legislators on both sides of the Atlantic continue to ponder how to respond. In Europe, the response has been to launch a directive aimed at alternative investment funds, a move to regulate credit rating agencies, and the creation of a new pan-European supervisory structure. In the United States, efforts to fix critical failures in the oversight of systemic risk and over-the-counter derivatives are entangled with proposals to reform the marketing of financial products to consumers, making ultimate passage of any bill uncertain. We will discuss the status of financial market reform legislation and how those reforms — or lack, thereof — will affect investors in the years ahead.

How reforms in Europe compare with those being pursued in North America
How legislative reforms could have been worse
What CFA Institute members now think of policymakers’ crisis-time decisions

Read about speakers in the press

Antoine W. van Agtmael

Antoine W. van Agtmael is a director of Emerging Markets Management, LLC, and Strategic Investment GroupSM. Previously, he held positions as deputy director of the capital markets department of the International Finance Corporation and as division chief in the World Bank's treasury operations. Mr. van Agtmael is author of the book The Emerging Markets Century and co-editor of The World’s Emerging Stock Markets. He holds a BA degree from the Netherlands School of Economics, an MA degree in Russian and Eastern European Studies from Yale University, and an MBA degree from New York University.

George A. Akerlof

George A. Akerlof is Koshland Professor of Economics at the University of California, Berkeley and 2001 co-recipient of the Nobel Prize in Economic Sciences. He is co-author of the book Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism. Professor Akerlof has served as senior economist at the White House Council of Economic Advisers, as a member of the council of the Econometric Society, and as past president, vice president, and member of the executive committee of the American Economics Association. He holds a BA degree from Yale University and a PhD degree from Massachusetts Institute of Technology.

Seth Alexander, CFA

Seth Alexander, CFA, is president of the MIT Investment Management Company, which manages the endowment, retirement plan, retiree welfare benefit plan, and other financial assets of Massachusetts Institute of Technology. Previously, he was a director at the Yale Investments Office and a management fellow at the Yale School of Management, co-teaching a class on endowment management. Mr. Alexander co-authored a paper titled “Illiquid Alternative Asset Fund Modeling” that was published in the Journal of Portfolio Management. He is a member of the TIFF advisory services board and a senior lecturer at the MIT Sloan School of Management.

Marlene Amstad

Marlene Amstad is deputy director and head of financial market analysis at the Swiss National Bank (SNB), specializing in the development of tools and indicators for policy makers. Her career has included work for the Federal Reserve Bank of New York, Credit Suisse, and at KOF/ETH, a Swiss organization similar to the National Bureau of Economic Research. Dr. Amstad has developed new core inflation measures, built quantitative credit risk models, and worked on indicators for forecasting business cycle turning points. She is a member of the SNB’s investment committee for foreign currency reserves and a lecturer for monetary policy and financial markets at the University of Bern.

Mark J.P. Anson, CFA

Mark J.P. Anson, CFA, is managing partner and chief investment officer at Oak Hill Investments. Previously, he was president and executive director of investment services at Nuveen Investments and CEO of Hermes Pensions Management and chief investment officer of the California Public Employees’ Retirement System. Dr. Anson has published a number of textbooks and award-winning research articles on topics ranging from alpha and beta separation to corporate governance. He serves on several advisory boards including the CFA Institute Board of Governors and the editorial boards of several financial journals. Dr. Anson holds master’s and PhD degrees in finance from Columbia University and a JD degree from Northwestern University.

Dan Ariely

Dan Ariely is James B. Duke Professor of Behavioral Economics at Duke University, with appointments at the Fuqua School of Business, the Center for Cognitive Neuroscience, and the Department of Economics. He is the author of the book Predictably Irrational, and he has won numerous scientific awards. Professor Ariely’s work has been featured in leading scholarly journals and a variety of popular media outlets, including the New York Times, the Wall Street Journal, and Scientific American. He holds master’s and doctorate degrees in cognitive psychology from the University of North Carolina and a doctorate degree in business administration from Duke University.

