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DTSTART;VALUE=DATE:20171114
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SUMMARY:Equity Research and Valuation 2017
DESCRIPTION:CFA Institute Conference: Equity Research and Valuation 2017Register to AttendCFANY members can use the discount code NYEQ-17 for a US$100 discount. \n\nAbout\nWill 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. \nJoin 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. \nView the agenda and speakers from Equity Research and Valuation 2016. \nCFA 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. \nThis 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. \n\nTopics\n\nEquity Investments\n\nAgendaSpeakersFees & TravelAgenda\nTuesday\, 14 November 2017\n\n7:00 a.m. \nRegistration and Continental Breakfast  \n8:00 a.m.\nConference Welcome and Opening Remarks\nKim Shannon\, CFA\, Conference Moderator\nFounder\, President\, and Chief Investment Officer\nSionna Investment Managers \n8:20 a.m.\nRiding the Waves: Dynamic Asset Allocation and the Evolution of Top–Down Investing \nBrian D. Singer\, CFA\nPartner and Head of Dynamic Allocation Strategies\nWilliam Blair & Company \n\nIdentifying 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\nDiscussing the growth of “liquid alts” (risk parity\, smart beta\, risk premia\, and currency strategies) and the “Holy Grail” of risk management—creating “antifragile” portfolios\nImplementing dynamic asset allocation (DAA) strategies today and navigating the waves that jostle and can potentially capsize your portfolio “boat”\n\n9:30 a.m.\nInvesting in Infrastructure: A Primer\nPerry Offutt\nManaging Director\nMacquarie Infrastructure and Real Assets \n\nExplanations for the interest of institutional capital in this growing asset class\nAn overview of the global opportunity and ways to access infrastructure investments\nKey considerations and strategies for successful investing in infrastructure\n\n10:30 a.m.\nRefreshment Break with Exhibitors  \n10:50 a.m.\n10 Most Practical Tips for Valuing Stocks \nJames J. Valentine\, CFA\nPrincipal and Founder\nAnalystSolutions \n\nThe most practical tools used by the best buy-side and sell-side analysts often aren’t taught as part of traditional valuation methods.\nTime is an analyst’s most valued resource\, so focusing on techniques that can quickly improve results is important.\nThese practical techniques for valuing stocks will help throughout the research process\, from generating insights\, to forecasting\, to making buy and sell recommendations.\n\n12:00 p.m.\nLunch Followed by Dessert with Exhibitors  \n1:15 p.m.\nThe Behavioral Mistakes That Lead to Valuation Errors\nMichael J. Mauboussin\nDirector of Research\, BlueMountain Capital\nAuthor\, The Success Equation \n\nValue is based on the present value of future cash flow.\nInvestors make common mistakes that undermine their ability to make useful forecasts.\nOverview of behavioral mistakes and ways to manage or mitigate them.\n\n2:15 p.m.\nSmall- and Micro-Cap Value Investing: The Last Undiscovered Frontier for Alpha\nElizabeth M. Lilly\, CFA\nFounder and President\nCrocus Hill Partners \n\nWhy does active management in the small- and micro-cap sector of the market continue to generate alpha?\nWill this inefficiency exist going forward?\nWhere are we finding undiscovered opportunities today?\n\n3:10 p.m.\nRefreshment Break with Exhibitors\nBook Signing: Michael J. Mauboussin \n3:30 p.m.\nEquity Beta Exposure and “Factor-ing” in Maybe Not-So-Smart Beta \nCelia S. Dallas\nChief Investment Strategist\nCambridge Associates \nJames Norman\nPresident\nQS Investors\, LLC \nAlbert S. Neubert\, Moderator\nPresident\nA.S. Neubert Index Business Consulting \n\nDiscuss equity market structure and the reality of the arithmetic of active management\nDefine the investment pool with an appropriate benchmark and looking under the hood at factor exposures\nConsider the invasion of the smart-beta body snatchers: a plethora of marketing gobbledygook and why my smart beta is smarter than your smart beta\n\n4:30 p.m. \nGlobal Search for Alpha: All Roads Lead to Emerging Markets \nMark W. Yusko\nCEO and Chief Investment Officer\nMorgan Creek Capital Management \n\nInvestors 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.\nActive 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.\nDiscover the best places to search for and find alpha in what promises to be a very challenging investment environment.\n\n5:30 p.m.\nNetworking Reception \nWednesday\, 15 November 2017\n7:30 a.m.\nContinental Breakfast \n8:30 a.m.\nEconomically Speaking: How Did We Get Here? How Financial Instability Led to No Growth\, Slow Growth\, and Zero Interest Rate Policies \nCheryl Smith\, CFA\nManaging Partner and Portfolio Manager\nTrillium Asset Management\, LLC \n\nEconomic growth depends on financial structure health.\nEnvironmental and social factors shape potential GDP growth.\n\nClimate change and infrastructure opportunities\nLabor participation rates and income inequality\n\n\nRegulatory rollback can affect economic stability.\n\n9:30 a.m.\nEquity Market Outlook: Combining Fundamental\, Quantitative\, and Technical Methods to Create a Top-Down View \nGina Martin Adams\, CFA\nChief US Equity Strategist\nBloomberg Intelligence \n\nProvide an outlook for the equity market in 2018\, including forecasts for valuation and earnings growth.