C. Thomas Howard Urges Practitioners to “View the Markets as They Are”

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“I’m here to tell you there is life after Modern Portfolio Theory.”

That was just one of the notable quotes that C. Thomas Howard gave during his presentation at the 70th CFA Institute Annual Conference. The self-proclaimed “behavioral financial analyst” minced no words explaining why he thinks that markets are not efficient and why investors — once they conquer their behavioral biases — should allocate 100% of their investment portfolios to a concentrated stock fund. Howard implored the audience to “view the markets as they are, rather than as you want them to be.” Read More

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Maximize Your Career Success: Pearls from Carla Harris

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When Carla Harris married in 2001, The New York Times described the bride as “a quintessential Type-A Wall Streeter — the sort of person who gets impatient for the sun to rise.”

Harris’s characteristic charm and energy were front and center in Philadelphia at the 70th CFA Institute Annual Conference as she shared some of “Carla’s pearls” — hard-earned pearls of wisdom and career advice, gleaned from her nearly three decades on Wall Street. Read More

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Progress Interrupted by Populism

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US President Donald Trump wasn’t elected by chance. Nor did Brexit come out of the blue.

Citizens in the western world have become fed up with politicians who don’t listen to them, said Neil Howe, economist, and co-author of The Fourth Turning.  Howe was speaking to delegates at the 70th CFA Institute Annual Conference as part of a panel discussion titled, “Progress Interrupted: The Revolt against the Status Quo and the Challenge to 20th Century Institutions.” Read More

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Investment Wisdom from the Masters: Risks and Relative Values in Diversified Global Portfolios

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Is the stock market overvalued? That depends on who you ask.

Nobel Laureate Robert J. Shiller of Yale University answers “yes,” while Jeremy J. Siegel of the Wharton School, University of Pennsylvania, believes “no.”

When the two economists took to the stage in Philadelphia at the 70th Annual CFA Institute Conference, Gillian Tett, US managing editor, Financial Times, aptly teed up the discussion on investment theory, financial valuations, markets, and the economy saying, “We are lucky enough to hear from two important luminaries, if I dare not say lions, of the financial economic world over the last few decades.” Read More

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Navigating the Markets in a Year of Transition

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Navigating the Markets in a Year of Transition

Elizabeth Corley writes crime novels in her spare time, so it was fitting that there were some suspenseful moments when the Allianz Global Investors vice chair addressed delegates at the 70th CFA Institute Annual Conference.

Corley described 2017 as a year of transition as she shared her outlook on the economy, geopolitics, fiscal and monetary policy, and their implications for global investors. And while she characterized the environment as challenging and struck a cautious tone, she also offered hope and some words of advice for beleaguered active managers. Read More

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Differentiate Yourself: Building a Client-Oriented Culture

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Differentiate Yourself: Building a Client-Oriented Culture

What do you need to do to survive in the wealth management industry today?

Two words: Differentiate yourself.

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John L. Bowman, CFA: “Our Work Is Just Beginning”

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John L. Bowman, CFA, Managing Director, Americas, of CFA Institute addressed the crowd of more than 1600 investment professionals at the 70th CFA Institute Annual Conference in Philadelphia to update them on the progress that they have made in leading the investment profession.

Below is the transcript of his remarks. Read More

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The Financial Industry Is Ushering in a New Discipline of Ownership

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The finance industry, long plagued by distrust among the public, has reached a tipping point, according to Stephen Davis, associate director and senior fellow of the Harvard Law School program on corporate governance and co-author of What They Do With Your Money: How the Financial System Fails Us and How to Fix It. At the 70th CFA Institute Annual Conference, Davis said that the public’s anger, fueled by a belief that they’ve been unjustly “separated from their money,” has helped to usher in a new “discipline of ownership.” His assessment of state of the financial industry struck a tone of cautious optimism. Read More

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Paul Smith, CFA: Reasons to Believe

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Paul Smith, CFA: Reasons to Believe

CFA Institute president and CEO Paul Smith, CFA, stood before a crowd of more than 1600 investment professionals from across the globe at the 70th CFA Institute Annual Conference in Philadelphia, and asked a critical question: “What is finance for?” To answer that query, Smith laid out the potentially existential challenges confronting the investment management industry and offered a four-step plan to address them, emphasizing the critical role CFA Institute can play in redefining value and restoring investor trust. “What I hope to do is to frame the challenge our profession faces,” he said, “and propose steps we must take to secure our future and that of generations of charterholders yet to come.”

Below is the transcript of his remarks. Read More

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Is Your Gray Rhino Plan in Place?

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Is Your Gray Rhino Plan in Place?

In the wake of the 2008 global financial crisis, it was fashionable to discuss black swan events: those rare and catastrophic occurrences that few people predict in advance. Although black swans have major consequences, predicting and preparing for them can be highly impractical.

At the 70th CFA Institute Annual Conference, author Michele Wucker recommended financial professionals spend less time focused on potential black swans and more time addressing gray rhinos — the threats we can see charging right at us. Read More

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