Clifford S. Asness

Clifford S. Asness is managing and founding principal at AQR Capital Management, LLC. Previously, he was managing director and a director of quantitative research for the asset management division at Goldman Sachs. Dr. Asness serves on the editorial boards of the Journal of Portfolio Management and the Financial Analysts Journal and the governing board of the Courant Institute of Mathematical Finance at New York University. He has received the James R. Vertin Award from the Research Foundation of CFA Institute for producing a body of research notable for its relevance and enduring value to investment professionals in addition to other awards given for his written articles. Dr. Asness holds a BS from the Wharton School at the University of Pennsylvania, a BS from the Moore School of Electrical Engineering, and an MBA and a PhD from the University of Chicago.

John C. Bogle

John C. Bogle is founder and former CEO of the Vanguard Group and president of the Bogle Financial Markets Research Center. He is the author of several books, including Bogle on Mutual Funds: New Perspectives for the Intelligent Investor and Character Counts: The Creation and Building of the Vanguard Group. Mr. Bogle has received numerous awards, including the AIMR (predecessor organization to CFA Institute) Award for Professional Excellence and the Lifetime Award of Distinction from the Financial Analysts Federation of Philadelphia. He holds a degree in economics from Princeton University and has received 12 honorary degrees.

Richard Bookstaber

Richard Bookstaber is a senior policy adviser for the U.S. Securities and Exchange Commission. Previously, he worked at Bridgewater Associates and ran the Quantitative Equity Fund at FrontPoint Partners. Dr. Bookstaber is the author of A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation as well as three other books and a number of articles on finance topics. In 1989, he was co-recipient of a Graham and Dodd Scroll from the Financial Analysts Federation for the article “An Information-Based Model of Market Volatility.” Dr. Bookstaber holds a PhD degree in economics from Massachusetts Institute of Technology.

Ian Bremmer

Ian Bremmer is president of Eurasia Group. He is the author of the book The J Curve: A New Way to Understand Why Nations Rise and Fall and has co-authored and co-edited a number of other books, including The Fat Tail: The Power of Political Knowledge for Strategic Investing. Dr. Bremmer’s work has also been published in the Wall Street Journal, Washington Post, Newsweek, Foreign Affairs, and Harvard Business Review. He has taught at Columbia University, the EastWest Institute, and the World Policy Institute. Dr. Bremmer holds a PhD degree in political science from Stanford University.

James S. Chanos

James S. Chanos is founder and managing partner of Kynikos Associates, a short-selling investment firm that provides investment management services for both domestic and offshore clients. Previously, he worked as a financial analyst for Paine Webber, Gilford Securities, and Deutsche Bank. Mr. Chanos has successfully executed short sales on a number of companies, including Boston Chicken, Sunbeam, Tyco International, and Enron. He is active in many charitable foundations and educational institutions. Mr. Chanos holds a BA degree in economics and political science from Yale University.

Niall Ferguson

Niall Ferguson is Laurence A. Tisch Professor of History at Harvard University and William Ziegler Professor of Business Administration at Harvard Business School. He is also a senior fellow at the Hoover Institution at Stanford University. Professor Ferguson has written several best-selling books, including War of the World: Twentieth Century Conflict and the Descent of the West and, most recently, The Ascent of Money: A Financial History of the World. He is a contributing editor for the Financial Times and writes regularly for Newsweek. He is a frequent contributor to television and radio on both sides of the Atlantic. Professor Ferguson was educated at Madgalen College, Oxford, and holds MA and DPhil degrees.

Daniel J. Fuss, CFA

Daniel J. Fuss, CFA, is vice chairman of Loomis, Sayles & Company, L.P., and the co-manager on a number of institutional separate accounts for its fixed income group. He has more than 50 years of experience in the investment industry and has been with Loomis, Sayles & Company since 1976. In 2000, Mr. Fuss was named to the Fixed Income Analysts Society’s Hall of Fame in recognition of his contributions and lifetime achievements in the advancement of the analysis of fixed-income securities and portfolios. He is president of the Boston Security Analysts Society. Mr. Fuss holds a bachelor’s degree and an MBA degree from Marquette University.