\nProvide a multifactor analysis of relative opportunities in sectors and industries.\nDiscuss an intermarket and quantitative approach to style strategy.\n\n10:40 a.m. \nRefreshment Break with Exhibitors \n11:00 a.m.\nDisaggregated Valuation: Valuing a Business as the Sum of Its Units\nAswath Damodaran\nKerschner Family Chair Professor of Finance\nStern School of Business\, New York University \n\nMuch 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).\nWith 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.\nIllustrated 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.\n\n12:30 p.m.\nConference Close \nSpeakers\n\n \n\nCelia S. Dallas\nCelia S. Dallas is chief investment strategist and a managing director at Cambridge Associates LLC\, where she is responsible for formulating the firm’s global investment strategy and portfolio construction advice. Additionally\, she contributes to a wide range of research initiatives\, served as one of the main architects of the firm’s Risk Allocation Framework and as an author of the related report\, and writes the firm’s quarterly publication\, VantagePoint\, in which she shares the firm’s house view and advice. Ms. Dallas is a regular contributor to other research publications covering capital market\, asset allocation\, and investment planning topics\, and she frequently presents and serves as a discussion moderator at the firm’s roundtables and various industry conferences. Before joining Cambridge Associates\, she was a consultant for Harlan Brown & Co\, where she researched\, wrote\, and presented market analysis commissioned by Fortune 500 clients on a variety of consumer and industrial products. Ms. Dallas also worked for the Employee Benefit Research Institute (EBRI)\, conducting research and writing reports on retirement income security issues. She holds a BA from the University of Pennsylvania and an MBA from the Darden School of Business at the University of Virginia.\n\n\n\n \n\nAswath Damodaran\nAswath Damodaran is the Kerschner Family Chair Professor of Finance at the Stern School of Business at New York University\, where he teaches corporate finance and valuation to MBAs\, executives\, and practitioners. He is the author of five books on valuation\, three books on corporate finance\, and three books on portfolio management\, and he was co-editor of the book Investment Management with Peter Bernstein. Professor Damodaran has published articles in a number of journals\, including the Journal of Financial and Quantitative Analysis and the Journal of Finance. He was named the most popular US business school professor in a 2011 survey by Businessweek. Professor Damodaran also writes a popular blog\, Musings on Markets. He holds an MBA and a PhD from the University of California\, Los Angeles. Professor Damodaran is on Twitter\, posting his valuation insights as @AswathDamodaran.\n\n\n\n \n\nElizabeth M. Lilly\, CFA\nElizabeth M. Lilly\, CFA\, is founder and president of Crocus Hill Partners\, a long-only investment firm focused on small- and micro-capitalization equities. Previously\, she served as senior vice president and portfolio manager at GAMCO Investors\, where she was also a portfolio manager of the Teton Westwood Mighty Mites Fund and was actively involved in the  small-cap value portfolio. Ms. Lilly worked as an analyst at Fund American Companies\, learning the merits of value investing under the tutelage of Bob Bruce and Warren Buffett. She was the cofounder of the investment firm Woodland Partners\, which was acquired by GAMCO Investors. Ms. Lilly began her career at Goldman Sachs in New York. She holds a BA degree in economics from Hobart and William Smith Colleges.\n\n\n\n \n\nGina Martin Adams\, CFA\nGina Martin Adams\, CFA\, is chief US equity strategist for Bloomberg Intelligence\, a unique research platform that provides context on markets\, industries\, companies\, and government policy. She provides top-down perspective on the equity market\, sectors\, and industries with a multidisciplinary approach that utilizes fundamental\, quantitative\, and technical analysis\, and she frequently presents her views at industry conferences\, professional associations\, and investment organizations. Prior to joining Bloomberg\, Ms. Adams was the head of US equity strategy for Wells Fargo Securities\, where she provided analysis and investment allocation recommendations for the firm’s institutional clients. Previously\, she served as an economist for Wachovia Bank and an investment strategy analyst for Evergreen Asset Management. Ms. Adams has been recognized for portfolio strategy\, technical strategy\, and economics in Institutional Investor’s All-America Research Team survey. She holds the Chartered Market Technician designation and is a member of the Market Technicians Association\, the American Association of Professional Technical Analysts\, the Financial Women’s Association\, and 100 Women in Hedge Funds. Ms. Adams has a bachelor’s of science degree in business administration with concentrations in finance and marketing from the University of Florida.