Newsletter -  September 2015
 Issue #12

Directors:

President - 
Greg Filbeck, CFA,FRM,CAIA

Vice President- 
Craig Gomulka, CFA

Treasurer - 
Joe Lantz, CFA,CAIA

Special Events- 
Ryan Bend, CFA

Secretary-
George Emanuele,CFA

Programs & Media Relations- 
Chris Wiles, CFA

Membership Outreach - 
Cale Grove, CFA

University Outreach -
Manoharlal Sukhwani, CFA

Financial Literacy -
David Zawadski, CFA

Executive Administrator -
Caryn Loehr


Presidents Message:

Welcome to the twelfth issue of the CFA Society of Pittsburgh's Newsletter.

 
Welcome to our 2015-2016 year for the Society!  After our annual board retreat and strategic planning update, we are excited to offer up another year filled with a variety of programs and activities that we hope you will enjoy.  In case you missed the email this summer, we have posted the Society's first-ever annual report on our webpage that recaps our activities during 2014-2015.
 
Our annual networking event featuring committee signups took place on August 31st at Olive or Twist - thanks to all who came out especially those signing up to volunteer for committees.  A separate email was sent to the entire membership for those unable to attend but interested in serving on one or more committees - get involved!

This newsletter recaps our first luncheon of the year - and upcoming luncheons and events.  Our first ever job fair for college students takes place on Monday, 
September 14th.  We are excited about launching this new initiative and look forward to making this an annual tradition going forward.
 
The primary goals of the newsletter are to keep members and supporters of the Pittsburgh Society informed about the society's activities and foster greater community involvement by all members.

 
- Dr. Greg Filbeck, CFA, FRM, CAIA 
President, CFA Society Pittsburgh


 
Upcoming Events

Emerging Asia: The Next Frontier:

With all of the China induced turmoil going on in emerging markets, this is an excellent time to hear from not one but two emerging market portfolio managers. Join us in welcoming Taizo Ishida and Robert Harvey, co-portfolio managers of Matthews Emerging Asia Fund, to Pittsburgh on Thursday, September 24

 

Taizo and Robert will discuss how investors should view emerging markets and explain what really sets Asia apart. They will also explain the strategies they use to capture these opportunities.

 

Matthews Asia has also graciously offered to co-sponsor this event and will be picking up each members $20 fee for attending.


Annual Meeting & New Charter Ceremony:

Please join us on Wednesday night September 30, as we review your Society's operations for the last year, take a look at what we have planned for this year, and congratulate our new CFA Charter Holders. This event will be held at the Duquesne Club.

 


What Drives Commercial Real Estate and Where Are We Now?:

China, interest rates, and commodities have contributed to increased volatility in listed real estate this year but have little impact on long-term performance.  Kipp Kjeldgaard, Client Portfolio Manager at Lazard Asset Management, will discuss which trends and metrics investors should focus on  and where things stand today. Kipp will be joining us for a luncheon on Wednesday, October 21.

Special Event- Movie & Social - "Money for Nothing - Inside the Federal Reserve":

Please join us for a very special evening on Tuesday, November 10. We will be watching the critically acclaimed movie "Money for Nothing - Inside the Federal Reserve." After the movie we will have a question and answer session with the esteemed professor Allan Meltzer. 

Professor Meltzer has written many books, including A History of the Federal ReserveHe has served as a consultant for several congressional committees, the President's Council of Economic Advisers, the US Treasury Department, the Board of Governors of the Federal Reserve System, the World Bank, foreign governments, and central banks. He has been a member of the President's Economic Policy Advisory Board. In 1988-89, he was an acting member of the President's Council of Economic Advisers. From 1986 to 2002, he was an honorary adviser to the Institute for Monetary and Economic Studies of the Bank of Japan. He is a distinguished visiting fellow at the Hoover Institution and the Allan H. Meltzer University Professor of Political Economy at the Tepper School of Business at Carnegie Mellon University.

The event will be held at the Duquesne Club, and we will be serving cocktails and hors d'oeuvres. Due to seating restrictions, we will be limiting attendance to the first 100 confirmations. Here is a preview of the movie:

Highlights from Recent Events

"Foxes, Hedgehogs, and Hedge Funds: Manager Selection In An Age of Convergence"

On Wednesday, September 9th, we had the pleasure of welcoming Brian Portnoy back to Pittsburgh. Brian has authored the book, "The Investors Paradox" , and is an expert on the selection of investment managers.

He helped us understand that in order to succeed in complex markets, it's essential to adapt to shifting circumstances. And that one of the investment managers most important jobs is managing expectations. Managing expectations has also gotten much tougher over the last several years as bond yields have evaporated, and many returns have converged. 

The Investors Paradox is simply the balance between expectations and flexibility. It is much easier to set expectations when the investment managers flexibility is limited (i.e. index funds). But, with an increased level of manager flexibility comes a higher hurdle in investor expectations.


"CFA Pittsburgh Summer Social & Committee Sign-up"

On Monday, August 31, we had a social event at Olive or Twist where members were able to network and sign up for various committees.   

Annual Partner Sponsors

CFA Society Pittsburgh would like to thank its partnership sponsors for their support of the Society.


 

Gold

 


Stock Pickers Contest

 Update  - 2/18/15 - 9/11/15

ContestantAvg.STK 1STK 2STK 3
S&P 500-6.60%


Malcolm
Polley
7.38%NSR
6.95%
GME
14.08%
TTEK
1.12%
Kim
Forrest
-4.77%XLNX
0.65%
NTCT
-5.99%
VOXX
-8.98%
Frank
Aloi
-21.00%DAL
3.64%
GILD
5.47%
RESN
-72.10%
Mauricio
Viaud
-21.81%PBR
-34.48%
MT
-36.41%
GILD
5.47%
Bob
McGee
-6.00%SYNA
-10.41%
GTLS
-28.34%
CEA
20.74%