UPCOMING PROGRAMS - CFALA · In this presentation, Leonard Mlodinow, PhD, demonstrates how our...
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UPCOMING PROGRAMS CFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org April 2010 Derivative Deregulation Caused Crash: Can More Deregulation Prevent Another? Wednesday, March 31, 2010 12:00 pm – 1:30 pm Speaker: Lynn A. Stout Professor of Law, UCLA School of Law Chair: Adrianne Regrutto Speculative bubbles inflate and burst for many reasons. Sometimes those reasons are demographic and economic changes, and sometimes changes in law and regulation. The legalization of off-exchange derivatives trading through the Commodity Futures Modernization Act (CFMA) of 2000 was a major, if still generally unappreciated, cause of the collapse of several major US investment banks in the fall of 2008. But is the solution to re-regulate? Join veteran journalist Cynthia Harrington, CFA, as she interviews legal expert Lynn Stout in what promises to be a lively interchange on one of the regulatory regime changes. Lynn is one of a small cadre of lawyers who specialize in derivative regulation and a member of an even smaller number who warned of the impending doom. Professor Stout is the Paul Hastings Professor of Corporate and Securities Law at the University of California, Los Angeles School of Law and an internationally recognized expert in the fields of corporate governance, securities regulation, financial derivatives, law and economics, and moral behavior. Not simply an academic, Professor Stout also serves as Independent Trustee and Chair of the Governance Committee for the Eaton Vance family of mutual funds, and as an Adjunct member of the RAND Corporation. She has also served as Principal Investigator for the UCLA-Sloan Foundation Research Program on Business Organizations; as a member of the Board of Directors of the American Law and Economics Association; as Chair of the American Association of Law Schools Section on Law and Economics; and as Chair of the American Association of Law Schools Section on Business Associations. Professor Stout has also taught at Harvard Law School, NYU Law School, Georgetown University Law School, and the George Washington University National Law Center, and served as a Guest Scholar at the Brookings Institution in Washington, DC. She holds a B.A. summa cum laude and a Masters in Public Affairs from Princeton University and a J.D. from the Yale Law School. Registration Links: CFALA Members: $20.00 Non-members: $40.00 Time: 12:00pm – 1:30pm, lunch and refreshments to be provided. Location: California Plaza 2 350 S. Grand Ave, ETC Room (Map) Los Angeles, CA 90071 1
Transcript of UPCOMING PROGRAMS - CFALA · In this presentation, Leonard Mlodinow, PhD, demonstrates how our...
U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org
April 2010 Derivative Deregulation Caused Crash: Can More Deregulation Prevent Another? Wednesday, March 31, 2010 12:00 pm – 1:30 pm
Speaker: Lynn A. Stout Professor of Law, UCLA School of Law Chair: Adrianne Regrutto Speculative bubbles inflate and burst for many reasons. Sometimes those reasons are demographic and economic changes, and sometimes changes in law and regulation. The legalization of off-exchange derivatives trading through the Commodity Futures Modernization Act (CFMA) of 2000 was a major, if still generally unappreciated, cause of the collapse of several major US investment banks in the fall of 2008. But is the solution to re-regulate? Join veteran journalist Cynthia Harrington, CFA, as she interviews legal expert Lynn Stout in what promises to be a lively interchange on one of the regulatory regime changes. Lynn is one of a small cadre of lawyers who specialize in derivative regulation and a member of an even smaller number who warned of the impending doom. Professor Stout is the Paul Hastings Professor of Corporate and Securities Law at the University of California, Los Angeles School of Law and an internationally recognized expert in the fields of corporate governance, securities regulation, financial derivatives, law and economics, and moral behavior. Not simply an academic, Professor Stout also serves as Independent Trustee and Chair of the Governance Committee for the Eaton Vance family of mutual funds, and as an Adjunct member of the RAND Corporation. She has also served as Principal Investigator for the UCLA-Sloan Foundation Research Program on Business Organizations; as a member of the Board of Directors of the American Law and Economics Association; as Chair of the American Association of Law Schools Section on Law and Economics; and as Chair of the American Association of Law Schools Section on Business Associations. Professor Stout has also taught at Harvard Law School, NYU Law School, Georgetown University Law School, and the George Washington University National Law Center, and served as a Guest Scholar at the Brookings Institution in Washington, DC. She holds a B.A. summa cum laude and a Masters in Public Affairs from Princeton University and a J.D. from the Yale Law School. Registration Links: CFALA Members: $20.00 Non-members: $40.00 Time: 12:00pm – 1:30pm, lunch and refreshments to be provided. Location: California Plaza 2 350 S. Grand Ave, ETC Room (Map) Los Angeles, CA 90071
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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org
The USC/CFALA Joint Investment Workshops Encompassing The USC Practitioner Investment Strategy Workshop and The CFALA Academic Investment Perspectives Workshop Come join practitioners, academics, and students to hear a practitioner and an academic to talk about investment topics from their special perspectives. The workshops commence with an academic presentation at 4:30 p.m. - 5:30 p.m., followed by coffee, and then a practitioner presentation at 6:00 p.m. - 7:00 p.m. followed by a no-host dinner at a nearby restaurant. We meet at USC on the first Wednesday of each month. Upcoming Workshops: April 7, 2010 David Iben, CIO and Executive Managing Director, Tradewinds Global Investors David Hirshleifer, Professor, UC Irvine May 5, 2010 Dennis Johnson, CFA, Managing Director, Shamrock Capital Advisors Francis Longstaff, Professor, UCLA *RSVP to [email protected] or call 213-821-1126. Parking available for $8 in PSX at Gate 3. From Downtown Los Angeles, the F DASH runs every 20 minutes to USC.
