Newsletter -  August 2016
 Issue #20




 
Directors:



President - 
Greg Filbeck, CFA,FRM,CAIA,CIPM,PRM


Vice President- 
George Emanuele, CFA


Treasurer - 
Joe Lantz, CFA,CAIA


Research Challenge- 
Josh Armstrong, CFA


Secretary-
Jim Herrington,CFA, CAIA


Programs & Media Relations- 
Chris Wiles, CFA


Membership Outreach - 
Cale Grove, CFA


Financial Literacy/University Outreach -
Gene Natali, CFA


Executive Administrator -
Caryn Loehr




Presidents Message:


Greetings to all! Outlined in this newsletter is information about our upcoming programs.
 
Welcome back to a new year with the CFA Society Pittsburgh! On July 19, the Board met for a four-hour strategic planning session. Lauren McAdams from the CFA Institute facilitated an update of our strategic plan.  At that session, we also mapped out programming for the upcoming year. 
 
Chris has outlined upcoming programs for the fall - an exciting array of speakers are set!  Plan to attend as many of these events as possible. 
 
I urge each of you to join us for the 2016 Summer Social on August 29th from 5:00pm to 8:00pm at Olive or Twist.  Each year at this event, we provide opportunities for members to sign up to participate in one or more of our committees tied to our strategic plan. Volunteer participation is what allows us to accomplish so much each year! 
 
Also, please mark October 5th in your calendars for our Annual Meeting with more details to follow!
 
As always, if you have any questions or concerns, please do not hesitate at contact me at [email protected].


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


Upcoming Events


Welcome Back 
 
Top Left-Right: 
Gene Natali, George Emanuele, Chris Wiles, Joe Lantz, Greg Filbeck 

Bottom L-R: Jim Herrington, Josh Armstrong (missing: Cale Grove) 


We hope all of our members had a great summer. As your Board, we are all looking forward to an exciting year of events and service to our members.
2016 Summer Social


Please join us on Monday evening August 29th, at Olive or Twist, as we enjoy a few cocktails, socialize, and sign up volunteers for one of our various committees.



The event is free for members, candidates, and students!



You can register by Clicking Here.
Dawn of a New Era for Oil 
and a New World for MLPs


Please join us on Wednesday September 14th, as we welcome oil industry veteran,
Jim Carroll to Pittsburgh. 

Jim is Managing Director and Senior Portfolio Manager at Pointe Capital Management. Jim will lead us in a lively discussion on the outlook for both the global oil market and MLPs in particular. MLPs have gone from the worst performing asset class in 2015(-33%) to one of the better performing asset classes this year, even with a 25% drop in prices during the first part of 2016. Despite the steep drop in oil prices from late 2014, midstream MLP fundamentals have been more consistent than investors realize. However, most investors remain skeptical that MLPs can continue to maintain 7%+ yields with oil prices at current levels. 
 
Jim is responsible for portfolio management, security selection, serving clients and developing Pointe Capital Management's institutional practice. Jim spent 17 years with Loomis Sayles as a Vice President and Equity Portfolio Manager where he co-managed the $6 billion large-cap value strategy, a long only energy fund and was a co-manager of the Loomis Sayles Energy Hedge Fund.  In addition, he spent 15 years with Paine Webber / Rotan Mosle as a Managing Director and Senior Energy Research Team Leader and Analyst.  Jim has been widely quoted on a variety of energy related securities and topics in numerous national publications, including the Wall Street Journal and Barron's.  Most notably, Jim was selected as an Institutional Investor Magazine All-America Research Team - member from 1984-1996, and Ranked #1 Energy Service Analyst in the U.S. from 1986-1996 by Greenwich Associates.


For reservations please Click Here.
2016 Annual Meeting and New Charter Holder Recognition


Please save the, October 5th, for our Annual Meeting and new charter holder recognition. We will review the Society's operations for the last year, and take a look at what we have planned for this year. We will also have the opportunity to congratulate and welcome our new CFA Charter Holders.
 

The event is free for members, candidates, and students!

Bear Traps - Managing Money in an Increasingly Risky Global Environment


Please join us on
Wednesday, October 12th, as we welcome a very special guest,
Larry McDonald to Pittsburgh. 

Larry is a New York Times best selling author, CNBC contributor, and Political Risk Expert. He is also the creator of The Bear Traps Report. He is the former head of US Macro Strategy at Societe Generale, 2011-2016, and currently Head of Global Macro Strategy with ACG Analytics in New York City.


At the height of the 2008 financial crisis, Larry wrote a book on the fall of Lehman Brothers, "A Colossal Failure of Common Sense." The book is a risk manager's guide to the right and wrong moves on Wall St, and explains why investors must stay ahead of policies coming at markets from Washington, D.C and Europe. Published in 2009 by Random House, the book hit the New York Times Best Seller's list upon release, and is now one of the top bestselling business books in the world. "Colossal Failure" has been translated into 12 different languages, over 450,000 copies have been sold.


Additionally, Mr. McDonald has participated in four major financial crisis documentaries: BBC's The Love of Money, CBC's House of Cards, National Geographic's Decade of the 2000's, and Sony Pictures' Academy Award winning documentary Inside Job.


Larry is also an European & Washington policy risk analyzer. He is a frequent guest contributor at CNBC and is a highly regarded policy risk consultant to hedge funds, family offices, asset managers and high net worth investors. His "21 Lehman systemic risk indicators" help investors get out of the way of painful risk off trades in the global markets. Notably is Larry's involvement as a special advisor to the Financial Crisis Inquiry Commission (FCIC), created by Congress in 2009 to investigate domestic and global causes of the economic and financial crisis in the United States.


