CFA Institute Take 15 Podcast Series (Audio only version)

Better Investment Decisions Under Uncertainty

Wed, 23 May 2013 08:00:00 EST

Anil Gaba, Professor of Risk Management at INSEAD Business School, describes some of the challenges and solutions for investors of taking investment decisions under conditions of uncertainty.

Improving Client Service, Increasing Philanthropic Capital: The Financial Adviser’s Role

Wed, 15 May 2013 08:00:00 EST

Jim Coutré explains why supporting clients in their philanthropy can be a triple win, benefiting the client, the financial adviser’s practice, and society.

Challenges and Opportunities for Arab Securities Regulators

Wed, 08 May 2013 EST

Jalil Tarif, secretary general at the Union for Arab Securities Authority, explains the challenges and opportunities facing the securities regulators in the Arab countries.

Investment Professionals in MENA Favor Political Stability and Good Governance

Wed, 1 May 2013 08:00:00 EST

Dr. Bassem I. Awadallah provides expert commentary on some of the findings of CFA Institute survey of investment professionals in the Middle East and North Africa (MENA) region which was done in Feb-Mar, 2013.

Detecting Asset Bubbles Before They Burst

Wed, 24 Apr 2013 08:00:00 EST

Vikram Mansharamani discusses five lenses for identifying historical asset bubbles that then burst and provides examples of where his lenses point to a bubble and where they don’t point to a bubble.

The Global Impact of the U.S. Shale Energy Boom

Wed, 17 Apr 2013 08:00:00 EST

Robert Johnston addresses the prospects for the U.S. becoming a natural gas superpower, and the global geopolitical and investment implications of the U.S. shale energy boom.

QFII, RQFII and the IPO Pipeline: A New Era for China A-Shares?

Wed, 10 Apr 2013 08:00:00 EST

Mr. Anthony Yau, who has been managing portfolios in the A-shares market for several years at State Street Global Advisors as senior portfolio manager and head of Asia emerging markets, discusses the issues and outlook of the domestic equity market in China.

Modern Portfolio Theory and Behavioral Finance: The Mathematics of Turbulence

Wed, 3 Apr 2013 08:00:00 EST

Kent Osband offers that the mathematics of turbulence provides a mathematical framework for bridging modern portfolio theory’s rationalism with behavioral finance’s irrationalism.

An Update on the Banking Industry with Michael L. Mayo, CFA

Wed, 27 Mar 2013 08:00:00 EST

Michael L. Mayo, CFA, discusses the state of corporate governance, whether he expects to see more shareholder activism, and how breaking up the mega-banks would unlock value for shareholders.

Equity Market Outlook with Strategas’ Jason Trennert

Wed, 20 Mar 2013 EST

Jason Trennert of Strategas offers his sometimes contrarian outlook for equity markets while sharing insights on the European currency crisis and the prospects for inflation.

Bank Credit Quality after the Great Recession: An Interview with an Insider’s Outsider

Wed, 13 Mar 2013 08:00:00 EST

Kamal Mustafa discusses how best to examine and understand bank credit quality.

Dodd Frank Act: A New Paradigm for Family Offices

Thu, 07 Mar 2013 08:00:00 EST

David Guin, a partner at Withers Bergman LLP, discusses the implications of the SEC’s new definition of family offices and explains what a good compliance policy should look like.

Economics of the Arab Spring: Is Regional Integration MENA’s Best Option?

Wed, 27 Feb 2013 EST

Dr. Adeel Malik explains why he thinks regional economic integration and a strong private sector are essential to address the economic challenges, such as youth unemployment, facing the Middle East and North Africa (MENA) region.

The Future of the MBA: Financial Professionals in a Changing World

Wed, 20 Feb 2013 08:00:00 EST

Robert F. Bruner, Dean of the Darden School of Business at the University of Virginia, discusses the evolution of the MBA program.

The Church of England as an Institutional Investor

Wed, 13 Feb 2013 EST

Edward Mason shares his views on how the Church of England reflects its moral values in its investments as an institutional investor.

The Importance of Financial Crises: Past and Present

Wed, 06 Feb 2013 08:00:00 EST

Robert F. Bruner discusses the importance of financial crises. He focuses on the importance of studying past crises in order to better understand and mitigate future crises.

Understanding India's Economy and Capital Markets: Past, Present, and Future

Wed, 30 Jan 2013 08:00:00 EST

Satyajit Das, former banker and author of Traders, Guns, and Money, and Extreme Money, discusses and assesses India's recent reform efforts.

Making the Case for Equities

Wed, 23 Jan 2013 08:00:00 EST

Jeremy J. Siegel asserts that historical asset class returns, the prospect for continued strength in corporate earnings, and current valuation levels all support the case for investment in equities.

Insights from an Indexing Pioneer

Wed, 16 Jan 2013 08:00:00 EST

Gus Sauter reflects on the merits of passive and active investing, while sharing his thoughts on financial industry innovation.

The Future of the Wealth Management Industry

Wed, 9 Jan 2013 EST

Sebastian Dovey explains the importance of a deeper understanding of the client, the implications of the digital revolution, the cross-cultural influences on client profile, and how these dynamics will shape the future of the wealth management industry.

Insights into Investing in Africa

Wed, 19 Dec 2012 EST

Dr. Nkosana Moyo shares some of the longer term political-economic developments taking place in Africa and explains why he believes the perception of risks in Africa is worse than reality.

Key Macroeconomic Risks and Portfolio Management Implications

Thu, 13 Dec 2012 08:00:00 EST

Campbell Harvey discusses the limitations of quantitative easing in today's macroeconomic environment. His analysis has implications for the role of commodities, specifically gold, in a diversified portfolio.

How Experience Determines Financial Risk Preferences

Wed, 5 Dec 2012 EST

Joachim Klement examines the role of personal experiences in determining financial risk preferences among investors, and how this can help financial advisers.

An Options Approach to Analyzing and Managing Macro-Financial Risk

Mon, 03 Dec 2012 08:00:00 EST

Nobel laureate Robert C. Merton challenges traditional models used by investors to measure sovereign and financial system credit risk, while proposing an alternative framework.

