Second Quarter 2018

Contents CFA DFW Board of Directors

| Get to know your CFA DFW Board of Directors

Upcoming Events

| Be sure to sign up for our upcoming events!

2018 CFA DFW Forecast Dinner and CFA Texas Societies Symposium

| A look back...

Results From the 2017-2018 Southwest U.S. Research Challenge

| And the winner is…

Healthcare Panel Follow Up

| Learn more about emerging healthcare trends

CFA DFW Annual Meeting/ Luncheon with Diane Garnick

| Don’t miss the annual meeting or our luncheon with Diane Garnick!

WIM Event: Climbing the Ladder in a Skirt

| Join us for our next WIM event with Sherrie English

Charterholders Under 40 Event: A Day in the Life of a Portfolio Manager

| Meet Eric Marshall, CFA and hear about his career path

2017–2018 CFA DFW Sponsors

| A sincere thank you to our 2017-2018 sponsors!

About CFA Society of Dallas-Fort Worth

| Learn about and get in touch with your local CFA society

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CFA DFW Board of Directors

Julie Toler, CFA, CFP® President Lee Financial

Kim Abmeyer, CFA, CFP® Programs Chair Raymond James

Michael Yeager, CFA, CPA Vice President Luther King Capital

Lauren Minch, CFA, CPA, CGMA Employer Engagement, University Relations Hersh Family Investments

John Vandermosten, CFA Secretary Zacks Small Cap Research

Harry Ward, CFA, CAIA, CFP® Treasurer Cimarron Wealth Mgmt.

Shirley Ogden, CFA, CPA Past President Lee Financial

Greg Stuecheli, CFA Membership Chair Mockingbird Credit Partners

Click on a Director’s Picture to Learn More!

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Joe Martinez, CFA Past President Phlox Capital Mgmt.

Marilyn Wiley, CFA Past President The University of North Texas

CFA DFW Board of Directors

Michael Hasenauer, CFA Employer Engagement Mockingbird Credit Partners

John Harris, CFA, CPA CFA Review Course Financial Accounting Workshops

Steven Hooser Sponsorships Three Part Advisors

David Lewis, CFA Advocacy FCM Investments

Paul Olschwanger Leadership Development Aon Hewitt

Dr. Harvey Rosenblum, CFA Director Southern Methodist University

Brandon Troegle, CFA University Relations Hillcrest Asset Management

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Robert McDonald, CFA, CA Assistant Treasurer The Howard Hughes Co.

Lisa McDaniel, CFA Women’s Initiative The Mutual Fund Store

Lyndon Westerberg, CFA Strategic Advisory Board J.P. Morgan

Upcoming Events

May 10th

Luncheon with Diane Garnick

May 14th

WIM: Climbing the Ladder in a Skirt with Sherrie English

May 22nd

2018 CFA/DFW Annual Meeting

June 23rd

CFA/DFW Post Exam Happy Hour

June TBD

A Day in the Life of a PM with Eric Marshall

CFA DFW Annual Forecast Dinner and

CFA Texas Societies Symposium, A Look Back...

CFA/DFW was thrilled this year to not only host our Annual Forecast Dinner on February 22nd

with a stacked panel of speakers, but also a coordinated symposium with the CFA Societies of

Texas. It was a beautifully executed two-day event filled with some lively debate and timely

perspectives.

Thursday evening, Brian Kennedy, of Loomis Sayles, and Steven Romick, of FPA Funds, gave us

some differing opinions on the fixed income space, while Elizabeth Lilly, of Crocus Hill Partners,

gave us her small cap equity outlook. And Brian Wesbury, of First Trust Economics, brought it all

together as the economic optimist with his unwavering expectation of strong corporate earnings

continuing to drive the domestic economy this year.

Friday, the 23rd, the CFA Societies of Texas Symposium began at the esteemed George W. Bush

Presidential Center and ran all day with speakers from various backgrounds in finance sharing

their unique viewpoints on their specialties. The bench was deep with portfolio managers

speaking on fixed income and their 2018 economic and investment outlooks, as well as a DFW

Regional Growth panel of local government officials, a university head, and a DFW Airport

executive. The Women in Investment Management panel discussed headwinds women face in the

industry and some behaviors we can identify and change to help

increase the number of females in the room. The ethics hour was

captivating as we heard from a former Citigroup Whistleblower,

and satisfied CFAI Ethics Continuing Education credit hours. The

CIO Panel gave us a glimpse into how a few of our nearby

universities and Teacher Retirement Systems of Texas are

allocating their portfolios in today’s environment, and colleagues

from the CFA Institute and its Board of Governors mixed in some

perspectives on relevancy and the overall

industry. Overall, it was a blockbuster

event and we look forward to the next one

in San Antonio in 2019.

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Recap: CFA Institute Research Challenge

Rice University Wins the 2017-2018 Southwest U.S. Research Challenge!

