Tuesday, 19 May 2020

8:00–9:00 a.m.

Coffee with Exhibitors

8:00 a.m.–4:45 p.m.

Exhibit Hall Open

9:15–10:15 a.m.

Power and Prediction: The Disruptive Economics of Artificial Intelligence

Ajay Agrawal
​Geoffrey Taber Chair in Entrepreneurship and Innovation
Founder and Academic Director of the Creative Destruction Lab
Rotman School of Management, University of Toronto

Jen Wieczner, Moderator
Senior Writer​​
Fortune Magazine

  • Many applications of AI enhance productivity by improving upon existing predictive analytics—such as banking applications in fraud detection, anti-money laundering, know your customer, credit scoring, and sanction screening—but some uses have a more profound effect: They shift power and can change market structure.
  • When AI simply improves upon existing predictive analytics, power structures do not change, so the strategic implications are limited. In these cases, success depends primarily on well-managed implementation; the objective is enhanced operational efficiency.
  • Decisions concerning when, where, and how to deploy AI to improve upon existing predictive analytics require oversight from the COO but not the CEO. These AIs are tactical, not strategic.
  • Learn about the wide-ranging work of the Creative Destruction Lab—the largest seed-stage program for massively scalable science-based programs.

10:45–11:45 a.m.

Investing in Disruptive Innovation: The Big Ideas of 2020

Catherine D. Wood
CEO and Chief Investment Officer
ARK Investment Management LLC

Jen Wieczner, Moderator
Senior Writer​​
Fortune Magazine

  • Three criteria used to identify transformational innovation platforms
  • Are we witnessing signs of a recession or a deflationary boom?
  • Investing in disruptive innovation to take advantage of market inefficiencies
  • Big ideas: The technological breakthroughs investors shouldn’t miss in 2020

11:45 a.m.–1:45 p.m.

Networking Lunch

12:45–1:30 p.m.

Sponsored Corporate Presentations with Dessert

Sponsored Corporate Presentations offer a range of best practices, strategies, tools, tactics, and insights for successful investment management and financial analysis from senior-thought leaders at leading financial services firms.

Baillie Gifford: Turning Off the Information Gusher: Connecting More Thoughtfully
Stuart Dunbar
Baillie Gifford

  • Is “connection” necessarily a good thing? We operate in an investment environment in which more and more news and price information are constantly pushed at us. Actual investors should simply ignore most of it.
  • The technological developments that make disruption possible are too often ignored because they can’t be applied directly to financial models, which is why you should spend more time with academics and authors.

The difference between fundamental capital deployment within companies and secondary market trading, how growth companies in a digitally connected age are creating their own demand, and why successful long-term investing should rely more on creativity and imagination than spreadsheets.

Invesco: Innovating to Build Better Fixed-Income Portfolios
Tony Wong, Head of Fixed Income Investments
Robert Waldner, CFA, Chief Strategist and Head of Macro Research, Invesco Fixed Income
Jay Raol, PhD, Director of Quantitative Research, Invesco Fixed Income
Ray Uy, CFA, Global Head of Fixed Income and Currency Trading

  • Building better outcomes using fixed-income factors for more efficient and cost-effective portfolio construction
  • Integrating ESG in portfolios using proprietary issuer analysis across fixed-income sectors, including corporate bonds, senior secured loans, structured securities, and municipal bonds
  • Leveraging technology to create more efficient execution and implementation methods in fixed income

RBC Global Asset Management: Session to be Announced

Refinitiv: What’s in Store for Retailers? There’s a Fabulous Consumer Sentiment, While the Retail World Is in Turbulence
Jharonne Martis
Director of Consumer Research

  • Consumer sentiment has been rising in the face of a low unemployment rate in the United States, while the retail industry undergoes massive changes.
  • What does all this mean for the first quarterly earnings of the decade? What retailers are built to last? Which ones won’t?
  • Hear alpha-generating insights on how the 2020 earnings season will turn out for retailers.

