Hosted By: Pre-Conference Cocktail Reception Wednesday, June 1 st 5:30 7:00 pm Madison Club Conference Thursday, June 2 nd 7:30 am 6:30 pm The Monona Terrace One John Nolen Drive Madison, WI 53703 Sponsored By: FEATURED SPEAKERS: DAVID ABRAMSON, BCA RESEARCH JAMES CHANOS KYNIKOS ASSOCIATES RAHUL DESAI FIDELITY INVESTMENTS DAVID GORDON EURASIA GROUP TOBIAS LEVKOVICH CITIGROUP DAVID MERICLE GOLDMAN SACHS DANIEL VILLALON AQR CAPITAL MGMT
2016 Madison Investment Conference Agenda Wednesday, June 1, 2016 5:30 7:00 pm Hosted Cocktail Reception The Madison Club 5 East Wilson St, Madison WI 53703 7:30 8:00 am Registration and Breakfast Thursday, June 2, 2016 8:00 8:15 am Welcome Message and Conference Overview Brian Hellmer, CFA, CIPM, CFA Society Madison 8:15 9:15 am The Geopolitical Landscape Investment Risks & Opportunities David Gordon, PhD, Senior Advisor, Eurasia Group 9:15 10:15 am The U.S. Economy What the Headlines are Missing David Mericle, PhD, Senior U.S. Economist, Goldman Sachs 10:15 10:30 am Break / Networking Opportunity 10:30 11:30 am Trends and Innovations in Portfolio Design Daniel Villalon, CFA, U.S. Head, Portfolio Solutions Group, AQR Capital Mgmt 11:30 12:30 pm Lunch / Networking Opportunity 12:30 1:30 pm Outlook for Equity Investors Tobias Levkovich, Chief Equity Strategist, Citigroup 1:30 1:45 pm Break / Networking Opportunity 1:45 2:45 pm Corporate Governance Considerations for Emerging Markets Rahul Desai, Portfolio Manager, Fidelity Institutional Asset Management 2:45 3:45 pm Fixed Income Outlook David Abramson, Chief Strategist of U.S. Investment Strategy, BCA Research 3:45 4:00 pm Break / Networking Opportunity 4:00 5:00 pm Where the Market is Wrong The Views of a Short Seller James Chanos, President & Founder, Kynikos Associates 5:00 6:30 pm Wrap-Up & Concluding Thoughts / Hosted Cocktail Reception
Registration Information The CFA Society Madison, Wisconsin School of Business and the State of Wisconsin Investment Board are proud to once again cohost the Madison Investment Conference to be held on Thursday, June 2 nd at the beautiful Monona Terrace on the banks of Lake Monona. As always, our goal is to bring together institutional investors, pension fund professionals, leading academics, investment consultants, and private wealth investors to discuss the important issues facing investors today. Thank You for providing Speakers: This year s conference features an array of experts from all over the country to discuss a wide range of topics including the geopolitical landscape, innovations in portfolio design, the role of corporate governance for emerging market investors, the best places to look for short-selling ideas, and the outlook for the U.S. economy, equities and fixed income markets. The conference is an all-day event that provides a full day of speakers along with breakfast, lunch, and a cocktail reception. Registration Fees: CFA Society Member - $175 (Limited Early Bird Registration $125) General Conference - $250 (Limited Early Bird Registration $200) Speaker Slides: $20 per printed book Note: If you don t purchase a paper copy, the slides will be available online prior to the conference To Register: Visit our online registration. Registration will close on Friday, May 27 th. Cancellation Policy: No refunds will be issued for any cancellations received within 24 hours of the program start. Substitutions from the same company are acceptable. Hotel Information: Sheraton Madison 706 John Nolen Drive Madison, WI 53713 Discounted Rate - $129 To make a reservation online Madison Concourse Hotel 1 West Dayton Street Madison, WI 53703 Discounted Rate - $149 Booking name: CFA Society Madison Call 800-356-8293 to make a reservation Continuing Education (CE): This conference qualifies for seven CE credit hours under the guidelines of the CFA Institute CE Program. NOTE: Bring your tablet or laptop all materials will be distribute online prior to the conference and on a flash drive at the conference.