\n\n\n\n \n\nMichael J. Mauboussin\nMichael J. Mauboussin is director of research at BlueMountain Capital Management. Previously\, he was managing director and head of global financial strategies at Credit Suisse Group AG and chief investment strategist at Legg Mason Capital Management. Mr. Mauboussin is the author of three books\, including More Than You Know: Finding Financial Wisdom in Unconventional Places\, named in the 100 Best Business Books of All Time by 800-CEO-Read. He serves as an adjunct professor of finance at Columbia Business School\, where he received the Dean’s Award for Teaching Excellence in 2009 and 2016. Mr. Mauboussin is also chairman of the board of trustees of the Santa Fe Institute\, a leading center for multidisciplinary research in complex systems theory. He received an AB in government from Georgetown University.\n\n\n\n \n\nAlbert S. Neubert\nAlbert S. Neubert is president of A.S. Neubert Index Business Consulting and is a consultant in the index business field. He develops new indexes\, index-linked products\, marketing and sales campaigns\, business development programs\, and event planning for clients. Previously\, Mr. Neubert served as chief investment officer for SGQR\, a financial technology firm\, where he provided leadership and guidance on risk-managed\, alternative-weighted portfolio solutions and led SGQR’s business development efforts in the public fund and institutional investment management markets. He was also a financial adviser for Merrill Lynch\, specializing in institutional and high-net-worth accounts. Mr. Neubert is the former executive director of the Index Business Association\, a trade group representing the global index\, indexing\, and index products industry. He also served as director of business development at Information Management Network\, where he was responsible for relationship management in the public retirement system sector\, the creation and implementation of new conference programs\, and the development of innovative educational solutions for public retirement plans. Mr. Neubert is a guest lecturer at the University at Albany and the US Military Academy at West Point. He holds a BA in finance from Pace University and an MBA from New York University.\n\n\n\n \n\nJames Norman\nJames Norman is president and head of equity strategy at QS Investors\, LLC\, where he manages the Portfolio Management Strategy equity team and assists the CEO with all business\, strategic\, and investment decisions. Previously\, he held multiple positions at Deutsche Asset Management\, including head of Quantitative Strategies Qualitative Alpha research\, global head of product management\, senior portfolio specialist for active US equities and asset allocation\, and senior management consultant. Mr. Norman has also served as a senior international casualty underwriter for CIGNA International\, where he worked with multinational companies. He earned an AB in economics from Vassar College and received an MBA in finance and management from New York University’s Stern School of Business\, where he graduated with distinction.\n\n\n\n \n\nPerry Offutt\nPerry Offutt is a managing director at Macquarie Infrastructure and Real Assets (MIRA)\, where he is responsible for deal origination and execution. At Macquarie\, he led the investment into GFL Environmental and the divesture process for MIRA’s stakes in both Duquesne Light and Aquarion Water Company (pending completion). Previously\, Mr. Offutt served as head of infrastructure banking for the Americas at Morgan Stanley\, where he was responsible for the origination and execution of infrastructure transactions. He has published several articles on public–private partnerships in the Journal of Applied Corporate Finance\, and he has testified on developing and financing infrastructure before both the US Senate Committee on Commerce\, Science\, and Transportation\, and the House Transportation and Infrastructure Committee. Currently\, Mr. Offutt serves on the board of directors at Aquarion and GFL. He holds a BA degree from Duke University and an MBA degree from the Wharton School at the University of Pennsylvania.\n\n\n\n \n\nKim Shannon\, CFA\nKim Shannon\, CFA\, is founder\, president\, and chief investment officer at Sionna Investment Managers. Previously\, she served as chief investment officer and senior vice president at Merrill Lynch Investment Managers Canada Inc. Ms. Shannon is a past president of CFA Society Toronto. She is currently a member of the C.D. Howe Institute’s National Council\, the CFA Institute Financial Analysts Seminar Board of Regents (where she previously served as chair)\, and the board of the Brandes Institute. Ms. Shannon also serves as a board member of the Canadian Coalition for Good Governance\, the Canadian Business Diversity Council\, the Women’s College Hospital investment committee\, and the United Corporation (a listed closed-end fund). She holds a bachelor of commerce and economics degree and an MBA degree from the University of Toronto.