Global Geopolitics: Identifying Sources of Risk and Understanding Market-Moving Turmoil

Wed, 14 Nov 2012 08:00:00 EST

Willis Sparks discussed whether we are likely to see more market-moving turmoil around the globe over the next decade and why geopolitics is increasingly becoming a factor in investment decisions.

Eurozone Crisis: Is the End in Sight?

Wed, 7 Nov 2012 EST

Wolfgang Münchau discusses the current state of the Eurozone crisis and potential resolutions. He explains potential implications of a breakup and the costs and benefits to various countries across the region.

Crush of Debt Threatens First World

Wed, 31 Oct 2012 08:00:00 EST

Lacy H. Hunt examines research that demonstrates how current levels of first world debt threaten to cause an economic catastrophe unless action is taken soon.

Finding Investments in a Low Yield Environment

Wed, 25 Oct 2012 08:00:00 EST

Leo J. de Bever discusses ways of finding global investment opportunities in the current low yield environment.

ETFs and Other ETPs: Key Global Trends and Industry Outlook for the Asia-Pacific Region

Wed, 17 Oct 2012 08:00:00 EST

Deborah A. Fuhr discusses the landscape and key trends in the global ETF/ETP industry as well as the recently implemented RQFII scheme in China and other developments in the Asia-Pacific markets, giving her views about the outlook for the ETF/ETP industry in the region.

Overcoming Key Challenges in Portfolio Management: Fat Tails, Downside Risk, Equity Risk Premium, and Trade Execution

Wed, 10 Oct 2012 08:00:00 EST

Dr. Peng Chen, CEO Asia (ex-Japan) at Dimensional Fund Advisors, a firm noted for its collaboration with Nobel laureates and top financial economists, discusses the latest development in investment portfolio management that deals with the key challenges that are once again highlighted by the global financial crisis.

Fixed Income in a Prolonged Low-Interest Environment

Wed, 03 Oct 2012 08:00:00 EST

With interest rates so low, and a Fed determined to keep them low for a prolonged period, does it make sense to allocate money to fixed income securities right now?

The Value of Constructive Dissonance

Wed, 26 Sep 2012 08:00:00

John Linehan, CFA, describes his firm’s investment philosophy and the value of "constructive dissonance," and discusses why maintaining a global perspective is more important than ever.

Key Trends and Issues for Financial Advisers

Wed, 19 Sep 2012 08:00:00

Michael Kitces discusses some of the key issues and trends for financial advisers, including the looming fiscal cliff and the potential for tax rates to rise significantly in the future.

Value Manager Focused on Free Cash Flow

Wed, 12 Sep 2012 08:00:00 EST

Sam Peters, CFA, discusses his firm’s free cash flow-based approach to valuation, and the challenges and opportunities in today’s stock market.

Analyst Risks and Pitfalls: Best Practices for Investment Research

Wed, 5 Sep 2012 08:00:00 EST

Jeremy Bolland discusses the best practices for banks, brokerages, and research analysts for the production and dissemination of investment research, as well as the regulatory landscape in the Asia Pacific region.

Marc Faber: Money Printing Bad, Hard Assets Good

Wed, 29 Aug 2012 08:00:00 EST

Marc Faber, editor of "The Gloom, Boom and Doom Report", speaks about his views on money printing, inflation, central banking, China, the Eurozone, and the Fed’s monetary policy.

Ethical Behavior in the Investment Industry

Wed, 22 Aug 2012 08:00:00 EST

John R. Boatright discusses the ethical issues facing investment professionals in the investment industry and how to manage them.

Venture Capital: Excess Capital Meets Revolution in Software

Fri, 17 Aug 2012 08:00:00 EST

Chris Douvos of Venture Investment Associates speaks about the evolution of the venture capital industry.

Investing Globally: The Rise of the Middle Class

Wed, 8 Aug 2012 08:00:00 EST

John P. Calamos, Sr., discusses the rise of the middle class in emerging markets and what investors in these markets should focus on.

Pension Finance with Barton Waring

Wed, 25 Jul 2012 08:00:00 EST

Learn ways that defined benefit funds can be modified to provide adequate benefits for employees and acceptable cost for employers.

Daniel Kahneman Discusses the Past and Future of Behavioral Finance Research

Thu, 19 Jul 2012 08:00:00 EST

Nobel Laureate Daniel Kahneman discusses behavioral finance with Ashvin Chhabra, including what insight the discipline can lend to the global financial crisis and the direction of future research.

Why Emotional Intelligence Is Critical to Your Success

Tue, 10 Jul 2012 08:00:00 EST

Demonstrating proficiency in emotional intelligence is a critical skill set that is in demand across all roles in the investment industry. Why is this the case, are there challenges unique to investment professionals, and what practical steps can you take to develop this soft skill?

Hedge Funds: A Stabilizing Force for the Financial System

Tue, 3 Jul 2012 08:00:00 EST

Sebastian Mallaby makes the case that hedge funds are important providers of liquidity to financial markets and not a destabilizing threat to the financial system.

The State of Lie Detection in Finance

Fri, 29 Jun 2012 08:00:00 EST

Dr. Maria Hartwig, a deception and lying behavior expert, discusses the state of lie detection in finance. She also reviews important lie detection research and what the future holds for lie detection in finance.

Key Principles for Successful Private Client Investing

Wed, 27 Jun 2012 08:00:00 EST

Dean A. Junkans, CFA, discusses the most interesting and most surprising results of a recent survey of 500 individual investors.

Fatal Conceit: What the Fed Imagines It Can Design

Fri, 15 Jun 2012 08:00:00 EST

Gary P. Brinson, CFA, discusses the impact that the Federal Reserve's prolonged low-rate environment is having on plan sponsors. He argues that we are observing Hayek's fatal conceit where a handful of people in the government imagine they can redesign markets and do better than markets themselves can.

Risks and Opportunities in the MENA Economies

Wed, 06 Jun 2012 08:00:00 EST

Dr. George Abed, Senior Counsellor and Director for Africa and Middle East at the IIF, discusses the economic and political transition taking place among the Arab countries around the Mediterranean and implications for the wider region.