Top students from universities across Texas, Oklahoma, and Louisiana faced off in the 12th annual

Southwest U.S. Research Challenge on February 2nd. The students spent more than two months studying

and crafting their analysis of this year’s target company, Andeavor (ANDV). Of the 27 university teams

that competed this year, the top 10 teams with the highest scoring papers advanced to the oral round of

the competition held at Southern Methodist University. The ten teams who advanced this year were

Nicholls State University, Rice University, Stephen F. Austin State University, Texas Christian University,

University of Houston, University of Texas—El Paso, University of Texas at San Antonio, University of the

Incarnate Word, University of Tulsa, and West Texas A&M University.

For this part of the competition, the students gave a 10 minute presentation to a panel of investment

professionals followed by a 10 minute question and answer session where the judges could challenge the

contestants’ analysis. After all 10 teams presented, their presentations were scored and combined with the

scores from their written analysis to reach a final score. After many presentations and keynote speeches

from Sameer Somal, CFA, CFP®, CAIA and Dan Meader CFA, CPA, the students from Rice University and

University of Texas at San Antonio came out on top, finishing 1st and 2nd, respectively.

These students advanced to compete against other top universities from North and South America in the

Americas Regional competition held in Boston. After 2 more rounds of competition, the University of

Minnesota Duluth and Jacksonville University were named the 2018 Americas Regional Champions and

advanced to the global final in Kuala Lumpur, Malaysia where they took on Asia Pacific champions

Sunway University of Malaysia and the Europe, Middle East, and Africa champions, University of Lausanne

from Switzerland and BI Norwegian Business School. After an intense final round of competition,

University of Lausanne was named global champion, beating out more than 1,000 universities from

around the world! If you’d like to watch the global championship round presentations click here and to

find out how you can get involved with the research challenge click here.

2018 Results

1st Rice University

2nd University of Texas

San Antonio

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Recap: Healthcare Panel

Healthcare Panel

In late March, the Dallas / Ft. Worth CFA society brought together a group of health care experts

from a variety of areas to discuss some of the key trends in the sector in our annual Health Care

Panel Discussion. We had several distinguished participants including Jason Signor, CEO of

Caddis Healthcare Real Estate, Reid Rasumssen, CEO of freshbenies, Tom Manthe, CFA, Senior

Research Analyst for Aegon, Bihag Patel, CFA, Senior Research Analyst for Nuveen and BJ

Loessberg, Principal at Havencrest Healthcare Partners. John Vandermosten, Senior Biotech

Analyst at Zacks moderated the panel.

Consumerism was the main topic of discussion. We kicked off the evening by bringing up the role

of transparency in healthcare consumer behavior. A few decades ago, most healthcare

consumers had a small deductible for every time they went to the doctor, and the insurance

companies and providers figured out the rest. However, as health care costs increased and

increased, they system sought to find a new structure that would make consumers more price

conscious and the high deductible health care plan was born. However, just because consumers

were now paying for more of their health care didn’t mean that they could determine price and

value, as many times these were only known after the fact. To address this there are a number of

new ideas out there, some using the same type of technology you’d find in Uber or Yelp to get

consumers the information they need to make a wise decision. Some of the names that emerge

with pricing transparency tools are Castlight Health (CSLT), healthcare bluebook, United

Healthcare (UNH) and Amino, which is a San Francisco based company that has a health savings

account interface along with it.

The panel participants also shared some of their favorite ideas with the audience, highlighting

Contract Research Organizations (CROs), telemedicine, senior housing and the direct primary

care model. CROs are expected to benefit from the increase in drug development anticipated

from both big pharma and new startups. Telemedicine should help lower costs and speed

service for primary care needs, while the demographic

trend the US is supportive of increased demand for

senior housing in the next decade. And the direct

primary care model might be a way to get physicians to

focus on their patients, while reducing paperwork and

improving care.

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To listen to more discussion about trends in

the healthcare sector, click here to listen to

John Vandermosten’s interview on the CEO

Money Show where he also discusses many of

the topics covered by the healthcare panel.

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CFA DFW Annual Meeting

Luncheon with Diane Garnick

Dallas Luncheon with Diane Garnick

Loss aversion is a term in behavioral economics that refers to an individual’s strong preference to avoid

losses over receiving equivalent gains. In other words, clients experience much more “pain” from losing

on investments than pleasure from gaining.

Studies have shown if a person loses $100, they “feel” like they’ve lost $200. For retirees, the pain is even

worse because they have less time to recoup the losses. In this presentation, Diane Garnick will show how

investment managers can help clients avoid the feeling of loss aversion by aligning

clients’ budgeting process and monitoring of investment results with their long-term

goals and thereby framing investment and spending conversations in a more

positive light.

Economically, there is no difference in the financial results, but these techniques

can make a big difference in the client’s decision-making process and in the

way they feel—happier!

