2019 Schedule

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