2008 CFA Institute Annual Conference
Agenda
Sunday, 11 May
| 10:30 a.m.-12:00 p.m. |
Registration for Research Foundation Workshop |
| 11:30-3:30 p.m. | Research for the Practitioner VII: The Research Foundation of CFA Institute Annual Workshop (separate registration fee applies) |
| 2:00-7:00 p.m. |
Registration for Annual Conference |
| 2:00-5:00 p.m. | Refreshments in Exhibit Hall |
| 3:45 p.m. |
CFA Institute Annual Members’ Meeting |
| 5:00 p.m. |
Annual Conference Opening Speaker |
| 6:00-7:00 p.m. | Welcome Reception |
Monday, 12 May
| 7:30-8:30 a.m. | Corporate Breakfast Presentations |
| 7:30 a.m.-3:30 p.m. | Exhibit Hall Open |
| 8:45 a.m.-12:30 p.m. | General Sessions |
| 12:30-2:00 p.m. |
Networking Lunch and Dessert with Exhibit Viewing |
| 2:00-4:30 p.m. | |
| 4:45-5:45 p.m. | CFA Institute Initiative Sessions |
Tuesday, 13 May
| 7:30-8:30 a.m. | Corporate Breakfast Presentations |
| 7:30 a.m.-3:30 p.m. | Exhibit Hall Open |
| 8:45a.m.-12:30 p.m. | General Sessions |
| 12:30-2:00 p.m. | Networking Lunch and Dessert with Exhibit Viewing |
| 2:00-4:30 p.m. | Concurrent Workshops |
| 6:30-8:00 p.m. | Cocktail Reception |
| 8:00-10:00 p.m. | Dinner and Networking |
Wednesday, 14 May
| 7:30-8:30 a.m. | Corporate Breakfast Presentations |
| 7:30-11:30 a.m. | Exhibit Hall Open |
| 8:45 a.m.-12:30 p.m. | General Sessions |
| 12:30 p.m. | Conference Close |
|
Opening Speaker
|
5:00 p.m.
Unobserved Incentives and the Impact of Economics on Daily Life
Steven
D. Levitt
Author, Freakonomics
Alvin Baum Professor of Economics, Director of the Becker Center on
Chicago Price Theory
University of Chicago Graduate School of Business
- Incorrect assumptions about causations and correlations and how economics often disproves conventional wisdom
- The informational advantages and true motivations of the experts you trust
- A new look at conventional data approaches and measurement to find more relevant and enlightening discoveries
|
General Sessions
|
9:00 a.m.
The Impact of the Highly Improbable: Randomness and Black Swan Blindness
Sponsored by: TDW Institutional Services and TD Securities
Nassim
Nicholas Taleb
Author, The Black Swan
- Black Swans: What they are and why they matter
- Our tendency to be fooled by randomness, and our inclination to find order or patterns in our analyses
- Pitfalls related to statistical techniques and financial modeling in estimating risk, and the search for a better decision-making framework
10:00 a.m.
Does Governance Matter to Long-Term Investment Performance?
David
R. Beatty, CFA
Managing Director
The Canadian Coalition for Good Governance
- Why investors, especially large pension funds, are joining forces to encourage good governance practices
- How consultants and coalitions are measuring governance performance in global markets
- What next: A call to company boards to return to value-creation activities
11:30 a.m.
Is Exchange Rate Instability a Threat to Prosperity?
Robert Mundell
Professor of Economics
Columbia University
1999 Nobel Laureate
- How has the introduction of the euro affected global markets, and what can be learned from its adoption?
- How will growth in Asia affect currency markets, and can a case be made for the creation of a pan-Asian currency?
- Is the U.S. dollar finished as the world’s reserve currency?
12:30 p.m.
Networking Lunch
Sponsored by: Phillips, Hager & North Investment Management
9:00 a.m.
