A. Michael Lipper, CFA, is president of Lipper Advisory Services, Inc., a firm providing money management services for wealthy families, retirement plans and charitable organizations. A former president of the New York Society of Security Analysts, he created the Lipper Growth Fund Index, the first of today’s global array of Lipper Indexes, averages and performance analyses for mutual funds. After selling his company to Reuters in 1998, Lipper has focused his energy on managing the investments of his clients and his family. His first book, Money Wise: How to Create, Grow and Preserve Your Wealth, was published by St. Martin's Press. Lipper’s unique perspectives on world markets and their implications have been posted weekly on his blog since August, 2008.
Abby Farson Pratt is an assistant editor at CFA Institute. Previously, she worked at the Denver Post and at the University of North Carolina Press. Pratt earned the Claritas™ Investment Certificate and holds a BA in journalism and English from the University of North Carolina at Chapel Hill.
Alon Bochman, CFA, is managing partner of Stepwise Capital, a New York‐based investment partnership that combines value investing principles with statistical methods to create a portfolio of differentiated strategies that seek to systematically exploit structural market inefficiencies. Previously, he spent two years managing an equity portfolio for SC Fundamental. Bochman began his career as a programmer by co-founding a social networking software firm eventually sold to Thomson-Reuters. He holds an MBA from Columbia Business School and a BA from the University at Albany.
Anjali Pradhan, CFA, began her career in asset management working for PIMCO, Goldman Sachs, and HSBC. She has held various positions, first in portfolio management and then transitioning to marketing and business development. She is currently in a capital raising capacity at a real asset investment firm. In addition, Pradhan is co-founder of a consultancy group called Dahlia Capital Advisory that works to match impact investors with innovative social enterprises, improve financial literacy for all types of investors, and helps in marketing SRI funds to investors. Pradhan holds a Bachelor of Commerce degree in Finance from the John Molson School of Business at Concordia University in Montreal.
Bob Dannhauser, CFA, is head of capital markets policy at CFA Institute. He oversees development and promotion of positions, policies, and standards to ensure integrity of global capital markets. Dannhauser also oversees the external relations and communications functions for advocacy and standards of professional conduct activities.
Bud Haslett, CFA, is executive director of the Research Foundation of CFA Institute and head of risk management and derivatives. Previously, he served as director of option analytics at Miller Tabak + Co., LLC, and as CEO of Miller Tabak Capital Management. Haslett also spent two decades on the options trading floor, where he managed portfolios of stocks and options. He also served as a board member of the New York Society of Security Analysts, chairman of the Board of Regents for the Financial Analysts Seminar, and president of the CFA Society of Philadelphia. Haslett was an active volunteer for CFA Institute, having served in a variety of capacities, including as a CFA exam grader and member of the Council of Examiners. He has also taught coursework on options at New York University, Johns Hopkins University, and Rutgers. Haslett is the founding chairman of the derivatives committee for the New York Society of Security Analysts and is a member of the Institutional Investor Advisory Committee for the Chicago Board Options Exchange. He has conducted option presentations and workshops at more than 50 CFA Institute societies. Haslett holds master’s degrees from the University of Pennsylvania and Drexel University, and he has earned the Financial Risk Manager designation. Topical Expertise: Derivatives · Risk Management

CFA Institute

2 Posts

Roundup: India Investment Conference — The Road Ahead for India and Emerging Economies

India Investment Conference 2014

A collection of highlights from Fourth Annual India Investment Conference. Different sessions at the event explored different views on the tapering of quantitative easing in the United States, specified challenges and key factors in sustaining economic growth in India, predicted future trends of the rupee, highlighted how the global energy landscape is affecting local oil prices, and issued a wake-up call for practitioners regarding ethical issues facing finance industry. Read more

Leave a Comment
Charlie Henneman, CFA, is head of educational events and programs at CFA Institute. Previously, he was the director of structuring and operations at Indosuez Capital, the CDO (collateralized debt obligation) management group of Credit Agricole Indosuez. Henneman previously held several positions in credit and structured finance, including managing director at advisory boutique AGS Financial, senior vice president and chief credit officer in the new products and ventures group at Enhance Financial Services Group, Inc., and director in the new assets group on Standard & Poor's structured finance ratings team. He holds a BA in political science from the University of Rochester and an MBA in finance from the New York University Stern School of Business.

Cheryl Evans

1 Post
Cheryl Evans, JD, LLM, is a senior investigator in the CFA Institute Professional Conduct program, which enforces the Code of Ethics and Standards of Professional Conduct of CFA Institute. She conducts investigations and handles hearings relating to CFA charterholders and members and is a member of the CFA Institute Future of Finance Team.

CK Lee, CFA

2 Posts
Chae Kwang Lee, CFA, was director of industry relations, Asia Pacific, at CFA Institute. He has also worked as the head of research and strategy at Korea Investment and Securities, where he did strategy marketing for institutional investors and arranged corporate IR for overseas clients. Previously, Lee worked as a chief investment officer at both KDB Asset Management Co., Ltd. and Eugene Asset Management Co., Ltd. He holds a master’s of economics degree with a concentration in econometrics and labor economics from Seoul National University, Korea.
Colin McLean, FSIP, is founder and CEO at SVM Asset Management, an independent Edinburgh-based fund management group. He is a member of CFA Institute and was elected to the Board of Governors in 2012. McLean is a fellow of the Institute and Faculty of Actuaries and a chartered fellow of the Chartered Institute for Securities & Investment. In 2012, McLean was appointed an honorary professor at Heriot-Watt University, lecturing in behavioral finance. He is a regular contributor to financial publications and has been a guest on Bloomberg TV & Radio, CNBC, BBC TV and Radio. McLean is also a frequent conference speaker on investment, hedge funds and behavioral finance.
Craig Sullivan, CFA, is an investment analyst at Franklin Street Partners, where he is responsible for the portfolio management of the core fixed-income and opportunistic credit strategies. Previously, he worked in portfolio management at Merrill Lynch in the private client group. Sullivan holds the Chartered Alternative Investment Analyst (CAIA) designation and is a graduate of North Carolina State University.