Driving Forces in Currency Markets and the Renminbi

Wed, 30 May 2012 08:00:00 EST

Professor Avinash D. Persaud followed and traded the currency markets for many years at UBS, J.P. Morgan, and other institutions. He shares the insight he accumulated and discusses the real driving forces in currency markets over periods that matter to investors and corporations. The situation of the Renminbi in the context of his framework is also discussed.

Consumption vs. Investment: The Gigantic Task of Rebalancing the Chinese Economy and the Investment Implications

Wed, 23 May 2012 08:00:00 EST

Professor Patrick Chovanec discusses the economic and investment implications involved in rebalancing the Chinese economy. He touches upon the current economic climate in light of the 2008 financial crisis with regards to China's infrastructure, a trend toward urban migration, and general investment trends since the crisis.

Free Markets in Russia

Wed, 16 May 2012 08:00:00 EST

John T. Connor discusses how Russia’s markets are more open and free than commonly thought. He also discusses the growth of the investable universe of companies over the past 15 years.

China: Nothing Is Investable, but Everything Is Tradable!

Wed, 02 May 2012 08:00:00 EST

Fraser Howie discusses fundamental issues with China’s banking system. Specifically, he explains China’s continual creation of superficial solutions to problems, which often fail to solve the underlying issues.

Dark Pools and Market Transparency

Mon, 30 Apr 2012 08:00:00 EST

Frédéric Romand discusses the role of dark pools and their relative merits and drawbacks in the context of equity market investing. The importance of transparency and information quality is also addressed, along with efforts to achieve more consistent regulation.

The MENA Economy: One Year after the Arab Spring

Wed, 25 Apr 2012 08:00:00 EST

Henry T. Azzam shares his views on economic prospects of the Middle East and North Africa (MENA) region one year after the Arab Spring.

The Good, the Bad, the Ugly of Target-Date Retirement Funds

Wed, 18 Apr 2012 08:00:00 EST

Although target-date retirement funds are a ubiquitous retirement planning tool, their glide paths vary considerably from one provider to the next. Moreover, the glide paths themselves tend to change over time. Thomas M. Idzorek, CFA, discusses the problems associated with benchmarking these instruments and outlines a glide path stability score.

Defining, Motivating, and Achieving Client Engagement

Wed, 11 Apr 2012 08:00:00 EST

Julie Littlechild discusses how enhancing client engagement can support referrals and how to increase the likelihood that your clients become your most ardent advocates.

A New Take on Behavioral Finance

Wed, 04 Apr 2012 08:00:00 EST

Greg B. Davies explains the concept of behavioralizing finance and the implications for the wealth management industry.

Best Practices in Managing Outliers in the Investment Industry

Wed, 28 March 2012 08:00:00 EST

Keith Robinson provides practical advice on how to identify outliers, discusses the impacts they can have on a firm’s culture, and offers best practices and strategies in managing outliers.

India's Opportunities in Tomorrow's World

Wed, 21 March 2012 08:00:00 EST

Clint R. Laurent discusses how the resolution of sovereign debt problems in the United States and the Eurozone will affect economic activity and the flows of trade and finance across the globe.

Trends in Algorithmic Trading and Developments in Asia

Wed, 14 March 2012 08:00:00 EST

Giorgio Valente discusses recent trends in algorithmic and high frequency trading and related developments in the Asia Pacific region.

Turning Colleagues into Partners in Complying with the GIPS Standards

Thu, 08 Mar 2012 08:00:00 EST

Ann F. Putallaz, CIPM, discusses the role of an investment performance leader, or GIPS champion, within a GIPS compliant firm.

Global Demographic Trends and Investment Opportunities in Africa

Wed, 29 Feb 2012 08:00:00 EST

Richard Hokenson discusses the investment implications of global demographic trends and the investment opportunities these trends represent for Africa.

India: Rediscovery and Investment Outlook

Wed, 22 Feb 2012 08:00:00 EST

Lord Meghnad Desai discusses his "rediscovered" historical perspective on India as well as the Indian economy, capital markets, and its people going forward and the implications for investment professionals.

New Tool for Bond Managers: Leveraging on Equity Market Analysis to Outperform?

Wed, 15 Feb 2012 08:00:00 EST

Dan diBartolomeo discusses how bond managers can leverage information in equity markets to improve performance.

Trends in Investment Reporting and Challenges in Performance Reporting to Private Wealth Clients

Wed, 08 Feb 2012 08:00:00 EST

This Take 15 interview with James M. Edmonds, CFA, sheds light on the intricacies and challenges of performance reporting for high-net-worth investors and financial advisers.

Selecting and Implementing a Fixed-Income Attribution System

Thu, 02 Feb 2012 08:00:00 EST

Ralf Hudert, CIPM, discusses practical issues selecting and implementing a fixed-income attribution system.

The Benefits of Complying with the GIPS Standards

Wed, 25 Jan 2012 08:00:00 EST

Iain W. McAra provides insight into the many benefits gained by firms claiming compliance with the Global Investment Performance Standards (GIPS).

The New Normal, Cap-Weighted Indexing, and Passive Strategies in Europe and Asia

Wed, 18 Jan 2012 08:00:00 EST

Lower expectations for economic growth and capital markets returns stem from increasing indebtedness and deficits, as well as from demographic trends in the "New Normal." Jason Hsu discusses the implications for passive index strategies and cap-weighted index investing and talks about how asset owners and investing institutions view these issues in Europe and Asia.

The Case for Investing in Africa

Wed, 11 Jan 2012 08:00:00 EST

Clifford D. Mpare, CFA, discusses which African nations have the most improved macro environments and how these factors can support equity investments. Mr. Mpare also explores valuation of African equities including long-term trends, sectors of interest, and company case studies, as well as the importance of diversification.

The Risk Factors and Economic Impact behind Commercial and Sovereign Debt

Wed, 04 Jan 2011 08:00:00 EST

Stephen G. Cecchetti discusses commercial bank leverage, calculating risk weightings, and the long-term effects of excessive sovereign debt.

ROE The Wrong Performance Measure for Banks (Take 15 Series)

Wed, 28 Dec 2011 08:00:00 EST

Robert Jenkins cites the flaws in the traditional Return on Equity (ROE) measure in measuring bank financial performance and proposes some much needed alternatives.

