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CFA Institute Conference: Equity Research and Valuation 2017

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CFANY members can use the discount code NYEQ-17 for a US$100 discount.

About

Will there be more market fluctuation in light of the current US and global environment? Where can investors find value? Should we be learning about sector investing and investment techniques that apply in the current marketplace? Skillfully applying proven valuation tools can help you uncover undervalued companies during market change, give you the confidence and conviction to hold prior investments if the fundamentals have not changed, and help you build in a margin of safety.

Join world-class equity investors for insights into valuation to help you avoid the market’s noise and herding effects and stay focused on a company’s true intrinsic value. Learn about behavioral factors and investing. Learn why the price of risk is a key number to understand at all times. Discussions will include valuation approaches and analysis, global investment strategies, research methods, the current state of the markets, and the top questions equity investors face today.

View the agenda and speakers from Equity Research and Valuation 2016.

CFA Institute CE Credit: Qualifies for 11 credit hours. For CFA Institute members, these credit hours will be updated automatically in your online CE tracking tool.

This conference will be submitted to NASBA for credit review and may also qualify for continuing education credit from other organizations (e.g., the CFP Board and IIROC). Please contact your relevant organization for details on self-documenting credit for your participation.

Topics

Tuesday, 14 November 2017


7:00 a.m.
Registration and Continental Breakfast 

8:00 a.m.
Conference Welcome and Opening Remarks
Kim Shannon, CFA, Conference Moderator
Founder, President, and Chief Investment Officer
Sionna Investment Managers

8:20 a.m.
Riding the Waves: Dynamic Asset Allocation and the Evolution of Top–Down Investing 
Brian D. Singer, CFA
Partner and Head of Dynamic Allocation Strategies
William Blair & Company

  • Identifying asset allocation as just one segment of a growing top–down universe geared to systematic risk allocation that is more granular than in the past and encompasses systematic investment processes that seek to exploit compensated risks and behaviors
  • Discussing the growth of “liquid alts” (risk parity, smart beta, risk premia, and currency strategies) and the “Holy Grail” of risk management—creating “antifragile” portfolios
  • Implementing dynamic asset allocation (DAA) strategies today and navigating the waves that jostle and can potentially capsize your portfolio “boat”

9:30 a.m.
Investing in Infrastructure: A Primer
Perry Offutt
Managing Director
Macquarie Infrastructure and Real Assets

  • Explanations for the interest of institutional capital in this growing asset class
  • An overview of the global opportunity and ways to access infrastructure investments
  • Key considerations and strategies for successful investing in infrastructure

10:30 a.m.
Refreshment Break with Exhibitors 

10:50 a.m.
10 Most Practical Tips for Valuing Stocks 
James J. Valentine, CFA
Principal and Founder
AnalystSolutions

  • The most practical tools used by the best buy-side and sell-side analysts often aren’t taught as part of traditional valuation methods.
  • Time is an analyst’s most valued resource, so focusing on techniques that can quickly improve results is important.
  • These practical techniques for valuing stocks will help throughout the research process, from generating insights, to forecasting, to making buy and sell recommendations.

12:00 p.m.
Lunch Followed by Dessert with Exhibitors 

1:15 p.m.
The Behavioral Mistakes That Lead to Valuation Errors
Michael J. Mauboussin
Director of Research, BlueMountain Capital
Author, The Success Equation

  • Value is based on the present value of future cash flow.
  • Investors make common mistakes that undermine their ability to make useful forecasts.
  • Overview of behavioral mistakes and ways to manage or mitigate them.

2:15 p.m.
Small- and Micro-Cap Value Investing: The Last Undiscovered Frontier for Alpha
Elizabeth M. Lilly, CFA
Founder and President
Crocus Hill Partners

  • Why does active management in the small- and micro-cap sector of the market continue to generate alpha?
  • Will this inefficiency exist going forward?
  • Where are we finding undiscovered opportunities today?