The “Unknown Unknowns” of the Contingent Convertible Market

The "Unknown Unknowns" of the Contingent Convertible Market

The financial crisis of 2008–2009 highlighted weaknesses in the way banks calculated both their capital ratios and risk-weighted assets (RWAs). Prior to the crisis, banks held too little capital on their balance sheets and did not hold enough liquid funds. These shortcomings led the banks to have large write-downs during the crisis, which in many cases required state intervention to allow the banks to remain solvent. Read more

1 Comment
David L. Allison, CFA, CIPM, is vice president and founding partner at Allison Investment Management, LLC. He has formal training in investment analysis, portfolio management, and investment performance measuring techniques. Allison has extensive experience managing investment portfolios for high net-worth investors. He is an active member of CFA Institute, the CIPM Association, CFA North Carolina, and the CFA Society of South Carolina, where he is a former president and currently serves on the board of directors. Allison also serves on the Coastal Carolina University Wall College of Business Finance Advisory Board. He holds of degree in finance from the University of North Carolina at Wilmington.
David Larrabee, CFA, is director of Member and Corporate Products at CFA Institute and serves as the subject matter expert in portfolio management and equity investments. Previously, he spent two decades in the asset management industry as a portfolio manager and analyst. He holds a BA in economics from Colgate University and an MBA in finance from Fordham University. Topical Expertise: Equity Investments · Portfolio Management

Weekend Reads for Investors: Merger Mania, Peak Profits, and Value Investing

Weekend Reads for Investors: Merger Mania, Peak Profits, and Value Investing

The burgeoning market for mergers is reflective of a lack of organic growth opportunities, cheap capital, and flush corporate coffers. Additionally, elevated stock prices provide buyers with a strong currency and sellers with a reason to cash in, which helps explain why M&A activity has tended to peak around market tops, most recently in 2007, and before that in 2000. So while the pace of deals may be a sign that CEOs and their boards are more confident about their prospects for growth, investors should be aware that their timing of late has been less than prescient. For those investors tempted to pick the next takeover target, the safer bet may be on the Wall Street bankers who are doing the matchmaking and financing. They always get paid. Read more

Leave a Comment
David Schawel, CFA, is a fixed-income portfolio manager in Raleigh, North Carolina, and Durham, North Carolina. Previously, he worked in New York City in both investment banking and equity research.

Delme Thompson

2 Posts
Dennis McLeavey, CFA, is head of regulator and program recognition, as well as a content director for quantitative methods at CFA Institute. He is professor emeritus of finance and management science at the University of Rhode Island. Previously, McLeavey served as head of education, EMEA, at CFA Institute and as head of curriculum development for the CFA Program. He is coauthor of Quantitative Investment Analysis, a Wiley text in the CFA Institute Investment Series. He also coauthored Global Investments, Production Planning and Inventory Control, and Operations Research for Management Decisions, and is coeditor of Managing Investor Portfolios. His research has been published in Management Science, the Journal of Operations Research, and the Journal of Portfolio Management, among others. McLeavey has taught at the University of Western Ontario and the University of Rhode Island. He has served as chairperson of the CFA Institute Retirement Investment Policy Committee and as a New York Stock Exchange arbitrator. In 2008, he initiated the CFA Institute Take 15 series of webcasts. He serves on the Fund Advisory Board for the Global Perspectives Fund at the University of North Carolina Kenan-Flegler Business School, and he oversees the Ram Fund at the University of Rhode Island. McLeavey holds a bachelor’s degree in economics from the University of Western Ontario and a doctorate in production management and industrial engineering, with a minor in mathematics, from Indiana University.

Detetecting Earnings Manipulation and Fraud: A Light Tutorial on Probit Analysis

Detetecting Earnings Manipulation and Fraud: A Light Tutorial on Probit Analysis

Lies, damned lies, and earnings management. If 20% of firms misrepresent economic reality through earnings management, analysts and portfolio managers must protect themselves by knowing how, why, and when individuals lie. Quantitative methods with forensic formulas, such as the Beneish model, offer part of the necessary skills to distinguish earnings manipulation from earnings management. Read more

8 Comments
Diego Espinosa runs Sistema Research, a consulting firm that applies a complex systems approach to strategic uncertainty. He also teaches security analysis at the University of San Diego, and he authored a chapter for a book on the Fed’s role in the 2008 crisis. Espinosa formerly managed a hedge fund, was a portfolio manager of a global equity fund at Scudder, ran European research for Sanford Bernstein, and was a number one–ranked analyst at Morgan Stanley. He started his career at the Boston Consulting Group. Espinosa holds an MBA from the Wharton School at the University of Pennsylvania.

Donald Ingham

1 Post
Donald Ingham is a director at Tenth Avenue Holdings (TAH) and a portfolio manager of the TAH Core Fund. He holds a BBA in accounting and management information systems from the University of Georgia, an MBA from Columbia University, and a master’s degree in professional accounting from the University of Texas at Austin.

Warren Buffett: Activist Investor?

Warren Buffett: Activist Investor?

