Universities
Cambridge University, Judge School of Business, Endowment Asset Management, Vienna, Austria, June 2012: “The Seven Secrets of Endowment Success.”
Dartmouth College, Amos Tuck School of Business Administration, Workshop, March 1990: “The Common Fund’s Endowment Planning Model – a simulation approach to forecasting.”
EDHEC Business School (École de Hautes Études Commerciales), Paris, May 2009: “Alternatives and Liquidity.”
Harvard University: Harvard Management Company asset allocation dinner panel, Novermber 1998.
Harvard University, Native American Program: Native Asset Management Conference, June 1998. Obtaining investment advice from money managers and consultants.
Massachusetts Institute of Technology, Sloan School of Management, April 2005. The dimensions of active management.
New York University, Stern School of Business, April 2004. Investment management for endowed institutions (with Linda Strumpf).
Northwestern University, J. L. Kellogg School of Management: Guest lecturer, March 1993, March 1991, February 1984, and February 1983.
Rutgers University, Graduate School of Business, July 2008: Personal history and my contribution to finance. August 2000, June 1997, November 1995: Survival bias and the equity risk premium; the value and small-cap effects.
University of California, Berkeley, Haas School of Business, Master’s in Financial Engineering program. July 2004. Investment management for endowed institutions.
University of California, San Diego. Osher Lifelong Learning Institute, March 2020. Fewer, richer, greener.
University of Chicago, Graduate School of Business, Seminar on the Analysis of Security Prices, May 1983: “Risk, taxes, and marketability in a macroconsistent capital market equilibrium.”
University of Chicago Alumni Association, New York, July 2006, panel discussion: “The road less traveled: Traditional vs. alternative careers on Wall Street”
University of Iowa, Financial Markets Institute, October 1992: “The global stock market explosion.”
University of Pennsylvania, The Wharton School, January 2006: “Alpha bets and beta bets”; February 2005: “The dimensions of active management”.
University of Pennsylvania, The Wharton School, The Weiss Center for International Financial Research. Moderator, Symposium on Emerging Market Investing, June 1999.
University of Virginia, department of economics, November 2012, “Fewer, richer, greener.” November 2011: “A plan sponsor looks at alternative investments”; April 2009, April 2007, November 2005, September 2004: “Alpha bets and beta bets.” McIntire School of Commerce, November 2005: Distinguishing alpha from beta in hedge funds and other investments. Darden School of Management, November 2005: “Alpha bets and beta bets.”
Wichita State University, Public Utilities Workshop, July 1986, July 1985: Cost of equity capital.
Book launches
Rethinking the equity risk premium, presented with Elroy Dimson, Café Landtmann, Vienna, Austria, June 2012.
Corporate training
Portfolio management and global investment workshops:
American Express Bank, London and Athens, February 1993.
Chase Global Strategy, New York, June 1983.
Instituto de Fomento Empresarial, Madrid, April 1992.
LTCB Trust Company of Japan, New York, May 1988.
New England Securities, Boston, March 1989.
Putnam Companies, Boston, August 1988.
Skye/Mass Mutual, Chicago, November 1986.
Yamaichi International Capital Management, New York, January 1983.
Other topics:
Deutsche Asset Management, New York, September 2000. Investment policy and asset allocation: The plan sponsor’s view (2-day seminar).
Goldman, Sachs Investment Strategy, New York: October 1990; October 1989; February, May, and September 1988; March and October 1987. History and forecasts of capital market returns.
Prudential Securities, New York, October 1992; Philadelphia, October 1992. Optimization for individual investors.
Valuation, cost of capital, and regulated industry groups
American Petroleum Institute, Property Tax Forum, Houston, November 1990:
American Society of Appraisers, New York, November 1989.
Business Valuation Association, Chicago: January 1994, January 1990.
Institute of Property Taxation, Houston, November 1987.
Massachusetts Society of Certified Public Accountants, Needham, Mass., May 1993.
National Society of Rate of Return Analysts, Washington, May 1990.
