Monday 25 November 2019


Chair’s Opening Comments

Paul Gordon, Team Leader, Western European Central Banks, Bloomberg News


Welcome Remarks from CFA Society Spain

Enrique Marazuela, CFA, President CFA Society Spain


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


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




Breakout Streams

These sessions will run concurrently on Monday from 11:20 to 12:10 and will repeat from 12:20 to 13:10.


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


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?


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?


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?


Transition Break




Breakout Streams

These sessions will run concurrently on Monday from 14:10 to 15:00 and will repeat from 15:10 to 16:00.


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


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


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


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


Transition Break




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



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


Chair’s Comments

Paul Gordon, Team Leader, Western European Central Banks, Bloomberg News


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


Transition Break


Breakout Streams

These sessions will run concurrently on Tuesday from 10:05 to 10:55 and will repeat from 11:25 to 12:15


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


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



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


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




Transition Break


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


Closing remarks

Gary Baker, CFA, Managing Director of Europe, the Middle East, and Africa (EMEA), CFA Institute