Van R. Hoisington

Van R. Hoisington is president and senior investment officer of Hoisington Investment Management Company. Previously, he was executive vice president of Texas Commerce Bancshares, executive trust officer of Texas Commerce Bank, and senior investment officer of Texas Commerce Bank’s trust department. Before joining Texas Commerce Bank, Mr. Hoisington was vice president and economist for United California Bank, where he was director of national and international macroeconomic studies. He holds a bachelor of arts degree from the University of Kansas and a master’s degree in business from Fort Hays State University.

Tom Hourican

Tom Hourican is a managing director of the Société Générale Securitization Group, where he is the head of risk management for securitization globally and advises Société Générale management on all aspects of ABS credit issues. He also acts as the credit officer for approval of all securities purchased into the Pace and Trident arbitrage conduits. Previously, Mr. Hourican ran his own ABS consulting firm and worked as head of ABS research at Chase Securities. He holds an undergraduate degree from Fordham College and a master’s degree in economics from Fordham University.

Seth A. Klarman

Seth A. Klarman is president of The Baupost Group, LLC. He is the author of the book Margin of Safety and was chosen as lead editor for the sixth edition of Security Analysis. Mr. Klarman is a member of the board of dean’s advisors at Harvard Business School, where he has been a senior lecturer on value investing and has served as a member of the alumni board. He is national chairman of Facing History and Ourselves, a teacher training organization. Mr. Klarman holds a BA degree in economics from Cornell University and an MBA degree from Harvard Business School.

Richard C. Koo

Richard C. Koo is the chief economist of Nomura Research Institute. Previously, he was an economist with the Federal Reserve Bank of New York and was a doctoral fellow of the board of governors of the Federal Reserve System. Mr. Koo has written a number of books, including The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession, and he is a visiting professor at Waseda University. In 2001, the National Association of Business Economics presented him with the Abramson Award. Mr. Koo holds BA degrees in political science and economics from the University of California at Berkeley and an MA degree in economics from Johns Hopkins University.

John V. Malvey, CFA

John V. Malvey, CFA, is a global capital markets consultant. Previously, he was managing director and bond strategist at Barclays Capital and worked as chief global fixed-income strategist and corporate bond strategist at Lehman Brothers. Mr. Malvey is a member and former president of the Fixed Income Analysts Society and was inducted into the Fixed Income Analysts Society’s Hall of Fame in November 2003. He belongs to the Financial Management Association, the New York Society of Security Analysts, and the Society of Quantitative Analysts. Mr. Malvey holds an AB degree in economics from Georgetown University and did graduate work in economics at the New School for Social Research in New York.

Philip Marcovici

Philip Marcovici is the chairman and CEO of LawInContext Pte. Ltd., the interactive knowledge venture of Baker & McKenzie. He retired as a partner at Baker & McKenzie, where he was one of the founders of its global wealth management practice. Mr. Marcovici has taught as an honorary lecturer at the law school of Hong Kong University and the University of Zurich. He is a member of a number of professional organizations including the American Bar Association and the Society of Trust and Estate Practitioners. Mr. Marcovici holds a DCS degree from McGill University, an LLB degree from the University of Ottawa, and an LLM degree from Harvard University.

Dambisa Moyo

Dambisa Moyo is an economist specializing in the geopolitics of emerging markets. Previously, she worked as a global economist at Goldman Sachs and as a consultant at the World Bank. Dr. Moyo’s past work has focused on global macroeconomics and the debt capital markets, her doctorate research focused on savings behavior in developing countries and political business cycles, and she is the author of the book Dead Aid. In 2009, Time magazine named Dr. Moyo as one of the world’s 100 most influential people. She holds a bachelor’s degree in chemistry and an MBA in finance from American University, a master’s degree from Harvard Kennedy School, and a doctorate degree in economics from Oxford University.