National Tax Association/Tax Institute of America, Denver, October 1985.
Rate of Return Research Council of the BRHC’s, Phoenix, February 1988.
United States Telephone Association, Washington, November 1988.
Academic and professional conferences
Alaska Permanent Fund, Juneau, September 1998. Televised public forum on possible conversion of the Fund to an endowment structure.
Association for Investment Management and Research (AIMR):
Endowment and Foundation Seminar, Philadelphia, March 1996: How endowed institutions can use derivatives.
Equity Valuation Seminar, New York, March 2001. Making sense of the markets’ madness.
Financial Analysts Seminar, Evanston, Illinois, July 2000. Two decades of research on the small.capitalization stock effect.
Hedge Fund Management, Philadelphia, February 2004. Dimensions of active management: Distinguishing true alpha from beta.
Points of Inflection: New Directions for Portfolio Management, New York, February 2004. Dimensions of active management: Distinguishing true alpha from beta.
Association of Investment Management and Sales Executives (AIMSE), Boca Raton, Fla., April 2008.
Boston Society of Security Analysts, October 2002 (The impact of benchmarking); March 1989.
Center for Investment Research, Chicago, October 1999: “Defending international investing to fund trustees”; Dallas, March 1995: “The greatest risk of all: Acting against your interest.”
CFA Institute:
Financial Analysts Seminar, Evanston, Illinois, July 2016: “The Only Spending Rule Article You Will Ever Need” (With Barton Waring)
Investment Professionals Roundtable (formerly the AIMR Education and Research Council), New York, February 2006, roundtable participant.
Annual Conference, Philadelphia, May 2005: On benchmarks, alpha, and building portfolios of managers.
CFA Society of Indianapolis: April 2013 (Fewer, richer, greener)
CFA Society Madison (WI): June 2013 (Fewer, richer, greener)
Chicago Quantitative Alliance: April 1996 (Style analysis for hedge funds; measuring the risk of real estate); September 1994 (Mean-variance optimization versus downside risk).
China Association of Science Foundations, Beijing, China, October 1998. Investment fund management for foundations in China.
Conference of Major Superannuation Funds (Australia), Chicago, July 2006. Alpha bets and beta bets: Why investors should care about risk, return, and costs in an alpha-beta framework.
Connecticut Hedge Fund Association, Global Alpha, September 2008. Alternatives and liquidity.
Council on Foundations, Philadelphia, April 2001. Asset allocation for foundations.
The Economist Forum on Alternative Investment, September 1999. Difficulty in selecting winning active managers.
EDGE Forum, New York, November 2006 (panelist).
Euromoney/Institutional Investor conferences:
Absolute Return Symposium, New York, November 2008. “Will the equity rout continue?” (panel).
Alpha Beta Separation & Portable Alpha conference. New York, November 2005. “Alpha bets and beta bets: Thoughts on active management and hedge funds.”
Alpha Generation Forum. New York, December 2006: Alpha bets and beta bets.
Commodities Forum. New York, January 2008: Panelist.
Consultants’ Roundtable. Chicago, October 2002: Is small (size of the management firm) beautiful? Chicago, October 2001: Performance of managers involved in M&A activity.
Endowment and Foundation Roundtable, Boston, June 2012: It’s Deleveraging, It’s Demographics, It’s Destiny (panel discussion); June 2010: Insights into the Global Financial Crisis (panel with Cliff Asness and Jeremy Grantham); June 1998: A slightly skeptical look at market-neutral investing.
Hedge Fund Forum, New York, June 2003: Do hedge funds deliver alpha or beta?
Financial Investment Management Conference, Chicago, December 1988.
Financial Management Association, Toronto, October 1993: “Should pension and corporate risk be managed together?”
Financial Planning Association of Illinois. 2001 Financial Forum, Oak Brook, Illinois, October 2001. Making sense of the markets’ madness.
