Financial Analysis

1:10–1:40 pm ET

Thoughts on Working through a Dramatic Down Cycle

Howard S. Marks, CFA
Co-Chairman
Oaktree Capital Management

Interviewer: John Authers, ​Opinion Columnist, Bloomberg
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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
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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.

Speaker Presentation
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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.

Speaker Presentation
Supplemental Material
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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​

Interviewer: Morgan Housel, Partner, Collaborative Fund Read More

12:45–1:05 pm ET

The Enhanced Importance of Investing with Impact

Katherine Collins, CFA
​​Head of Sustainable Investing
Putnam Investments

Interviewer: Lauren Foster, Content Director, Live Events, CFA Institute
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