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CFA Institute Conference: Equity Research and Valuation 2018

Sheraton New York Times Square Hotel

Register to attend

CFANY members can use the discount code NYEQ-18 for a US$100 discount.


This conference aims to keep investment managers abreast of the latest advances and developments in equity research techniques, valuation, and portfolio management. The application of new technologies in portfolio management will be a key theme for the 2018 conference, and speakers will discuss such topics as the use of artificial intelligence, data analytics, and quantitative techniques in investment decision making and how blockchain could disrupt a number of industries, including financial services. Join world-class equity investors for insights into valuation to help you avoid the market’s noise and stay focused on client objectives. Learn to avoid behavioral pitfalls in investing, and gain a better understanding of the differences between pricing assets and valuation. Topics for discussion will include valuation approaches and analysis, global investment strategies, research methods, how to better understand and analyze portfolio risks, and the top challenges equity investors face today.

Tuesday, 06 November 2018

7:30 a.m.
Registration and Continental Breakfast 

8:30 a.m.
Conference Welcome and Opening Remarks

Kim Shannon, CFA
Founder, President, and Chief Investment Officer
Sionna Investment Managers

8:40 a.m.
Building the Right “Defense” in Equities 

Kate Moore
Managing Director and Chief Equity Strategist

  • Combining both quantitative and fundamental approaches to position equity and multi-asset portfolios
  • Building a good “defense” in stocks is multi-faceted, as rates transition from “lower for longer” to “higher at long last”
  • Around-the-world views on fundamentals, valuation, technicals, credit spreads, sentiment, macro trends and more—from developed to emerging markets

9:40 a.m.
Blockchain and the Transformation of Financial Services

Caitlin Long
Wall Street and Blockchain Veteran

  • From blockchain/distributed ledger technology to cryptocurrencies—applications being explored within the financial services industry and applications closest to widespread adoption
  • Other industries that represent the most promising investment opportunities and case examples
  • Understanding how the technology will impact the skills required for careers in financial services

10:40 a.m.
Refreshment Break with Exhibitors 

11:00 a.m.
Algos, Machine Learning, AI, and the Future of Equity Research 

Bryan Healey
Chief Technology Officer and Co-Founder

Ken Sena
CEO and Co-Founder

  • Application of machine learning, data analytics, and other new technologies for valuation analysis
  • Using AI to eliminate “human” biases in the investment process 
  • Where AI can enhance the job of the equity investor and where humans are still critical

12:00 p.m.
Lunch Followed by Dessert with Exhibitors 

1:10 p.m.
Equity Valuation Models

Ed Yardeni
President, Yardeni Research, Inc.; Author, 
Predicting the Markets: A Professional Autobiography

  • A brief history of stock market valuation models from the inventor of the Yardeni Model covered in the CFA Program Level III curriculum
  • The art and science of valuation modeling
  • Effects of powerful secular trends (demographics, technology disruption, and more) on earnings growth, inflation, and valuation 
  • Predicting the stock market and the interconnectedness of stocks with bond, commodity, and currency markets
  • Where do we go from here?

2:05 p.m.
Presentation of the 2017 Graham and Dodd Award of Excellence
Heidi Raubenheimer, CFA, will present the 2017 Graham and Dodd Award of Excellence, an annual award recognizing excellence in original research published in the Financial Analysts Journal, to Antti Petajisto for his article, Inefficiencies in the Pricing of Exchange-Traded Funds.

2:15 p.m.
Winner of the 2017 CFA Institute Graham and Dodd Award: Inefficiencies in the pricing of Exchange-Traded Funds

Antti Petajisto
Researcher and Portfolio Manager 

  • Understand how prices of exchange-traded funds (ETFs) can deviate significantly from their net asset values (NAVs) and why funds holding international and illiquid securities tend to have the largest deviations.
  • Based on this award-winning research paper, learn about a novel approach to control for stale pricing that uses the cross section of prices on a group of similar ETFs.
  • Explore how active trading strategies can exploit such pricing inefficiencies to produce positive abnormal returns before transaction costs, providing further evidence of short-term mean reversion in ETF prices.

3:10 p.m.
Refreshment Break with Exhibitors
Book Signing: Michael J. Mauboussin

3:30 p.m.
Investing in Asia: How Can Companies Work for You?

S. Joyce Li, CFA
Portfolio Manager
Matthews Asia

  • Asia is riding a wave of homegrown innovation and consumption upgrades that offer long-term investment opportunities.
  • When investing in Asia, how can you ensure that companies work for you?
  • Discuss Asia’s corporate governance nuances, and illustrate why understanding these details is critical for equity analysis.