Nurturing Innovation in an Asset Management Firm
Blake R. Grossman
CEO
Barclays Global Investors
- Converting theoretical ideas into profitable endeavors in investment management
- Applying new technology, research, and quantitative techniques to developing successful active strategies
- Developing an approach for new product development
10:00 a.m.
Economic Prospects for the U.S. Economy from a Monetary Policymaker's Perspective
Janet
L. Yellen
President and CEO
Federal Reserve Bank of San Francisco
- Factors affecting the outlook for growth, employment, and inflation in the U.S. economy
- Implications for the conduct of the nation's monetary policy
11:30 a.m.
Establishing Global Economic and Political Stability: A Blueprint for Action
Thomas P.M. Barnett
Senior Managing Director
Enterra Solutions
- The security, economic, political, and cultural factors that predict and explain the nature of war and peace in the 21st century
- Effective strategies for governments, institutions, and individuals to pursue in turbulent regions
- A vision for establishing global stability
12:30 p.m.
Networking Lunch
Sponsored by: Penson Financial Services Canada Inc.
9:00 a.m.
The Neuroeconomics of Surprise: How the Investing Brain Handles the Unexpected
Sponsored by: TD Private Investment Council and TD Asset Management
Jason
Zweig
Investing Columnist
Money Magazine
- Unraveling how the human brain forms expectations about the financial future
- Understanding the physical and emotional effects of shattered expectations
- Reducing the shock of surprise with special policies and procedures
10:00 a.m.
Investment Strategies to Exploit the Growth of China
Burton G. Malkiel
Chemical Bank Chairman's Professor of Economics
Princeton University
Sponsored by: Odlum Brown Limited
- The Chinese economic miracle and future growth prospects
- Risks of Chinese investments
- Direct and indirect implementation strategies for benefiting from China's growth
11:30 a.m.
Common Wealth: Economics for a Crowded Planet
Jeffrey
D. Sachs
Director
The Earth Institute, Columbia University
- What is the route to global prosperity?
- Is ending poverty easier than we realize?
- How can investment and foreign aid packages have the greatest impact?
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Workshop
Sessions
Concurrent workshop 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, ethics, alternative investments, firm management, and private wealth management. |
2:00 p.m.
New Strategies and Best Practices to Manage Single-Stock Concentration Risk
Thomas
J. Boczar, CFA
Director of Marketing/Financial Institutions
Twenty-First Securities Corporation
- Investment tools that can be used to achieve economically equivalent results (e.g., hedging, monetization, and tax deferral) but with disparate tax treatment
- Opportunities for well-advised investors to capture free “tax alpha”
- Implications for fiduciaries and professional advisers, and suggested best practices to help mitigate legal duties and risks
Specialty Focus Area: Private Wealth Management
Financial Reporting: Building a Strong Foundation for Global Capital Markets
Stephen
Cooper
Board Member
International Accounting Standards Board
Anthony
Cope, CFA
Former Board Member
International Accounting Standards Board and Financial Accounting
Standards Board
Robert
H. Herz
Chairman
Financial Accounting Standards Board
- Reporting transparency: What’s been done, and what’s to come
- Better presentations of financial statements: Answers to many of the problems investors face
- XBRL: The new language of financial reporting that will enhance the analyst’s job
Specialty Focus Area: Equity Analysis
Recent Evolution in the Fixed-Income Markets
Tad Rivelle
Chief Investment Officer
Metropolitan West Asset Management, LLC
- Innovations in leveraging that have dramatically expanded investors’ ability to distribute risk
- Central bank policies and the moral hazard for bond markets
- The leveraging/de-leveraging cycle: Foibles in humans and markets that lead history to repeat itself
Specialty Focus Area: Fixed-Income Analysis
Behavioral Finance: What Good Is It?
Meir Statman
Glenn Klimek Professor of Finance
Santa Clara University
Arnold
S. Wood
President and CEO
Martingale Asset Management
Jason
Zweig
Investing Columnist
Money Magazine
- Preventing judgmental errors or creating alpha: What opportunities are available?