How Much Is the Financial Sector Contributing to the Real Economy?

Wed, 21 Dec 2011 08:00:00 EST

Roger Bootle shares his views on concerns about the relative size of pay and performance in the financial sector as well as what needs to be done to address these concerns.

Valuation: Lessons Learned from the Crisis

Thu, 15 Dec 2011 08:00:00 EST

Steven J. Sherman discusses the role of the International Valuation Standards Council and how it differs from that of the accounting standard setters.

Evolution of Risk Reporting: What’s Next?

Wed, 30 Nov 2011 08:00:00 EST

Frances Barney, CFA, reveals the latest trends in risk reporting, which lead to increased transparency and control exposures.

Evaluating Performance Attributions and New Models to Measure Risk

Wed, 16 Nov 2011 08:00:00 EST

Carl R. Bacon, CIPM, a performance measurement specialist, discusses the evolution of performance attribution, the latest developments in performance measurement, and the issue of ex post risk.

Applying Institutional Principles in the Wealth Management Industry

Wed, 09 Nov 2011 08:00:00 EST

What can the private client advisory arena learn from the institutional business? David B. Smith, CFA, draws on a career straddling the private wealth and institutional worlds to provide important lessons.

Incorporating Environmental, Social, and Governance Standards in Emerging Market Companies

Tue, 01 Nov 2011 08:00:00 EST

Helga Birgden discusses responsible investing practices in Asia Pacific and makes a comparison with those in Europe and North America. She also addresses the latest trends in ESG investing globally and in Asia Pacific and the implications for the investment industry, as well as other pertinent issues.

Is Liquidity the Missing Equity Investment Style?

Wed, 26 Oct 2011 08:00:00 EST

Roger Ibbotson argues that a liquidity strategy meets the criteria for a legitimate and sustainable style with clear performance advantages.

Why Is Leadership Critical to Your and Your Firm’s Success?

Wed, 19 Oct 2011 08:00:00 EST

James Ware, CFA, discusses the importance of leadership skills in the investment industry in light of the recent global financial crisis, how firm culture contributes to (or detracts from) success, and critical skills investment professionals need in today’s climate.

Rebalancing: What’s Next for the China Growth Story?

Wed, 12 Oct 2011 08:00:00 EST

Michael Pettis reviews the growth track record of China over the past decades and discusses how rebalancing from an investment and export driven economy to a more consumption focused economy could take place going forward. He also discusses Renminbi internationalization and the impact that China’s rebalancing could have on Australia and similar commodity exporting countries.

Global Investing in the New World Order

Wed, 05 Oct 2011 08:00:00 EST

With much of the developed world in a sovereign debt crisis, what implications will this have on your portfolio risk profile, benchmark, and asset allocation? Having spent his entire career in emerging market and non-U.S. investments, Jeffrey P. Davis, CFA, describes what he believes is a fundamental shift in the global market portfolio.

High-Frequency Trading, Flow Toxicity, and the Flash Crash

Thu, 29 Sep 2011 08:00:00 EST

Maureen O'Hara discusses high-frequency markets, algorithmic trading, flow toxicity, and differential access to price information in Asia, as well as the flash crash and market fragmentation.

Sovereign Credit Risk and Market Turmoil: Challenges for China's Economic Policies

Mon, 26 Sep 2011 08:00:00 EST

Jing Ulrich discusses the economic situation in China, the challenges for policymakers, the development of China's capital markets, and the management of trillions of dollars of foreign exchange reserve assets.

Lower Volatility and Higher Yield with Options

Wed, 14 Sep 2011 08:00:00 EST

Matthew T. Moran discusses using options and futures to manage risk and improve income.

Superior Risk Management through Value Investing

Wed, 07 Sep 2011 08:00:00 EST

Charles K. Bobrinskoy describes how Ariel Investments puts Buffett value investing principles to work.

Ethics in Investment Management

Wed, 31 Aug 2011 08:00:00 EST

Industry expert Marianne M. Jennings discusses the ethical issues present in the financial crisis including the seven signs of ethical collapse, cross-cultural differences in ethics, and what universities can do to promote ethical behavior.

Rogers of Ariel Investments Is Bullish on Equities

Wed, 24 Aug 2011 08:00:00 EST

John W. Rogers, Jr. discusses his 30 years of investment experience and compares today's markets with those of the early 1980s.

How Are Asian Financial Institutions Impacted by Changing Accounting and Regulatory Regimes?

Wed, 17 Aug 2011 08:00:00 EST

Yin Toa Lee, CFA, reviews the new global regulatory initiatives and changing accounting standards and their business impacts on Asian financial institutions.

Synthetic Risk and Reward Indicator: Simplifying or Over-Simplifying Risk?

Wed, 10 Aug 2011 08:00:00 EST

Paul D. Kaplan, CFA, shares his analysis of the Synthetic Risk and Reward Indicator (SRRI) that has been introduced by the European Commission for investment funds as a part of the UCITS.

Wall Street Revalued

Wed, 3 Aug 2011 08:00:00 EST

Andrew Smithers discusses why the U.S. equity market is currently overvalued and argues that central banks should be encouraging a reduction in debt levels and quality growth over time, rather than rapid growth now.

The Latin American Investment Climate

Wed, 20 Jul 2011 08:00:00 EST

Melvin Escudero discusses some of the elements that will be critical for Latin America's continued growth into the future.

The Gold Standard: Is It an Option?

Wed, 13 Jul 2011 08:00:00 EST

John Authers discusses the merits of returning to the gold standard and offers some potential alternatives.

Geopolitical Joust

Thu, 7 Jul 2011 08:00:00 EST

As the globalization of the investment profession continues and international uncertainty abounds, geopolitical risks are growing in importance. Pippa Malmgren examines these risks and highlights ways to identify and deal with their challenges.

The Investment Philosophy of a Seasoned Investor

Wed, 29 Jun 2011 08:00:00 EST

Felix Zulauf shares his investment philosophy and his views on the Euro and investing in gold.

Demographic Trends and Their Investment Implications

Mon, 20 Jun 2011 08:00:00 EST

Dr. Amlan Roy discusses the implications of demographic trends for geographic regions, countries, and industries.