4:30 p.m. 
The Future of Blockchain: Millennials and Their Impact on Investment Management 
Thomas J. Lee
Co-Founder and Managing Partner,
Fundstrat Global Advisors

  • Millennials are arguably the single most important driver of incremental economic growth and their impact on investing will be dramatic in the next decade
  • The investment implications of blockchain for sectors and industries
  • Understanding the technology platforms behind cryptocurrencies
  • Future developments

5:30 p.m.
Networking Reception

Wednesday, 07 November 2018

7:30 a.m.
Continental Breakfast

8:30 a.m.
Presentation of the 2018 Distinguished Service Award, on honor of Alfred C. “Pete” Morley

The Chair of the CFA Institute Board of Governors, Heather Brilliant, CFA, will present the Distinguished Service Award, in honor of Alfred C. “Pete” Morley, to Dwight D. Churchill, CFA. This award was established to honor members who have made an extraordinarily significant contribution to CFA Institute, or its predecessor organizations, through their leadership, exceptional stewardship, and outstanding service.

8:40 a.m.
Lessons from History: Why Equity Markets Go Up and Down and Where Markets Are Going Next

Russell Napier, ASIP
Independent Strategist and Cofounder, Electronic Research Interchange ;
Author, Anatomy of the Bear: Lessons from Wall Street’s Four Great Bottoms

  • Why equity bear markets happen
  • Valuation and key inputs to the analysis
  • The influences of technology
  • Where we may be on the verge of bear markets today

9:50 a.m.
Acquirers’ Anonymous: Seven Steps to Sobriety

Aswath Damodaran
Kerschner Family Chair Professor of Finance
Stern School of Business, New York University

  • While companies continue to do bigger and bigger acquisitions, with the motives shifting over time, the hard truth is that acquisitions are more likely to destroy value than add value
  • Why companies don’t learn from these findings and recalibrate the M&A process
  • Examining each step in the acquisition process, uncovering the most common errors in acquisition valuation, and exploring the value of synergy and control (or lack thereof)
  • What we can learn from deal history and a guide map on how to construct a value-adding acquisition strategy

10:40 a.m. 
Refreshment Break with Exhibitors

11:00 a.m.
Acquirers’ Anonymous: Seven Steps to Sobriety (Continued)
Aswath Damodaran
Kerschner Family Chair Professor of Finance
Stern School of Business, New York University

12:30 p.m.
Conference Close

CFA Institute Members/CFA Program Candidates: US$1,095
CIPM Certificants/Candidates: US$1,095
CFA Institute Investment Foundations Certificants/Candidates: US$1,095
Non-Member: US$1,295
Group: US$700 per delegate (three delegate minimum; additional discounts do not apply)

Register Online

Payment is due at time of registration. Forms received without payment will be confirmed on a space-available basis when payment is received. All fees are payable in U.S. funds. Attendance is limited. Please register early.

Group Rate: Groups of three or more delegates from the same firm will receive a discounted rate of US$700 per delegate. The corporate group discount cannot be combined with other promotional rates and discounts.

Cancellation Policy: A cancellation fee of US$150 applies for all cancellations made after 30 October 2018. No refunds will be issued for any cancellations received within 24 hours of program start. Substitutions from the same company are accepted with fee adjustment, if appropriate. Sharing of registrations is not permitted.

For corporate groups, if a cancellation brings a group’s delegate count below three and a substitute is not available, regular rates will apply to the remaining delegates and all cancellation fees and deadlines above will be applicable.

For questions, please contact [email protected].

Special Needs: Please contact CFA Institute for services to accommodate a disability or to inform CFA Institute of any dietary restrictions. (Please include this information when you register for the conference.)

Attire: Business casual attire is appropriate for this conference.

Please Note: Delegates are encouraged to share their insights and experiences at CFA Institute events on social media and blogs and may link to content on the CFA Institute website, unless otherwise noted (framing is not permitted). Delegates may not distribute, display, or post online any recordings, transcriptions, and/or copies of sessions at CFA Institute events without the express written permission of CFA Institute.

Any person attending a CFA Institute conference, seminar, or other program grants permission to CFA Institute to use and publish his or her image or likeness collected in connection with the program for any usual and customary purpose of CFA Institute including advertisements for CFA Institute and its programs.

CFA Institute does not assume responsibility or liability for stolen, lost, or damaged personal property.