As a keynote speaker, Larry has delivered over 130 speeches in 17 countries highlighting classic risk management lessons. His speaking clients include; National Bank of Abu Dhabi, Hartford Funds, Franklin Templeton, Calamos funds, GAIM Moneco, Suntrust bank, Raymond James, Fidelity Investments, Institutional Investor, Walkers Global, Rand Merchant Bank, Montreal Stock Exchange, CBOE, Societe Generale and many more.


From 2004-8, Larry ran the distressed debt, high yield and convertible securities trading business at Lehman Brothers. He was considered one of the firm's most profitable traders, leading his team to over $100m in gains betting against the subprime mortgage crisis.


Central Bankers Gone Wild


Please join us on
Wednesday, November 9th
 (the day after the election!), as we welcome back,
Dr. Marvin Goodfriend of CMU.



Dr. Goodfriend is the Friends of Allan Meltzer Professor of Economics at Carnegie Mellon's Tepper School of Business, where his teaching and research focus on macroeconomic fluctuations, money and banking, international finance, and economic development. 


Before coming to Carnegie Mellon he was director of research and policy advisor at the Federal Reserve Bank of Richmond, regularly attending meetings of the Federal Open Market Committee at the Board of Governors of the Federal Reserve System in Washington, DC. from 1993 to 2005. Dr. Goodfriend was a visiting economist at the Federal Reserve Board in 1982-3. He served as a senior staff economist for the President's Council of Economic Advisors at the White House in 1984-5. He was a visiting professor of business economics at the University of Chicago's Graduate School of Business from September 1988 to June 1990. He has taught at the universities of Rochester, Stanford, and Virginia. 


He has been a visiting scholar at the Bank of Japan, the European Central Bank, de Nederlandsche Bank, the Federal Reserve Board, the Institute for International Economic Studies at the University of Stockholm, the International Monetary Fund, the Swiss National Bank, and the Federal Reserve Banks of Atlanta, Cleveland, Kansas City, and New York. He has served on three-person panels to evaluate research and policy advice at the European Central Bank, Norges Bank, the Swedish Riksbank, and the Swiss National Bank. He has taught short courses on monetary theory and policy in China, Germany, Japan, Korea, and Switzerland.


Dr. Goodfriend is a research associate of the National Bureau of Economic Research. He is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York and a past member of its Monetary Policy Panel. He is an honorary advisor of the Institute for Monetary and Economic Studies at the Bank of Japan and a member of the Shadow Open Market Committee. Dr. Goodfriend is coeditor of the Carnegie Rochester Conference Series on Public Policy and has served on the editorial boards of the Journal of Money, Credit, and Banking, the International Journal of Central Banking, and the Journal of Monetary Economics. 


Dr. Goodfriend holds a Ph.D. in economics from Brown University and a B.S. in mathematics from Union College.



"Overview of CFA Exam and Study Strategies for Success":


All candidates for the CFA Exam should consider joining our President Dr. Greg Filbeck, on December 7th, for a free educational lunch at The Duquesne Club. 


Greg will give an overview of the CFA program along with study strategies to enhance opportunities for success on exam day. Registration is limited to 60 candidates so if you need to cancel after you register, please contact us so that we can allow someone else to fill your spot.


Real Asset Investing: 
Lies, Damn Lies, and Statistics


Please join us on
Wednesday, December 14th, as we welcome,
Michael Underhill, of Capital Innovations.



Michael is responsible for overseeing all aspects of the firm's investment process and is focused on the strategic direction of the firm. Recognized for his expertise, he is frequently asked to speak on topics such as investment policy, portfolio management, and the risk characteristics of Real Asset investing. He is a regular contributor to Bloomberg's Market Sense program & Money Moves with Deirdre Bolton.
 
Michael has published widely on international economic and finance topics and is author of the bestselling Handbook of Infrastructure Investing. (the infrastructure finance textbook recommended by the CFA Institute) He remains one of the world's most provocative, respected financial analysts in the last 25 years. His alternative investment strategies have won numerous awards for performance.
 
His teaching and research has been published in top academic journals such as the CFA Institute, EDHEC Risk Institute and leading think tanks like the Inter American Dialogue. His research has been published by some of the leading industry trade journals: Wall Street Journal, New York Times. He is a guest speaker at the Wharton Executive Education program. In 2011, Michael was appointed Chairman of the Infrastructure Workstream for the United Nations Principles of Responsible Investment. (UNPRI) He is widely recognized as one of the leading strategic thinkers in the investment industry.
 
Michael graduated from Pennsylvania State University with a Bachelor of Science degree in Economics. He has completed post-graduate coursework from Pepperdine University centered on Fiduciary Studies and Stanford Law School where he focused on corporate governance. He is a former NCAA athlete with his current hobbies ranging from marathon running, downhill skiing and surfing.
 
Private Asset Management named him as one of the Best Money Managers for Long-Term Performance



Highlights from Recent Events



Annual Partner Sponsors



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



 

Silver

 

 

Stock Pickers Contest


 Update  - 2/17/16 - 8/17/16


ContestantAvg.STK 1STK 2STK 3
S&P 50013.13%





Malcolm

Polley

21.79%NSR

4.87%
LOCK

61.14%
WEB

-0.63%
Kim

Caughey
26.32%PNC

2.19%
NTCT

40.31%
RPM

36.45%
Mike

Halloran
11.27%C

17.19%
GILD

-9.64%
KMI

26.25%
Chris

Teachout
13.97%KMPH

-66.09%
SLCA

130.40%
CMG

-22.40%
Bob

McGee
16.47%CNC

18.10%
EPAM

10.98%
CEA

20.34%




 


CFA Society Pittsburgh | P.O. Box 1212 | Pittsburgh | PA | 15230