Monday, 18 May 2020
1:00–1:10 pm ET
1:10–1:40 pm ET
Thoughts on Working through a Dramatic Down Cycle
Howard S. Marks, CFA
Co-Chairman
Oaktree Capital Management
John Authers interviews Oaktree Capital co-chairman Howard Marks, CFA, to hear his thoughts on mastering market down cycles, offensive versus defensive strategies, and finding good value in the current environment.
Interviewer: John Authers, Opinion Columnist, Bloomberg
1:40–2:00 pm ET
COVID-19: Steps to an Economic Path Forward
Campbell R. Harvey
Professor of Finance, Duke University
Partner and Senior Advisor, Research Affiliates, LLC
- What will the recovery from the pandemic look like?
- What can we learn from previous crises?
- Are policymakers doing enough to mitigate economic costs?
- Will the pandemic cause structural changes in the economy as well as globalization?
- What are the lessons learned from this systemic risk event?
2:00–2:30 pm ET
The World in Crisis: Global Analysis
Peter Zeihan
President and Founder
Zeihan on Geopolitics
An interview with geopolitical expert Peter Zeihan, highlighting the geopolitical realities of the current environment, including COVID-19 peaks around the world, global unemployment, the severe impact on developing countries, and the emergence of a new global order.
Interviewer: Lauren Foster, Content Director, Live Events, CFA Institute
2:30–2:50 pm ET
Global Economic Risks and Rewards
Alejandra Grindal
Senior International Economist
Ned Davis Research Group
- Assessing the COVID-19-induced global recession and the potential recovery
- Analyzing what this means for the economy and your investments
- Weighing the risks and rewards of the world’s major countries and regions—namely, the United States and China
2:50–3:35 pm ET
COVID-19: Potential Implications for Global Supply Chains
Vikram Mansharamani
Lecturer
Harvard University
- The world is facing tectonic change based on existing trends and the impact of the global pandemic.
- The world had already been seeing the results of consumer-led economies, overcapacity in China, the acceleration of technology with more output and less input, the changing nature of work, and older demographics.
- The explosion of supply in energy and less demand will lead to deflationary order.
- Supply chains will also be affected by currency wars, nationalism, and protectionism, which are all on the rise, in addition to COVID-19 lockdowns making some supplies and parts unavailable.
- Global supply chains will be shifting in fundamental ways as a result of the changing environment.
3:35–3:45 pm ET
Tuesday, 19 May 2020
1:00–1:30 pm ET
How Psychological Principles Can Help You Think and Act Your Way through a Financial Crisis and Personal Stress
Daniel Crosby
Chief Behavioral Officer
Brinker Capital
- The COVID-19 pandemic is unique in that it threatens our physical, psychological, and financial well-being.
- Financial services professionals, who often serve as buffers between their clients and bad decisions, can be especially taxed because they must attend to their own needs as well as those of the people that they serve.
- Hear practical tips for maximizing personal wellness while assisting clients in making sound decisions in uncertain times.
1:30–1:45 pm ET
Enhancing Your Mental Strength in a Time of Crisis
Amy Morin
Psychology Lecturer, Northeastern University
Author, 13 Things Mentally Strong People Don’t Do
- What is mental strength and how can you enhance it?
- Learn the best mental strength exercises for reducing anxiety, managing stress, and combating negative thoughts.
- Discover actionable tips for thinking, feeling, and performing your best during a time of crisis.
1:45–2:15 pm ET
Mindfulness for Overcoming Stress and Staying Effective in the Age of COVID-19
Donald Altman
Author, Mindfulness Consultant, and Trainer
- Learn about proven strategies using brain science to help you cope with pressure and succeed.
- A simple practice to discharge tension and stress
- How to use selective attention to overcome worry
- A three-minute stress detox to invite calm
2:15–2:30 pm ET
Notes on Resilience: A Learned Skill to Guide You through Tough Times
Christiane St-Amour
Executive Coach and Leadership Development Specialist
An interview with executive coach Christiane St-Amour, focusing on the science of resilience and the brain, stress behaviors, the role of resilience in decision making, and the core skills to develop to become more resilient.
