The Agenda is subject to change.

Thursday, 16 November 2017


Welcome Remarks

CFA Society Germany


Opening Keynote: Geopolitical Trends Investors in Europe Need to Watch

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


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


Wealth on Wings: The Growth of Angel Investing

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


How Unconscious Bias in Our Brain Counteracts Diversity

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


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.


Networking Lunch


CFA Society Germany’s New Study: Germany’s Attractiveness as a Financial Center – An Opportunity for Growth?

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


The Smart, the Dumb, and the Alpha: a Framework to Understand Smart Beta and Risk Factor Investing

Managing Director and Deputy CEO

  • 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

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


The Role of Artificial Intelligence and Big Data in Analyzing and Capturing ESG Performance

Founder and CEO

  • 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

Susan Spinner, CFA
CFA Society Germany


(Self-)Leadership in the Brave New VUCA World

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


Transition Break


Devil in Disguise: High Yield and Distressed Strategies

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

Sebastian Seitz, CFA
CFA Society Germany



Principles of Activist Investment

Managing Partner
Active Ownership Capital

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

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



Private Debt – a New Asset Class

Managing Director

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

Moderator: Andreas Naujoks, CFA


Transition Break


Final Keynote: Disaggregated Valuation – Valuing a Business as the Sum of its Units

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.


Networking Drinks and Evening Reception

Arminius Market Hall
Bugenhagenstraße 19, 10551 Berlin

Friday, 17 November 2017


Chair’s Opening Comments

Business Journalist and Presenter


Opening Keynote: Managing Successful Negotiations in Complex Scenarios

Forghani Negotiations

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


Artificial Intelligence: There’s a New World Coming

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


A Practitioner’s Perspective on Factor Investing

Global Head of Research, Invesco Quantitative Strategies

  • 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

Rhea Wessel
American Freelance Writer



Economic and Investment Implications of Global Demographics

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?

Nitin Mehta, CFA
Managing Director, Member Value
CFA Institute


Transition Break


Final Keynote: A Comedy of Errors: VCs, the Tech World, and the Many Failures That Lead to My Success

Co-creator of Skype
Former Head of Internet Investments at Kinnevik


Closing Comments

Managing Director, EMEA
CFA Institute


Networking Lunch