Much like today’s most notorious activist investors, Warren Buffett made a name for himself by identifying market inefficiencies that could be exploited for the benefit of his investors and public shareholders. But unlike the corporate raiders of the 1980s, Buffett wasn’t out to tear companies down. In fact, he wanted to help build them up.
Read more

2 Comments
Dorothy C. Kelly, CFA, is director of training and outreach for the CFA Institute Professional Conduct Program.

The Facebook IPO: Ethical Violations or Not?

More than a year has passed since the initial public offering of Facebook. The hype that preceded the US$105 billion IPO was matched only by the media frenzy that followed the stock’s botched trading debut and immediate price decline. Headlines alleged conspiracy, insider trading, and selective disclosure. We’re asking readers to participate in an online survey and tell us whether they think there were ethical violations. Read more

Leave a Comment
Dr. E. Ted Prince, Founder and CEO of the Perth Leadership Institute, has also been CEO of several other companies, both public and private. He is the author of two books: “The Three Financial Styles of Very Successful Leaders” (McGraw-Hill, 2005) and “Business Personality and Leadership Success”, Amazon Kindle 2011, as well as numerous other publications. He is a frequent speaker at industry conferences. He works with large corporations globally on leadership development programs, and he coaches senior executives and teams in the area of financial leadership and innovation. He has held the position of Visiting Professor at the University of Florida in its Graduate Business School and also at the Shanghai University of Finance and Economics in China.

Ed Bace, CFA

6 Posts
Ed Bace, CFA, was previously head of education for the Europe, Middle East, and Africa (EMEA) region at CFA Institute. He has also served as a professor of finance at BPP Business School. Bace has more than 20 years of experience in international finance, including roles with the European Bank for Reconstruction and Development, Lehman Brothers, and Standard & Poor’s. He holds an MBA in finance and international business from New York University.
Eric Petroff, CFA, is the founder of Petroff Institutional. He has more than a decade of institutional consulting experience across virtually all client types, having served as a senior consultant and shareholder at Hammond Associates and as a director of research and chief strategist at Wurts & Associates. In addition to his CFA, Eric holds the Financial Risk Manager (FRM) and Chartered Alternative Investment Analyst (CAIA) designations, and has an MBA with an emphasis in finance from Webster University.

The Global Instability Premium

The Global Instability Premium

The ongoing shifts in US and global equity valuations are something worth watching until the world calms down, because global military tensions could easily get much worse than they currently are. If and when this occurs, global equities could become compellingly cheaper in short order, presenting a potential strategic opportunity, at least if you believe in the global instability premium. Read more

Leave a Comment
James Grant is the editor of Grant’s Interest Rate Observer, which he founded in 1983.

Book Review: We Are Better Than This

Book Review: We Are Better Than This

The author conveys a deep appreciation of the workings of the US fiscal machine and how fiscal policy — government spending and tax revenue policy — affects every aspect of the economy. Most likely to interest financial analysts are the chapters that function as an instruction manual on the mechanics of fiscal policy. They draw on a large body of data and insightful analysis yet engagingly written in layman’s terms rather than economic jargon. Read more

Leave a Comment
Gustavo Teruel is a partner at Exxacon, a Spanish-Chilean company that manages investments in real assets for institutions and high net worth individuals since 1998. Apart from earning the CFA Charter, Mr. Teruel completed a M.Sc. in Civil Engineering at the University of Granada and an MBA at IE Business School.

Hadley Chu

3 Posts
Hadley Chu is the Investor Education intern at CFA Institute. She is pursuing a Bachelor's degree in economics at Princeton University.

Best of 2014: Creative Destruction or “The Market’s Messy Way of Delivering Progress”

Best of 2014: Creative Destruction or “The Market’s Messy Way of Delivering Progress”

In the face of the volatility that largely defined the markets in 2014, it is our goal here at the Enterprising Investor to provide you with practical examinations of current issues in finance and investing. Below is a selection of analyses, advice, and, if nothing else, some simply interesting opinions that address the myriad changes markets have experienced this year. Read more

