Document Sample
CFA-STL_Newsletter_Vol-001_2011Q3 Powered By Docstoc
					News from CFA Society of St. Louis                                                             Page 1 of 4

                                     CFA-STL News
                 The Newsletter of CFA Society of St. Louis
                                                                         Volume 1, Q-3, October 2011

          In This Issue              President's Report Q3 2011
       Congratulations to Our
        Successful CFA Exam          Greetings! This is the first edition of the CFA newsletter for
                                     the new fiscal year. Below is a brief update on a couple of
       CFA Institute Research        our committees.
         Challenge Update

        Past Events Abstract               The Program Committee has made significant
     Upcoming Events Outlook
                                           progress toward planning various events for the
                                           upcoming year. Two events, in particular, stand out.
                                           James Bullard, President of the St Louis Federal
           Quick Links
                                           Reserve, will speak at a breakfast in November; and
         CFA-STL Website                   Bob Doll, Chief Investment Officer of Global Equities
                                           at BlackRock, will host our Annual Forecast Luncheon
           Event Calendar
                                           in January.
        Career Opportunities               The Past Presidents Committee is leading a renewed
                                           effort towards boosting event sponsorship. Success
                                           in this area will generate additional revenue to help
           Networking                      cover the cost of member services.
       Join CFA-STL Linkedin
              Group!                 On behalf of the entire CFA Society of St. Louis, I would
                                     like to thank all of our volunteers for their time, energy
       CFA-STL is on Linkedin
        companies list now.
                                     and hard work in helping to make this upcoming year an
                                     outstanding one.

                                     Steven Jones, CFA, CFP, CAIA
                                     President, CFA Society of St. Louis

     Congratulations to Our Successful CFA Exam Candidates!
     Congratulations to our 31 local candidates who successfully passed the CFA Level III
     examination this June. The successful candidates will be recognized at an upcoming
     event to be held in their honor. The global pass rate for the Level III exam was 51%
     this year. The CFA Institute expects the majority of the candidates that passed the
     Level II exam this June to become CFA Charterholders later this year, bringing the
     number of Charterholders worldwide to nearly 100,000!

     In addition, 51 local candidates passed the Level I exam and 61 local candidates
     successfully completed the Level II exam. The global pass rate for June's Level I
     exam was 39%, while the Level II global pass rate this year was 43%.

     Nick Fafoglia, CFA

     CFA Institute Research Challenge Update

     The CFA-STL Planning Committee for the CFA Institute Research Challenge (formerly
     known as the Global IRC) has secured five local universities to participate in the local
     2011-2012 Challenge. The universities are Saint Louis University, Washington
News from CFA Society of St. Louis                                                     Page 2 of 4

     University, University of Missouri-Columbia, Fontbonne University, and Webster

     The Planning Committee recently held the kick-off event at Fontbonne University,
     where Isle of Capri Casinos, Inc. was named as the subject company for the contest.
     On October 18, there will be a presentation to be given by the company's CFO Dale
     Black, to the faculty advisors, mentors, students, judges, graders, and other
     volunteers. After the presentation students will have the opportunity to ask questions
     about the subject company.

     The Research Challenge offers students the opportunity to learn from leading industry
     experts and compete with peers from the world's top finance programs. This annual
     educational initiative promotes best practices in equity research among the next
     generation of analysts through hands-on mentoring and intensive training in company
     analysis and presentation skills. This is the second year that CFA-STL is participating
     in the contest. This year's contest began in September and runs until February
     2012. Additional information on the contest can be found at www.CFA-

     Please consider volunteering! If interested, contact Mike Cody, CFA at (314)746-8551

     Past Events Abstract

     CFA Society of St. Louis Luncheon Review
     Bridgewater Associates, Patrick Dimick - September 21, 2011

     The CFA Society of St. Louis kicked off its new year with a luncheon program
     featuring Patrick Dimick, a portfolio strategist with Bridgewater Associates. Patrick
     presented the case for why Bridgewater believes that any investor trying to beat the
     markets must understand that de-leveragings exist as a distinct phenomenon from
     the classical business cycle. The progression of a de-leveraging and how policymakers
     respond to the resulting conditions will together have a dramatic influence on the
     performance of major asset classes for years to come.

     The presentation began with an overview of what a de-leveraging is and why this
     business cycle is different from the typical business cycles the U.S. has experienced
     over the past 60 years. How a de-leveraging plays out over time is largely a function
     of how policymakers' respond to it in terms of the choices they make - such as
     printing money, re-distributing money from those who have it to those who need it,
     and defaults. Patrick then discussed where we are now in the de-leveraging process,
     noting that developed-world monetary policy has largely been spent and developed-
     world fiscal policy has become a drag on growth as prior fiscal stimulus programs
     come to an end and austerity measures kick in. The event ended with a lively Q & A
     session which included questions regarding the future of the Euro, Bridgewater's view
     as to the appropriate response from policymakers and how long a de-leveraging can
     be expected to last.

     146 members attended the luncheon which was held at the St. Louis Club.

