Monday 25 November 2019
08:15–09:00: Registration and Breakfast
09:00–09:05: Chair’s Opening Comments
Paul Gordon, Team Leader, Western European Central Banks, Bloomberg News
09:05-09-10: Welcome Remarks from CFA Society Spain
Enrique Marazuela, CFA, President CFA Society Spain
09:10–10:00: Venture Capital Opportunities in Europe
Bernardo Hernandez, Venture Partner, e.Ventures; CEO, President, Verse
- Identifying and evaluating startups in Europe
- Who is investing and what kind of returns do they achieve?
- The role of venture capital firms in the European technology startup ecosystem
10:00-10:50: Modern Monetary Theory’s Take on Fiscal Policy
Stephanie Kelton, Professor of Economics and Public Policy, Stony Brook University
- Challenging established economic theories
- New ways of thinking about solutions to policy problems
- Modern Monetary Theory in European politics
10:50-11:20: Break
11:20-12:10: Breakout Streams
These sessions will run concurrently on Monday from 11:20 to 12:10 and will repeat from 12:20 to 13:10.
11:20-12:10: Stream 1: The Quantum Computing Revolution in Capital Markets
Mark Jackson, Scientific Lead of Business Development, Cambridge Quantum Computing
- Opportunities and threats in quantum computing encryption and security
- The new frontiers of pattern discovery made possible with quantum technology
- Potential paths for development and applications
11:20-12:10: Stream 2: Gender Diversity as a Driver of Returns
Anne Tolmunen, CFA, Lead Portfolio Manager on the AXA WF Women Empowerment Fund, AXA Investment Managers
- The case for investing in companies with greater gender diversity
- Incorporating non-traditional criteria into investment decisions
- How can investors drive change?
11:20-12:10: Stream 3: Valuation: Common Sense and Common Errors
Pablo Fernandez, Professor of Finance, IESE Business School
- A closer look at assumptions in valuation models; discerning between facts, opinions and theories
- Problems with calculated betas
- How can common errors be corrected?
11:20-12:10: Stream 4: Two Divergent Stories on Investing in Latin America
Speaker: Santiago Fernández Valbuena: Partner, Investtech, Deputy Chairman, EBN Banco
Moderator: Alicia Rubi, CFA, COO, Findango Finance
- Geopolitics and economics in the region
- What sets private equity opportunities apart in Latin America?
- Why is Brazil different?
12:10–12:20: Transition Break
12:20-13-10: Previous Breakout Streams Repeat
13:10–14:10: Lunch
14:10-15:00: Breakout Streams
These sessions will run concurrently on Monday from 14:10 to 15:00 and will repeat from 15:10 to 16:00.
14:10–15:00: Stream 1: Alternative Solutions to ESG Data Challenges
Julia Meigh, Senior Analyst, Neudata
- An overview of most common ESG data issues
- Generating a more objective ESG risk signal
- Using alternative data to measure ESG intangibles
14:10–15:00: Stream 2: The Problem with Liquid Markets
Rishi Ganti, CFA, Partner, Orthogon Investments
- Returns in traded vs. non-traded assets
- Moving beyond zero-sum investment games
14:10–15:00: Stream 3: Developing the Mind of a Leader in a Disrupted Environment
Sylvia Sonnendrucker, CFA, Managing Partner at Millennial Quest
- Why is it important to train the mind?
- Simple ways to improve decision-making
- Applications for the corporate environment
14:10–15:00: Stream 4: The Economic Fallout from the US-China Confrontation
Diana Choyleva, Chief Economist, Enodo Economics
- Tectonic shifts in US-China relations
- Understanding what’s at stake
- Quantifying the economic and political costs of the trade war
15:00-15:10: Transition Break
15:10-16:00: Previous Breakout Streams Repeat
16:00-16:30: Break
16:30-17:20: The Journey from an Activist Investor to a Wanted Man in Russia
Bill Browder, CEO, Hermitage Capital; Head, Global Magnitsky Justice Campaign; Author of Red Notice
- The rewards and costs of activist investing in emerging markets
- Russian influence on global politics and the effects of the Magnitsky Act
- Uncovering money laundering schemes around the world
20:00-23:00: Evening Reception
Palacio Neptuno
Enjoy an evening of networking with Spanish flair, flavours and fun inside one of the most exclusive, modern and avant-garde spaces in the city!
Palacio Neptuno is a 3 minute walk from the conference venue and located a few metres from Plaza de Canovas del Castillo and the Paseo del Prado.
Tuesday 26 November 2019
08:15–09:00: Registration and Breakfast
09:00–09:05: Chair’s Comments
Paul Gordon, Team Leader, Western European Central Banks, Bloomberg News
09:05-09:55: The State of Europe
Yanis Varoufakis, Former Minister of Finance of Greece
Paul Gordon, Team Leader, Western European Central Banks, Bloomberg News
- How are globalization, wealth inequality, and populism impacting Europe’s political and economic future?
- The most pressing economic risks for the Eurozone
- Alternatives to capitalism
09:55-10:05: Transition Break
10:05-10:55: Breakout Streams
These sessions will run concurrently on Tuesday from 10:05 to 10:55 and will repeat from 11:25 to 12:15
10:05-10:55: Stream 1: Distributed Ledger Technology in Mutual Fund Trades
Josh Wade, Global Business Propositions, Calastone
- Understanding the hype behind distributed ledger technology
- How is distributed ledger technology transforming the asset management industry?
- Lessons from Calastone’s migration of clients to distributed ledger technology
10:05-10:55: Stream 2: Cannabis Investment in Europe: Pharma, Leisure, or What?
Alex Brooks, Senior Equity Analyst, Canaccord Genuity
- A ground-up view of the nascent cannabis industry in Europe
- Can European investors enjoy similar returns to those in Canadian cannabis?
- Legal, regulatory and reputational challenges
10:05-10:55: Stream 3: Using Financial Engineering to Alleviate the Pension Crisis
Lionel Martellini, Director, EDHEC-Risk Institute, Professor of Finance, EDHEC Business School
- The looming pension crisis
- An overview of currently available retirement products
- Flexicure retirement solutions
10:05-10:55: Stream 4: Alice’s Adventures in Factorland: Three Blunders That Plague Factor Investing
Vitali Kalesnik, Partner, Director of Research for Europe, Research Affiliates
- Exaggerated expectations about factor performance
- Why factor returns are prone to larger than expected downside shocks?
- Unravelling the mystery of vanishing portfolio diversifications
10:55-11:25: Break
11:25-12:15: Previous Breakout Streams Repeat
12:15-12:25: Transition Break
12:25-13:05: Factfulness: Using Statistics and Facts to Challenge Misconceptions
Olof Granstrom, Political Scientist and Economist, Novus
- Facts vs. instincts
- Applying slow thinking to understand the world and to avoid being guided by fast thinking
- An assessment of global development and projections on where it’s heading
13:05–13:10: Closing remarks
Gary Baker, CFA, Managing Director of Europe, the Middle East, and Africa (EMEA), CFA Institute
13:10: Lunch