\n\n\n\n \n\nBrian D. Singer\, CFA\nBrian D. Singer\, CFA\, serves as partner\, head of the dynamic allocation strategies team\, and portfolio manager at William Blair. Before joining William Blair\, he was the head of investment strategies at Singer Partners\, LLC. Mr. Singer has also been the head of global investment solutions and the Americas chief investment officer for UBS Global Asset Management\, in which role he was a member of the UBS Group managing board and global asset management executive committee. He is a member of CFA Society Chicago and a member of the CFA Institute Research Foundation Board of Trustees; previously\, he was a board member and chair of the CFA Institute Board of Governors. Mr. Singer also serves on the endowment investment committee for Exeter College at Oxford University\, as chairman of the Free to Choose Network\, and as a member of the board of the Rehabilitation Institute of Chicago Foundation. He has written extensively on global portfolio\, currency\, and performance issues\, serving as co-author for Determinants of Portfolio Performance II: An Update and as lead author of Investment Leadership and Portfolio Management. Mr. Singer holds a BA in economics from Northwestern University and an MBA from the University of Chicago Booth School of Business.\n\n\n\n \n\nCheryl Smith\, CFA\nCheryl Smith\, CFA\, is a managing partner\, economist\, and investment manager. She leads the fixed-income management process at Trillium Asset Management and is comanager of the Green Century Balanced Fund\, for which Trillium is the subadviser. Dr. Smith began her investment management career at Trillium and subsequently joined Boston Trust and Investment Management Company (now known as Walden Asset Management)\, where she served as vice president and portfolio manager\, before rejoining Trillium. She is currently a board member of Oikocredit USA and is a former board member of Cornerstone Capital Group. Dr. Smith is a past chair of US SIF and a recent member of its Policy Committee. She has also served on the board of Episcopal Divinity School and is a member of the American Economic Association. Dr. Smith holds a BSFS degree from Georgetown University School of Foreign Service and earned MA\, MPhil\, and PhD degrees in economics from Yale University.\n\n\n\n \n\nJames J. Valentine\, CFA\nJames J. Valentine\, CFA\, is founder of AnalystSolutions\, where he provides services to equity research analysts\, their managers\, and their professional societies. He is the author of Best Practices for Equity Research Analysts\, which details successful approaches to delivering superior research and improved stock calls. Before founding AnalystSolutions\, Mr. Valentine served as global director of training for Morgan Stanley’s research department. He has also served as an analyst and has had his work featured by the Wall Street Journal\, Thomson Reuters\, Institutional Investor\, and Greenwich Associates. The CFA Society New York also awarded Mr. Valentine the Furthering Research Award. He received his master’s degree in finance.\n\n\n\n \n\nMark W. Yusko\nMark W. Yusko is the CEO and chief investment officer at Morgan Creek Capital Management\, LLC\, which provides investment management services based on the university endowment model of investing to wealthy families\, individuals\, and institutional investors. Prior to forming Morgan Creek\, Mr. Yusko served as the chief investment officer at the University of North Carolina at Chapel Hill. He also served as the senior investment director for the University of Notre Dame investment office\, which he joined as the assistant investment officer. A speaker for many industry conferences and events\, Mr. Yusko is a frequent guest on such shows as Fox Business News\, CNBC\, and Bloomberg. He is currently a board member of the MCNC Endowment and a member of the DukeEngage National Advisory Board at Duke University\, president and chair of the investment committee of the Hesburgh-Yusko Scholars Foundation at the University of Notre Dame\, and president and head of the investment committee of the Morgan Creek Foundation. Mr. Yusko holds a bachelor of science degree in biology and chemistry from the University of Notre Dame and a master of business administration in accounting and finance from the University of Chicago.\n\n\nFees & Travel\nFees: \nCFA Institute Members/CFA Program Candidates: US$1\,095\nCIPM Certificants/Candidates: US$1\,095\nCFA Institute Investment Foundations Certificants/Candidates: US$1\,095\nNon-Member: US$1\,295\nGroup: US$700 per delegate (three delegate minimum; additional discounts do not apply) \nRegister Online \nPayment 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. \nYour 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. \nGroup 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. \nCancellation 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. \nFor 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. \nFor questions\, please contact programs@cfainstitute.org. \nHotel 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. \nSheraton New York Times Square Hotel\n811 7th Avenue 53rd Street\nNew York\, NY 10019\nTel: +1 (866) 716 8134\nReservations \nSpecial 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.) \nAttire: Business casual attire is appropriate for this conference. \nPlease 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. \nAny 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. \nCFA Institute does not assume responsibility or liability for stolen\, lost\, or damaged personal property.