S&P Global Market Intelligence: The Big Picture on Climate Risk
Namtse Namgyal
Lead ESG Specialist North America, Financial Institutions
Trucost—S&P Global Market Intelligence

  • How are climate risks changing across regions and over time?
  • What are the implications for financial portfolios?
  • How are the leaders achieving the low-carbon advantage?

Voya Investment Management: Modeling Securitized Credit: Overcoming Benchmark Limitations to Identify Optimal Allocations
Dave Goodson
Managing Director, Head of Securitized Fixed Income, and Senior Portfolio Manager
Voya Investment Management

  • The evolution in securitized credit markets after the financial crisis highlights the diverse array of opportunities spanning sectors and subsectors.
  • At the same time, the fragmented nature of the securitized credit universe has challenged investors and asset allocators on how to model and identify appropriate allocations to this important part of the fixed-income market.
  • A framework for modeling securitized credit and an asset allocation framework for identifying optimal allocations within fixed-income asset allocations will be presented.

Extended Sessions

Extended Sessions allow for a deeper exploration of investing topics relevant to investment professionals.

1:45–3:15 p.m.

Private Investments for Private Clients: A Practical Approach

Steve Balaban, CFA
Founder and Chief Investment Officer, Mink Capital Inc.
Award-Winning Lecturer, University of Waterloo

George Chen, CFA, CIPM, Moderator
Red Tortoise LLC

  • Understanding current trends in private markets and the role of private assets in a diversified portfolio
  • How managers and advisers can best access private markets on behalf of their clients
  • How to beat the “minimums game,” handle capital calls, and address other challenges of private investing

Specialty Focus Area: Wealth Management

1:45–3:15 p.m.

Value This, You Must! A Jedi Guide to Valuation

Aswath Damodaran
Kerschner Family Chair Professor of Finance​
Stern School of Business, New York University

Brian D. Singer, CFA, Moderator
Head of Dynamic Allocation Strategies Team
William Blair

  • Big picture perspective on lessons on valuations with a review of the basics of valuation and how to convert tools and models into valuations
  • Accounting is not finance—a look at the divide between an accounting mindset and a valuation mindset
  • Just because you have a D and a CF does not mean that you have a DCF: Intrinsic value is about asking and answering questions about businesses and making consistent assumptions.
  • Valuation is not modeling; valuation is more than modeling, it is better to be accurate than precise, and accuracy is relative.
  • Precise models are not always accurate models, and the payoff to valuation is not determined by how accurate your valuation is but how accurate it is, relative to other people valuing the same asset—a look through the IPO valuation of Twitter.
  • Price is not value: The value process and the pricing process are driven by different determinants and often yield different numbers for the same asset.
  • Valuation is a craft: You have to keep working at it to get better, and investing takes faith; you have to have faith in your value (with no confirmation) and faith that the price will adjust to the value (with no proof). Both faiths will be tested, and most of us will be found wanting.

Specialty Focus Area: Capital Markets

1:45–3:15 p.m.

Investing in a Better World: The Role of Asset Owners in Encouraging Good Governance and Shaping Sustainable Business Practices

Dan Bienvenue, CFA
Interim Chief Operating Investment Officer and Managing Investment Director, Global Equity
California Public Employees’ Retirement System (CalPERS)

Hiro Mizuno
Executive Managing Director and Chief Investment Officer
Government Pension Investment Fund of Japan

Deborah Ng, CFA
Director, Strategy, and Head of Responsible Investing
Ontario Teachers’ Pension Plan

Richard Brandweiner, CFA, Moderator
Chief Executive Officer
Pendal Australia

  • How are major asset owners approaching “solution-based” investment strategies, such as ESG, impact investing, and activist investing, and how have they built appropriate cultures and operational capabilities to support favored investment approaches?
  • What processes and principles must be established for asset owners to have a positive impact on companies they invest in? How are investment priorities established?
  • How do asset owners quantify their impact? What risks and trade-offs are associated with a more activist approach to investing?