William L. Nemerever, CFA

William L. Nemerever, CFA, is a partner and co-head of the global fixed-income group at GMO. Previously, he served as head of global fixed-income research and marketing and management efforts at Boston International Advisors. Prior to that, Mr. Nemerever was an executive vice president at Fidelity Management Trust Company. He has spoken at a wide variety of conferences and seminars and has published articles on the topic of bond immunization. Mr. Nemerever is a director of the Fixed Income Management Society of Boston. He holds a BS in mathematics from the University of Washington and an MS in actuarial science from Northeastern University.

John E. Parsons

John E. Parsons is a senior lecturer at the Sloan School of Management at Massachusetts Institute of Technology (MIT), studying the design and functioning of carbon markets and the financing of energy investments. He is executive director of two research centers at MIT, the Center for Energy and Environmental Policy Research and the Joint Program on the Science and Policy of Global Change. Previously, Professor Parsons taught at CUNY and Columbia Business School and worked as vice president in the finance practice at CRA, a consulting firm. He holds a BA in economics from Princeton University and a PhD in economics from Northwestern University.

Laird P. Pendleton

Laird P. Pendleton is principal and co-founder of the Cairnwood Cooperative Corporation, a single-family office. He is also co-founder and chairman of CCC Alliance LLC, the nation’s largest private consortium of wealthy families and single-family offices. Mr. Pendleton serves as chairman of the advisory board of the Wharton Global Family Alliance, a joint venture between CCC Alliance and the Wharton School. He is active on various corporate and charitable boards and is the president of The Glencairn Foundation. Mr. Pendleton is a graduate of Lehigh University and the Babson Graduate School of Business.

Richard L. Peterson

Richard L. Peterson is managing director of MarketPsych Capital LLC, a psychology-based market research and asset management firm. His financial psychology research has been published in leading academic journals and textbooks as well as profiled in the financial media including CNBC, NPR, and the BBC. Dr. Peterson is author of the book Inside the Investor’s Brain: The Power of Mind Over Money. He holds degrees in electrical engineering, arts, and medicine from the University of Texas, has performed post-graduate neuroeconomics research at Stanford University, and is board-certified in psychiatry.

Scott F. Powers

Scott F. Powers is president and CEO of State Street Global Advisors, the investment management arm of State Street Corporation, and he is a member of State Street's Operating Group, the company's senior strategy and policy-making team. Previously, he served as CEO of Old Mutual U.S. and held senior management positions at Mellon Institutional Asset Management and The Boston Company Asset Management. Mr. Powers began his career as a financial services adviser with Dean Witter Reynolds. He holds a bachelor's degree in economics from Harvard College.

Jeffrey T. Prince, CFA

Jeffrey T. Prince, CFA, is managing director at Babson Capital Management LLC and a member of the firm's structured credit team. Previously, he was a senior CDO strategist at Citigroup, and prior to that he was a CDO research analyst and CDO banker at Wachovia Securities. Mr. Prince's CDO industry experience includes work in CDO security analysis and selection and CDO portfolio strategy and management. He holds a BS degree in mechanical engineering and MS degrees in financial engineering, computer engineering, and mechanical engineering from the University of Michigan.

Donald H. Putnam

Donald H. Putnam is founder and managing partner of Grail Partners LLC. Previously, he founded Putnam Lovell Securities and served as its CEO, chairman of the board, and managing director of the investment banking group. Mr. Putnam has also worked as executive vice president and division president of SEI and founder and president of SEI Financial Services Company. He has devised new quantitative products and strategies for major banks, including J.P. Morgan, The Boston Company, and Northern Trust Company while working as a senior consultant at Catallactics Corporation.