URL:https://cfany.org/event/equity-research-and-valuation-2017/
LOCATION:Sheraton New York Times Square Hotel\, 811 7th Avenue 53rd Street\, New York\, NY\, 10019\, United States
CATEGORIES:CFA Society NY Event,Other Industry Events
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DTSTART;VALUE=DATE:20181106
DTEND;VALUE=DATE:20181108
DTSTAMP:20260619T085447
CREATED:20181004T221633Z
LAST-MODIFIED:20181010T125032Z
UID:42140-1541462400-1541635199@cfany.org
SUMMARY:CFA Institute Conference: Equity Research and Valuation 2018
DESCRIPTION:CFA Institute Conference: Equity Research and Valuation 2018Sheraton New York Times Square HotelRegister to attendCFANY members can use the discount code NYEQ-18 for a US$100 discount. \nAbout\nThis conference aims to keep investment managers abreast of the latest advances and developments in equity research techniques\, valuation\, and portfolio management. The application of new technologies in portfolio management will be a key theme for the 2018 conference\, and speakers will discuss such topics as the use of artificial intelligence\, data analytics\, and quantitative techniques in investment decision making and how blockchain could disrupt a number of industries\, including financial services. Join world-class equity investors for insights into valuation to help you avoid the market’s noise and stay focused on client objectives. Learn to avoid behavioral pitfalls in investing\, and gain a better understanding of the differences between pricing assets and valuation. Topics for discussion will include valuation approaches and analysis\, global investment strategies\, research methods\, how to better understand and analyze portfolio risks\, and the top challenges equity investors face today. \nAgendaSpeakersFees & TravelAgenda\nTuesday\, 06 November 2018\n7:30 a.m. \nRegistration and Continental Breakfast  \n8:30 a.m.\nConference Welcome and Opening Remarks\nKim Shannon\, CFA\nFounder\, President\, and Chief Investment Officer\nSionna Investment Managers \n8:40 a.m.\nBuilding the Right “Defense” in Equities \nKate Moore\nManaging Director and Chief Equity Strategist\nBlackRock \n\nCombining both quantitative and fundamental approaches to position equity and multi-asset portfolios\nBuilding a good “defense” in stocks is multi-faceted\, as rates transition from “lower for longer” to “higher at long last”\nAround-the-world views on fundamentals\, valuation\, technicals\, credit spreads\, sentiment\, macro trends and more—from developed to emerging markets\n\n9:40 a.m.\nBlockchain and the Transformation of Financial Services\nCaitlin Long\nWall Street and Blockchain Veteran \n\nFrom blockchain/distributed ledger technology to cryptocurrencies—applications being explored within the financial services industry and applications closest to widespread adoption\nOther industries that represent the most promising investment opportunities and case examples\nUnderstanding how the technology will impact the skills required for careers in financial services\n\n10:40 a.m.\nRefreshment Break with Exhibitors  \n11:00 a.m.\nAlgos\, Machine Learning\, AI\, and the Future of Equity Research \nBryan Healey\nChief Technology Officer and Co-Founder\nAiera \nKen Sena\nCEO and Co-Founder\nAiera \n\nApplication of machine learning\, data analytics\, and other new technologies for valuation analysis\nUsing AI to eliminate “human” biases in the investment process \nWhere AI can enhance the job of the equity investor and where humans are still critical\n\n12:00 p.m.\nLunch Followed by Dessert with Exhibitors  \n1:10 p.m.\nEquity Valuation Models\nEd Yardeni\nPresident\, Yardeni Research\, Inc.; Author\, \nPredicting the Markets: A Professional Autobiography \n\nA brief history of stock market valuation models from the inventor of the Yardeni Model covered in the CFA Program Level III curriculum\nThe art and science of valuation modeling\nEffects of powerful secular trends (demographics\, technology disruption\, and more) on earnings growth\, inflation\, and valuation \nPredicting the stock market and the interconnectedness of stocks with bond\, commodity\, and currency markets\nWhere do we go from here?\n\n2:05 p.m.\nPresentation of the 2017 Graham and Dodd Award of Excellence\nHeidi Raubenheimer\, CFA\, will present the 2017 Graham and Dodd Award of Excellence\, an annual award recognizing excellence in original research published in the Financial Analysts Journal\, to Antti Petajisto for his article\, Inefficiencies in the Pricing of Exchange-Traded Funds. \n2:15 p.m.