Choice Under Uncertainty: The Rules of Randomness Tuesday, April 13, 2010 12:00 pm – 1:30 pm, Lunch Featured Speaker: Leonard Mlodinow, Ph.D. California Institute of Technology
Chair: Cynthia Harrington, CFA An Applied Behavioral Finance Group Event In this presentation, Leonard Mlodinow, PhD, demonstrates how our lives are profoundly informed by chance and randomness. Drawing from the detailed research in his bestselling book, The Drunkards Walk, and author of upcoming book on cognitive neuroscience and behavioral economics, Mlodinow shares the criteria for choice in the face of uncertainty. In this presentation, he will demonstrate the mathematical nature of chance and discuss the psychological illusions that keep us from factoring chance into our decisions. For instance, the psychological effect of expectation bias masks our ability to determine the role of chance in investment performance attribution. Being attuned to investor biases heightens awareness, especially to "fat tail" events, decreasing the likelihood of being surprised by randomness. Leonard Mlodinow received his doctorate in physics from the University of California, Berkeley, was an Alexander von Humboldt fellow at the Max Planck Institute. For his doctoral thesis he developed a new
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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org
approximation method in which you solve a problem in infinite dimensions, and then calculate corrections to account for the fact that we live in only three. His previous books include Euclid's Window: The Story of Geometry from Parallel Lines to Hyperspace, Feynman's Rainbow: A Search for Beauty in Physics and in Life, and, with Stephen Hawking, A Briefer History of Time. He now teaches about randomness to future scientists at California Institute of Technology. Event sponsor: Analytic Investors provides quantitatively-driven investment management services to corporations, public funds, foundations, and other institutional investors. Based in Los Angeles, Analytic employs over 70 professionals and manages approximately $9 billion as of December 31, 2009. Since its founding in 1970, the firm’s mission has been to fulfill clients’ objectives through rational, systematic identification of market opportunities, while minimizing the impact of human emotions that often dominate investment decision making. Analytic manages a range of equity and derivative-based assets for clients in relative benchmark and absolute-return-driven strategies. Registration Links: Members: $20.00 Non-Members: $40.00
Time: 12:00 pm – 1:30 pm, Lunch
Location: Omni Los Angles 251 South Olive Street Los Angeles, CA 90071 For directions call hotel: (213) 617-3300
Energy Infrastructure Investing with MLPs Why, how, and portfolio implications Tuesday, April 27, 2010 12:00 pm – 1:30 pm at the Omni Hotel, Downtown Los Angeles
Speaker: James J. Murchie Founder and CEO of Energy Income Partners, LLC
Chair: Charlotte Chamberlain
A Portfolio Manager Community of Interest program
MLPs currently offer a 7% yield and have grown their dividends 6-7% per year over the last 10 years. These two components of total return compare favorably with other asset classes. Why does this return opportunity exist and what are the risks?
James Murchie, Founder and CEO of Energy Income Partners, will discuss these and other issues at a luncheon hosted by the CFA Society of Los Angeles on Tuesday, April 27. Energy Income Partners is a registered investment advisor that specializes in managing portfolios in energy infrastructure that
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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org
generate stable and growing dividends by investing in MLPs, Income Trusts and similar equities. Among the topics Jim will discuss:
The MLP Asset Class: What is it, how large is it, who owns them and what is its history.
MLP tax advantages and complexities.
High payout ratio: good or bad?
What drives dividend growth?
Which sectors fit best with the asset class, which do not?
Volatility and Covariance – how MLPs can enhance portfolio risk/return characteristics
James Murchie founded Energy Income Partners, LLC (EIP) in 2003. EIP manages funds that invest in Energy Master Limited Partnerships, Income Trusts and other energy related securities that operate energy infrastructure assets such as fee-based pipelines, terminals and storage. The strategy has a tax-efficient yield-orientation and provides access to this alternative asset class.
From 1998 to 2003 Mr. Murchie managed a long/short fund that invested in both equities and commodities in the energy and basic materials sectors as head of Lawhill Capital.
From 1995 to 1997, he was a managing director at Tiger Management where his primary responsibility was investments in commodities and related equities.
From 1990 -1995 Mr. Murchie was a principal at Sanford C. Bernstein where he was a top-ranked energy analyst and sat on the Research Department’s Recommendation Review Committee.