Jennifer Quisenberry, CFA

Jennifer Quisenberry, CFA, is an asset class specialist within the structured investment team at General Re−New England Asset Management. Previously, she worked at Conning Asset Management, where she headed the structured research group, and at Structured Finance Advisors, where she represented insurance company investors in the structuring of privately placed asset-backed securities transactions in her role as a managing director. Ms. Quisenberry holds a BA degree in economics and finance from McGill University and an MBA degree in finance from New York University.

Norton Reamer, CFA

Norton Reamer, CFA, is founder and vice chairman of Asset Management Finance LLC, a specialty finance company. Previously, he was founder, chairman, and CEO of United Asset Management Corporation and CEO and president of Putnam Investments. Mr. Reamer has served as director of The Boston Security Analysts Society, independent trustee and chairman of the audit committee of Eaton Vance Mutual Funds, and advisory director of Berkshire Capital Corporation. He is also a trustee and chairman of the finance committee of Wellesley College. He holds a BEE degree and an AB degree in economics from Union College and an MBA degree from Harvard Business School.

Kenneth Rogoff

Kenneth Rogoff is Thomas D. Cabot Professor of Public Policy and professor of economics at Harvard University. Previously, he served as chief economist and director of research at the International Monetary Fund and director of the Center for International Development at Harvard. Dr. Rogoff is co-author of the books Foundations of International Macroeconomics and This Time Is Different: Eight Centuries of Financial Folly and writes a monthly syndicated column on global economic issues. He is on the economic advisory panel of the Federal Reserve Bank of New York and the Central Bank of Sweden. Dr. Rogoff holds a BA degree in economics from Yale University and a PhD degree from Massachusetts Institute of Technology.

Mary L. Schapiro

Mary L. Schapiro is chairman of the U.S. Securities and Exchange Commission (SEC). Previously, she was CEO of the Financial Industry Regulatory Authority (FINRA) and served as chairman of the Commodity Futures Trading Commission and as a commissioner of the SEC. Ms. Shapiro was named the Financial Women’s Association Public Sector Woman of the Year in 2000 and received a Visionary Award from the National Council on Economic Education in 2008. She is an active member of the International Organization of Securities Commissions. Ms. Schapiro holds a degree from Franklin and Marshall College and a Juris Doctor degree from George Washington University.

Howard M. Schilit

Howard M. Schilit is founder of the Financial Shenanigans Detection Group, LLC, and an international leader in forensic accounting and corporate governance. Previously, he founded and ran a global forensic accounting research organization, Center for Financial Research & Analysis. Dr. Schilit is co-author of Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports. He has been a leading spokesman before Congress, the SEC, and media outlets about causes and early warning signs of accounting tricks in public filings and frequently lectures to university students, investors, bankers, lawyers, and insurers. Dr. Schilit holds a doctorate degree in accounting from the University of Maryland.

Ted Seides, CFA

Ted Seides, CFA, is the co-founder and senior managing director of investments at Protégé Partners, LLC. He began his career at the Yale University Investments Office, where he focused on external public equity managers and internal fixed-income portfolio management. Mr. Seides has been an investor directly in markets and through managers since then. He has written guest columns for Peter L. Bernstein’s Economics & Portfolio Strategy newsletter and was a subject of the Harvard Business School case study "Protégé Partners: The Capacity Challenge." Mr. Seides also serves as chairman of the programming committee of the Greenwich Roundtable. He holds a BA degree in the economics and political science major from Yale University and an MBA degree from Harvard Business School.

Marc P. Seidner, CFA

Marc P. Seidner, CFA, is an executive vice president and generalist portfolio manager in the PIMCO Newport Beach office. Previously, he was a managing director and domestic fixed-income portfolio manager at Harvard Management Company. Mr. Seidner has also held portfolio management roles at Standish Mellon Asset Management and Fidelity Management and Research, and he has worked on the development and implementation of investment strategy for active core and core plus institutional fixed-income mandates. He holds a BA degree in economics from Boston College.