Leave a Comment
Hamlin Lovell, CFA, is Head of Research at Tomlinsonresearch.com, which provides outsourced hedge fund research to wealth managers. He is Contributing Editor for The Hedge Fund Journal. Until 2013, he was a portfolio manager at IMQubator, and prior to that he worked at currency manager Millennium Global Investments as co-manager of a fund of funds. Lovell has also written blog posts for the AllAboutAlpha thought forum. Lovell also holds the CAIA (Chartered Alternative Investment Analyst), FRM (Financial Risk Manager) and IMC (Investment Management Certificate) designations. He holds an economics degree from the University of Leicester.
Heather Packard is the director of product development at CFA Institute and serves as the subject matter expert in leadership, management, and communication skills (LMCS). Previously, she was the managing partner at Trilogy Corporation of Virginia, where she was responsible for developing and cultivating a regional territory for telecommunications and network integration sales. Packard also served as the coordinator of collections for the Science and Engineering Libraries at the University of Virginia. She holds an BA in English and Spanish Literature from the University of Tennessee, Knoxville, and an MA in Spanish Literature from the University of Virginia. Topical Expertise: Leadership, Management, and Communication Skills
Heda Bayron is a communications specialist at CFA Institute in Asia Pacific. She has more than 15 years of experience in corporate communications and journalism. Previously, Bayron was a communications consultant at the International Finance Corporation, a member of the World Bank Group, and a senior press officer at Asia Society in New York. She also worked with the Hong Kong Institute of Certified Public Accountants as deputy editor of its member magazine, A Plus, where she won a Society of Publishers in Asia award for Editorial Excellence in Business Reporting. Before that, Bayron was an assistant editor at Voice of America's Asia News Center in Hong Kong for more than seven years.
Jan Squires, CFA, is managing director of the Strategic Products and Technology Division at CFA Institute. Most recently he served as managing director of Asia-Pacific Operations, and he also served as head of Exam Development for the CFA Program. Previously, Squires was a professor of finance and general business at Southwest Missouri State University, where he published research in such publications as Financial Practice and Education, the Journal of Education, and the Journal of Economics and Finance. He was a member volunteer and consultant for CFA Institute for more than 10 years before joining the staff. Squires holds a doctorate in business administration from the Darden School at the University of Virginia.
Jason Voss, CFA, is a content director at CFA Institute, where he focuses on fixed income, behavioral finance, corporate finance, and quantitative methods. He is the author of The Intuitive Investor, and he also ran a successful blog titled What My Intuition Tells Me Now. Previously, Voss was a portfolio manager at Davis Selected Advisers, L.P., where he co-managed the Davis Appreciation and Income Fund. He holds a BA in economics and an MBA in finance and accounting from the University of Colorado. Topical Expertise: Behavioral Finance · Corporate Finance · Fixed Income
Jennifer Curry is the managing editor of the Enterprising Investor. Previously, she was the social media manager at the New York Society of Security Analysts (NYSSA). Prior to her work at NYSSA, Curry worked as the senior project editor for a nonfiction imprint at Barnes & Noble Publishing and as an assistant editor at the H.W. Wilson Company. She is the editor of several volumes in the Reference Shelf series, and her writing has appeared in Smithsonian, IndustryWeek, Barnes & Noble Review, and other publications. Curry holds a BS in journalism and a BA in anthropology from the University of Kansas, and an MA in anthropology from Hunter College, City University of New York.
Jim Allen, CFA, is head of Americas capital markets policy at CFA Institute. The capital markets group develops and promotes capital markets positions, policies, and standards.
John Bowman, CFA, is managing director and co-lead of education at CFA Institute. Previously, he served as head of Innovation and Product Solutions at CFA Institute, where he crafted and executed the vision for member engagement through multimedia products, social media, mobile delivery, and the MyCFA portal. Prior to joining CFA Institute, Bowman was a fund manager and equity analyst for Mellon Growth Advisors and State Street Global Advisors. He holds a BS in business administration from the University of Mary Washington.
John Rogers, CFA, is the former president and CEO of CFA Institute.

A New Era of Fiduciary Capitalism? Let’s Hope So

Putting Investors First

Five years after the global financial crisis washed over us all, the future of finance is unclear. The debate continues over how to rebuild a financial system that is vibrant and dynamic, that serves society, and that won’t blow up and drag the whole world down every few years. From my perspective, a new era of capitalism is emerging out of the fog. What I define as fiduciary capitalism is gathering strength and needs to become the future of finance. Read more

5 Comments
Julia VanDeren is the career services representative at CFA Institute, where she manages the CFA Institute JobLine and the CFA Institute Career Centre and serves as the subject matter expert in career management skills. Previously, she served CFA Institute in the role of society relations representative, consulting with member societies in the eastern US region. VanDeren holds a BA from the University of Virginia and an MPA from Virginia Commonwealth University.

Job Interview Preparation

Job Interview Preparation

The main strategy for successful interviews — and this is no surprise really — is to spend adequate time preparing. If you know that you are likely to be invited to tell interviewers about yourself and asked to discuss your weaknesses, there is no reason to walk into an interview without having crafted and practiced respectable responses. Read more

Leave a Comment
Julia Hammond, CFA, is a director in the Educational Events and Programs group at CFA Institute, where she leads the planning for a number of annual and specialty conferences, including the Fixed-Income Management Conference, Security Analysis Conference, and the Financial Analysts Seminar. Previously, she developed strategies for pension, endowment, and foundation fund clients at Equitable Capital Management (now AllianceBernstein), and she has also worked as an auditor for Coopers & Lybrand (now PricewaterhouseCoopers). Hammond served for a number of years as chair of the investment committee for the Rockbridge Regional Library Foundation. She holds a BS in accounting from the McIntire School of Commerce and an MBA from the Darden School at the University of Virginia.
Larry Cao, CFA, is director of content at CFA Institute, where he serves as a thought leader for Asia-focused content, events, and conferences. Previously, he served as senior client education and product communications manager for the Asia-Pacific region at HSBC. Cao also served as a fixed-income portfolio manager at the People’s Bank of China. He also worked at Munder Capital Management, where he managed US and international equity portfolios, and at Morningstar, where he developed financial planning solutions and managed asset allocation strategies for a global financial institution clientele. Cao was a visiting scholar at the MIT Sloan School of Management and holds an MBA from the University of Notre Dame.
Mr. Kroijer (born 1972) is the author of "Money Mavericks - Confessions of a Hedge Fund Manager" (Financial Times Press – 2010 & 2012 - 2nd edition) and “Investing Demystified – How to Invest without Speculation and Sleepless Nights” (Financial Times Press - 2013). Mr. Kroijer currently serves on the Board of Directors of OVS Capital, Linden Grove Capital, Northlight Capital, Steadview Capital, and Maj sinAI (London, Mumbai/Hong Kong, and Copenhagen based hedge funds), and ShipServ Inc. (the leading online platform for shipping supplies with annual sales of appx $4 billion). He has frequently appeared as a finance expert on a broad range of media, including BBC, CNN, CNBC, Bloomberg, NY Times, Forbes, etc. Previously Mr. Kroijer was the CIO of Holte Capital Ltd, a London-based market neutral special situations hedge fund which he founded in 2002 before returning external capital in the spring of 2008. Prior to establishing Holte Capital, Mr. Kroijer served in the London office of HBK Investments focusing on special situations investing and event-driven arbitrage. In addition, he previously worked at SC Fundamental, a value-focused hedge fund based in New York, and the investment banking division of Lazard Frères in New York. While in graduate school Mr. Kroijer held internships with the private equity firm Permira Advisors (then Schroder Ventures) and management consulting firm McKinsey & Co. Mr. Kroijer graduated Magna cum Laude from Harvard University with a degree in economics and received a MBA from Harvard Business School. A Danish national, Mr. Kroijer lives in London and is married with twin daughters.
Laurel Teo, CFA, is director of society advocacy engagement at CFA Institute. She works with member societies in the Asia-Pacific region to advance awareness and adoption of CFA Institute ethics and standards, as well policy positions on financial market integrity issues.

