News from CFA Society of St. Louis Page 1 of 4
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.
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
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
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
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
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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
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.
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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
For additional information, please contact Joan Hecker at
Don't forget to check our web site for a current listing of open positions in the
financial services industry throughout our region.
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