Sustainability and Pension Fund Investing

Wed, 15 Jun 2011 08:00:00 EST

Roger Urwin discusses the concept of sustainability as it applies to pension fund investing.

Failures and Successes of Wall Street

Wed, 8 June 2011 08:00:00 EST

Roger Lowenstein discusses the continued importance of Wall Street, but takes issue with abusive practices that led to asset bubbles and costly bailouts.

Hedge Fund Alpha: Where to Find It and How to Capture It

Tue, 31 May 2011 08:00:00 EST

Clifford S. Asness addresses issues regarding hedge funds, including the different risk and reward profiles of various strategies, the never-ending quest for alpha, and the growing interest in hedge fund replication.

ESG Data and the Investment Process

Wed, 25 May 2011 08:00:00 EST

Curtis Ravenel discusses the use of environmental, social, and governance factors in the investment management process and the data currently available in these areas.

Managing an Investment Management Firm

Wed, 18 May 2011 08:00:00 EST

Howard Marks, CFA, discusses his widely read client memos, his core investment philosophy, and strategies for making sure culture and philosophy at his firm are properly aligned across regions.

The Proper Role of the Fed

Wed, 11 May 2011 08:00:00 EST

William Poole discusses the history of the Federal Reserve in the United States and the evolution of its mandates over time.

Geopolitical Risks and Trends

Wed, 4 May 2011 08:00:00 EST

Kevin Kajiwara discusses the global investment implications of current geopolitical trends and risks.

The Power behind Investing in Alternative Energy

Wed, 27 Apr 2011 08:00:00 EST

Russell Read, CFA, discusses the changing dynamics and where the opportunities lie for alternative energy.

Japan: Change in a Time of Crisis

Fri, 22 Apr 2011 08:00:00 EST

Yasuhiro Oshima, CFA, gives his thoughts on Japan's recovery from the recent earthquake, tsunami, and nuclear crises.

Incorporating Family Dynamics into a Wealth Manager's Advisory Process

Wed, 20 Apr 2011 08:00:00 EST

Lisa Gray discusses the importance of incorporating family dynamics into the advisory process.

The Proper Role of Art in an Investment Portfolio

Wed, 13 Apr 2011 08:00:00 EST

The allure of investing in art is compelling to many investors, but is unfamiliar territory to many financial advisers. Jeffrey Horvitz discusses the pros and cons of adding art to your portfolio.

Risk and Portfolio Management

Wed, 06 Apr 2011 08:00:00 EST

Attilio Meucci, CFA, offers a systematic approach to risk and portfolio management and describes some of the challenges and tradeoffs investors face when it comes to controlling risk in their portfolios.

Reflections on Decision Making and Counterintuition

Thu, 31 Mar 2011 08:00:00 EST

Michael J. Mauboussin discusses the role of technical competence, "counterintuition," and the application of multiple mental models to the discipline of financial analysis.

Incorporating ESG Data in the Investment Process

Wed, 23 Mar 2011 08:00:00 EST

Michelle Clayman, CFA, discusses incorporating non-financial environmental, social, and governance (ESG) data in the investment process.

Free Cash Flow and the Cost of Equity Capital

Wed, 16 Mar 2011 08:00:00 EST

Kenneth S. Hackel, CFA, author of the book Security Valuation and Risk Analysis, challenges traditional thinking on important concepts like the cost of capital and free cash flow.

Equity Risk Premiums

Thu, 10 Mar 2011 08:00:00 EST

Clifford S. Asness discusses a recent roundtable meeting on the equity risk premium (ERP) where forecasts for the future ERP were below historical levels.

Compensation Discussion and Analysis Template

Wed, 02 Mar 2011 08:00:00 EST

Kurt Schacht, CFA, discusses the new CFA Institute Compensation Discussion and Analysis Template.

Hedge Fund Leverage

Wed, 23 Feb 2011 08:00:00 EST

Andrew Ang analyzes the use of leverage in hedge funds including the high and low ranges in leverage, which strategies employ more leverage, and how the levels of leverage have changed based on changing market conditions.

Criticisms of Traditional DCF Analysis

Wed, 16 Feb 2011 08:00:00 EST

Professor Aswath Damodaran discusses current approaches to valuation, particularly discounted cash flow valuation.

Value Investing Perspectives

Wed, 02 Feb 2011 08:00:00 EST

Matthew B. McLennan, CFA, discusses his firm's utilization of classic Graham and Dodd investing principles and shares his perspectives on the current opportunities and risks in the equity markets.

Behavioral Finance Compared to Efficient Markets

Wed, 26 Jan 2011 08:00:00 EST

Christopher Malloy contrasts the efficient market hypothesis and behavioral finance and discusses how investors can think about an inefficient market.

Best Practices in Fund Management

Wed, 19 Jan 2011 08:00:00 EST

Daniel Broby, FSIP, discusses some of the best practices in the fund management industry today, the importance of fiduciary responsibility, and the role of codes of conduct.

Opportunities and Challenges in Eastern European Markets

Wed, 12 Jan 2011 08:00:00 EST

Lars Christensen discusses central and eastern European markets and compares them with other emerging markets.

The State of European Banks and Credit Markets after the Financial Crisis

Wed, 29 Dec 2010 08:00:00 EST

Matt King discusses how recent regulation affects credit investors and markets, noting that these are palliatives that are overshadowed by huge debt accumulation.

Convergence of Accounting Standards

Tue, 21 Dec 2010 08:00:00 EST

Karl Debenham shares his views on the benefits and implications of the convergence of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

The Role of Family Governance in Private Wealth Management

Tue, 14 Dec 2010 08:00:00 EST

Barbara Hauser discusses the kinds of families that can benefit from a formalized governance structure and discusses key considerations when implementing a family governance plan.

How the Corruption of Capitalism Is Affecting the Economic and Capital Markets Outlook

Mon, 06 Dec 2010 08:00:00 EST

Richard Duncan discusses the corruption of capitalism, the secular decline of developed economies, and how global imbalances are destabilizing the world economy.