2016 Madison Investment Conference Speakers Biographies David Gordon, PhD, Senior Advisor, Eurasia Group Before joining Eurasia Group, Mr. Gordon spent more than ten years working at the highest levels of US foreign and national security policy processes. From June 2007 to January 2009, he served as the director of policy planning under Secretary of State Condoleezza Rice. He played a leading role in developing policy ideas for Rice on issues ranging from Afghanistan and Pakistan to US engagement in East Asia to the multilateral response to the international financial crisis. He also led the department's strategic policy dialogues with more than 20 countries around the globe. Prior to his work with the US State Department, Mr. Gordon served in a top management role at the National Intelligence Council (NIC) from 2004 to 2007, during which time he led the NIC's integration into the new Office of the Director of National Intelligence and its reemergence as the preeminent analytic center in the US government through enhancing analytic quality and integrity in the aftermath of the 2003 Iraq National Intelligence Estimate. He provided analytic leadership for the NIC's groundbreaking reports, Global Trends 2015 and Global Trends 2020. Other positions held by Mr. Gordon include director of CIA's Office of Transnational Issues, an office that covers issues including global economics and energy, illicit finance, insurgency and counterinsurgency, and global health; and national intelligence officer for economics and global issues at the NIC. For six years, he represented the intelligence community on the senior White House interagency body responsible for coordinating international economic policy. Earlier in his career, Mr. Gordon was a senior fellow and director at the Overseas Development Council, a senior staff member on the Foreign Affairs Committee of the US House of Representatives, and the regional economic policy and democracy/governance adviser for the US Agency for International Development based in Nairobi, Kenya. In the 1980s, Mr. Gordon pursued an academic career with a joint appointment at the University of Michigan and Michigan State University. He has also taught at the College of William and Mary, Princeton University, Georgetown University, and the University of Nairobi. His latest book is Managing Strategic Surprise: Lessons from Risk Management and Risk Assessment, co-edited with Ian Bremmer and Paul Bracken (Cambridge University Press, 2007). Mr. Gordon is a graduate of Bowdoin College and undertook graduate studies in both political science and economics at the University of Michigan, where he received his PhD in 1981. David Mericle, PhD, Senior U.S. Economist, Goldman Sachs Mr. Mericle is a senior economist in the US Economics research group at Goldman Sachs in New York, where he has worked since 2012. At Goldman, Mr. Mericle specializes in macroeconomic forecasting and writes research on a variety of themes related to macroeconomics, financial markets, and central banking. He meets frequently with banking, asset management and securities division clients to discuss the U.S. outlook, and is often cited by the press. In 2015, Mr. Mericle was chosen for LinkedIn s Next Wave list of Top 10 Finance Professionals under 35. Before joining Goldman Sachs, he worked briefly in the global macro group at Ellington Management Group. Originally from Madison, WI, Mr. Mericle holds a BA in economics and history, an MA in statistics, and a PhD in economics from Harvard, where he also did post-doctoral research. His academic research focused on fiscal and monetary policy in a liquidity trap.