Interviewer: Lauren Foster, Content Director, Live Events, CFA Institute
2:30–2:55 pm ET
Why Your Personal Brand Matters More than Ever
Curt Mercadante
Principal
Merc Enterprises, LLC
- To thrive in the COVID-19 economy, it’s going to be more important than ever to differentiate yourself from your competitors.
- Right now, people are hungry for solutions and content that will help them navigate the new financial realities.
- It’s easier than ever for you to become your own media company and share unique, consistent, compelling content.
- Learn actionable steps for you to create and promote your solutions, ideas, and compelling content to the audiences that matter most.
2:55–3:00 pm ET
Wednesday, 20 May 2020
11:00–11:45 am ET
The Value of Everything in an Unstable Environment
Aswath Damodaran
Kerschner Family Chair Professor of Finance
Stern School of Business, New York University
Considering valuation principles in light of the COVID-19 crisis:
- Valuation first principles have not changed just because of the crisis, but investors have to be willing not only to make estimates about the damage that the crisis will cause to corporate earnings but also to think about what a company will look like in the post-coronavirus economy.
- If you are tempted to use multiples and pricing because you don’t want to make assumptions in the fact of uncertainty, you will find uncertainty affecting you in different ways, with trailing numbers moving dramatically and multiples becoming either not meaningful or not usable.
- Difficult times require dynamic models, where forecasts of the past are not anchored in past numbers. In other words, mechanical models (which is what many DCF models have become in practice) will yield strange-looking numbers.
- Ultimately, crises are crucibles that test investor faith and philosophies, and this crisis will be the acid test for active investing, in general, and value investing, in particular.
11:45 am–12:05 pm ET
Thinking in Bets: Making Smarter Decisions in a Time of Uncertainty
Annie Duke
Author and Former Professional Poker Player
Morgan Housel interviews author, business consultant, and former professional poker player Annie Duke, to discuss the science and strategy of decision making.
Interviewer: Morgan Housel, Partner, Collaborative Fund
12:05–12:25 pm ET
Investing in Disruptive Innovation: How Innovation Gains Traction during Tumultuous Times
Catherine D. Wood
CEO and Chief Investment Officer
ARK Investment Management LLC
- We are experiencing a shock to the financial system, but the forces in motion before this shock will continue. We have experienced two prior shocks in the last 40 years:
- Portfolio insurance failed in October 1987
Low volatility strategies this time around - Terrorist attack on 11 September 2001
Coronavirus outbreak this time around
- Portfolio insurance failed in October 1987
- Thee variables can serve as a guide to investors: monetary policy, fiscal policy, market signals
- Innovation gains traction during tumultuous times. For example, in health care, the convergence of artificial intelligence (AI), next-generation DNA sequencing (NGS), and CRISPR gene editing have the potential to transform health care completely.
12:25–12:45 pm ET
Asset Allocation for Private Clients: Lessons Learned amid Stressed Markets
Katherine Nixon, CFA
Executive Vice President and Chief Investment Officer, Wealth Management
Northern Trust
- How can we prepare for the inevitability of market stress?
- What are the major takeaways from the COVID-19-led market drawdown, and how can we apply these to improve future client outcomes?
- Can long-term portfolios be designed to mitigate both investment risks and client behavioral risks
12:45–1:05 pm ET
The Enhanced Importance of Investing with Impact
Katherine Collins, CFA
Head of Sustainable Investing
Putnam Investments
An interview with the head of sustainable investing at Putnam Investments, Katherine Collins, CFA, to discuss approaches to impact investing, ESG investing as a core business issue, ESG analysis, how to view companies in the current environment, and why impact investing may matter now more than ever.
Interviewer: Lauren Foster, Content Director, Live Events, CFA Institute
