second quarter 2018 · 2018-05-05 · steven hooser sponsorships three part advisors david lewis,...
TRANSCRIPT
Second Quarter 2018
Contents CFA DFW Board of Directors
| Get to know your CFA DFW Board of Directors
Upcoming Events
| Be sure to sign up for our upcoming events!
2018 CFA DFW Forecast Dinner and CFA Texas Societies Symposium
| A look back...
Results From the 2017-2018 Southwest U.S. Research Challenge
| And the winner is…
Healthcare Panel Follow Up
| Learn more about emerging healthcare trends
CFA DFW Annual Meeting/ Luncheon with Diane Garnick
| Don’t miss the annual meeting or our luncheon with Diane Garnick!
WIM Event: Climbing the Ladder in a Skirt
| Join us for our next WIM event with Sherrie English
Charterholders Under 40 Event: A Day in the Life of a Portfolio Manager
| Meet Eric Marshall, CFA and hear about his career path
2017–2018 CFA DFW Sponsors
| A sincere thank you to our 2017-2018 sponsors!
About CFA Society of Dallas-Fort Worth
| Learn about and get in touch with your local CFA society
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CFA DFW Board of Directors
Julie Toler, CFA, CFP® President Lee Financial
Kim Abmeyer, CFA, CFP® Programs Chair Raymond James
Michael Yeager, CFA, CPA Vice President Luther King Capital
Lauren Minch, CFA, CPA, CGMA Employer Engagement, University Relations Hersh Family Investments
John Vandermosten, CFA Secretary Zacks Small Cap Research
Harry Ward, CFA, CAIA, CFP® Treasurer Cimarron Wealth Mgmt.
Shirley Ogden, CFA, CPA Past President Lee Financial
Greg Stuecheli, CFA Membership Chair Mockingbird Credit Partners
Click on a Director’s Picture to Learn More!
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Joe Martinez, CFA Past President Phlox Capital Mgmt.
Marilyn Wiley, CFA Past President The University of North Texas
CFA DFW Board of Directors
Michael Hasenauer, CFA Employer Engagement Mockingbird Credit Partners
John Harris, CFA, CPA CFA Review Course Financial Accounting Workshops
Steven Hooser Sponsorships Three Part Advisors
David Lewis, CFA Advocacy FCM Investments
Paul Olschwanger Leadership Development Aon Hewitt
Dr. Harvey Rosenblum, CFA Director Southern Methodist University
Brandon Troegle, CFA University Relations Hillcrest Asset Management
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Robert McDonald, CFA, CA Assistant Treasurer The Howard Hughes Co.
Lisa McDaniel, CFA Women’s Initiative The Mutual Fund Store
Lyndon Westerberg, CFA Strategic Advisory Board J.P. Morgan
Upcoming Events
May 10th
Luncheon with Diane Garnick
May 14th
WIM: Climbing the Ladder in a Skirt with Sherrie English
May 22nd
2018 CFA/DFW Annual Meeting
June 23rd
CFA/DFW Post Exam Happy Hour
June TBD
A Day in the Life of a PM with Eric Marshall
CFA DFW Annual Forecast Dinner and
CFA Texas Societies Symposium, A Look Back...
CFA/DFW was thrilled this year to not only host our Annual Forecast Dinner on February 22nd
with a stacked panel of speakers, but also a coordinated symposium with the CFA Societies of
Texas. It was a beautifully executed two-day event filled with some lively debate and timely
perspectives.
Thursday evening, Brian Kennedy, of Loomis Sayles, and Steven Romick, of FPA Funds, gave us
some differing opinions on the fixed income space, while Elizabeth Lilly, of Crocus Hill Partners,
gave us her small cap equity outlook. And Brian Wesbury, of First Trust Economics, brought it all
together as the economic optimist with his unwavering expectation of strong corporate earnings
continuing to drive the domestic economy this year.
Friday, the 23rd, the CFA Societies of Texas Symposium began at the esteemed George W. Bush
Presidential Center and ran all day with speakers from various backgrounds in finance sharing
their unique viewpoints on their specialties. The bench was deep with portfolio managers
speaking on fixed income and their 2018 economic and investment outlooks, as well as a DFW
Regional Growth panel of local government officials, a university head, and a DFW Airport
executive. The Women in Investment Management panel discussed headwinds women face in the
industry and some behaviors we can identify and change to help
increase the number of females in the room. The ethics hour was
captivating as we heard from a former Citigroup Whistleblower,
and satisfied CFAI Ethics Continuing Education credit hours. The
CIO Panel gave us a glimpse into how a few of our nearby
universities and Teacher Retirement Systems of Texas are
allocating their portfolios in today’s environment, and colleagues
from the CFA Institute and its Board of Governors mixed in some
perspectives on relevancy and the overall
industry. Overall, it was a blockbuster
event and we look forward to the next one
in San Antonio in 2019.
