The Agenda is subject to change.

Thursday, 16 November 2017

08:35-08:45

Welcome Remarks

CFA Society Germany Representative

08:45-09:30

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

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
Towers Watson

10:45-11:30

The Future of Investment Advice

Founder and CEO
Go Beyond Early Stage Investing

11:30-12:15

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

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?

Director, Capital Markets & Regulation
CFA Society Germany

Optional Lunch Session

14:00-15:00

(Self-)Leadership in the Brave New VUCA World

Leadership Coach & 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?

14:00-15:00

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

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

14:00-15:00

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

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

15:00-15:15

Transition Break

15:15-16:15

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

15:15-16:15

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

15:15-16:15

Private Debt – a New Asset Class

Managing Director
BlackRock

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

16:15-16:30

Transition Break

16:30-17:30

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.

17:45-22:00

Networking Drinks and Evening Reception

Arminius Market Hall
Bugenhagenstraße 19, 10551 Berlin

Friday, 17 November 2017

08:55-09:00

Chair’s Opening Comments

Business Journalist & Presenter

09:00-10:00

Opening Keynote: Managing Successful Negotiations in Complex Scenarios

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

10:30-11:30

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

10:30-11:30

A Practitioner’s Perspective on Factor Investing

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

10:30-11:30

Economic and Investment Implications of Global Demographics

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?

11:30-11:45

Transition Break

11:45-12:45

Final Keynote

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

12:45-12:50

Closing Comments

Managing Director, EMEA
CFA Institute

12:50-14:00

Networking Lunch