Global Imbalances: Implications for Investment Portfolios

Monday 15 March 2010

2010 CFA Institute Traveling Conference

In collaboration with

Università Bocconi

CAREFIN – Centre for Applied Resarch in Finance
CLEFIN - Master of Science in Finance

About the Program

Global markets are changing quickly, and major shifts in power are creating social and economic imbalances that will impact investors for years to come. This half-day program travels to four cities and features speakers who will discuss important considerations for investors in light of these imbalances. Experts will discuss demographic trends, the relative strength of currencies, and how you can position your portfolio to benefit from these new dynamics.

Where will consumers and suppliers be based, and what effect will this have on economic growth, budget deficits, pensions, health, inflation, real estate, and asset prices in various sectors? Which currencies represent a store of value now and in the future, and how has volatility impacted capital flows? How can you ensure efficient asset allocation implementation by focusing on risk and cost so that returns can prevail? Join us as we answer these questions and more in this CFA Institute Traveling Conference Series.

Agenda

16:00

Registration

16:15

Welcome Address and Introduction

Barbara Valbuzzi, CFA, President - Italian CFA Society
Francesco Saita, Director Department of Finance - Università Bocconi
Emanuele Bellingeri, Head of Sales - iShares Italia

16:30

The Risky Business of Investing

Helen Gaidatzis, Managing Director, Head of iShares Solutions - iShares Europe

Investing carries risk, and while this can be addressed and managed to some extent, this too has its pitfalls and costs
Harnessing asset allocation and exploiting proven methods to build an investment portfolio will give you the highest probability of success
Ensure efficient implementation by focusing on risk and cost so that returns can prevail

17:15

Global Demographics: Impact, Importance, and Implications

Amlan Roy, Director, Global Demographics & Pensions Research - Credit Suisse Securities (Europe) Limited

Why demographics is one of the top issues facing the world
What the impact is of demographics on economic growth, budget deficits, pensions, health, inflation, real estate, and asset prices
What the social implications are of global demographics: Inequality, urbanization, climate change, quality of life, and which sectors are advantaged

18:00

In the ‘Closed’ World Economy, There Are No Imbalances

John Tamny, Senior Economist - H.C. Wainwright Economics and Editor - RealClearMarkets

Why the nature of trading means imbalances really cannot exist between countries
How a weak U.S. dollar has driven a run on paper currencies the world over and caused limited capital to flow into hard, easily taxable investments versus the knowledge-based growth economy
Why a stable U.S. dollar, not regulated trade flows, is the real way to correct imbalances and enable wealth-enhancing exchange globally

Speakers Profiles

Helen Gaidatzis
Managing Director, Head of iShares Solutions - iShares Europe

Helen Gaidatzis is head of iShares Solutions, where she is responsible for developing ETF-based solutions internally and externally with clients and expanding iShares product flexibility via alternative ETP structures. Previously, she was head of asset allocation for BGI, with responsibility for developing and managing asset allocation, overlay and currency, and life-cycle strategies for European institutional investors. Ms. Gaidatzis has also held positions at GMO, where she was co-head of European asset allocation, and JANA Investments, where she specialized in asset allocation, investment advice, and manager research for large pensions, charities and endowment funds. She holds a BE degree in economics from La Trobe University.

Amlan Roy
Director, Global Demographics & Pensions Research - Credit Suisse Securities (Europe) Limited

Amlan Roy is head of global demographics and pensions research for the investment banking division of the London office of Credit Suisse. He is also a senior research associate for the financial markets group at the London School of Economics and a guest professor for London Business School's finance department. Previously, Professor Roy taught at a number of U.S. business schools and received several teaching awards. He holds a BA degree from University of Delhi, an MBA degree from the Indian Institute of Management, and MA and PhD degrees from the University of Iowa.

John Tamny
Senior Economist - H.C. Wainwright Economics
Editor - RealClearMarkets

John Tamny is a senior economic adviser to Toreador Research & Trading, a senior economic adviser to H.C. Wainwright Economics, a senior associate with the Cato Institute, and editor of RealClearMarkets.com. Previously, he worked in private wealth management for Credit Suisse and Goldman Sachs. Mr. Tamny frequently writes about the securities markets along with tax, trade, and monetary policy issues that impact those markets for a variety of publications, including Investor's Business Daily, Financial Times, National Review and London’s Daily Telegraph. He is also a frequent guest on Fox News, the Fox Business Channel, and CNBC's “Kudlow & Co.” Mr. Tamny received a BA degree in government from the University of Texas at Austin and an MBA degree from Vanderbilt University's Owen Graduate School of Management.





Location: Milano - Università Bocconi - Piazza Sraffa, 13 - Aula 34 - 3° Piano

Time: 16:00

Credits: 3

Dinner: NO

Attachments