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Recap: CFA Institute Research Challenge
Rice University Wins the 2017-2018 Southwest U.S. Research Challenge!
Top students from universities across Texas, Oklahoma, and Louisiana faced off in the 12th annual
Southwest U.S. Research Challenge on February 2nd. The students spent more than two months studying
and crafting their analysis of this year’s target company, Andeavor (ANDV). Of the 27 university teams
that competed this year, the top 10 teams with the highest scoring papers advanced to the oral round of
the competition held at Southern Methodist University. The ten teams who advanced this year were
Nicholls State University, Rice University, Stephen F. Austin State University, Texas Christian University,
University of Houston, University of Texas—El Paso, University of Texas at San Antonio, University of the
Incarnate Word, University of Tulsa, and West Texas A&M University.
For this part of the competition, the students gave a 10 minute presentation to a panel of investment
professionals followed by a 10 minute question and answer session where the judges could challenge the
contestants’ analysis. After all 10 teams presented, their presentations were scored and combined with the
scores from their written analysis to reach a final score. After many presentations and keynote speeches
from Sameer Somal, CFA, CFP®, CAIA and Dan Meader CFA, CPA, the students from Rice University and
University of Texas at San Antonio came out on top, finishing 1st and 2nd, respectively.
These students advanced to compete against other top universities from North and South America in the
Americas Regional competition held in Boston. After 2 more rounds of competition, the University of
Minnesota Duluth and Jacksonville University were named the 2018 Americas Regional Champions and
advanced to the global final in Kuala Lumpur, Malaysia where they took on Asia Pacific champions
Sunway University of Malaysia and the Europe, Middle East, and Africa champions, University of Lausanne
from Switzerland and BI Norwegian Business School. After an intense final round of competition,
University of Lausanne was named global champion, beating out more than 1,000 universities from
around the world! If you’d like to watch the global championship round presentations click here and to
find out how you can get involved with the research challenge click here.
2018 Results
1st Rice University
2nd University of Texas
San Antonio
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Recap: Healthcare Panel
Healthcare Panel
In late March, the Dallas / Ft. Worth CFA society brought together a group of health care experts
from a variety of areas to discuss some of the key trends in the sector in our annual Health Care
Panel Discussion. We had several distinguished participants including Jason Signor, CEO of
Caddis Healthcare Real Estate, Reid Rasumssen, CEO of freshbenies, Tom Manthe, CFA, Senior
Research Analyst for Aegon, Bihag Patel, CFA, Senior Research Analyst for Nuveen and BJ
Loessberg, Principal at Havencrest Healthcare Partners. John Vandermosten, Senior Biotech
Analyst at Zacks moderated the panel.
Consumerism was the main topic of discussion. We kicked off the evening by bringing up the role
of transparency in healthcare consumer behavior. A few decades ago, most healthcare
consumers had a small deductible for every time they went to the doctor, and the insurance
companies and providers figured out the rest. However, as health care costs increased and
increased, they system sought to find a new structure that would make consumers more price
conscious and the high deductible health care plan was born. However, just because consumers
were now paying for more of their health care didn’t mean that they could determine price and
value, as many times these were only known after the fact. To address this there are a number of
new ideas out there, some using the same type of technology you’d find in Uber or Yelp to get
consumers the information they need to make a wise decision. Some of the names that emerge
with pricing transparency tools are Castlight Health (CSLT), healthcare bluebook, United
Healthcare (UNH) and Amino, which is a San Francisco based company that has a health savings
account interface along with it.
The panel participants also shared some of their favorite ideas with the audience, highlighting
Contract Research Organizations (CROs), telemedicine, senior housing and the direct primary
care model. CROs are expected to benefit from the increase in drug development anticipated
from both big pharma and new startups. Telemedicine should help lower costs and speed
service for primary care needs, while the demographic
trend the US is supportive of increased demand for
senior housing in the next decade. And the direct
primary care model might be a way to get physicians to
focus on their patients, while reducing paperwork and
improving care.
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To listen to more discussion about trends in
the healthcare sector, click here to listen to
John Vandermosten’s interview on the CEO
Money Show where he also discusses many of
the topics covered by the healthcare panel.
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CFA DFW Annual Meeting
Luncheon with Diane Garnick
Dallas Luncheon with Diane Garnick
Loss aversion is a term in behavioral economics that refers to an individual’s strong preference to avoid
losses over receiving equivalent gains. In other words, clients experience much more “pain” from losing
on investments than pleasure from gaining.
Studies have shown if a person loses $100, they “feel” like they’ve lost $200. For retirees, the pain is even
worse because they have less time to recoup the losses. In this presentation, Diane Garnick will show how
investment managers can help clients avoid the feeling of loss aversion by aligning
clients’ budgeting process and monitoring of investment results with their long-term
goals and thereby framing investment and spending conversations in a more
positive light.