Family Governance and Intergenerational Planning in Asia

Thu, 02 Dec 2010 08:00:00 EST

Dr. Roger King reviews characteristics and complexities of Asian wealth-owning families and the role of family governance in preserving family relationships.

Considerations in Emerging Market Debt Investing

Fri, 12 Nov 2010 08:00:00 EST

Kristin J. Ceva, CFA, discusses how emerging market debt fits into a global portfolio from the perspectives of risk, return, and correlation.

Applying Asset Liability Management to Private Wealth Management

Fri, 12 Nov 2010 08:00:00 EST

Dan diBartolomeo discusses how pension fund managers have long used asset-liability management (ALM) to manage pension assets.

Lessons from Japan's Balance Sheet Recession

Thu, 04 Nov 2010 08:00:00 EST

Richard Koo discusses effects on Japan's economic growth and policy responses from the real estate bubble that burst in Japan 20 years ago.

Developments and Opportunities in the Emerging Markets Fund Management Industry

Fri, 29 Oct 2010 08:00:00 EST

Aaron Low, CFA, describes development in the industry in these emerging markets, including the evolution of different business models and prospects for hedge funds.

Applying Capital Management Concepts in Managing Wealth

Fri, 22 Oct 2010 08:00:00 EST

Michael Syn discusses the basic concepts of capital management and why it is important in wealth management. He offers a fresh perspective on asset allocation as it relates to mean reversion, market timing, bet sizing and leverage.

Risk Management in Fund of Funds Portfolios

Thu, 07 Oct 2010 08:00:00 EST

Peter D.A. Stein, CFA, discusses the fallout from the endowment model investment approach of heavily relying on illiquid alternative investments.

Faith-Consistent Investing

Thu, 07 Oct 2010 08:00:00 EST

Séamus P. Finn shares his views on faith consistent investing in the Christian tradition.

U.S. Residential Real Estate Markets and Financing

Mon, 27 Sep 2010 08:00:00 EST

Michael Lustig discusses the state of the U.S. residential real estate market and the future of residential mortgage securitization finance including the role of Fannie Mae and Freddie Mac.

Low Volatility Equity Portfolios

Mon, 20 Sep 2010 08:00:00 EST

Roger Clarke discusses his research into the returns of low volatility vs. high volatility portfolios.

Rethinking Risk and Diversification

Tue, 07 Sep 2010 08:00:00 EST

Scott Welch discusses whether diversification failed, the best way to manage risk, and the future of the Yale endowment model.

Investing in Farmland

Thu, 02 Sep 2010 08:00:00 EST

Shonda Warner discusses the prospects for the agriculture industry, how to invest in farmland, and risks in the farmland sector.

After-Tax Mutual Fund Reporting

Mon, 30 Aug 2010 08:00:00 EST

Doug S. Rogers, CFA, discusses the history of after-tax mutual fund reporting, and the basics of pre- and post-liquidation reporting, and how to use after-tax reporting in making investment decisions.

Sensible Decumulation Strategies

Fri, 27 Aug 2010 08:00:00 EST

Robert N. Gordon discusses retirement withdrawal strategies and tax considerations, as well as other questions that remain unanswered.

The Role of Frontier Equity Markets in Portfolio Management

Mon, 23 Aug 2010 08:00:00 EST

Cliff Quisenberry, CFA, discusses the risk and return characteristics of frontier equity markets and their role in a diversified portfolio.

Volatility and Tax-Aware Investment Management

Thu, 19 Aug 2010 08:00:00 EST

Paul Bouchey, CFA, discusses the effect of volatility on long-term capital accumulation and the implications for active tax-management and tax-aware passive portfolio management.

How to Deal with Irate Clients

Mon, 16 Aug 2010 08:00:00 EST

Richard L. Peterson provides a medical and emotional description of irate clients and discusses techniques for dealing with them and how advisors should frame solutions.

Information Exchange in Global Private Banking

Thu, 12 Aug 2010 08:00:00 EST

Philip Marcovici discusses the implications of increased cross-border information exchanges, the forces driving bank secrecy, and how to regularize a client's tax situation.

Family Offices: Trends and Success Factors

Mon, 09 Aug 2010 08:00:00 EST

Laird Pendleton discusses recent trends and changes in multi- and single-family offices and regional differences between the two models.

Identifying Accounting Shenanigans

Fri, 06 Aug 2010 08:00:00 EST

Howard Schilit reviews a few cases of accounting fraud and discusses techniques on how to identify accounting irregularities.

Estimating Market Volatility with Sentiment Data

Mon, 02 Aug 2010 08:00:00 EST

Dan diBartelomeo discusses how to estimate market sentiment and how to incorporate it into portfolio management and use it to estimate volatility.

Geopolitics and Investing

Fri, 30 Jul 2010 08:00:00 EST

Ian Bremmer discusses the geopolitics of the BRIC nations, the Greek debt crisis, and the dramatic global political change over the last 18 months.

Analyzing Hedge Funds

Mon, 26 Jul 2010 08:00:00 EST

Ted Seides, CFA, discusses hedge funds, due diligence, and quantitative/qualitative issues with hedge fund selection.

Applying Financial Engineering to Wealth Management

Mon, 19 Jul 2010 08:00:00 EST

Zvi Bodie discusses a new starting point for evaluating client needs and approaching wealth management as an exercise in risk management.

Benjamin Graham: Building a Profession

Mon, 12 Jul 2010 08:00:00 EST

Rodney Sullivan, CFA, discusses with Jason Zweig a new collection of articles written by Ben Graham.

Give Us (Earnings) Guidance

Mon, 21 Jun 2010 08:00:00 EST

Vahan Janjigian, CFA, discusses why efforts to curb earnings guidance are misguided and how best to provide guidance.

Portfolio Management through Time: Transaction Costs, Rebalancing, and Taxes

Mon, 21 Jun 2010 08:00:00 EST

Scott Stewart, CFA, discusses main elements of portfolio shortfall and transaction costs and the impact of rising tax rates.

Issues in Risk Management

Mon, 14 Jun 2010 08:00:00 EST

Richard Bookstaber discusses risk management issues such as liquidity risk, fat tails, and challenges with correlation.