Sean P. Sheerin

Sean P. Sheerin is co-head of the ABS/CMBS group at DA Capital, where he focuses on long–short opportunities in structured finance credits, including credit and structural analysis for the ABS group. Previously, he was director of ABS Research at the Clinton Group and spent a number of years in ABS positions at Fitch Ratings, Standard & Poor’s, and Moody’s Corporation. Mr. Sheerin holds a BS degree from the College of New Jersey and an MPA degree in public finance from the Wagner Graduate School at NYU.

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Exhibitors

Advent Software, Inc.

Advent Software, Inc., is a global firm providing quality software, data, services, and tools to firms in more than 60 countries, enabling them to improve service and communication to their clients and allowing them to grow their business while controlling costs.

Amba Research

Amba Research provides customized, exclusive investment research and analytics support services to the global capital markets industry. Run by experienced Wall Street research professionals and founded by senior directors of research from Goldman Sachs, Deutsche Bank, and JPMorgan, Amba helps clients with tasks including thematic/sector research, model building, coverage initiation, and coverage maintenance.

Applied Finance Group, Ltd.

AFG provides its clients with a clear and robust set of applications to easily compare valuations and corporate performance over time, firms, industries, and countries to make recommendations that outperform the market regardless of a company’s sector, size, or growth/value orientation.

Bloomberg L.P.

Bloomberg is the world's most trusted source of information for businesses and professionals, combining innovative technology with unmatched analytic, data, news, display, and distribution capabilities to deliver critical information via the BLOOMBERG PROFESSIONAL® service and multimedia platforms. Bloomberg ALPHA is Bloomberg's portfolio analytics and risk solution.

BNY Mellon Asset Servicing

BNY Mellon Asset Servicing is one of the world’s largest providers of performance and risk analytics tools, offering word-class products, technology, and services to help clients enhance the management, administration, and oversight of their investment process.

CAIA Association

The Chartered Alternative Investment Analyst designation is a rigorous educational standard for individuals specializing in alternative investments. Covering hedge funds, real estate, private equity, commodities, and managed futures, the CAIA designation demonstrates one's commitment to professionalism and command of AI's unique fundamentals.

Capital IQ

Capital IQ delivers fundamental and quantitative research and analysis solutions to investment managers, private equity funds, investment banks, and universities worldwide. Its solutions, based on the Capital IQ Platform, Compustat, ClariFI, and SystematIQ products, offer applications for research, real-time market data, backtesting, portfolio management, financial modeling, and quantitative analysis.

Croesus Finansoft, Inc.

Croesus Finansoft Inc. offers tools for investment professionals in the retailbrokerage, investment management, and private banking sectors. CROESUS|v7provides a complete view of all client-related activities, follows the strictestcompliance standards to offer maximum security, and easily integrates withcustodians, clearing houses, and third-party applications.

CRSP | Center for Research in Security Prices

CRSP, The Center for Research in Security Prices, at the University of Chicago Booth School of Business, is the recognized authority for historical U.S. databases, including stocks, indices, Treasuries, mutual funds, and REITs. Their global subscriber base relies on CRSP’s research-quality data to achieve superior results.

Dow Jones Indexes

Dow Jones Indexes develops, maintains, and licenses indexes for use as benchmarks and as the basis of investment products. It offers more than 130,000 equity indexes, including the Dow Jones Industrial Average, and fixed-income and alternative indexes, including measures of hedge funds, commodities, and real estate. Their industry Classification Benchmark (ICB) is a classification standard for research, trading, and investment decisions.

EVA Dimensions LLC

EVA Dimensions LLC offers a suite of investment research and analytics based on its proprietary "EVA" methodology. EVA Dimensions offers a stock rating and analysis tool, data feeds of the firm's proprietary metrics, and the Financial Radar Screen software solution for comprehensive performance benchmarking, screening, and valuation modeling.

FactSet Research Systems

FactSet is a leading provider of accurate financial information and superior software solutions to the global investment community. By integrating content from more than 800 databases with powerful analytics on a single platform, the FactSet Workstation supports the investment process from initial research to published results.