Foundation Financial Officers Group. Chicago, April 2014: “Fewer, richer, greener.” London, April 2013: Foundations as long-term investors (panelist); Currency management (moderator). Boston, October 2008: “Alternatives and liquidity” (panel leader). Washington, May 2005: A conversation with Jeremy Grantham. Chicago, October 2003: “Hedge funds: Don’t pay alpha fees for beta performance!”
IndexUniverse (publisher of the Journal of Indexes). November 2008, The New York Stock Exchange, New York (with Jim Rogers and Derek Van Eck), Inside Commodities (long-run returns on commodities). September 2008, Chicago, moderator of a debate between Robert Arnott and Paul Kaplan on “The Fundamental Index Approach.”
International Association of Financial Engineers/Global Association of Risk Professionals, Boston, July 2000. Investor Risk Committee roundtable panel member.
Investment Analysts Society of Chicago, March 1987.
Investment Management Consultants Association. Money Management Exposition, Dallas, October 2001 (CIMA graduate class: “Winning with style”); Denver, October 1989.
Investors Press Roundtable, Tarrytown, N.Y., October 1996.
Managed Futures Association, Chicago, June 1998 (A slightly skeptical look at market-neutral); New York, June 1997 (Endowment perspective on use of futures).
New York Society of Security Analysts, September 1986.
100 Women in Hedge Funds, New York, February 2010: “Insights into the Global Financial Crisis.”
Profit Sharing/401K Council of America, Amelia Island, Fla., September 2006. “Wake up and smell the coffee.”
Pensions & Investments: Liability-Driven Investing, New York, September 2008 (panelist), September 2006 (panelist). Pension Fund Risk Management, New York, December 2005 (Liability-relative investing); New York, December 1995 (Why high-yield bonds are important).
Professional Risk Managers’ International Association, Chicago, August 2004. Risk management for foundations.
Q Group (Institute for Quantitative Research in Finance), Monarch Beach, CA, October 2012. “The equity risk premium” (with William Sharpe, Brett Hammond, and Martin Leibowitz).
Q Group (Institute for Quantitative Research in Finance), Palm Beach, FL, May 2018. “Defined contribution plans should look and feel more like defined benefit plans.”
QWAFAFEW, New York, March 2009 (with Todd Petzel: “The Lost Decade?”); San Francisco, July 2004 (Forecasting the equity risk premium); New York, September 2003 (The dimensions of active management); New York, October 2000 (The greatest return stories ever told); New York, June 1999 (Is the small-stock effectdead?)
Securities Industry Association, Chicago, March 1990.
Society of Actuaries, Investment Symposium, New York, March 2012 (A benchmark for asset decumulation in retirement; CIO panel); San Antonio, June 1994 (pension asset-liability management).
Society of Quantitative Analysts, New York, September 2003 (The dimensions of active management); April 1997 (Uses of derivatives for plan sponsors).
Women in Asset Management, New York, September 2000. The future of value investing.
Client conferences and corporate events
Amundi Asset Management, Paris (by prerecorded video), May 2011. What is absolute return investing?
Barclays Capital Global Inflation-Linked Bond Conference, Key Biscayne, Fla., January 2003. “TIPS, the Dual Duration, and the Pension Plan.”
Bloomberg/PIMCO/Barclays Capital inflation-linked bond conference, San Francisco, November 1997. “Real-asset allocation.”
Charles Schwab Financial Advisors Service, San Francisco, October 1991.
Columbine Capital Services, Colorado Springs, August 1998: “Protecting market profits: a slightly skeptical look at ‘uncorrelated’ strategies”; August 1992: “Emerging markets: finding the next Japan.”
Commonfund, Orlando, Fla., March 2006, March 2004. Panelist.
Commonfund Institute, New Haven, Conn., July 2008. Academic advisory board panel.
Deutsche Asset Management, New York, November 2006. Liability-relative investing (panelist).
Dow Jones Conference on the Future of Global Investing, New York, June 1998. Issues in benchmarking international equity managers; The future of pension funds.
Dow Jones Indexes conference on asset allocation, Boston, June 2001 and October 1998.
Fortress Caribbean Pension Fund, Barbados, June 2004. The shift from defined benefit to defined contribution pension plans.
