Fixed-Income Management 2008
Program and Agenda
This year's annual event gathers leading practitioners and researchers
to discuss the current state of the credit markets and optimal strategies
to take advantage of market dislocations. Speakers will discuss lessons
learned from the credit crisis, approaches to adapt credit analysis to
the current environment, and the latest techniques for improving
portfolio construction and risk management. At its core, this conference
brings together speakers with an expansive knowledge base and experience
who are focused on one goal — uncovering investment ideas and strategies
that can be executed consistently and profitably to meet client
objectives.
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Monday, 6 October 2008 |
7:00 a.m.
Registration and Continental Breakfast
8:00 a.m.
Conference Welcome and Opening Remarks
Marc P. Seidner, CFA
Conference Moderator
Domestic Fixed Income Portfolio Manager
Harvard Management Company
8:15 am
Opening Address:
Assessing the 2007−2008 Credit Markets: "It Is Different This Time"
Jeffrey Gundlach
Chief Investment Officer
The TCW Group
- Why this time it is different
- The beginning, the middle, and the end
- Risk management during the calm and the storm
9:15 a.m.
Alternative Strategies in Below Investment Grade Corporate Fixed Income
Steven A. Tananbaum, CFA
CEO and Chief Investment Officer
GoldenTree Asset Management, LP
- Long−short approaches to fixed-income management
- Optimal credit strategies at each stage in the cycle
- Entry points and risk management for alternative strategies
10:10 a.m.
Refreshment Break with Exhibitors
10:30 a.m.
CMBS — Opportunities or More Fallout Ahead?
Mark P. Snyderman, CFA
Portfolio Manager and High Yield Real Estate Debt Securities Team Leader
Fidelity Investments
- What are the fundamentals of the commercial real estate markets, and what is the impact of poor underwriting on CMBS?
- What is the future of securitization in the CMBS markets, and what will be the effect on fundamental values if securitization shuts down?
- Where are the best opportunities for investors in the capital structure of commercial real estate properties — debt, equity, or both — and does the CMBS index have any meaning for CMBS investors?
11:25 a.m.
Distressed Debt Markets: Is It Darkest before the Dawn?
Meridee Moore
Senior Managing Member
Watershed Asset Management, L.L.C.
Rick Nicklas
Portfolio Manager
Zais Group
- Comparing this credit cycle with those in the past
- Differentiating between fundamentally tainted asset classes and opportunities in illiquid markets
- Rising default rates and faltering economy — how much is priced in?
12:25 p.m.
Lunch
Dessert with Exhibitors
1:25 p.m.
Lunch Address:
Managing the Previously Unimaginable: Lessons from the Leverage Unwinds
Mohamed A. El-Erian
Managing Director
PIMCO
- Navigating developments that were once thought to be unimaginable
- Understanding the drivers of this change
- Determining what it means for fixed-income strategies going forward
2:25 p.m.
Taking Advantage of the Current Credit Environment to Build Optimal
Fixed-Income Portfolios
Stephen A. Walsh
Deputy Chief Investment Officer
Western Asset Management Company
- Using a long-term fundamental value approach to take advantage of market dislocations and identifying opportunities globally
- Constructing portfolios that are well positioned for the future
- Understanding the pros and cons of releasing the long-only constraint for traditional managers
3:20 p.m.
Refreshment Break with Exhibitors
3:40 p.m.
Pricing Illiquid Securities
Francis A. Longstaff, CFA
Allstate Professor of Insurance and Finance
The Anderson School at UCLA
- How large is the impact of illiquidity on fixed-income securities?
- How is the market currently pricing illiquidity, and what are the connections between illiquidity and correlations?
- What is the future of securitization?
4:35 p.m.
Credit Derivatives Strategies — After the Credit Crisis
Steven Zamsky
Managing Director
Pequot Capital Management
- Trends in the CDS market — what strategies and products will survive after the credit crisis ends?
- Longs and shorts — what were the best and worst CDS strategies during the recent credit turmoil, and what is the outlook going forward?
- The volatility of basis between the cash markets and CDS — will it continue?
5:30 p.m.
Networking Wine Reception Hosted by CME Group
|
Tuesday, 7 October 2008 |
7:00 a.m.
Continental Breakfast
8:00 a.m.
What Is Emerging in Emerging Debt?
Alexander Kozhemiakin, CFA
Director of Emerging Market Strategies
Standish
- Emerging markets in an uncertain world
- Changing landscape of emerging market debt: Opportunities and risk
- Emerging market debt as an alpha source
9:00 a.m.
The Next Phase of the Credit Cycle
Sean J. Egan
Managing Director
Egan-Jones Ratings Company
- The good, the bad, and the ugly — the story of the ratings agencies in 2007 − 2008
- The future of the nationally recognized statistical rating organizations (NRSROs)
- Current fundamentals of the credit markets — where we are in the cycle
10:00 a.m.
Presentation of the Thomas L. Hansberger Award for Leadership in the Global Investment Profession
10:30 a.m.
Refreshment Break with Exhibitors
10:50 a.m.
What Next?
James Grant
Owner and Editor
Grant's Interest Rate Observer
- What will be the aftermath of the unprecedented actions of the U.S. Federal Reserve in 2007 and 2008 and the ultimate effect on global inflation, economics, and markets?
- Will the dollar remain the world's reserve currency?
- After the crisis, will it be a new era for investors?
11:50 a.m.
An Eclectic Approach to the Current Market
Daniel J. Fuss, CFA
Vice Chairman, Portfolio Manager
Loomis, Sayles & Company
- Evaluating historical perspectives and experiences: How this period compares with other market cycles
- Hunting for value in high yield on a global basis
- Increasing breadth of opportunities for fixed-income investors — capturing inefficiencies
12:45 p.m.
Conference Close