Insights on Human Behavior and Markets

Mon, 07 Jun 2010 08:00:00 EST

Dan Ariely discusses Behavioral Economics vs. Rational Economics and the future directions of economic research.

Exchange-Traded Funds: What Investors Need to Know

Wed, 02 Jun 2010 08:00:00 EST

Mark Armbruster, CFA, discusses what makes ETFs different from mutual funds and the advantages and disadvantages of ETFs.

Asset Liability Management in Private Wealth

Tue, 25 May 2010 08:00:00 EST

Noël Amenc discusses current private wealth management practices and how they can take into account a client's specific concerns regarding risk management, spending objectives, and time horizon.

Strategic Wealth Management in Asia and Europe

Tue, 25 May 2010 08:00:00 EST

Stuart Lucas, CFA, discusses the wealth strategist and strategic wealth management principles applicable in the European and Asian contexts.

Emerging Markets and International Capital Flows

Fri, 11 Jun 2010 08:00:00 EST

Tarun Ramadorai discusses the difference between current credit crisis and Asian financial crisis as regarding emerging economies.

Hedge Fund Due Diligence after Madoff

Fri, 14 May 2010 08:00:00 EST

François Lhabitant discusses if it is possible to prevent another Madoff-like scandal by means of better due diligence.

Risk Return Efficiency of Equity Benchmarks

Fri, 07 May 2010 08:00:00 EST

Felix Goltz discusses why cap-weighted equity benchmarks are not risk–return efficient portfolios and alternatives to current cap-weighted equity benchmarks.

Private Equity after the Credit Crisis

Fri, 04 Jun 2010 08:00:00 EST

Tim Jenkinson discusses the drying up of bank financing, difficulty in exiting investments, and the shift in balance of power within the private equity asset class.

Applying Behavioral Finance to Personal Investment Management

Wed, 28 Apr 2010 08:00:00 EST

Harold Evensky discusses how behavioral biases affect individual decision making and techniques for illustrating these behavior patterns to clients.

A View into Distressed Mortgage Credit

Mon, 26 Apr 2010 08:00:00 EST

Randy Appleyard discusses the landscape of non-agency MBS after the financial crisis and how mortgage finance will evolve in the future.

Sovereign Wealth Funds Sourced by Oil Revenue

Mon, 19 Apr 2010 08:00:00 EST

Bernd Scherer discusses sovereign wealth funds (SWF) sourced by oil revenue and the impact uncertainty of oil reserves has on asset allocation by SWFs.

Sustainability and Investing

Fri, 16 Apr 2010 08:00:00 EST

Cary Krosinsky discusses companies that embody sustainability and speaks about the future of sustainability and investing.

Entrepreneurial Stewardship and Selling the Family Business

Wed, 14 Apr 2010 08:00:00 EST

Stuart Lucas, CFA, discusses inter-generational dynasty planning and entrepreneurial stewardship.

Bank Loans: Risk, Return, and the Future of the Asset Class

Mon, 12 Apr 2010 08:00:00 EST

Paul Travers discusses leveraged loans and the bank loan asset class.

Trade Management

Fri, 09 Apr 2010 08:00:00 EST

Theodore R. Aronson, CFA, discusses issues with regulation, trade management in different asset classes, and how trading has become more sophisticated.

Asset Allocation for Taxable Private Clients

Wed, 07 Apr 2010 08:00:00 EST

Gordon B. Fowler, Jr. discusses how a wealth manager should approach asset allocation and the role of index funds and alternative assets in a private client portfolio.

After-Tax Performance Benchmarks: The Australian Experience

Mon, 05 Apr 2010 08:00:00 EST

Jamie Perrett explains what a tax-adjusted index is and how the Australian experience influenced and motivated the design of after-tax indices.

Stimulus, Liquidity, and Bubbles: Is China Leading the Global Economic Recovery?

Fri, 02 Apr 2010 08:00:00 EST

Jie Gan evaluates China's role in the global economy.

Derivatives: Past, Present, and Future

Fri, 26 Mar 2010 08:00:00 EST

Philip Gocke discusses growth in US and non-US derivatives markets, the impact of the crisis on derivatives use, regulation changes, and the future of derivatives use.

Behavioral Finance: What Can Investors Learn from Their Mistakes?

Fri, 19 Mar 2010 08:22:00 EST

Jason Zweig discusses how investor goals should be pursued instead of focusing on risk tolerance and practical applications of behavioral finance.

Unintended Consequences of U.S. Tax Changes

Fri, 12 Mar 2010 08:22:00 EST

Robert Gordon discusses the changes to U.S. estate tax law, challenges with formula based wills, and the intricacies of deductibility of interest.

Equity Market Inefficiency

Fri, 22 Jan 2010 08:20:00 EST

Robert Haugen discusses the changes fundamental factors that drive stock price performance, components of equity risk, and equity market inefficiency.

Advances in Asset Allocation

Mon, 11 Jan 2010 08:20:00 EST

Lionel Martellini discusses the changes have taken place in investment management approaches and how asset allocation and risk management related to each other.

Equity Investing for 2010

Fri, 18 Dec 2009 08:20:00 EST

Steven M. Galbraith discusses the following: Equity values in the current economic environment -- Elevated money market balances -- Market strategies for 2010.

Asset Backed Securities: Where Have We Been and Where Are We Going?

Wed, 25 Nov 2009 08:20:00 EST

Bob K. Behal, CFA, and David Van Ommeren discuss the following: Dislocation in asset-backed securities markets during the financial crisis -- ABS markets that are working on their own -- ABS markets supported by the government -- Commercial mortgage market outlook and risks.

TIPS Overview and Strategies

Thu, 12 Nov 2009 10:20:00 EST

Kenneth E. Volpert, CFA, discusses the following: TIPs mechanics -- Strategies used by active managers with TIPs -- Where are real rates versus history -- Inflation and TIPs performance outlook.

What are Sovereign Wealth Funds?

Wed, 21 Oct 2009 10:00:00 EST

George Hoguet, CFA, discusses the following: Historical development of sovereign wealth funds -- Role of sovereign wealth funds during financial crisis -- Importance of sovereign wealth funds as investors -- Concerns over active ownership of foreign companies by sovereign wealth funds.

