Presentations Global Imbalances: Implications for Investment Portfolios
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Kostas Iordanidis
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This Time Is NOT Different: Human Nature and Decision Making
- How does uncertainty influence belief formation and decision making?
- Why are global imbalances and financial crises recurring phenomena?
- Is it possible to learn from history?
Kostas Iordanidis is a member of the board of directors of the Fortelus Special Situations Fund, a European-focused distressed hedge fund. Previously, he was managing director and head of hedge funds at Unigestion SA and co-chief investment officer of Olympia Capital Management. Mr. Iordanidis has also worked as first vice president and head of asset allocation at Julius Baer Asset Management, co-founder and managing member of Z.I. Investments, and principal and portfolio manager at Lincoln Capital Management. He holds a PhD degree in elementary particle physics and an MS degree in quantitative finance from the University of Wisconsin–Madison.
John Tamny
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In the ‘Closed’ World Economy, There Are No Imbalances
- 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
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.
Jim McCormick
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The New Macro Paradigm and how to position for it
The past three years have witnessed unprecedented swings in investor sentiment - leading to the highest cross-market correlations in a generation. As the crisis wanes, some key main fundamental trends are beginning to form. Notably, the effects of global imbalances that built up prior to the crisis are starting to be felt - with huge implications for asset allocation in the coming years.
Jim McCormick is Head of Fixed Income Research, Europe, the Middle East and Africa. Jim joined Nomura in August 2009 from Citigroup, where he was Global Head of FX and Local Markets Strategy. He is also head of the Macro Strategy Team. Prior to that Jim worked at Lehman Brothers for seven years, first as Head of FX and Emerging Markets Strategy and later as Co-Head of Global Liquid Markets Strategy. During his time at Lehman, Jim was instrumental in building a macro, quantitatively-based framework for developing strategies in global currency and emerging markets. The team consistently ranked highly in strategy polls, including #1 in Greenwich for 2006-2008. Prior to Lehman, Jim worked at JPMorgan in Global Economics and FX Strategy, where he focused on international economics and capital flows. Jim earned a B.S. in Quantitative Analysis from Pennsylvania State University and an MBA in Finance and Economics from New York University.
Amlan Roy
Presentation
Global Demographics: Impact, Importance, and Implications
- 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
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.
If you want to receive a hard copy of the presentation of Amlan Roy, please send an email to marieke@cfanetherlands.nl.
Moderator of the day Roelof Salomons, Pelargos Capital
Roelof is a founding partner of Pelargos Capital, an investment boutique spun out of AEGON in March 2008. Pelargos principal products include both Japanese and Asian absolute return funds. Roelof is responsible for macro/strategy and holds CEO responsibilities.
Roelof Salomons started in 1997 with the Royal Philips Electronics Pension Fund as portfolio manager Japanese equities. In 1999 he joined AEGON where he initially held similar responsibilities and in 2002 added emerging market portfolios to his brief. In 2003 he was given responsibility for Investment Strategy. In this role he to a large extent determined the strategic, cyclic and thematic vision of AEGON and was responsible for its asset allocation. In 2007 he returned to the equity teams to manage the Japanese portfolio and the Asian long short equity portfolio. Roelof graduated in 1997 from the University of Groningen with a MSc in Econometrics. In 2000 he completed his CFA. In 2005 he received a PhD in Economics from the University of Groningen, where he lectures on Institutional Investment Management.