India’s Infrastructure Investments: Huge Opportunities but No Takers

India’s Infrastructure Investments: Huge Opportunities but No Takers

It’s no secret that big economies poised for rapid growth need robust infrastructure. Without the latter’s proper support, expansion will slow or worse, stall. This need is especially acute in India, where infrastructure development has lagged woefully behind that of the economy. With such pressing demand, there have been plenty of projects up for bidding. But investors are not biting. Read more

4 Comments
Lauren Foster is a content director at CFA Institute, where she focuses on private wealth and behavioral finance. Previously, she worked as a freelance writer for Barron’s and the Financial Times. Prior to her freelance work, Foster was an editor and writer for the FT, where she covered wealth management. She holds a BA in political science from the University of Cape Town, and an MS in journalism from Columbia University. Topical Expertise: Behavioral Finance · Private Wealth Management
Manuel Stagars is a serial entrepreneur and financial innovation consultant for corporate and private clients. He holds the Chartered Alternative Investment Analyst (CAIA) and Energy Risk Professional (ERP) designations.

Book Review: The End of Banking

endofbanking-header

In addition to carefully explaining how the financial sector maneuvered itself into the financial crisis of 2007–08, The End of Banking presents several unconventional ideas to do away with regulatory capital arbitrage that sticks taxpayers with the bill for bankers’ risk taking. It also promises a fairly straightforward policy framework that proposes to reduce shadow banking, decentralize financial services from too-big-to-fail banks, improve regulation, and realign the private and the public sector with transparent monetary policy. Read more

Leave a Comment
Mark Harrison, CFA, is director of publications at CFA Institute, where he contributes to a suite of publications that includes the Financial Analysts Journal, CFA Digest, and Conference Proceedings Quarterly. He has more than 12 years of investment experience as a portfolio manager and securities analyst. As investment manager of the West Midlands Pension Fund, part of the UK local government pension fund, Harrison managed a portfolio of European equities and had oversight of external managers and hedge fund selection. He is also the author of The Empowered Investor and holds the ASIP designation. Harrison holds BA and MA degrees from the University of Oxford.
Martin Fridson, CFA, is, according to the New York Times, “one of Wall Street’s most thoughtful and perceptive analysts.” The Financial Management Association International named him its Financial Executive of the Year in 2002. In 2000, Fridson became the youngest person ever inducted into the Fixed Income Analysts Society Hall of Fame. He has been a guest lecturer at the graduate business schools of Babson, Columbia, Dartmouth, Duke, Fordham, Georgetown, Harvard, MIT, New York University, Notre Dame, Rutgers, and Wharton, as well as the Amsterdam Institute of Finance. Fridson's writings have been praised widely for their humor, rigor, and utility. He holds a BA in history from Harvard College and an MBA from Harvard Business School.

Book Review: Falling Short: The Coming Retirement Crisis and What to Do about It

Falling Short: The Coming Retirement Crisis and What to Do about It

Focusing on the defined contribution piece of the impending retirement crisis, the authors recommend several actions, including automatic enrollment in 401(k)s and the government’s shoring up Social Security. For employees, two key steps are to start saving early and to delay retirement. This book furnishes both the motivation and the know-how to help them succeed. Read more

1 Comment
Michael McMillan, CFA, is director of Ethics and Professional Standards at CFA Institute, where he is responsible for creating, sourcing, and developing educational content for CFA Institute members and investment professionals in the area of ethics and professional standards. Previously, he was a professor of accounting and finance at Johns Hopkins University’s Carey School of Business and George Washington University’s School of Business. Prior to his career in academia, McMillan was a securities analyst and portfolio manager at Bailard, Biehl, and Kaiser and at Merus Capital Management. He is a certified public accountant (CPA) and a chartered investment counselor (CIC). McMillan holds a BA from the University of Pennsylvania, an MBA from Stanford University, and a PhD in accounting and finance from George Washington University. Topical Expertise: Financial Statement Analysis · Standards, Ethics, and Regulations (SER)

Supervisory Responsibilities: “See No Evil, Hear No Evil” Won’t Fly

SAC Capital Advisors has agreed to plead guilty to insider trading violations, but owner Steven A. Cohen still faces SEC charges that he failed to “reasonably supervise two of his senior employees who engaged in insider trading under his watch.” These charges should make all investment professionals with supervisory responsibilities stop and think about whether they are “reasonably supervising” their employees. Read more

4 Comments
Michael Oliver Weinberg, CFA, is Chief Investment Strategist at Protégé Partners. He is a senior managing director and a member of the investment, risk, and management committees. He is also an adjunct associate professor of economics and finance at Columbia Business School. Previously, Weinberg headed the global equity business at FRM and served as a portfolio manager at Soros. He also worked at Credit Suisse First Boston and served as a real estate analyst at Dean Witter. Weinberg is an advisory board member for the Stern Investment Management and Research Society, the WoodLake Group, and PeerIQ. He is a member of the Economic Club of New York; the New York Society of Security Analysts; and the Yale, Princeton, and New York University family office councils. Weinberg has written articles for the New York Times, Institutional Investor, and CAIA, and he has been interviewed by the Wall Street Journal, the Financial Times, CNBC, Bloomberg, and Reuters. He holds a BS from New York University and an MBA from Columbia Business School.
Nitin Mehta, CFA, is managing director for Europe, Middle East, and Africa operations at CFA Institute. He is based in London.
Padma Venkat, CFA, is former director of capital markets policy at CFA Institute. She is responsible for promoting CFA Institute standards, policies, and positions in the Asia-Pacific region.