Frank Russell Company, New York, November 2002. Asset allocation in a post-bear market environment.
Garrett Planning Network, Kansas City, July 2013. “Wake up and smell the coffee.”
Global Asset Management, New York, September 2000. A plan sponsor looks at the hedge fund world.
Hirtle, Callaghan, Philadelphia, April 2005: “The myth of the absolute return investor”; April 2004: “Benchmarks and investment management”; April 2003: “Rethinking the equity risk premium”; December 2000: Investment policy issues raised by large private equity allocations.
Ibbotson Associates, Orlando, Florida: February 2008, “Alternatives and Liquidity” combined with “A Portfolio for the Age of Entitlement”; January 2004, “Hedge funds: Don’t pay alpha fees for beta performance!”
Morningstar: Toronto, June 2013, “Fewer, richer, greener”; Chicago, October 2009 (personal history); Retirement Conference, Chicago, June 2000, “Making sense of the markets’ madness”; Enterprise Conference, Chicago, May 1992, “The grand history of capital market data.”
National Strategic Investment Dialogue, sponsored by Strategic Investment Advisors, Washington, May 2005; Washington, April 2004; Chicago, June 2004. Future rates of return on principal asset classes.
Newport Group, Orlando, Florida, March 2007. “Wake Up and Smell the Coffee: DC Plans Need to be Greatly Improved”
Paradigm Asset Management roundtable, New York, November 1999. “The Evolving Pension Contract: New Rules For a New Generation.”
Standish, Ayer & Wood, panel discussion, New York, February 2010.
Strategic Economic Decisions, Inc., Client Conference, May 1996. Panel discussant: “Transformation of the investment management profession”; “The ‘new’ economics of growth and innovation”.
Times Square Capital Management, pension roundtable, New York, March 2003.
World Gold Council, Chicago, September 1991; Toronto, June 1991. Role of hard assets in an institutional portfolio.
Open enrollment conferences
American Business Symposiums: Quantitative International Equities, April 1999 (defending international investing to fund trustees).
Catalyst Forum: Alternative Investing Forum, New York, April 2009.
Connex Group: Foundation and Endowment Executive Forum, Tysons Corner, Va., May 2008. “Wake Up and Smell the Coffee: Fixing DB and DC Plans.”
Finance IQ: Strategic Asset Allocation Conference, New York, January 2005 (On benchmarks, alpha, and building portfolios of managers).
Financial Research Associates: Client Servicing, New York, June 2008, December 2007; Beta Risk and Management, New York, January 2007.
HedgeWorld (Thomson Reuters): New Sources of Alpha for Hedge Funds, New York, October 2008. Panel moderator.
Information Management Network: Asset Allocation Summit, Scottsdale, Ariz., October 1997 (international manager transition). Big Apple Institutional Investing Summit, New York, May 2002 (Bonds are for losers? Maybe not). Corporate and Private Plan Summit, San Diego, February 1998 (risks of alternative investments; inflation-linked bonds). Derivative End Users Summit, St. Petersburg, Fla., January 1997 (currency overlay strategies). Endowment and Foundation Summit, San Diego, September 2009 (panelist on fund outsourcing); New York, May 2004 (spending policy); Half Moon Bay, Calif., October 2003 (TIPS, the dual duration, and the pension plan); New York, November 2001; New York, December 2000 (Re-examining inflation-linked bonds); New York, November 1999 (characteristics of a good index; creating a “model” portfolio). November 1997 (finding sufficient future returns); New York, November 1996 (derivative strategies); San Francisco, June 1996;New York, November 1995. Equity Style Management, Boca Raton, Fla., January 1996 (manager transition costs, or how to underperform with an index fund). Money Management Consolidation Forum, New York, October 1996. Superbowl of Indexing, Phoenix, December 2012 (Liability-driven investing is just the beginning), December 2010, December 2009.
Infovest 21: Thinktank Research Symposium, New York, April 2005 (hedge fund benchmarks and indexing); March 2004; October 2003 (hedge fund panel).