Specialty Focus Area: Sustainable Investing

1:45–3:15 p.m.

Cultural Fluency: The Art of Connecting in Global Business

Jane Hyun
​​Founder and President, Hyun & Associates​
Global Leadership Strategist and Author

Richard Fernand, Moderator
Global Content Director, Professional Learning
CFA Institute

  • The globally connected workplace demands more agility in our ability to understand differences in motivations, values, and communication patterns.
  • Culture affects interpersonal dynamics, including styles of communication; how you relate to clients, colleagues, and team members; and our approach to critical business problems.
  • Without navigation tools, you may neglect culture issues, leading to disengagement, attrition, or delayed innovation.
  • Discover what it means to be a “fluent leader,” the skill of “flexing,” and how to understand the unwritten “code” for navigating differences and strengthening relationships with others.

Specialty Focus Area: Career Development

1:45–3:15 p.m.

#DeFi – The World of Decentralized Finance

Campbell R. Harvey
​Professor of Finance, Duke University
Partner and Senior Advisor, Research Affiliates, LLC

Eelco Fiole, CFA, Moderator
Managing Partner
Alpha Governance Partners

  • Leveraging decentralized networks to create new financial products without intermediaries
  • What the world looks like without traditional banks
  • Stablecoins and new barter systems

Specialty Focus Area: Tech

1:45–3:15 p.m.

Investing through Booms and Busts—An Unconventional Approach

Vikram Mansharamani
Harvard University

Morgan Housel, Moderator
Collaborative Fund

  • A discussion of the rising risks from growing nationalism, increasing protectionism, and unconventional monetary policies
  • An exploration of opportunities identified when navigating the cross-currents of global economic, financial, and political developments
  • A demonstration of how to apply an analytical framework to current conditions to forecast potential future outcomes, drawing on examples from art markets, architecture, and popular culture, as well as economics and politics

Specialty Focus Area: Investment Strategies

3:45–4:30 p.m.

Are ETFs the Panacea? Exploring the Intrinsic Risks and Opportunities of ETF Trading

Samantha Merwin, CFA
Head of Markets Advocacy for ETF and Index Investing Markets & Investments​

Steve Oh
Head of ETF Listings​

Jayesh D. Bhansali, CFA, Moderator
Chief Investment Officer

  • What are ETFS? What product flavors (e.g., passive, active, smart beta, and multi-asset) are in the market now?
  • What are the benefits of adding ETFs to your investment portfolio, and how should you approach ETF investing?
  • Have ETFs truly been tested in a period of high market volatility? Do they pose a systemic risk or the potential for material, sustained, and widespread losses due to some sort of market breakdown?
  • What are regulators thinking about at this time?
  • Do ETFs carry a liquidity risk? Should we think of ETFs as truly transparent vehicles, and does that matter?

Specialty Focus Area: Alternative Investing

3:45–4:30 p.m.

Concurrent Sessions

Concurrent Sessions provide analysis and commentary on topics such as alternative investing, capital markets, tech developments, career skills, psychology and decision making, and sustainable investing.

3:45–4:30 p.m.

The Role of Technology in the Investment Decision-Making Process

Claire Gallagher, CFA
​Quantitative Analyst
Orbis Investment Advisory Ltd.

Larry Cao, CFA, Moderator
Senior Director, Industry Research
CFA Institute

  • Technology and human judgement can work together to enhance investment decision making. At each step of the process (e.g., idea generation, research, stock selection, capital allocation, trading, and performance evaluation), there are tasks that computers are better able to handle and others where humans have the edge.
  • Computers are good at solving problems where the rules are constant and there’s a fixed number of outcomes, but humans are better at dealing with problems where the rules change, and the possibilities are infinite. Technology and AI excel in processing large amounts of data.  In particular, AI is better at spotting historical patterns and technology is also effective when analyzing performance results and identifying areas of potential improvement.
  • Humans are more creative, more flexible, and better at abstract thinking. This allows the human investor to imagine a wider range of potential outcomes, including situations where there has been a fundamental change (e.g., industry disruption, political changes) that might cause the future to differ from the past.
  • Specific stock examples offer perspective on how investors might use technology to complement traditional fundamental analysis.