Will “Incredible India” Be Incredible Again in 2012?

To say that last year was annus horribilis for the Indian economy is an understatement. With inflation above 9%, the Reserve Bank of India raised key interest rates several times only to see GDP growth projections drop to the 6%–7% range. Nonetheless, a panel of financial executives felt sure that with a few policy tweaks the year 2012 will be better than 2011. Read more

6 Comments

Pat Light

21 Posts
Pat Light is an assistant editor at CFA Institute. Before joining the CFA Institute editorial staff, he worked as a teacher. Light has a BA in English from Duke University.

Paul McCaffrey

12 Posts
Paul McCaffrey is an associate social media editor at CFA Institute. Previously, he served as an editor at the H.W. Wilson Company. His writing has appeared in Financial Planning and DailyFinance, among other publications. He holds a BA in English from Vassar College and an MA in journalism from the City University of New York (CUNY) Graduate School of Journalism.
Paul Smith, CFA, is president and CEO of CFA Institute. He has more than 25 years of relevant financial services leadership experience in many aspects of the investment management industry.
Peter Lazaroff, CFA, is a Wealth Manager at Plancorp based in St. Louis. Peter writes the Plancorp’s bi-monthly newsletter and is a regular contributor to their blog. Peter is a CFA Charterholder and CFP® certificant. He holds a BA in economics and management with a minor in business administration from DePauw University.

Peter M.J. Gross

11 Posts
Peter M.J. Gross is an online content specialist for CFA Institute, where he is on the team managing blogs for the CFA Institute Annual Conference, European Investment Conference, and Middle East Investment Conference. Previously, he worked at Hampton Roads Publishing Company and at MFS Investment Management. Gross’s writing has appeared in The Finance Professionals’ Post and The Hook. He earned the Claritas™ Investment Certificate and holds a BA degree from Connecticut College.
Prasad Ramani, CFA, is Director, Portfolio Risk & Quantitative Analytics at a major family office based in Dubai, United Arab Emirates, where he is responsible for developing, managing and monitoring the investment risk and reporting framework for the overall portfolio. He is also a key subject matter adviser on quantitative techniques to optimize strategic asset allocation and assist with portfolio management. Ramani has over 13 years of experience in quantitative risk and portfolio management, financial modeling and programming. He is a Certified Financial Risk Manager (FRM) with the Global Association of Risk Professionals (GARP). Ramani holds an MS in quantitative and computational finance (QCF) from the Georgia Institute of Technology.
Rebecca Fender, CFA, is director and project leader for the Future of Finance, a long-term global effort to shape a trustworthy, forward-thinking financial industry that better serves society. The project features significant research-based outputs including publications, events, media campaigns, tools, and other communications for financial executives, industry leaders, government agencies, financial regulators, CFA Institute societies and members, and the general public. Previously, she worked in the Education Division at CFA Institute, developing conference agendas and recruiting speakers, including overseeing the flagship Annual Conference. Prior to joining CFA Institute, Fender was a vice president at BlackRock, and she also worked at Cambridge Associates. She holds an AB in economics from Princeton University and an MBA from the Darden School at the University of Virginia.
Robert Gowen, CFA, is Head of Product Solutions at CFA Institute, where he oversees a team of content directors that contribute daily to Enterprising Investor. Prior to joining CFA Institute, he worked in the institutional investment industry for BB&T and Fidelity Investments. Gowen earned a BA in economics from Washington University in St. Louis and an MBA from the Darden School at the University of Virginia.
Robert Stammers, CFA, is director of Investor Education at CFA Institute, which includes management of the Inside Investing Blog. Previously, he was the principal for his founded company A2O Consulting where he consulted to aide real estate owners, lenders, and syndicators, develop and analyze structured real estate investments. There, Stammers developed strategy for obtaining debt and preferred equity capital as well as created finance-related marketing materials and research papers for various clients. He has written more than 100 articles on various financial and investment topics for several investment periodicals, such as Forbes and Investopedia. Stammers served as a senior equity analyst at Long Term Short Term, Inc, where he was responsible for the creation of new investment tools and instructional products to provide the revenues for two new investment education companies. As a senior executive for several institutional fund managers, he was the portfolio manager for a real estate fund, a private timber fund, and several pension fund separate accounts. Stammers holds a BA in economics from Connecticut College and an MBA from Emory University.
Rodney Sullivan, CFA, is former head of publications at CFA Institute and editor of the Financial Analysts Journal. He was previously director of research at Trigon Healthcare, Inc. (now Anthem Healthcare, Inc.), where he oversaw portfolio strategy and execution that included asset allocation, risk analytics, and equity and fixed-income portfolio management. He holds a BS and an MA from Virginia Commonwealth University.
Ron Rimkus, CFA, is a content director at CFA Institute, where he focuses on economics and alternative investments. Previously, he served as CEO at the online technology company he founded, Chaos Management, Inc. Prior to founding Chaos Management, Rimkus served as director of large-cap equity products for BB&T Asset Management, where he led a team of research analysts, regional portfolio managers, client service specialists, and marketing staff. He also served as a senior vice president and lead portfolio manager of large-cap equity products at Mesirow Financial. Rimkus earned a bachelor of arts holds a BA in economics from Brown University and an MBA from the UCLA Anderson School of Management. Topical Expertise: Alternative Investments · Economics
Samuel Lum, CFA, is director of Private Wealth and Capital Markets at CFA Institute. He focuses on wealth management and capital markets, mainly in an Asia- Pacific context. Lum's current research and development interests include investment policy, asset allocation, exchange-traded funds and products, indexing methodologies, family office and governance issues, alternative assets, and risk management. He has more than 20 years of professional experience in the investment industry, encompassing investment portfolio management at Hutchison Whampoa, a global conglomerate based in Hong Kong; wealth management in the trust division of the TD Bank Financial Group, covering the Asian markets; investment portfolio management, fund and treasury management, corporate finance, and capital markets research at the treasury division of the Ontario Hydro Corporation; and securities brokerage in an online financial services joint venture of subsidiaries of Credit Suisse and Hutchison Whampoa. Lum holds the CAIA, FRM, and TEP professional designations. He also holds an MBA degree. Topical Expertise: Portfolio Management · Private Wealth Management
Scott Fearon, CFA, is founder and president of the hedge fund Crown Capital Management. He is also the author of Dead Companies Walking: How a Hedge Fund Manager Finds Value in Unexpected Places, which chronicles his 30 years of experience in the investment management industry. Fearon holds a BA from Stanford University and an MBA from the Kellogg School of Management at Northwestern University.