Economically, there is no difference in the financial results, but these techniques
can make a big difference in the client’s decision-making process and in the
way they feel—happier!
May 10th, 2018 at 11:30 AM
Park City Club
5956 Sherry Lane #1700
Dallas, Texas 75225
Click Here to Register
CFA DFW invites you to join us
for the Annual Meeting at 5:30 PM
on Wednesday, May 22nd, 2018 at
the Federal Reserve Bank of Dallas
as we present the 2018-2019 Board
Slate and hear from Jim Dolmas,
Senior Research Economist and
Advisor for the Federal Reserve Bank of
Dallas.
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CFA DFW Annual Meeting
2018 Post Exam Happy Hour
WIM: Climbing the Ladder in a Skirt with Sherrie English
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Women in Investment Management - Climbing the Ladder in a Skirt with Sherrie English
This workshop focuses on developing skills that help women get where they want to go in their careers.
It's an engaging interactive look at the choices we make. Together we examine how do we respond to the
challenges of being a woman in a male dominated industry, and how we can use logic, humor, and soft-
skills to make conscious actions and reactions.
Most importantly, we will learn the three main skills that women under-utilize, and how we can
accomplish our goals with more ease and less resistance.
Helping you clarify your goals, and untying the knots that keep you from getting what you want.
So you can build your life and career- your way.
Monday, May 14, 2018
Three Galleria Tower - 1st Floor, 13155 Noel Rd., Dallas, TX 75240
Member Fee: $25 Guest Fee: $35
Click Here to Register
Post Exam Happy Hour
CFA DFW would like to invite all CFA program candidates taking an exam this June to join us for a
complimentary post exam happy hour to release some stress and meet other CFA candidates. This is a
great opportunity to cut loose after many long months of studying and to meet peers who are also going
through the program. Keep an eye out for more details on time and location at http://www.cfadfw.org/.
Sherrie English
With over 3 decades in the financial industry, Sherrie was one of the first women in
the financial industry to reach $4 billion in sales. She has worked for such firms as
EFHutton, Merill Lynch’s Private Banking group, and AIM, where she was named a
Global Partner and was featured in their national advertising campaign. Sherries is
certified in investment management, exit strategies, financial planning, energy
leadership assessment, and as a professional coach.
Charterholders Under 40 Event
A Day in the Life of a Portfolio Manager
CFA DFW would like to invite all of your young Charterholders and CFA Program candidates to attend the
first Charterholders Under 40 Event of the year! We are excited to have Eric Marshall of Hodges Capital
Management with us to talk about a day in the life of a Portfolio Manager.
Eric has been with Hodges Capital since 1997 and serves as a portfolio manager for all six of Hodges
funds which are primarily focused on the small and mid-cap markets.
More information to come at http://www.cfadfw.org/!
Eric J. Marshall, CFA
Director of Research,
Portfolio Manager
Eric currently serves as
the President and
Director of Research for
Hodges Capital
Management. He serves
as a portfolio manager
on five of the Hodges
Funds and several
investment strategies for
financial advisors, family
offices, pensions plans,
and foundations.
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Charterholders Under 40 Mission Statement:
To promote and foster the development and community of our younger
Charterholders, aspiring Charterholders, and affiliates, providing them content and
the tools to lead the investment profession ethically, and uphold it to the highest
standard set forth by the CFA Institute.
Sincere Thank You to Our 2017-2018 Sponsors!
About CFA Society of Dallas-Fort Worth
The CFA Society of Dallas-Fort Worth (formerly the Dallas Society of Financial Analysts and prior to that, the
Dallas Association of Investment Analysts) was founded in 1951 to:
• Provide interchange between investment and portfolio managers;
• Promote good fellowship among those whose primary occupation is investment and securities analysis;
• Improve analytical procedures and techniques;
• Promote our membership to the investing public. The society plays a vital role within the Dallas and Fort
Worth area promoting a better understanding of the investment management profession;
• To encourage, strengthen and support the Chartered Financial Analyst® professional designation and to
assist those candidates working towards achieving the CFA® charter.
Of equal importance has been its mission to promote high standards of professional and ethical conduct
among its members. For more than 50 years, these objectives have guided the society and the local
investment community. The society was the 15th formed worldwide.
The CFA Society of Dallas-Fort Worth has over 1,300 active members and is among the largest member
societies of the CFA Institute (formerly the Association of Investment Management and Research).
CFA Institute Mission Statement:
To lead the investment profession globally by
promoting the highest standards of ethics,
education, and professional excellence for the
ultimate benefit of society
CFA—DFW Mission Statement:
To promote and uphold the ethical and professional
standards set by the CFAI. We provide thought
leadership through education, advocacy,
engagement and career development resources for
the benefit of our members and our community.
CFA Society of Dallas-Fort Worth 12900 Preston Road, Suite 1210
Dallas, TX 75230 214-363-3284
[email protected] cfadfw.org