Specialty Focus Area: Tech

3:45–4:30 p.m.

Marijuana in Markets: The Dos and Don’ts of Cannabis Investing

Steven J. Hawkins
President and CEO
Horizons ETFs Management (Canada) Inc.

Anish Chopra, CFA, Moderator
Managing Director and Portfolio Manager
Portfolio Management Corporation

  • From the world’s first listings to the US Safe Banking Act, how the investing history of cannabis has transformed
  • The do’s and don’ts and other lessons learned about cannabis investing, one year after Canada’s legalization
  • The globalization of cannabis: What worldwide legalization and acceptance could mean for tomorrow’s marijuana markets

Specialty Focus Area: Alternative Investing

3:45–4:30 p.m.

Active Fixed-Income Investing Late Cycle: Opportunity and Risk

Marc P. Seidner, CFA
​Chief Investment Officer of Nontraditional Strategies, Managing Director, and Head of Portfolio Management, New York​​

Shreenivas Kunte, CFA, CIPM, Moderator​
Director, Continuing Education and Advocacy, Professional Learning India
CFA Institute

  • Adjusting portfolios and levels of risk taking to align with the current stage of the market cycle
  • The importance of valuation analysis and knowing whether risks are being adequately compensated for
  • Being prepared for the future: Stress testing for multiple states of market outcomes, considering alternative risk premiums, maintaining liquidity, and ensuring diversification
  • Fixed-income strategies to produce positive returns in a more uncertain environment—bottom-up security selection, focus on relative value, capitalizing on market disruption, and more

Specialty Focus Area: Capital Markets

3:45–4:30 p.m.

Seven Mistakes Every Investor Makes (and How to Avoid Them)

Joachim Klement, CFA
Independent Investment Strategist

Michael S. Falk, CFA, Moderator
Focus Consulting Group

  • Every investor makes mistakes, but some mistakes are common among professional investors and may sometimes even be considered best practice.
  • An overview of some common investment practices, and a look at the empirical evidence of how and why these practices lead to lower performance.
  • Gain tips and tools to remedy the negative effect of practices that can hurt your investment performance.

Specialty Focus Area: Capital Markets

3:45–4:30 p.m.

The Ultimate Success Formula: Leadership Presence and Emotional Intelligence

Christiane St-Amour
​Executive Coach and Leadership Development Specialist

Heather A. Packard, Moderator
Regional Director, Professional Learning Americas
CFA Institute

  • What can leadership presence and emotional intelligence do for your career?
  • Emotional intelligence: The critical element to your success
  • What is leadership presence, and how can you build personal influence in your organization?

Specialty Focus Area: Career Development

4:30–4:45 p.m.

Transition Break

4:45–5:45 p.m.

Mastering the Market Cycle—Getting the Odds on Your Side

Howard S. Marks, CFA
Oaktree Capital Management

Brian D. Singer, CFA, Moderator
Head of Dynamic Allocation Strategies Team​​
William Blair

  • Looking for market patterns: Why do cycles occur?
  • What do bull markets have in common?
  • When are the odds or our side?
  • What does where we stand in the cycle imply about what’s coming next?

6:30–10:00 p.m.

Networking Reception and Dinner

Join us for dinner and networking at the Rooftop at Ponce City Market. A dynamic space perched atop a restored historic Sears, Roebuck & Co. warehouse, the Rooftop at Ponce City Market will engage and delight delegates with the vigor and excitement of elevated attractions and a stunning skyline view. Be sure to check out all that this unique venue has to offer!

This reception is included in the delegate fee. Dress is business casual.