2017 Schedule

Thursday, 16 November 2017

07:45-08:30
Registration and Networking Breakfast

08:30-08:35
Chair’s Opening Comments
Ellen Frauenknecht
Business Journalist and Presenter

08:35-08:45
Welcome Remarks
Susan Spinner, CFA
CEO
CFA Society Germany

08:45-09:30
Opening Keynote: Geopolitical Trends Investors in Europe Need to Watch
George Friedman
Founder and Chairman
Geopolitical Futures

  • The importance of monitoring tensions in Europe, particularly the dispute between Poland and the European Union
  • Russia, Saudi Arabia, and the significant uncertainties driven by lower-than-needed oil prices
  • Germany’s dilemma: Protecting its national interests without unbalancing NATO and the EU
  • Ways that China’s solutions to social and political problems will affect its economic performance
  • How global institutions could be changed through a shift in US behavior

09:30-10:15
The Macro Trends That Will Define the Future of Finance
Lena Komileva
Managing Partner and Chief Economist
G+ Economics

Roger Urwin
Global Head of Investment Content
Willis Towers Watson

10:15-10:45
Networking Refreshments

10:45-11:30
How Unconscious Bias in Our Brain Counteracts Diversity
Karolien Notebaert
Founder and CEO
One Step Ahead – Notebaert Consulting

  • Where you can find unconscious biases in your brain, and how these biases influence your decisions
  • How unconscious biases sabotage diversity
  • Using self-regulation to improve decision making and actively reduce unconscious biases

11:30-12:15
Wealth on Wings: The Growth of Angel Investing
Brigitte Baumann
Founder and CEO
Go Beyond Early Stage Investing

  • What is angel investing
  • How is it emerging as an asset class
  • Why diversity is a key element for future growth and success

12:15-12:30
Leadership in Global Investment Award Presentation for Antti Ilmanen
Award Recipient: Antti Ilmanen, Principal, AQR Capital Management
Presented By: Fred Lebel, CFA, co-CEO and CIO of OFI MGA and owner of HFS Hedge Fund Selection S.A

In honor of Thomas L. Hansberger, this award is in presented to honor an individual who has made an outstanding contribution to the investment industry through higher education, ethical and regulatory advocacy, or promoting integration and fostering cooperation among investment organizations and capital markets worldwide.

12:30-14:00
Networking Lunch

13:15-13:45
CFA Society Germany’s New Study: Germany’s Attractiveness as a Financial Center – An Opportunity for Growth?
Harald Edele, CFA
Director, Capital Markets and Regulation
CFA Society Germany

Optional Lunch Session

  • Insights into Germany’s legal, political, and regulatory framework
  • The country’s financial culture, and the competence of its asset managers
  • Current fintech services, and the relative attractiveness of Germany’s different financial regions

14:00-15:00
(Self-)Leadership in the Brave New VUCA World
Klemens Höppner, CFA
Leadership Coach and Facilitator
International Partner, Conscious Business Institute

We are living in a world of accelerating change in technology, politics, work, and the global climate and environment. In short: it is a volatile, uncertain, complex, and ambiguous (VUCA) world to which we all need to adapt. This workshop introduces a framework that can be used to consciously transform pressing global challenges into opportunities for ourselves and our organizations. Participants learn how they can move their attention constructively from negative VUCA stress to embracing the opportunities provided by a changing environment.

  • How do we provide leadership and direction in a world of constant change – for ourselves and the people around us?
  • What are the centering, grounding principles of our day-to-day actions?
  • How can we use conflict and friction to actually improve inclusion and diversity?

Moderator: Peter Jakobus, CFA

14:00-15:00
The Role of Artificial Intelligence and Big Data in Analyzing and Capturing ESG Performance
Omar Selim
Founder and CEO
Arabesque

  • Exploring disruption in the financial industry
  • Explaining the rise of ESG big data
  • Applying a transparency lens to assess a company’s extra financial performance

Moderator: Susan Spinner, CFA, CEO, CFA Society Germany

14:00-15:00
The Smart, the Dumb, and the Alpha: a Framework to Understand Smart Beta and Risk Factor Investing
Christophe Roehri
Managing Director and Deputy CEO
TOBAM

  • Clarity for Smart Beta: Much talked about, but not a well-defined concept
  • Differences between market capitalization weighted indices, smart beta approaches, and risk factor investing approaches
  • The benefits of maximizing diversification to optimally capture the risk premium of an asset class

Moderator: Matthias Meitner, CFA, Professor at International School of Management (ISM) and Managing Partner at VALUESQUE