- How can behavioral finance help advisers educate and guide investors?
- What does behavioral finance tell us about what investors really want, and how can investment professionals apply this knowledge?
Specialty Focus Area: Portfolio Management
Investing in Private Equity
Mark D. Wiseman
Senior Vice President, Private Investments
Canada Pension Plan Investment Board
- Prospective correlations of private equity investments with other asset classes and allocations in the total fund
- Characteristics that successful private equity managers consider when pursuing private equity deals
- Practical insights on how deals get done and optimal structuring
Specialty Focus Area: Alternative Investments
3:30 p.m.
Why Environmental, Social, and Governance (ESG) Issues Have Become Mainstream
Brigid Barnett, CFA
Manager, Responsible Investing
Canada Pension Plan Investment Board
Matt Christensen
Executive Director
EUROSIF
Marc
Fox
Goldman Sachs
Michael
Jantzi
President
Jantzi Research Inc.
- Defining ESG and fully understanding ESG exposures
- Incorporating ESG into investment decision making, with a total return focus
- Explaining key changes in local and global legal and regulatory operating environments
Specialty Focus Area: Portfolio Management
Opportunities in Emerging Market Debt
Kristin
J. Ceva, CFA
Principal
Payden & Rygel
- Have emerging markets decoupled so that contagion is less of a threat than in the past?
- How has the asset class broadened in recent years, and how can investors evaluate new types of emerging market securities?
- What are the potential risks and rewards of investing in local markets?
Specialty Focus Area: Fixed-Income Analysis
Digging Deeper into the ABCs of Hedge Fund Strategies
William
Fung
Visiting Research Professor of Finance, BNP Paribas Hedge Fund
Centre, London Business School
Chairman, Maple Financial Group
- Hedge fund Alpha versus absolute return strategies
- Hedge fund Betas — are replication strategies all about fees?
- Credit derivatives and their impact on liability-based hedge fund factors
Specialty Focus Area: Alternative Investments
From Beta to Exotic Beta to Alpha
Robert B. Litterman
Managing Director
Goldman Sachs & Co.
- Optimizing the spectrum of return sources to achieve a more efficient portfolio
- Knowing where and how to increase active risk, when appropriate
- Understanding the optimal risk management tools to improve investment decisions in global portfolio management
Specialty Focus Area: Portfolio Management
The Future of Quantitative Investment Strategies
Vadim Zlotnikov
Chief Investment Officer
Sanford C. Bernstein & Co., LLC
- Methodologies for building alpha models in equities and what can go wrong
- Integration of fundamental and quantitative analyses
- New directions in quantitative research
Specialty Focus Area: Equity Analysis
4:45 p.m.
The CFA® Program: An Overview and Future Directions
Robert R. Johnson, CFA
Deputy CEO
CFA Institute
James G. Jones, CFA
President
Sterling Investment Advisors
Chair, Council of Examiners
Matthew H. Scanlan, CFA
Managing Director, Head of Americas Institutional Business
Barclays Global Investors
Chair, Education Advisory Committee
CFA Institute
The Certificate in Investment Performance Measurement (CIPM) Program
Philip Lawton, CFA, CIPM
Head, CIPM Program
CFA Institute
XBRL® for Financial Analysis
Glenn Doggett, CFA
Policy Analyst, Financial Reporting
CFA Institute Centre for Financial Market Integrity
Anthony T. Fragnito, CPA
Chief Executive Officer
XBRL International
Taylor Hawes
Controller, Financial Operations
Microsoft Corporation
2:00 p.m.
