UPCOMING PROGRAMS

CFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org

October 2010

Fixed Income Series Thursday, September 30, 2010 (date of first class) 5:00pm – 7:00pm

This course is appropriate for those seeking to gain a broader understanding of fixed income products. A sound understanding of fixed income is essential for all serious finance and investment professionals.

This course provides information to acquire that understanding. Because the course is taught by professionals from prominent local investment firms and bond dealers, students will also obtain the unique perspectives of actual market participants.

The course examines the structure and characteristics of the various bond markets and their particular instruments, including a look at the international bond markets. Instructors are also able to share their insights into asset management and trading strategies.

Date Class Instructor 09/30/2010 Fixed Income Fundamentals Damon Eastman, CFA, Payden & Rygel 10/07/2010 Treasuries and Agencies Bill Berliner, Berliner Consulting 10/14/2010 Mortgages Bill Berliner, Berliner Consulting 10/21/2010 Corporates Sabur Moini, Payden & Rygel 10/28/2010 Fixed Income Derivatives Bill Berliner, Berliner Consulting 11/04/2010 International Bonds Tim Rider, CFA, Payden & Rygel 11/18/2010 Municipal Chad Rach, Capital Group 12/02/2010 Individual Portfolio Construction Gary Larsen, CFA, Wells Fargo Private Bank 12/09/2010 Institutional Portfolio Construction Gregory Peeke, CFA, Skrimshaw Investment Management

*Textbook optional: The Handbook of Fixed Income Securities by Frank Fabozzi

Class handouts will be provided every week by Thursday noon. There are no exams !

If you have any questions about the Fixed Income Series, please contact the chair:

Rama Malladi, CFA, CAIA, FRM, Director of the Fixed Income Series [email protected] (714) 453-9763

Registration (click link directly below): Members: $400.00 (for the entire series) Non-members $450.00 (for the entire series)

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CFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org

Time: 5:00pm – 7:00pm

Location: 350 S. Grand Ave, ETC Room (Map) Los Angeles, CA 90071

Parking: Ample Parking at the intersection of 5th & Olive (click here)

AFTER THE CRASH: LESSONS FROM ADVERSITY Thursday, September 30, 2010 12:00 pm - 1:30 pm

Featured Speaker: James Ware, CFA Focus Consulting Group

Chairs: Steve Sapra, CFA & Dan Pomerantz, CFA

An Applied Behavioral Finance Group Event

The financial crisis over the last three years has had a significant impact on the economy and people’s lives. It has also had a huge impact on the investment management industry. The white paper, “After the Crash: Lessons from Adversity” by Jim Ware, CFA, details what the impact of the crash has been on the industry. Mr. Ware, the recognized expert on leadership and culture in the investment industry, will present this significant post-crash research from nearly 100 asset management firms at this lively session. The paper addresses and answers questions like:

· What are the important lessons to be learned from the crash? (Some are glaring and need immediate attention) · How can your firm’s culture get you through the toughest markets? · What’s changed with investment cultures post-crash? · How do the cultures of the best differ from the rest? · What factors are most important in driving high performing investment teams? · How do the best firms attract, retain and develop top talent? · How do you leverage a “sharp edge” culture (like PIMCO or Bridgewater) and differentiate yourself?

Focus Consulting Group (FCG) has been studying investment leadership and culture on a global basis for over 10 years and has written 3 books for Wiley & Sons on related topics. In 2010, FCG replenished their data base to research and understand the implications of the global crisis on the investment industry. Jim Ware has completed over 100 speaking engagements to CFA Societies around the world and is a frequent keynote speaker at the CFA Institute, Mutual Fund Educational Alliance, Investment Adviser Association, U.S. Institute and other major industry conferences. Jim is recognized for his insightful, inspiring and entertaining presentations. He is a Chartered Financial Analyst and has an MBA from the University of Chicago.

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CFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org

Speaker Bio:

James Ware, CFA

is the founder of Focus Consulting Group, a specialized firm dedicated to helping investment leaders leverage their talent.

James is also a highly acclaimed industry author and international speaker on the subjects of investment leadership, culture and building high performing teams. A frequent keynote speaker at CFA Institute, Mutual Fund Educational Alliance, Investment Adviser Association, U.S. Institute and other major industry conferences, James is recognized for his insightful, inspiring and entertaining presentations.

His recent books, Investment Leadership: Building a Winning Culture for Long-Term Success (Wiley, 2003) and High Performing Investment Teams (Wiley, 2006) identify those elements of leadership and teamwork that lead to sustainable success for investment firms. James has 20 years experience as a research analyst, portfolio manager, and director of buy-side investment operations. He has been a guest lecturer on the topic of investment firm management at the Kellogg Graduate School of Management at Northwestern University.

His educational background includes a Masters in Business from the University of Chicago and a degree in philosophy from Williams College, where he graduated Phi Beta Kappa.

http://www.focuscgroup.com/site/314/Jim_Ware__CFA.aspx

Registration (click links below to register for the event): CFALA Members:$20.00 Non-Members: $40.00

When: Thursday, September 30, 2010 12:00 pm – 1:30 pm, Lunch

Location: Omni Los Angeles 251 South Olive Street Los Angeles, CA 90071 For directions call hotel: (213) 617-3300

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CFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org

What Decision Neuroscience Teaches Us About Financial Decision Making Wednesday, October 13, 2010 12:00 pm - 1:30 pm

Featured Speaker: Peter Bossaerts William D. Hacker Professor of Economics and Management and Professor of Finance at the California Institute of Technology

Chairs: Steve Sapra, CFA & Dan Pomerantz, CFA

An Applied Behavioral Finance Group Event

Financial decision making is the outcome of complex neuro-physiological processes involving, among others, constant re-evaluation of the of the problem at hand, balancing of the various emotional aspects, and computation of the very value signals that are at the core of modern economic thinking. The evidence suggests that emotions play a crucial supporting role in the mathematical computations needed for reasoned choice, rather than interfering with it, even if emotions (and their mathematical counterparts) may not always be balanced appropriately. Decision neuroscience can be expected in the near future to provide a number of effective tools for improved financial decision making.

Speaker Bio: Peter Bossaerts is the William D. Hacker Professor of Economics and Management and Professor of Finance at the California Institute of Technology.

He received a licentiate and doctorandus degree in applied economics from the University of in . After coursework towards a Master's in statistics at the Free University Brussels, he changed to the University of California, Los Angeles, where he finished his PhD in Management (Finance) under . His first appointment as assistant professor was at Carnegie Mellon University's Graduate School of Industrial Administration. In 1990, Peter Bossaerts moved to the California Institute of Technology (Caltech), where he promoted to become Professor of Finance, and is presently the William D. Hacker Professor of Economics and Management. He was also Executive Officer for the Social Sciences and Chair of the Division of Humanities and Social Sciences. Until June 2009, Peter Bossaerts was at the Swiss Federal Institute of Technology (EPFL) as Swiss Finance Institute Professor, chairing the Laboratory for Decision Making under Uncertainty.

While his research and publications have encompassed many areas of , his present work focuses on and decision neuroscience. This work borrows tools from many relevant fields, such as , general equilibrium theory, , cognitive psychology, and decision neuroscience. His work has been published in journals such as the Journal of Finance, Econometrica, the Review of Economic Studies, Science, Proceedings of the National Academy of Sciences, and the Journal of Neuroscience. Peter Bossaerts has taught undergraduate, MBA, PhD and executive classes at various places across the world, including Yale University and IMD (Switzerland). He is or has been on the board of numerous academic journals, such as the Review of Finance, the Review of Financial Studies, and Frontiers of Neuroscience.

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CFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org

Registration Links (directly below): CFALA Members: $20.00 Non-members: $40.00

Time: 12:00 pm - 1:30 pm, Lunch

Location: Omni Los Angeles 251 South Olive Street Los Angeles, CA 90071 For directions call hotel: (213) 617-3300 Event parking at the Omni $12.00

Corporate Performance, Valuation, and Market Performance Thursday, October 14, 2010 12:30pm - 2:10pm

Featured Speaker: Rafael Resendes

Accounting based performance metrics suffer from inherent flaws that prevent them from properly summarizing a firm’s true underlying performance. This presentation reviews many of the common accounting distortions related to GAAP, IFRS, and other local country accounting standards. The talk then reviews how The Applied Finance Group addresses those issues to measure corporate performance through its Economic Margin™ Framework.

After laying a foundation for corporate performance measurement globally, the talk transitions to how analysts, portfolio managers and corporate executives can apply this information for daily decisions. This aspect of the discussion focuses on how global markets reward and punish firms on the basis of: economic performance; management quality; and deviations from intrinsic value. Various company specific examples and aggregate empirical data is discussed to illustrate each concept and support its use in investment activities.

The presentation concludes with a review of global markets using AFG’s Value Expectations™ Framework to understand the corporate performance expectations embedded in stock prices for various markets around the world.

Speaker Bio: Mr. Resendes co-founded The Applied Finance Group (AFG) in 1995 with Daniel J. Obrycki to develop an investment research firm that helps institutional investors, and corporate executives understand the growth and profitability embedded in share prices. They focused their research on understanding: why earnings do not reflect a company’s true profits; why P/E ratios are poor proxies for company value; and why growth contrary to popular beliefs often destroys value. Since its inception 15 years ago, AFG’s buy- and-sell recommendations and model portfolios have consistently outperformed their benchmarks across size, style, economic sectors, and countries. Currently over 220 investment houses, corporations, and consulting firms around the world utilize AFG’s research.

Registration (please click links directly below):

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CFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org

CFALA Members: $15.00 Non-members: $20.00

Time: 12:30 pm – 2:10 pm

Location: Stella Mare’s (Greenhouse) 50 Los Patos Way Santa Barbara, CA 93108

“Economic Policy Makers Cannot Solve Problems By Using The Same Kind of Thinking They Used When They Created Them” presented by Dr. Marc Faber, publisher of “The Gloom Boom & Doom Report" Monday, November 1, 2010 12:00 – 1:30, Lunch

Featured Speaker: Dr. Marc Faber – Founder, Marc Faber Limited and publisher of "The Gloom Boom & Doom Report", and author of “TOMORROW'S GOLD – Asia's Age of Discovery” Chair: Jim Altenbach, CFA

Dr. Faber publishes a widely read monthly investment newsletter "The Gloom Boom & Doom Report" report which highlights unusual investment opportunities, and is the author of several books including “ TOMORROW'S GOLD – Asia's Age of Discovery” which was first published in 2002 and highlights future investment opportunities around the world. “TOMORROW'S GOLD” was for several weeks on Amazon's best seller list and is being translated into Japanese, Chinese, Korean, Thai and German. Dr. Faber is also a regular contributor to several leading financial publications around the world.

Dr Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude.

Between 1970 and 1978, Dr Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong.

Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, MARC FABER LIMITED which acts as an investment advisor and fund manager.

A book on Dr Faber, "RIDING THE MILLENNIAL STORM", by Nury Vittachi, was published in 1998.

A regular speaker at various investment seminars, Dr Faber is well known for his "contrarian" investment approach.

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CFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org

He is also associated with a variety of funds and is a member of the Board of Directors of numerous companies.

Registration Links: CFALA Members: $20.00 Non-members: $40.00

When: Monday, November 1st at 12:00 pm - 1:30 pm, Lunch

Location: Omni Los Angeles 251 South Olive Street Los Angeles, CA 90071 For directions call hotel: (213) 617-3300 Event parking at the Omni $12.00

CFA Review Orientation November 20, 2010 CFA Program Information Session So, you want to become a CFA Charterholder?

Date: Saturday, November 20, 2010 Time: 9:30am - 11:00am Cost Members: $00 Cost Non-Members: $00

Location: University of Southern California - Hoffman Hall, Caseroom 1 (HOH-1) USC Map Parking: University Parking Structures $8, Gate 3 Parking Structure "X" off of Figueroa is the closest.

Learn more about:

• The value of the CFA Charter to your professional development and career • CFA Institute and CFA Society of Los Angeles, Inc. • Enrolling in the CFA Program • Strategies for successfully completing the CFA Program • Study Guides and CFA Curriculum • USC/CFALA CFA Review Program • Scholarships

Chair(s): William Krantz, CFA and Lawrence Harris, Ph.D.

Other Info: No charge to attend/No membership required

Open to all CFA Candidates and others interested in learning more about the CFA Program.

Register Here

Education Registration Policies

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CFA Society of Los Angeles, Inc. ■ 350 South Grand Avenue, Suite 1680 ■ Los Angeles, CA 90071 ■ Phone/Fax: 213.341.1164 ■ www.cfala.org

INFORMATION Specific questions on course content should be directed to the course coordinator and education chair. General questions should be directed to Laura Carney at the CFALA administration office at 213-341- 1164 x701 or e-mail: [email protected].

CONFIRMATIONS The Society will only send confirmations of enrollment by e-mail. You will be notified if a course has been oversubscribed or canceled. If applicable: grades and/or certificates of completion will be made available only if requested from the course coordinator or instructor at the conclusion of the course.

CANCELLATIONS Cancellations must be made in writing and received at least 5 business days before the first day of class. Please fax or e-mail cancellations to: (213) 341-1164 or [email protected]. All cancellations will incur a $30.00 processing fee. If canceled after the 5-day deadline, a 50% cancellation fee will be charged. The Society reserves the right to cancel any course for any reason. Society cancellation will usually occur because of insufficient preliminary enrollment. The Society will call registrants to notify them of any course cancellations. All prepaid fees will be refunded. The Society also reserves the right to change the location, date and/or time of a course, in which case prior notification will be given to students.

PAYMENTS Make all checks payable and send to: CFA Society of Los Angeles, Inc., 350 S. Grand, Ste 1680, Los Angeles, CA 90071. Returned checks will incur a $35 returned check fee. You may also pay by credit card through our online registration at: http://www.cfala.org/cfmfiles/cal/eventlist1.cfm?t=g

Event Registration Policies

CFALA MEMBER REGISTRATION GUIDELINES All reservations must be made via website. In order to assure quality and service to our members, please make reservations in advance.

Please make your reservation online. Reservation deadline: 12 noon, two business days prior to an event. Limited space may be available after this deadline. No confirmations are made. You will only be contacted at the phone number provided on your RSVP if space is not available.

CANCELLATIONS Cancellations must be received in writing by 9:00 am the day prior to the event. No phone cancellations are accepted. Please fax to the CFALA office at (213) 341-1164 or e-mail [email protected]. Member “no- shows” will be billed at $40 unless otherwise noted. CFALA members will be billed the additional $20 to meet the $40 "no-show" fee requirement.

GUESTS Guest fees are $50 for CFALA events unless otherwise noted. Payment must be received prior to the event. Returned checks will incur a $35 charge.

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