\nWinner of the 2017 CFA Institute Graham and Dodd Award: Inefficiencies in the pricing of Exchange-Traded Funds\nAntti Petajisto\nResearcher and Portfolio Manager \nquantPORT \n\nUnderstand how prices of exchange-traded funds (ETFs) can deviate significantly from their net asset values (NAVs) and why funds holding international and illiquid securities tend to have the largest deviations.\nBased on this award-winning research paper\, learn about a novel approach to control for stale pricing that uses the cross section of prices on a group of similar ETFs.\nExplore how active trading strategies can exploit such pricing inefficiencies to produce positive abnormal returns before transaction costs\, providing further evidence of short-term mean reversion in ETF prices.\n\n3:10 p.m.\nRefreshment Break with Exhibitors\nBook Signing: Michael J. Mauboussin \n3:30 p.m.\nInvesting in Asia: How Can Companies Work for You?\nS. Joyce Li\, CFA\nPortfolio Manager\nMatthews Asia \n\nAsia is riding a wave of homegrown innovation and consumption upgrades that offer long-term investment opportunities.\nWhen investing in Asia\, how can you ensure that companies work for you?\nDiscuss Asia’s corporate governance nuances\, and illustrate why understanding these details is critical for equity analysis.\n\n4:30 p.m. \nThe Future of Blockchain: Millennials and Their Impact on Investment Management \nThomas J. Lee\nCo-Founder and Managing Partner\,\nFundstrat Global Advisors \n\nMillennials are arguably the single most important driver of incremental economic growth and their impact on investing will be dramatic in the next decade\nThe investment implications of blockchain for sectors and industries\nUnderstanding the technology platforms behind cryptocurrencies\nFuture developments\n\n5:30 p.m.\nNetworking Reception \nWednesday\, 07 November 2018\n7:30 a.m.\nContinental Breakfast \n8:30 a.m.\nPresentation of the 2018 Distinguished Service Award\, on honor of Alfred C. “Pete” Morley\nThe Chair of the CFA Institute Board of Governors\, Heather Brilliant\, CFA\, will present the Distinguished Service Award\, in honor of Alfred C. “Pete” Morley\, to Dwight D. Churchill\, CFA. This award was established to honor members who have made an extraordinarily significant contribution to CFA Institute\, or its predecessor organizations\, through their leadership\, exceptional stewardship\, and outstanding service. \n8:40 a.m.\nLessons from History: Why Equity Markets Go Up and Down and Where Markets Are Going Next\nRussell Napier\, ASIP\nIndependent Strategist and Cofounder\, Electronic Research Interchange ;\nAuthor\, Anatomy of the Bear: Lessons from Wall Street’s Four Great Bottoms \n\nWhy equity bear markets happen\nValuation and key inputs to the analysis\nThe influences of technology\nWhere we may be on the verge of bear markets today\n\n9:50 a.m.\nAcquirers’ Anonymous: Seven Steps to Sobriety\nAswath Damodaran\nKerschner Family Chair Professor of Finance\nStern School of Business\, New York University \n\nWhile companies continue to do bigger and bigger acquisitions\, with the motives shifting over time\, the hard truth is that acquisitions are more likely to destroy value than add value\nWhy companies don’t learn from these findings and recalibrate the M&A process\nExamining each step in the acquisition process\, uncovering the most common errors in acquisition valuation\, and exploring the value of synergy and control (or lack thereof)\nWhat we can learn from deal history and a guide map on how to construct a value-adding acquisition strategy\n\n10:40 a.m. \nRefreshment Break with Exhibitors \n11:00 a.m.\nAcquirers’ Anonymous: Seven Steps to Sobriety (Continued)\nAswath Damodaran\nKerschner Family Chair Professor of Finance\nStern School of Business\, New York University \n12:30 p.m.\nConference Close \nSpeakers\n\nAswath Damodaran\n\n\n\nAswath Damodaran is the Kerschner Family Chair Professor of Finance at the Stern School of Business at New York University\, where he teaches corporate finance and valuation to MBAs\, executives\, and practitioners. He is the author of five books on valuation\, three books on corporate finance\, and three books onportfolio management\, and he was co-editor of the book Investment Management with Peter Bernstein. Professor Damodaran has published articles in a number of journals\, including the Journal of Financial and Quantitative Analysis and the Journal of Finance. He was named the most popular US business school professor in a 2011 survey by Businessweek. Professor Damodaran also writes a popular blog\, Musings on Markets. He holds an MBA and a PhD from the University of California\, Los Angeles.