3:10 p.m.
Refreshment Break with Exhibitors
Book Signing: Michael J. Mauboussin

3:30 p.m.
Equity Beta Exposure and “Factor-ing” in Maybe Not-So-Smart Beta 
Celia S. Dallas
Chief Investment Strategist
Cambridge Associates

James Norman
President
QS Investors, LLC

Albert S. Neubert, Moderator
President
A.S. Neubert Index Business Consulting

  • Discuss equity market structure and the reality of the arithmetic of active management
  • Define the investment pool with an appropriate benchmark and looking under the hood at factor exposures
  • Consider the invasion of the smart-beta body snatchers: a plethora of marketing gobbledygook and why my smart beta is smarter than your smart beta

4:30 p.m. 
Global Search for Alpha: All Roads Lead to Emerging Markets 
Mark W. Yusko
CEO and Chief Investment Officer
Morgan Creek Capital Management

  • Investors are faced with a daunting challenge in the coming decade as current valuations in the capital markets produce subpar returns from beta and passive investing. Forecasters predict low single-digit returns for stocks and bonds over the next five to ten years, and some project close to zero.
  • Active management will shine in a challenging market environment, and there is no better place to look for alpha than in the emerging markets, where better demographics, better GDP growth, less government debt, and cheaper valuations could lead to superior investment returns in the years ahead.
  • Discover the best places to search for and find alpha in what promises to be a very challenging investment environment.

5:30 p.m.
Networking Reception

Wednesday, 15 November 2017

7:30 a.m.
Continental Breakfast

8:30 a.m.
Economically Speaking: How Did We Get Here? How Financial Instability Led to No Growth, Slow Growth, and Zero Interest Rate Policies 
Cheryl Smith, CFA
Managing Partner and Portfolio Manager
Trillium Asset Management, LLC

  • Economic growth depends on financial structure health.
  • Environmental and social factors shape potential GDP growth.
    • Climate change and infrastructure opportunities
    • Labor participation rates and income inequality
  • Regulatory rollback can affect economic stability.

9:30 a.m.
Equity Market Outlook: Combining Fundamental, Quantitative, and Technical Methods to Create a Top-Down View 
Gina Martin Adams, CFA
Chief US Equity Strategist
Bloomberg Intelligence

  • Provide an outlook for the equity market in 2018, including forecasts for valuation and earnings growth.
  • Provide a multifactor analysis of relative opportunities in sectors and industries.
  • Discuss an intermarket and quantitative approach to style strategy.

10:40 a.m. 
Refreshment Break with Exhibitors

11:00 a.m.
Disaggregated Valuation: Valuing a Business as the Sum of Its Units
Aswath Damodaran
Kerschner Family Chair Professor of Finance
Stern School of Business, New York University

  • Much of conventional valuation is built around valuing a business on an aggregated basis, forecasting total operating metrics and cash flows and discounting at a composite risk-adjusted discount rate. This practice has evolved because that is how information is disclosed most completely by businesses and that is how businesses have generally measured success (as overall revenues, earnings, and cash flows).
  • With the growth of social media, many valuable businesses measure success on the number of users (e.g., Facebook), subscribers (e.g., Netflix), or even customers; however, conventional approaches not only work well but can provide useful insight into why a user/subscriber/customer value can vary across companies, time, and geographies.
  • Illustrated by working to value an Uber user, a Netflix subscriber, and an Amazon Prime customer, exercises in the session will challenge the limits of available data and, perhaps, cast light on the types of information disclosure we should push for at companies such as these.

12:30 p.m.
Conference Close

Fees: 
CFA Institute Members/CFA Program Candidates: US$1,095
CIPM Certificants/Candidates: US$1,095
CFA Institute Investment Foundations Certificants/Candidates: US$1,095
Non-Member: US$1,295
Group: US$700 per delegate (three delegate minimum; additional discounts do not apply)

Register Online

Payment is due at time of registration. Forms received without payment will be confirmed on a space-available basis when payment is received. All fees are payable in U.S. funds. Attendance is limited. Please register early.

Your Registration Fee Includes: Continental breakfasts, refreshment breaks, lunch, a networking reception, the opportunity to meet with investment colleagues and speakers from around the world, access to presentation materials online, and a notebook containing extensive conference materials.

Group Rate: Groups of three or more delegates from the same firm will receive a discounted rate of US$700 per delegate. The corporate group discount cannot be combined with other promotional rates and discounts.

Cancellation Policy: A cancellation fee of US$150 applies for all cancellations made after 7 November 2017. No refunds will be issued for any cancellations received within 24 hours of program start. Substitutions from the same company are accepted with fee adjustment, if appropriate. Sharing of registrations is not permitted.