Is It Time to Stock Up on Struggling Retailers?

Is It Time to Stock Up on Struggling Retailers?

Many retailers enjoyed a robust holiday season. Investors looking to capitalize on these glad tidings might be tempted to consider some of the bargain stocks in the sector, especially those that have faltered in recent years, such as JC Penney (JCP) and Sears (SHLD), or even deeply troubled firms, such as RadioShack (RSH) and Wet Seal (WTSL). Not to play the Grinch, but history suggests this would be a terrible idea. Read more

4 Comments
Sergei Gorbunov is with Scarsdale Equities LLC, an institutional broker/dealer based in New York. He focuses on economic and investment analyses. Mr. Gorbunov joined the firm in July 2012 after retiring from a 20+ year career at the United Nations. Prior to joining the UN, Sergei spent more than 15 years with the Russian Academy of Sciences. He graduated in 1972 summa cum laude from Financial University, Moscow, Russia, with MSc in finance. He received a Ph.D. in economics in 1977, and a Doctorate Degree in economics in 1988, both from the Russian Academy of Sciences. Mr. Gorbunov is the author of three books, several book chapters and almost two hundred articles published in various economic and financial journals. He holds CFA designation and is a member of the New York Society of Security Analysts and the CFA Institute. He was born and raised in Moscow, Russia.
Simon Lack, CFA, is founder of SL Advisors, LLC. Previously, he worked at JPMorgan, where he sat on the investment committee and founded the JPMorgan Incubator Funds, two private equity vehicles that took economic stakes in emerging hedge fund managers. Lack is the author of The Hedge Fund Mirage: The Illusion of Big Money and Why It’s Too Good to Be True and Bonds Are Not Forever: The Crisis Facing Fixed Income Investors. He serves as vice chair of the Market Integrity Committee of the New York Society of Security Analysts.
Stephen Horan, CFA, CIPM, is managing director and co-lead of education at CFA Institute. Prior to joining CFA Institute, he was a principal of Alesco Advisors LLC, a financial analyst and forensic economist in private practice, and a professor of finance at St. Bonaventure University. Horan co-authored The New Wealth Management: A Financial Advisor’s Guide to Managing and Investing Client Assets, a how-to guide for financial advisers; edited the volume Private Wealth: Wealth Management in Practice, a practitioner’s guide to wealth management; and has published three editions of the Forbes/CFA Institute Stock Market Course, a comprehensive guide to personal investing and wealth management. He is also the author of dozens of articles in leading peer-reviewed journals and has written for the CFA Program curriculum. Horan is a frequent columnist in Financial Times and an associate editor for the Financial Services Review and serves on the editorial board of the Journal of Wealth Management. He holds a BBA in finance with a minor in mathematics from St. Bonaventure University and a PhD in finance with a minor in economics from the State University of New York at Buffalo. Topical Expertise: Private Wealth Management
Stewart Mader was the director of social media and online engagement at CFA Institute. where he oversaw efforts to reach journalists, legislators, policymakers, and investment professionals who play essential roles in shaping the direction of the financial services industry. He helped launch the Enterprising Investor, established the organization’s growing use of social media campaigns, and he lead a global team with staff in New York, London, and Hong Kong. He is the author of Wikipatterns (Wiley, 2008), a practical guide to improving productivity and collaboration in organizations. He holds a BS in chemistry from the University of Hartford and an MS in curriculum development and instructional technology from the State University of New York at Albany.

Susan Hoover

1 Post
Susan Hoover is a project administrator at CFA Institute and part of the team managing the CFA Institute Annual Conference blog. Previously, she worked for McCallum & Kudravetz, PC and the U.S. Department of the Navy. Hoover earned the Claritas™ Investment Certificate and holds a BA degree from Lehigh University and a JD degree from the Washington College of Law, American University.
Tadas Viskanta is the founder and editor of Abnormal Returns. He is also the author of Abnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere, which culls lessons learned from his time blogging.