Fidelity Investments

Fidelity Investments is the largest mutual fund company in the United States andone of the world’s largest providers of financial services. It offers retirementplanning, brokerage, and human resources and benefits outsourcing services toover 20 million individuals and institutions.

Global Financial Data, Inc.

Global Financial Data, Inc., specializes in financial data that extends from the 1200s to the present − beyond what other data vendors supply − for performing complete analysis on 200 developed and emerging markets and creating superior forecasting models on total returns, U.S. stocks, fixed income, equity, and economic data.

INDATA

INDATA provides SaaS (Software as a Service) for buy-side firms, including trade order management (OMS), compliance, portfolio accounting, and front-to-back office. The company’s mission is to provide clients with cutting-edge technology products and services to reduce costs and increase operational efficiency.

Indxis, Inc.

Indxis is an index services company providing a full suite of services, including index creation, methodology licensing, backtesting, index calculation, real-time data dissemination, index administration, and custom index software development.

Institutional Investor Journals

Institutional Investor Journals publishes a group of journals that provide original, practitioner-focused research on global investment management and finance. Each journal has an online archive allowing searches of back issues by author, article title, or by issue.

Intrinsic Research Systems, Inc.

Intrinsic Research Systems, Inc., provides next-generation equity analytics and databases to the buy-side community. It equips institutional equity analysts and portfolio managers with a visually revealing decision-making toolset designed for advanced security, portfolio, sector, industry, and economic analysis.

Invesco PowerShares

Invesco PowerShares offers a broad lineup of exchange-traded products (ETPs) based on next-generation indices designed for investment objectives that go beyond merely tracking the market. With 135 domestic and international ETPs and franchise assets of US$42.7 billion as of 30 November 2009, Invesco PowerShares is "Leading the Intelligent ETF Revolution^®."

iShares

iShares, a line of business of BlackRock, is the world’s largest ETF provider, committed to acting as a partner and advocate for financial professionals and institutional investors and offering a unique combination of products, tools, educational resources, and dedicated support.

John Wiley & Sons, Inc.

John Wiley & Sons, Inc., provides must-have content including scientific, technical, and medical journals; encyclopedias, books, and online products and services; profession and consumer books and subscription services; and educational materials for undergraduate and graduate students and lifelong learners.

Markov Processes International

Markov Processes International (MPI) is an industry leader in quantitative investment tools and technologies. MPI’s software solutions are employed by the most respected institutions and financial services organizations to enhance their manager research, portfolio construction, risk management, and reporting.

McGraw-Hill Professional

McGraw-Hill Professional is a leading global provider of print and electronic content and services for consumers and the business, scientific, technical, and medical communities. They offer consumer, business, and technical reference books as well as online solutions for medical and health, engineering, and scientific topics.

Morningstar, Inc.

Morningstar, Inc., offers an extensive line of independent investment research products and services for individuals, financial advisers, and institutions. Ibbotson Associates, a Morningstar company, is a leading authority on asset allocation and offers investment advisory services and research.

MSCI Barra

MSCI Inc. is a leading provider of investment decision support tools including the MSCI indices; Barra portfolio risk and performance analytics; RiskMetrics market and credit risk analytics; ISS out-sourced proxy research, voting, and vote reporting services; CFRA forensic accounting risk research, legal/regulatory risk assessment, and due diligence; and FEA valuation models and risk management software for the energy and commodities markets.

NASDAQ OMX

With more than 1,400 indices, the NASDAQ OMX Global Index Group is home to some of the most widely watched indices in the world, including the NASDAQ-100. Leveraging its premier brand and global market position, the Global Index group specializes in providing full-scale, premium index services.

OppenheimerFunds

OppenheimerFunds is one of the largest, most recognized, and most respectedmutual fund families in the United States. For 50 years, it has providedinvestment solutions to help millions of clients reach their goals.

PricingDirect Inc.