\n \n\n\n\nBrian Healey\n\nBryan Healey is the chief technology officer and co-founder of Aiera. Previously\, he was the Senior SDM at Amazon Alexa and headed three groups of 25 engineers for NLU\, ASR and Data. More recently\, Mr. Healey was Director of AI at Lola travel.\n \n\n\n\nThomas J. Lee\, CFA\n\nThomas J. Lee\, CFA\, is co-founder and managing partner at Fundstrat Global Advisors. He has over 20 years of experience in macro markets and equity research. Previously\, Mr. Lee served as chief equity strategist at J.P. Morgan Chase & Co. and was a telecommunications equity research analyst and a small-cap equity/bankruptcy/reorganization strategist. He has served as managing director at Salomon Smith Barney and also worked at Kidder\, Peabody & Co. and Oppenheimer. Mr. Lee was ranked 1\, 2\, or 3 by Institutional Investor every year from 1998 to 2013. He is a member of the Economic Club of New York. Mr. Lee received his BSE from the Wharton School of the University of Pennsylvania with concentrations in finance and accounting.\n\n\n\nS. Joyce Li\, CFA\n\nS. Joyce Li\, CFA is a Portfolio Manager at Matthews Asia. As an independent\, privately owned firm\, Matthews Asia is the largest dedicated Asia investment specialist in the United States\, with offices in San Francisco\, London\, and Hong Kong. Prior to joining Matthews Asia in 2016\, she was a Portfolio Manager and Principal at Marvin & Palmer Associates\, investing in Asia markets since 2007. Ms. Li received an M.B.A. with honors from the Wharton School of the University of Pennsylvania and a M.S. in Computer Science from the University of Virginia. She is fluent in Mandarin and Cantonese.\n \n\n\n\nCailtlin Long\n\nCaitlin Long is a 22-year Wall Street veteran who has been active with bitcoin since 2012. As co-founder of the Wyoming Blockchain Coalition\, she recently helped drive Wyoming’s trail-blazing blockchain legislation\, with the passage of five bills and the recognition of utility tokens as a new form of property. Previously\, Ms. Long was chairman and president of Symbiont\, an enterprise blockchain company\, where she jointly spearheaded a blockchain project for delivering index data to Vanguard. In addition\, she ran Morgan Stanley’s pension solutions business\, held senior roles at Credit Suisse\, and began her career at Salomon Brothers. Ms. Long has a BA from the University of Wyoming\, a master of public policy from the Kennedy School of Government\, and a JD from Harvard Law School.\n \n\n\n\nKate Moore\n\nKate Moore is a managing director and chief equity strategist for BlackRock and is a member of the BlackRock Investment Institute. She is responsible for developing global equity market insights and actionable investment advice\, as well as for representing BlackRock’s market views for US equities. Previously\, Ms. Moore was a chief investment strategist at J.P. Morgan. She has also served as the senior global equity strategist at BofA Merrill Lynch Global Research\, an emerging markets strategist at Moore Capital Management\, and a member of the Global Strategy team at Morgan Stanley Investment Management. Ms. Moore began her career as a strategy consultant for both Mitchell Madison Group and Silver Oak Partners. She holds a BA in political and social thought from the University of Virginia and an MA in political economy from the University of Chicago.\n \n\n\n\nRussell Napier\, ASIP\n\nRussell Napier\, ASIP\, is author of “The Solid Ground” investment report and co-founder of the investment research portal ERIC. He has worked in the investment business for almost 30 years and has been writing global macro strategy for institutional investors since 1995. Professor Napier is author of Anatomy of the Bear: Lessons from Wall Street’s Four Great Bottoms and founder and course director of the Practical History of Financial Markets course at the University of Edinburgh. He is on the board of the Scottish Investment Trust and the Mid Wynd International Investment Trust\, a member of the investment advisory committees of three fund management companies\, and an adviser to a family office. Professor Napier founded the Library of Mistakes\, a business and financial history library. He is a fellow of the CFA Society of the UK and is an honorary professor at Heriot-Watt University and the University of Stirling. Professor Napier has law degrees from Queen’s University Belfast and Magdalene College.