Sukuk: Concepts and Applications

Sat, 1 Aug 2009 10:19:00 EST

Richard T. de Belder discusses the following: What are Sukuk? -- Are Sukuk similar to asset backed securities? -- What are some of the current Sheriah issues facing Sukuk?

Global Equity Investing

Wed, 15 Jul 2009 11:19:00 EST

Erik B. Granade, CFA, discusses the following: Global Equity valuation -- How the credit crisis has affected global markets -- Risks associated with Global Equity investing.

Understanding Sustainable Investing

Wed, 1 Jul 2009 11:18:00 EST

Nick Robins discusses the following: What is sustainable investing and how is it different from ethical or socially responsible investing? -- What asset classes are covered by sustainable investing? -- What are some of the challenges and opportunities facing sustainable investing?

Risk Management and Tax-Aware Portfolio Strategies for Private Clients

Mon, 15 Jun 2009 11:18:00 EST

David M. Stein discusses portfolio and tax management in the context of the current market environment. He describes: Limitations of diversification and risk management strategies -- Tax efficient portfolio management and the importance of tax management -- Standard and new tax management strategies.

Understanding Negative Screening by Islamic Equity Indexes and Funds

Tue, 02 Jun 2009 11:18:00 EST

Shaykh Yusuf Talal DeLorenzo discusses the screening process used by Islamic (Shari'a compliant) equity indexes and funds. In addition, Mr. DeLorenzo describes how a company deemed Shari'a compliant can become non-compliant and why investors not seeking Shari'a compliance could be interested in Shari'a compliant investments.

The EVA Framework and the Current Economy

Tue, 09 Dec 2008 11:11:00 EST

Joel M. Stern explains the origins and applications of EVA. In addition, Mr. Stern describes the current market conditions, the collapse of the comparative advantage period, and alternative sources of equity funding for public companies.

An Introduction to Islamic Finance

Thu, 30 Oct 2008 12:31:00 EST

Usman Hayat, CFA, discusses the fundamentals of Islamic finance and its implications for institutional and private investors. Please visit http://www.cfawebcasts.org/ for more info.

Economic Observations from Bloomberg News' Editor-at-Large

Thu, 16 Oct 2008 10:31:00 EST

Thomas R. Keene discusses Federal Reserve policy, economic uncertainty, and the changing risk appetite of the market. Please visit http://www.cfawebcasts.org/ for more info.

Counterparty Risk in Credit Derivatives2

Wed, 17 Sep 2008 11:31:00 EST

Adam Litke discusses the problem of counterparty risk in credit derivatives and provides possible solutions including a clearing house for derivatives trades. Please visit http://www.cfawebcasts.org/ for more info.

Environmental, Social, and Governance Factors at Listed Companies: A Manual for Investors

Thu, 17 Jul 2008 10:31:00 EST

Matt Orsagh, CFA, CIPM, discusses the report recently released by the CFA Institute Centre for Financial Market Integrity entitled "Environmental, Social, and Governance Factors at Listed Companies: A Manual for Investors". Please visit http://www.cfawebcasts.org/ for more info.

Performance Issues in Private Equity

Tue, 15 Apr 2008 10:30:00 EST

Ludovic Phalippou discusses the problems with internal rates of return as the performance metric of choice in the world of private equity. Please visit http://www.cfawebcasts.org/ for more info.

Hedge Fund Demand for Equity Tranches in CDOs

Fri, 28 Mar 2008 11:31:00 EST

Shishir M. Udani, CFA, discusses hedge fund demand for equity tranches in CDOs. Please visit http://www.cfawebcasts.org/ for more info.

Executive Compensation: An Investor's Guide to Appropriate Disclosures

Fri, 14 Mar 2008 11:31:00 EST

Jim Allen, CFA, discusses the report recently released by the CFA Institute Centre for Financial Market Integrity entitled The Compensation of Senior Executives at Listed Companies: A Manual for Investors. Please visit http://www.cfawebcasts.org/ for more info.

Pension Funds and Inflation Risk

Fri, 29 Feb 2008 11:30:00 EST

Christopher C. Finger, Head of Research at RiskMetrics Group, Inc., discusses techniques that can be used by pension funds to hedge their natural exposure to inflation. Please visit http://www.cfawebcasts.org/ for more info.

Asset Manager Ethics in Proxy Voting, Avoidance of Front Running, and GIPS Compliance

Fri, 15 Feb 2008 11:30:00 EST

Charles Tschampion, CFA, discusses applications of ethics in proxy voting, front running, and GIPS presentation situations. Please visit http://www.cfawebcasts.org/ for more info.

Ethical Dilemmas in Soft Dollars, Gift Giving, and Proxy Voting

Thu, 31 Jan 2008 10:30:00 EST

Charles Tschampion, CFA, discusses applications of the CFA Institute Centre for Financial Market Integrity Asset Manager Code of Professional Conduct as well as an application of its Corporate Governance Manual. Please visit http://www.cfawebcasts.org/ for more info.

The Pricing of Illiquid Securities in the Subprime Space

Tue, 15 Jan 2008 11:30:00 EST

Christopher C. Finger, Head of Research at RiskMetrics Group, LLC, discusses the use of the ABX index to help with the problems of accurate marking of positions. Please visit http://www.cfawebcasts.org/ for more info.

Systemic Risk in Structured Products

Fri, 28 Dec 2007 11:30:00 EST

Kenneth L. Grant, President of Risk Resources, LLC, discusses where we've been, where we are now, and where we may be going with systemic risk in structured products. Please visit http://www.cfawebcasts.org/ for more info.

Moral Hazard and Excess Liquidity

Wed, 12 Dec 2007 11:30:00 EST

In this Take 15 episode, Richard F. DeMong, CFA, defines the concept of moral hazard and discusses its significance for the subprime mortgage market problems. Please visit http://www.cfawebcasts.org/ for more info.

Basics of Mortgage Securitization

Wed, 14 Nov 2007 11:30:00 EST

In this Take 15 episode, Richard F. DeMong, CFA, discusses the following topics in interview format: The basics of mortgage securitization and creation of CDOs -- Risk transfer and rating risk. Please visit http://www.cfawebcasts.org/ for more info.