Before joining Bernstein, he spent 8 years at British Petroleum in 7 operating and staff positions of increasing responsibility.
He has served on the board of Clark Refining and Marketing Company and as President and Treasurer of the Oil Analysts Group of New York.
He holds degrees from Rice University and Harvard University.
James has been married 30 years, has 3 daughters and lives in Westport, Connecticut.
Registration Links: CFALA Members: $20.00 Non-members: $40.00
Time: 12:00 pm – 1:30 pm, Lunch
Location: Omni Los Angeles 251 South Olive Street Los Angeles, CA 90071 For directions call hotel: (213) 617-3300
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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org
2010 Practice Exam - Levels I, II & III Saturday, May 15, 2010 8:15 am – 4:30 pm
The USC/CFALA CFA Review Program is pleased to once again offer a full-length practice exam prepared by the Boston Security Analysts Society (BSAS) to Southern California Candidates. Historically this has been a great tool for our area candidates as they approach the final weeks prior to the exam.
BSAS has a qualified team of over 25 question writers, their exams focus on the most recent Body of Knowledge® and test formats. The practice exam has proven to be a valuable study tool for candidates preparing for the exam.
• Full-length, properly formatted practice exam based on the 2010 Learning Outcome Statements® with both morning and afternoon sections.
• Detailed answer key with curriculum references, explanations and calculations (when appropriate).
Date: Saturday, May 15, 2010 Time: 8:15am - 4:30pm Cost: $100 Location: University of Southern California USC Map (coordinate 7E) - Hoffman Hall - Edison Auditorium Parking: University Parking Structures $8, Gate 3 Parking Structure "X" off of Figueroa is the closest.
Candidates enrolled in the USC/CFALA CFA Review Program need not register. The Practice Exam is part of your curriculum and it is listed on the class schedule.
REGISTRATION FOR THE PRACTICE EXAM CLOSES MAY13, 2010.
The full-length practice exam is designed to simulate the test-taking environment you will experience when you take the CFA exam on June 5th.
8:15am - 8:45am registration 8:45am - 9:00am exam instructions 9:00am - 12;00pm exam (part 1) 12:00pm - 1:30pm lunch break 1:30pm - 4:30pm exam (part 2)
Chair(s): William Krantz, CFA and Lawrence Harris, Ph.D. Cancellation Policy: Cancellation and refund requests must be made in writing. Cancellations/Refunds will not be accepted after May 13, 2010
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Register Here
For further information please contact 213-341-1164, x 701 or email [email protected]
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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org
Schweser Live CFA® Mock Exam Saturday, May 22, 2010 9:00 am – 4:30 pm
Presented by CFA Society of Los Angeles
Cost: $49.00 University of Southern California Marshall School of Business Hoffman Hall – Edison Auditorium
For information and registration click here
Education Registration Policies
INFORMATION Specific questions on course content should be directed to the course coordinator and education chair. General questions should be directed to Laura Carney at the CFALA administration office at 213-341-1164 x701 or e-mail: [email protected].
CONFIRMATIONS
The Society will only send confirmations of enrollment by e-mail. You will be notified if a course has been oversubscribed or canceled. If applicable: grades and/or certificates of completion will be made available only if requested from the course coordinator or instructor at the conclusion of the course. CANCELLATIONS Cancellations must be made in writing and received at least 5 business days before the first day of class. Please fax or e-mail cancellations to: (213) 341-1164 or [email protected]. All cancellations will incur a $30.00 processing fee. If canceled after the 5-day deadline, a 50% cancellation fee will be charged. The Society reserves the right to cancel any course for any reason. Society cancellation will usually occur because of insufficient preliminary enrollment. The Society will call registrants to notify them of any course cancellations. All prepaid fees will be refunded. The Society also reserves the right to change the location, date and/or time of a course, in which case prior notification will be given to students. PAYMENTS Make all checks payable and send to: CFA Society of Los Angeles, Inc., 350 S. Grand, Ste 1680, Los Angeles, CA 90071. Returned checks will incur a $35 returned check fee. You may also pay by credit card through our online registration at: http://www.cfala.org/cfmfiles/cal/eventlist1.cfm?t=g
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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org
Event Registration Policies CFALA MEMBER REGISTRATION GUIDELINES All reservations must be made via website. In order to assure quality and service to our members, please make reservations in advance. Please make your reservation online. Reservation deadline: 12 noon, two business days prior to an event. Limited space may be available after this deadline. No confirmations are made. You will only be contacted at the phone number provided on your RSVP if space is not available. CANCELLATIONS Cancellations must be received in writing by 9:00 am the day prior to the event. No phone cancellations are accepted. Please fax to the CFALA office at (213) 341-1164 or e-mail [email protected]. Member “no-shows” will be billed at $40 unless otherwise noted. CFALA members will be billed the additional $20 to meet the $40 "no-show" fee requirement. GUESTS Guest fees are $50 for CFALA events unless otherwise noted. Payment must be received prior to the event. Returned checks will incur a $35 charge.
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