\n \n\n\n\nAntti Petajisto\n\nAntti Petajisto is a researcher and portfolio manager at quantPORT\, a systematic multi-strategy asset manager and formerly the proprietary trading desk of Jefferies. Previously\, he was a portfolio manager and researcher at LMR Partners\, a multi-strategy hedge fund\, as well as in BlackRock’s Scientific Active Equities group\, where he focused on researching new alpha signals and implementing quantitative trading strategies in global equity markets\, including emerging markets. Dr. Petajisto has also worked as a finance professor at the Yale School of Management and the NYU Stern School of Business\, where he taught MBA courses on investments\, portfolio management\, and behavioral finance. His academic research includes the development of the Active Share concept for quantifying active portfolio management\, performance evaluation of money managers\, pricing inefficiencies in exchange-traded funds\, and the price impact of passive indexing strategies. Dr. Petajisto has an MSc in engineering physics from the Helsinki University of Technology and a PhD in finance from the MIT Sloan School of Management.\n \n\n\n\nKen Sena\n\nKen Sena is the CEO and co-founder of Aiera. Prior to joining Aiera\, Mr. Sena was the global head of Internet equity research at Wells Fargo Securities and Evercore ISI. He has also held equity research positions at Credit Suisse and Bear Stearns\, which followed corporate and banking stints at MTV Networks\, Time Inc.\, and Salomon Smith Barney.\n \n\n\n\nKim Shannon\, CFA\n\nKim Shannon\, CFA\, is founder\, president\, and chief investment officer at Sionna Investment Managers. Previously\, she served as chief investment officer and senior vice president at Merrill Lynch Investment Managers Canada Inc. Ms. Shannon is a past president of CFA Society Toronto. She is currently a member of the C.D. Howe Institute’s National Council\, the CFA Institute Financial Analysts Seminar Board of Regents (where she previously served as chair)\, and the board of the Brandes Institute. Ms. Shannon also serves as a board member of the Canadian Coalition for Good Governance\, the Canadian Business Diversity Council\, the Women’s College Hospital investment committee\, and the United Corporation (a listed closed-end fund). She holds a bachelor of commerce and economics degree and an MBA degree from the University of Toronto.\n \n\n\n\nEd Yardeni\n\nEd Yardeni is the president of Yardeni Research\, Inc.\, a provider of global investment strategy and asset allocation analyses and recommendations. He previously served as chief investment strategist at Oak Associates\, Prudential Equity Group\, and Deutsche Bank’s US equities division in New York City. Dr. Yardeni has also served as the chief economist at CJ Lawrence\, Prudential-Bache Securities\, and EF Hutton. He has taught at Columbia University’s Graduate School of Business and was an economist at the Federal Reserve Bank of New York. Dr. Yardeni has also held positions at the Federal Reserve Board of Governors and the US Treasury Department. He frequently appears on CNBC and Bloomberg Television and is quoted in the financial press\, including the Wall Street Journal\, the Financial Times\, the New York Times\, and Barron’s. Dr. Yardeni is author of Predicting the Markets: A Professional Autobiography. He completed his undergraduate studies magna cum laude at Cornell University\, received a master’s degree in international relations from Yale University\, and earned his PhD in economics from Yale University.\n\n\nFees & Travel\nFees: \nCFA Institute Members/CFA Program Candidates: US$1\,095\nCIPM Certificants/Candidates: US$1\,095\nCFA Institute Investment Foundations Certificants/Candidates: US$1\,095\nNon-Member: US$1\,295\nGroup: US$700 per delegate (three delegate minimum; additional discounts do not apply) \nRegister Online \nPayment 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. \nGroup 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. \nCancellation Policy: A cancellation fee of US$150 applies for all cancellations made after 30 October 2018. 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. \nFor 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. \nFor questions\, please contact programs@cfainstitute.org. \nSpecial 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.) \nAttire: Business casual attire is appropriate for this conference. \nPlease 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. \nAny 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. \nCFA Institute does not assume responsibility or liability for stolen\, lost\, or damaged personal property.
URL:https://cfany.org/event/cfa-institute-conference-equity-research-and-valuation-2018/
LOCATION:Sheraton New York Times Square Hotel\, 811 7th Avenue 53rd Street\, New York\, NY\, 10019\, United States
CATEGORIES:CFA Society NY Event,Other Industry Events
GEO:40.762468;-73.981557
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