Ted Seides, CFA

9 Posts
Ted Seides, CFA, is the president and co-CIO at Protégé Partners, LLC, a leading alternative investment firm launched in 2002 that invests in small and specialized hedge funds on an arms-length and seed basis. Ted began his career under the tutelage of David Swensen at the Yale University Investments Office, where he focused on external public equity managers and internal fixed-income portfolio management. Seides spent two years investing directly in public and private markets before co-founding Protégé in 2001. He has written investment pieces for Institutional Investor, Harvard Business School Publishing, CFA Institute Conference Proceedings Quarterly, FT Alphaville, and the late Peter L. Bernstein’s “Economics and Portfolio Strategy.” Seides serves on the board of trustees of the Greenwich Roundtable and is a trustee and member of the investment committee at the Wenner-Gren Foundation. He also is a member of the Founder’s Circle of Cycle for Survival. Seides holds a BA in economics and political science from Yale University and an MBA from Harvard Business School.
Thomas Collimore, CFA, is head of industry relations at CFA Institute. Previously, he managed the investor education group. Before joining CFA Institute, Collimore served as managing director of investor relations at CIFG Holding, a group of bond insurance companies based in Paris and Bermuda. He also served as adjunct professor of finance at the College of Insurance, now St. John's University School of Risk Management, Insurance and Actuarial Science. Collimore holds a bachelor’s degree in foreign service, with a concentration in international finance and commerce, from Georgetown University and an MBA, with a finance concentration, from the New York University Stern School of Business.
Todd Jankowski, CFA, is head of the Certificate in Investment Performance Measurement (CIPM) program at CFA Institute. He oversees all CIPM program activities, with emphasis on advancing ethical standards and best practices in investment performance evaluation and presentation activities. Previously, Jankoswki spent 12 years at Northwestern Mutual and, most recently, he was head of investment research in the wealth management division, where earlier, he had held investment management positions in the institutional private placement and retail advisory divisions. He has also worked as senior financial analyst for Helling Realty & Investment Company and as an internal revenue agent with the US federal tax authority. Jankowski previously served as a member of the GIPS Investment Performance Council, on the CFA Program Candidate Curriculum Committee Working Body, as a CFA exam grader, and in various executive-level board positions for the CFA Society of Milwaukee. He holds a certificate in distance education from Indiana University, a BBA with a major in accounting and a minor in chemistry from the University of Wisconsin–Oshkosh, and an MBA from the University of Wisconsin–Milwaukee. Topical Expertise: Performance Measurement

Take 15 Series: Selecting and Implementing a Fixed-Income Attribution System

Performance attribution has become a standard requirement for institutional clients. This episode discusses practical issues selecting and implementing a fixed-income attribution system. The method requires a great deal of data and high-quality data management systems, but it could be the basis for a standard method of performance attribution in the fixed-income market. Read more

Leave a Comment
Tony Tan, CFA, is head of the Standards and Financial Market Integrity division at CFA Institute in the Asia-Pacific region. He is responsible for leading CFA Institute efforts in advocacy, policy development, and regulatory outreach in the APAC region. Tan holds a DBA degree.
Usman Hayat, CFA, is director of Islamic Finance and ESG at CFA Institute, where he focuses on Islamic finance and socially responsible investing. Previously, he worked as an independent consultant in the capital market in Pakistan in the areas of market development and risk management for clients, including the securities regulator, stock exchanges, clearing company, and the securities depository. Hayat has been an active columnist on capital market issues. He has earned the Financial Risk Manager designation from the Global Association of Risk Professionals, the Islamic Finance Qualification from the UK Securities and Investment Institute, and a Certificate in Islamic Finance from the Chartered Institute of Management Accountants. Hayat holds an MBA from Lahore University of Management Sciences and an MA in development economics from University of Sussex. Topical Expertise: Islamic Finance and ESG Investing
Vikram Mansharamani is an experienced global equity investor and lecturer at Yale University. He is also the author of Boombustology: Spotting Financial Bubbles Before They Burst and is a regular commentator in the financial and business media, having contributed to Bloomberg, MarketWatch, CNBC, Forbes, Fortune, the New York Times, the Wall Street Journal, the Atlantic, Yale Global, the South China Morning Post, the Korea Times, the Khaleej Times, Harvard Business Review, and the Daily Beast, among others. Mansharamani holds a BA from Yale University, an MS in Political Science from MIT, and an MS and a PhD from the Sloan School of Management.
After serving as a Captain in the United States Marine Corps, Wesley R. Gray received a PhD, and was a finance professor at Drexel University. Dr. Gray’s interest in entrepreneurship and behavioral finance led him to found Alpha Architect, a research-driven firm that advises Active ETFs (ValueShares) and managed accounts for family offices and high-net-worth individuals. Dr. Gray earned an MBA and a PhD in finance from the University of Chicago and graduated magna cum laude with a BS from The Wharton School of the University of Pennsylvania.

Will Morrison

1 Post
Will Morrison is manager, business analytics and reporting, at CFA Institute. Previously, he was an engineer at GE, specializing in robotic path planning. Morrison has earned the Claritas Investment Certificate. He holds a BA in computer science from Goucher College, a BS in electrical engineering from the Johns Hopkins University, and a masters of systems engineering from the University of Virginia.
William C.G. Ortel is a content manager at CFA Institute, where he focuses on global macro trends, value investing, technology, and the future of the investment profession. He also works closely with a number of senior investment professionals in the CFA Institute community who write for Enterprising Investor periodically. Previously, he managed and co-founded Inside Investing, a publication that merged with the Enterprising Investor in July of 2014. Prior to joining CFA Institute, he was a research analyst at Newport Value Partners, an associate in the chairman's office at Indo-MIM, and an intern in the Davis-Posternak group at Oppenheimer & Company. Ortel completed his A.B. at Fordham University in three years while working full time at CFA Institute.