PricingDirect offers its clients high quality, market-based valuations through its unrestricted access to J.P. Morgan’s world-class analytics, research, and broad trading capacity in the capital and consumer markets — across a full spectrum of fixed-income securities and derivative instruments.

Quantitative Services Group LLC (QSG)

QSG is a leading provider of independent global equity research, advanced trading analytics, and investment consulting services. It applies a systematic evaluation process to a variety of fundamental, technical, high-frequency, and sector-specific signals for research focused on new idea generation, enhanced investment performance, and lowering trading costs.

Quark Inc.

A leader in dynamic publishing, Quark offers Quark XML Author, which allows research analysts with no XML knowledge to easily create reusable XML content directly in the Microsoft Word environment to deliver reports faster to multiple audiences across multiple channels.

RIMES Technologies Corporation

RIMES delivers benchmark data management solutions to fund managers, investment banks, custodians, and corporates. Most recently, RIMES launched "Barra Performance on RIMES," which combines the best-in-class performance analytics from MSCI Barra with the data aggregation and quality control capabilities from RIMES.

Schwab Advisor Services

Schwab Advisor Services (formerly Schwab Institutional) is a business segment ofThe Charles Schwab Corporation and is a leading provider of custodial,operational, and trading support for independent investment advisors. Itsupports advisors by helping them grow their businesses and helping theirclients reach their financial goals.

Schwab Funds

Schwab Funds is one of the largest mutual fund companies in the nation. Since1989, their goal has been to help investors reach financial goals throughinvestment products and disciplined investment processes that seek to deliverconsistent, long-term performance.

Standard & Poor's Equity Research Services

Standard & Poor's Financial Services is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, and data. With offices in 23 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure.

Standard & Poor's Indices

Standard & Poor’s Index Services maintains investable and benchmark indices to meet an array of investor needs, including the S&P 500, comprising seven regional and country headline indices; the S&P Global BMI, an index with nearly 11,000 constituents; and the S&P GSCI commodity index.

State Street Corporation

State Street is one of the world’s leading providers of financial services to institutional investors. It combines unwavering customer focus with in-depth experience and leading-edge technology to offer an unrivaled breadth of products and services to the global investment community.

Telemet America

Telemet America, Inc., is a 30-year-old vendor of real-time market data, news,financial research, and portfolio analyses. Its data platform is perfect forportfolio managers, wealth managers, private bankers, analysts, and equitytraders.

The MathWorks, Inc.

MathWorks products provide a single environment that supports a variety of tasks including forecasting, risk attribution, trading strategies, and pricing, allowing financial professionals to develop and implement complex financial models, analyze substantial volumes of data, and operate under tightening regulation, regardless of market volatility.

TheMarkets.com

For more than 2,500 institutional investment management firms worldwide, TheMarkets.com is the preferred partner for research from hundreds of brokers, estimates on thousands of companies, and applications that maximize relationships between the buy-side and sell-side.

Thomson Reuters

Thomson Reuters powers the world's markets by creating transparency; providing insight through independent news and content; and connecting people, transactions, and ideas. The result is intelligent information that enables their customers to make the best decisions.

Vanguard

Vanguard is one of the world's largest investment management companies, offering financial advisers a full range of low-cost ETFs and mutual funds, as well as innovative practice management solutions.

Wilshire Analytics

Wilshire iQComposite is an integrated set of composite creation, audit, and reporting tools designed to support GIPS compliance and marketing. Its flexible, rules-based workbook facilitates meaningful composite construction with automated policies to ensure portfolios are properly represented and presented.

Windham Capital Management, LLC

Windham Capital Management, LLC, was founded in 1988 and is one of the world’s premier financial services firms, specializing in investment management, technology solutions, and advisory services for portfolio construction and risk management.

WisdomTree Investments

WisdomTree Investments offers the largest global family of fundamentally weighted ETFs covering all major market capitalizations both domestically and internationally. In a continual effort to develop thoughtful investment solutions, WisdomTree recently launched the first family of currency income ETFs.