     CFA Chat Series #1
     J Bucks, October 6, 2011

     The CFA Society of St. Louis hosted Chat Series #1 on the topic of "Risk: What do we
     mean by it, how do we define it and how do we manage it?" Members shared how
     they and/or their organizations look at the multi-faceted and conceptual topic of
     risk. We hope this monthly event will become an excellent way to meet and network
     with other members of our Society in a casual setting and discuss relevant topics of
News from CFA Society of St. Louis                                                      Page 3 of 4

     the day. Chat Series #2 will be held in early November. Appetizers and drinks will be
     served. Watch our website for details.

     Brian Wentworth, CFA

     Upcoming Events Outlook

     Emerging Market Debt
     Date: October 13, 2011
     Location: Ritz Carlton, 12:00 - 1:15 pm
     Speaker: Eric Baurmeister, CFA, Morgan Stanley

     Eric will provide an introduction to the emerging markets debt asset class, specifically
     highlighting the multi-decade convergence between emerging and developed
     countries along with several key metrics which may offer long-term benefits to
     investors in emerging markets debt. In addition, Eric will provide an overview of the
     current state of the emerging markets debt market given recent market turmoil,
     addressing issues such as why EM bond fund flows have remained robust during this
     time and what the lack of progress in resolving Europe's debt crisis and sluggish
     global economic growth mean for EM.

     Eric is co-head of the Global Emerging Markets Debt team. He started with Morgan
     Stanley in 1997 and has 17 years of investment experience. Prior to joining Morgan
     Stanley, Eric was a portfolio manager at MIMCO. Eric received a B.A. from Cornell
     University in Economics and Government, and holds the Chartered Financial Analyst
     designation. He is also a member of the CFA Institute and the JPMorgan EMBI Index
     Advisory Committee.

     Local Company Presentation: Commerce Bancshares, Inc.
     Date: October 26, 2011
     Location: St. Louis Club, 12:00 - 1:15 pm
     Speaker: David W. Kemper, Chairman, President, and CEO

     David will discuss the outlook for Commerce Bancshares and the banking industry.
     Commerce Bancshares, Inc. is a $19.6 billion regional bank holding company based in
     Missouri. David's career began in 1975 with a two-year assignment at New York-
     based Morgan Guaranty Trust Co. He joined Commerce in 1978 and is currently
     chairman, president and CEO of Commerce Bancshares, Inc. David graduated cum
     laude from Harvard University in 1972. He received a Master of Arts degree in English
     literature from Oxford University in 1974 and a M.B.A. from Stanford Graduate School
     of Business in 1976.

     Economic Outlook and Monetary Policy with Dr. James Bullard
     Date: November 15, 2011
     Location: Ritz Carlton, 7:00 - 8:30 am
     Speaker: Dr. James Bullard, President and CEO of the Federal Reserve Bank
     of St. Louis

     Dr. Bullard took office as president and chief executive officer of the Federal Reserve
     Bank of St. Louis in April 2008. He directs the activities of the Bank's head office in
     St. Louis as well as its three branches in Little Rock, Ark., Louisville, Ky., and
     Memphis, Tenn. In addition, he participates in the Federal Open Market Committee
     (FOMC), the Federal Reserve's principal monetary policymaking body. The Federal
     Reserve Bank of St. Louis is one of 12 regional Reserve banks that, along with the
     Board of Governors, constitute the Federal Reserve System. As the nation's central
     bank, the Fed is responsible for conducting monetary policy, supervising banks and
     operating the nation's payment system.
News from CFA Society of St. Louis                                                       Page 4 of 4

     Dr. Bullard joined the research division of the Federal Reserve Bank of St. Louis as an
     economist in 1990 and attained other positions with increased responsibility
     thereafter. Prior to being appointed president, he served as deputy director of
     research for monetary analysis. A native of Forest Lake, Minn., Dr. Bullard holds a
     Bachelor of Science degree in quantitative methods and information systems and
     economics from St. Cloud State University in St. Cloud, Minn., and a doctorate in
     economics from Indiana University in Bloomington. Dr. Bullard has written numerous
     scholarly papers published in professional journals and has been a peer reviewer for
     more than two dozen periodicals and institutions. He has participated in over 150
     conferences, symposia or lectures sponsored by foreign central banks, academic
     institutions and monetary policy groups around the world.

     Brian Wentworth, CFA

     A Call for Volunteers!
     The STL-CFA's Board of Directors is comprised of volunteers. As such, we are always
     looking for fresh faces to help us lead the organization in various capacities. If you
     have an interest in giving back to the Society, we're currently seeking volunteers for
     roles in communications, programming, advocacy, and our Global Investment
     Research Challenge.

     For additional information, please contact Joan Hecker at

     Job Postings
     Don't forget to check our web site for a current listing of open positions in the
     financial services industry throughout our region.

  Forward email

  This email was sent to by |
  Instant removal with SafeUnsubscribe™ | Privacy Policy.

  Association Offices | 330 Wenneker Drive | Saint Louis | MO | 63124

Shared By: