A State of Political Brinkmanship: Illinois at the crossroads, again. How can a state with a large, diverse economic base have a credit risk premium in junk bond territory? It’s easy, when political brinkmanship and years of fiscal mismanagement create an...
Book Recommendation: Waring, M. Barton. Pension Finance – Putting the Risks and Costs of Defined Benefit Plans Back under Your Control. New Jersey: John Wiley & Sons, Inc., 2012. Print. This article provides a detailed, technical overview of one of my favorite...
After reading one of my recent posts, a good friend paradoxically asked “What’s a pension anyway?” And his point is well taken – millions of Americans don’t have a traditional defined benefit pension plan or even a defined contribution plan. So how are they...
Hey! Mom-and-pop retail investors still own about 75% of the municipal bond market (directly or indirectly). They want a stable asset class with relatively few defaults, high credit ratings and interest income that’s tax free at the federal, state and local...
In the 1967 film, The Graduate, Mr. McGuire (Walter Brook) famously said, “I want to say one word to you, just one. Are you listening? Plastics.” And he correctly predicted the astonishing investment opportunities in the plastics industry. Today,...
Is climate change for real? The short answer is yes. According to Doug Sisterson, co-author with Seth B. Darling of How to Change Minds About Our Changing Climate…, about 98% of climate scientists believe that the Earth’s climate systems are changing due to...
There’s no better way to start the summer than with good barbecue! In early June 2015, CFA Chicago members gathered at the Weber Grill Restaurant in Lombard, where patrons can watch Master Chefs grill steaks, burgers, chops, chicken and fish – right before their...
Does your ESG integration program have an edge? If not, read on. Everyone knows that it’s difficult to produce alpha—an abnormal excess return over the market—due to skill rather than luck. And yet, by looking deeply, and at the right factors, one can find investment...
¡Que fantástico! ¡Que increíble! The CFA Society of Chicago recently celebrated its 90th anniversary by welcoming investment professionals from across Latin America to the Midwest for its 2015 Annual Conference: Emerging Opportunities in Latin America! Christopher...
In Devin Brown’s Hobbit Lessons: A Map for Life’s Unexpected Journeys, we learn five key lessons drawn from J.R.R. Tolkien’s timeless story The Hobbit. These lessons are well worth remembering and, in fact, may even help add meaning and value to your investment...
Surprise! We live in a democratic, pluralistic, free-market economy. And future decisions about America’s energy infrastructure will be incredibly political. Consider, for example, the fact that President Barak Obama’s Administration has been reviewing Transcanda’s...
Superior investment analysis is part science and part art. The science part can be quantitative and mechanical—calculating the appropriate cost of capital, discounting expected future cash flows to the present and comparing the intrinsic value of a security to its...
On Jan. 22, 2015, CFA Society Chicago held its annual New Member and Volunteer Recognition Party in the amazing rotunda of the Chicago Cultural Center. Hors d’oeuvres and cocktails were served beneath the world’s largest Tiffany glass dome—measuring 38 feet in...
CFA Society Chicago recently worked with the Chinese Finance Association and The Paulson Institute to explore the risks and rewards of the Chinese shadow banking system. On behalf of CFA Chicago’s Education Advisory Committee, Peter Cook, CFA, welcomed the audience to...
CFA Society Chicago hosted approximately 140 people at the University Club of Chicago overlooking Millennium Park on Sept. 23, 2014, to discuss energy investment opportunities at a thought-provoking conference entitled “A Seismic Shift: The Changing Dynamics of the...
An intrepid group of approximately 50 seafaring CFA Chicago members and guests boarded the Tall Ship Windy at Navy Pier for a memorable evening architectural tour of the Chicago skyline and networking voyage on July, 22, 2014. The event was hosted by the Social...