Daniel Villalon, CFA, U.S. Head, Portfolio Solutions Group, AQR Capital Management Mr. Villalon is U.S. head of AQR s Portfolio Solutions Group, where he writes white papers and other research, is involved in the design of multi-asset portfolios, and engages clients on portfolio construction, risk allocation and capturing alternative sources of returns. Prior to AQR, he was a senior business analyst at Mitchell Madison Group and an investment analyst in the private bank at JPMorgan Chase & Co. Mr. Villalon earned a B.A. in physics from Pomona College and an M.B.A. with a concentration in analytical finance from the University of Chicago Booth s School of Business. A paper co-authored by Mr. Villalon, Chasing Your Own Tail (Risk), is part of the curriculum for people seeking to become Chartered Alternative Investment Analysts. He is a CFA charterholder. Tobias Levkovich, Chief Equity Strategist, Citigroup Mr. Levkovich is a managing director and the chief US equity strategist for Citi Investment Research & Analysis and is a member of Citi s Investment Strategy Committee. Among other duties, he is responsible for assessing the direction of the market, setting the firm s investment sector allocations and compiling its Recommended List, a list of specific investments that he expects to appreciate in value. Prior to assuming his current role in 2001, Mr. Levkovich spent 13 years analyzing the engineering, construction and machinery industries. Mr. Levkovich began his career as an assistant vice-president in the research department of L.F. Rothschild. He holds a bachelor s in commerce from Concordia University in Montreal and attended Boston University s Graduate School of Management. Rahul Desai, Portfolio Manager, Fidelity Institutional Asset Management Rahul Desai is a portfolio manager at Fidelity Institutional Asset Management SM (FIAM SM ), an investment organization within Fidelity Investments asset management division that is dedicated to serving the needs of consultants and institutional investors, such as defined benefit and defined contribution plans, endowments and financial advisors. In this role he is responsible for managing the FIAM Emerging Markets All Cap strategy. Prior to assuming his current role in June 2014, Mr. Desai worked as a research analyst on the Emerging Markets team at Fidelity Management & Research Company (FMRCo), covering Europe, Middle East, Africa (EMEA) and Latin America consumer and industrials from 2012 to 2014, EMEA and Latin America banks from 2011 to 2012, and EMEA banks from 2008 to 2011. Before joining Fidelity in 2008, Mr. Desai was a summer associate at The Capital Group Companies in London in 2007, and a senior associate at The Boston Consulting Group in Singapore from 2003 to 2006 focusing on Asian and African markets. Mr. Desai earned his bachelor of computing degree in computer science from the National University of Singapore and his master of business administration degree from Harvard Business School.
David Abramson, Chief Strategist of U.S. Investment Strategy, BCA Research Mr. Abramson is the Chief Strategist of U.S. Investment Strategy and Director of Research at BCA Research, Inc., where he previously served as Chief Strategist of Commodity and Energy Strategy at BCA Research, Inc. He joined BCA Research in 1987. From 2005 until early 2007, Mr. Abramson was the Chief Strategist of China Investment Strategy at the firm. From 2000 to mid- 2005, he originated and managed a European institutional service. Since 1990, Mr. Abramson was a Chief Strategist of the Foreign Exchange Strategy at the firm, and also frequently contributed to the emerging market asset allocation service. Mr. Abramson worked in the international department of the Bank of Canada for three years modeling exchange rates and trade flows. He is a part-time lecturer in International Business with the Concordia and McGill University faculties of Finance. He holds a Master of Business Administration degree; and a Master of Arts degree in International Relations from the University of Chicago, as well as a Master of Arts degree in Economics from Carleton University. James Chanos, President & Founder, Kynikos Associates Mr. Chanos, also known as Jim, serves as the Founder and Managing Partner at Kynikos Associates LP, and has been serving as its President since December 2003. Mr. Chanos founded the firm in 1985. Prior to this, he was a Vice President and Analyst at Deutsche Bank Capital Corp. Before that, Mr. Chanos served as an Analyst at Gilford Securities. He has also served as an Analyst at Blyth Eastman, Paine Webber. Mr. Chanos is also the Chairman of the Coalition of Private Investment Companies. He is the President of the Board of Trustees of The Browning School. Mr. Chanos also serves as a Trustee of The Nightingale- Bamford School and The New-York Historical Society. He is a Trustee of Citizens Budget Commission. Mr. Chanos has been a Lecturer in Finance at Yale School of Management. He received a B.A. in Economics and Political Science from Yale University in 1980.