Investment Process Best Practices: A Practitioner’s Perspective
Jeff
Brown, CFA
Principal, US Equities
Highstreet Asset Management
- Implications for the future direction of the investment industry
- Elements of a sound investment decision-making process, for both fundamental and quantitative management
- Attributes that characterize world-class investment managers
Specialty Focus Area: Firm Management
The Credit/Liquidity Crisis of 2007: Opportunities for Bond Investors
Michael
P. Lustig
Managing Director and Portfolio Manager
BlackRock, Inc.
- Assessing security values when credit conditions are unclear and liquidity disappears
- Managing portfolio risk during times of crisis
- Determining relative value and identifying quality among mortgages, corporate bonds, leveraged loans, and high-yield debt
Specialty Focus Area: Fixed-Income Analysis
Asset Allocation Strategies and Manager Selection
Hilda
M. Ochoa-Brillembourg, CFA
President and CEO
Strategic Investment Group
- Assessing fund objectives and determining the suitability of various asset classes in the post-MPT world
- Selecting managers and integrating alpha and beta strategies
- Finding global opportunities in alternative investments
Specialty Focus Area: Portfolio Management
Building a Global Equity Portfolio
Lawrence S. Speidell, CFA
Chief Investment Officer
Frontier Market Asset Management
- The increasing integration of world markets, diminishing global diversification benefits, and changing country and industry correlations
- The “emerging” status of emerging markets: Assessing risks, performance, diversification, and valuation
- The implications for portfolio structure and research approaches
Specialty Focus Area: Equity Analysis
Defining Global Fiduciary Standards for Trustees and Investment Committees
Donald
B. Trone
President
Foundation for Fiduciary Studies
- Meeting standards for global best practices in the development of the investment policy statement, due diligence practices, and manager monitoring
- Upholding the highest ethical practices and avoiding conflicts of interest and agency issues
- Benchmarking current procedures, uncovering investment and procedural risks, and implementing a process for continual improvement
Specialty Focus Areas: Private Wealth Management, Ethics
3:30 p.m.
Building a Successful Investment Firm
Tony
Arrell
Chairman and CEO
Burgundy Asset Management Ltd.
- The importance of the right philosophy, principles, and values
- Strategies to attract and retain extraordinary people
- Firm structure as a key success factor
Specialty Focus Areas: Firm Management
What Investors Can Learn from Successful Endowment Strategies
Bob
L. Boldt, CFA
Partner
Perella Weinberg Partners Capital Management LP
Laurance R. Hoagland, Jr., CFA
Chief Investment Officer
The William and Flora Hewlett Foundation
- Why have endowments as a group generated superior investment returns, and are they sustainable?
- What is the significance of the wide dispersion of returns within the endowment and foundation universe, and can we reverse engineer successful endowment portfolios?
- If early adoption is the key to outperformance, are important new asset classes or strategies about to emerge?
Specialty Focus Area: Portfolio Management
Rethinking Tax-Efficient Asset Allocation for the High-Net-Worth Investor
Niall
Gannon
Director of Wealth Management
Smith Barney
- Does the notion that “stocks outperform bonds over the long run” hold for high-net-worth taxable investors?
- Why study the after-tax risk premium in equities versus bonds for high-tax-bracket investors?
- What are the implications for asset allocation, investment policy, and return expectations?
Specialty Focus Area: Private Wealth Management
Investment Opportunities in Energy
Henry
Groppe
Partner
Groppe, Long & Littell
- Fundamentals of the energy market and the pitfalls of published data and forecasts
- Insights from historical major dislocations in supply, demand, and prices
- Expectations through 2020 for declining oil consumption and alternative energy sources that will meet global demand
Specialty Focus Area: Equity Analysis
Prediction Markets: The Collective Knowledge of Market Participants
Justin Wolfers
Assistant Professor of Business and Public Policy
The Wharton School, University of Pennsylvania
- How simple markets can aggregate and disperse information into efficient forecasts of uncertain future events
- The track record of market-generated forecasts, and market expectations about probabilities
- What prediction markets tell us about market efficiency
Specialty Focus Area: Portfolio Management