15:00-15:15
Transition Break

15:15-16:15
Devil in Disguise: High Yield and Distressed Strategies
Jochen Felsenheimer
Managing Director
XAIA Investment

  • All Shook Up: How to generate spread income in a manipulated market?
  • Heartbreak Hotel: Rising default rates and lower recoveries
  • Return to Sender: It’s all about legal risk, stupid!
  • Love me Tender: Non-directional trading strategies in the high-yield and distressed market

Moderator: Sebastian Seitz, CFA, President, CFA Society Germany

15:15-16:15
Principles of Activist Investment
Florian Schuhbauer
Managing Partner
Active Ownership Capital

  • Different types of activist investors in Europe
  • How to create sustainable value in companies
  • Stada case study

Moderator: Boris Bernstein, CFA, Director, Deutsche Invest Capital Partners (Munich-based investment platform)

15:15-16:15
Private Debt – a New Asset Class
Theo Weber
Managing Director
BlackRock

  • What is Private Debt?
  • Why invest in Private Debt?
  • How to invest in Private Debt?

Moderator: Andreas Naujoks, CFA

16:15-16:30
Transition Break

16:30-17:30
Final Keynote: Disaggregated Valuation – Valuing a Business as the Sum of its Units
Aswath Damodaran
Kerscher Family Chair Professor of Finance
Leonard N. Stern School of Business, New York University

Final Keynote via Live Link

Much of conventional valuation is built around valuing a business on an aggregated basis, forecasting total operating metrics and cash flows and discounting at a composite risk-adjusted discount rate. That practice has evolved for two reasons. First, that is how information is disclosed most completely by businesses, and second, that is how businesses have generally measured success (as overall revenues, earnings and cash flows). With the growth of social media, there are many valuable businesses that measure success based upon the number of users (Facebook), subscribers (Netflix) or even customers. However, conventional approaches not only work well, but can provide useful insight into why a user/subscriber/customer value can vary across companies, time and geographies.
Illustrated by working to value an Uber user, a Netflix subscriber, and an Amazon Prime customer; exercises that will challenge the limits of available data and, perhaps, cast light on the types of information disclosure we should push for at companies like these.

17:45-22:00
Networking Drinks and Evening Reception
Arminius Market Hall
Bugenhagenstraße 19, 10551 Berlin

Friday, 17 November 2017

07:45-08:55
Registration and Networking Breakfast

08:55-09:00
Chair’s Opening Comments
Ellen Frauenknecht
Business Journalist and Presenter

09:00-10:00
Opening Keynote: Managing Successful Negotiations in Complex Scenarios
Foad Forghani
Founder
Forghani Negotiations

  • Unknown principles of negotiation management
  • Managing the power balance
  • How to handle the political negotiation environment
  • The art of rhetoric and debate

10:00-10:30
Networking Refreshments

10:30-11:30
Artificial Intelligence: There’s a New World Coming
Hendrik Leber
Managing Partner
ACATIS Investment GmbH

  • A break with the past
  • AI-based investing will be the next big wave in investing
  • A grab for data scientists, data, and computing power
  • Even more concentrated players

Moderator: Christian Schwehm, CFA

10:30-11:30
A Practitioner’s Perspective on Factor Investing
Michael Fraikin
Global Head of Research, Invesco Quantitative Strategies
Invesco

  • The evolution of factor investing and an assessment of its benefits
  • Building factor portfolios, and the differences between single-factor and multi-factor portfolios
  • Additional considerations for multi-asset, multi-factor investing

Moderator: Rhea Wessel, American Freelance Writer

10:30-11:30
Economic and Investment Implications of Global Demographics
Richard F. Hokenson
Founder
Hokenson & Company

  • The secular bull market in long-term interest rates persists as global inflation remains restrained – it is still the race to zero
  • What does China’s demographic outlook mean for its economic future — can parallels be drawn with 1980s Japan?
  • The implications of a consumer spending shift from goods to experiences, and what the rise of the robots could mean for jobs in the future
  • What does the future hold for a world on the verge of an accelerated increase in ageing, with almost half of the population in countries that have below-replacement birth rates?

Moderator: Nitin Mehta, CFA, Managing Director, Member Value, CFA Institute

11:30-11:45
Transition Break

11:45-12:45
Final Keynote: A Comedy of Errors: VCs, the Tech World, and the Many Failures That Lead to My Success
Jonas Kjellberg
Co-creator of Skype
Former Head of Internet Investments at Kinnevik

12:45-12:50
Closing Comments
Gary Baker, CFA
Managing Director, EMEA
CFA Institute

12:50-14:00
Networking Lunch