For corporate groups, if a cancellation brings a group’s delegate count below three and a substitute is not available, regular rates will apply to the remaining delegates and all cancellation fees and deadlines above will be applicable.

For questions, please contact programs@cfainstitute.org.

Hotel Information: CFA Institute has arranged for a special group rate at the Sheraton New York Times Square Hotel. Reservations should be made directly with the hotel. You must refer to the “CFA Institute group” when contacting the hotel, and reservations should be made by 13 October 2017 to take advantage of the discounted rate. The CFA Institute rate at the Sheraton New York Times Square Hotel is US$329, subject to availability.

Sheraton New York Times Square Hotel
811 7th Avenue 53rd Street
New York, NY 10019
Tel: +1 (866) 716 8134
Reservations

Special Needs: Please contact CFA Institute for services to accommodate a disability or to inform CFA Institute of any dietary restrictions. (Please include this information when you register for the conference.)

Attire: Business casual attire is appropriate for this conference.

Please Note: Delegates are encouraged to share their insights and experiences at CFA Institute events on social media and blogs and may link to content on the CFA Institute website, unless otherwise noted (framing is not permitted). Delegates may not distribute, display, or post online any recordings, transcriptions, and/or copies of sessions at CFA Institute events without the express written permission of CFA Institute.

Any person attending a CFA Institute conference, seminar, or other program grants permission to CFA Institute to use and publish his or her image or likeness collected in connection with the program for any usual and customary purpose of CFA Institute including advertisements for CFA Institute and its programs.

CFA Institute does not assume responsibility or liability for stolen, lost, or damaged personal property.

Sponsorship Overview

For over 80 years, CFA Society New York—formerly known as New York Society of Security Analysts (NYSSA)—has been a leading forum for the exchange of information among investment professionals. Our mission is to raise standards of practice in the industry for the ultimate benefit of society. Towards that goal, CFA Society New York content is curated by volunteer practitioner interest groups that strive to shape the future of the industry. A bold line exists between the financial support by organizations to maintain the quality of our programming and the selection of speakers who contribute to dialogue in our community. To that end, a ceaseless commitment to transparency is something we consider foundational to our cause.

Please be advised of the following information related to Society sponsorship and support:

Through financial support and other means of in-kind support, each event sponsor, event partner, event co-host and organizational partner of CFA Society New York plays a valuable role in the furtherance of the range of forward-thinking initiatives that underpin the Society’s values, and toward our mission to deliver Society content and programming of the highest quality and standard.

CFA Society New York thanks all of its sponsors, event-related affiliates and organizational partners for helping us continue to shape the conversation of the investment community.

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CFA Society New York strives to be a community for diverse opinions and differing perspectives, and the views and opinions expressed by speakers, presenters and/or organizers at events do not necessarily state or reflect those of CFA Society New York.

CFA Society New York expects all attendees to comply with CFA Society New York’s Code of Conduct while attending CFA Society New York events or meetings. CFA Society New York expressly reserves the right, in its sole discretion, to grant or deny access to any individual, or to expel any individual from any CFA Society New York event or meeting.

Inclement weather

CFANY reserves the right to cancel or reschedule all in-person events within 48 hours when inclement weather has been forecasted and travel is restricted by city officials.  The program may also be produced solely via livestream in such circumstances.  Please note the cancellation policy regarding refunds and substitutions.

Refunds, Cancellations, and Substitutions

  • 72 HOURS ADVANCED NOTICE OR MORE:
    • Full refund issued
  • WITHIN 48 HOURS OR AFTER EVENT HAS STARTED:
    • No refund

All requests for cancellation or refunds must be sent to cfanyevents@cfany.org.

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CFA Society New York, Inc. (“CFA NY”) is not a Registered Investment Advisor, Broker/Dealer, Financial Analyst, Financial Bank, Securities Broker, or Financial Planner. While CFA NY seeks to present accurate and reliable information, CFA Society New York does not endorse, approve, or certify such information, nor does it warrant or guarantee the accuracy, completeness, efficacy, timeliness, or fitness of such information for any particular purpose. Information presented may or may not be current as of the date of the presentation, and CFA Society New York has no duty to update and maintain the information, reports, or statements made during events.

The information presented is provided for information purposes only, and is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other advice, is general in nature, and is not specific to you.

None of the information presented is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any security, company, or fund.