May 10th, 2018 at 11:30 AM

Park City Club

5956 Sherry Lane #1700

Dallas, Texas 75225

Click Here to Register

CFA DFW invites you to join us

for the Annual Meeting at 5:30 PM

on Wednesday, May 22nd, 2018 at

the Federal Reserve Bank of Dallas

as we present the 2018-2019 Board

Slate and hear from Jim Dolmas,

Senior Research Economist and

Advisor for the Federal Reserve Bank of

Dallas.

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CFA DFW Annual Meeting

2018 Post Exam Happy Hour

WIM: Climbing the Ladder in a Skirt with Sherrie English

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Women in Investment Management - Climbing the Ladder in a Skirt with Sherrie English

This workshop focuses on developing skills that help women get where they want to go in their careers.

It's an engaging interactive look at the choices we make. Together we examine how do we respond to the

challenges of being a woman in a male dominated industry, and how we can use logic, humor, and soft-

skills to make conscious actions and reactions.

Most importantly, we will learn the three main skills that women under-utilize, and how we can

accomplish our goals with more ease and less resistance.

Helping you clarify your goals, and untying the knots that keep you from getting what you want.

So you can build your life and career- your way.

Monday, May 14, 2018

Three Galleria Tower - 1st Floor, 13155 Noel Rd., Dallas, TX 75240

Member Fee: $25 Guest Fee: $35

Click Here to Register

Post Exam Happy Hour

CFA DFW would like to invite all CFA program candidates taking an exam this June to join us for a

complimentary post exam happy hour to release some stress and meet other CFA candidates. This is a

great opportunity to cut loose after many long months of studying and to meet peers who are also going

through the program. Keep an eye out for more details on time and location at http://www.cfadfw.org/.

Sherrie English

With over 3 decades in the financial industry, Sherrie was one of the first women in

the financial industry to reach $4 billion in sales. She has worked for such firms as

EFHutton, Merill Lynch’s Private Banking group, and AIM, where she was named a

Global Partner and was featured in their national advertising campaign. Sherries is

certified in investment management, exit strategies, financial planning, energy

leadership assessment, and as a professional coach.

Charterholders Under 40 Event

A Day in the Life of a Portfolio Manager

CFA DFW would like to invite all of your young Charterholders and CFA Program candidates to attend the

first Charterholders Under 40 Event of the year! We are excited to have Eric Marshall of Hodges Capital

Management with us to talk about a day in the life of a Portfolio Manager.

Eric has been with Hodges Capital since 1997 and serves as a portfolio manager for all six of Hodges

funds which are primarily focused on the small and mid-cap markets.

More information to come at http://www.cfadfw.org/!

Eric J. Marshall, CFA

Director of Research,

Portfolio Manager

Eric currently serves as

the President and

Director of Research for

Hodges Capital

Management. He serves

as a portfolio manager

on five of the Hodges

Funds and several

investment strategies for

financial advisors, family

offices, pensions plans,

and foundations.

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Charterholders Under 40 Mission Statement:

To promote and foster the development and community of our younger

Charterholders, aspiring Charterholders, and affiliates, providing them content and

the tools to lead the investment profession ethically, and uphold it to the highest

standard set forth by the CFA Institute.

Sincere Thank You to Our 2017-2018 Sponsors!

About CFA Society of Dallas-Fort Worth

The CFA Society of Dallas-Fort Worth (formerly the Dallas Society of Financial Analysts and prior to that, the

Dallas Association of Investment Analysts) was founded in 1951 to:

• Provide interchange between investment and portfolio managers;

• Promote good fellowship among those whose primary occupation is investment and securities analysis;

• Improve analytical procedures and techniques;

• Promote our membership to the investing public. The society plays a vital role within the Dallas and Fort

Worth area promoting a better understanding of the investment management profession;

• To encourage, strengthen and support the Chartered Financial Analyst® professional designation and to

assist those candidates working towards achieving the CFA® charter.

Of equal importance has been its mission to promote high standards of professional and ethical conduct

among its members. For more than 50 years, these objectives have guided the society and the local

investment community. The society was the 15th formed worldwide.

The CFA Society of Dallas-Fort Worth has over 1,300 active members and is among the largest member

societies of the CFA Institute (formerly the Association of Investment Management and Research).

CFA Institute Mission Statement:

To lead the investment profession globally by

promoting the highest standards of ethics,

education, and professional excellence for the

ultimate benefit of society

CFA—DFW Mission Statement:

To promote and uphold the ethical and professional

standards set by the CFAI. We provide thought

leadership through education, advocacy,

engagement and career development resources for

the benefit of our members and our community.

CFA Society of Dallas-Fort Worth 12900 Preston Road, Suite 1210

Dallas, TX 75230 214-363-3284

info@cfadfw.org cfadfw.org