Institute for International Research: Asset Allocation Congress, Palm Beach, Fla., April 2003 (Rethinking the equity risk premium); March 2001 (The small cap premium: Timeless, timely, or imaginary?); Palm Beach, March 1998 (Can recent returns be sustained?); Palm Beach, February 1997 (the equity risk premium ‘crisis’), February 1991 (simulation vs. optimization). Asset Allocation Congress West, Phoenix, November 1998 (Does the small-cap stock effect still exist?). Asset Allocation and Investment Policy Design for Pension Funds, New York, June 2000. Asset/Liability Management, New York, May 1992. Client Servicing, New York, December 2002, April 1997, November 1996. Commodity Investment Forum, New York, August 2005. Endowment and Foundation Client Management, New York, July 1996. Endowment and Foundation Management, Phoenix, January 2001 (Asset allocation for endowed institutions); Scottsdale, Ariz., February 1999 (Are stocks overpriced?); New York, October 1997 (international manager transition); New York, September 1996; Scottsdale, February 1996. Fundamentals of Investing, Las Vegas, June 1999 (asset allocation principles for fund trustees). Global Alternative Investment Management, Boca Raton, Fla., January 2011 (risk parity); New York, June 2005 (Distinguishing hedge fund alpha and beta, with Roy Henriksson); Cancun, Mexico, January 1998. Global Investment Management Forum, Mexico City, October 1996 (Does international diversification still work?). Hedge Fund Client Servicing, New York, January 2003 (panel discussion). Hedge Fund Forum, New York, June 2004, June 2003 (“Do hedge funds deliver alpha or beta?” with Roy Henriksson). Hedge Fund Styles and Strategies, New York, October 2000 (Traditional and hedge fund investing compared). Investment Management Marketing Bonanza, New York, January 1998. Liability-Driven Investment, New York, February 2007. National Employee Benefits Summit, San Diego, April 1995 (Do defined benefit pension plans have a future?). Performance Attribution, New York, November 2003 (Dimensions of active management). …more
Institute for International Research, continued… Performance Measurement, New York, June 1996. Portable Alpha Summit: Real Strategies for Real Returns, New York, October 2006 (Keynote address: “Alpha Bets and Beta Bets – Why investors should care about risk, return, and costs in an alpha-beta framework”). ; Portfolio Analytics, New York, December 1998 (small stock effect); February 1998 (“Don’t rank managers by their alphas,” with Leah Modigliani); New York, September 1996. Portfolio Engineering, New York, June 1996 (program chairman). Real Estate, San Francisco, January 1994 (How risky is real estate? A reverse optimization approach). Risk and Return Forum, Chicago, June 2001 (Debating buy-side vs. sell-side concepts of risk management, with Michelle McCarthy).
International Business Communications: Alternative Investments, Chicago, April 1997. International equity and bond diversification.
Investment Management Institute: New York, October 2004 (Distinguishing alpha and beta in hedge funds); New York, October 1997 (Can recent returns be sustained?); New York, June 1996 (equity style management); New York, April 1996 (downside risk); Chicago, October 1986, March 1986.
Marcus Evans conferences: Foundations and Endowments Investment Summit, Wheeling, Illinois, July 2011 (“Fewer, richer, greener”; also conference chair; also panel on alternative investments); Alternative Investments North America Summit, Jacksonville, Fla., February 2009 (closing keynote address: “The Lost Decade?”).
NMS Management: Endowments and Foundations, Scottsdale, February 2002 (Liquid-asset allocation); Chicago, September 2000 (The value “premium” over growth: timeless, timely, or imaginary?).
New York Institute of Finance: Symposium on the Institutional Use of the Futures Markets, June 1990 (CRB collateralized futures: a passive unleveraged commodity strategy)
Opal Financial Group: Investment Consultant’s Forum, New York, December 2008: Styles and strategies panelist. Institutional Capitol Forum, Washington, October 2003: Asset allocation panelist.
Private Equity International: Active Portfolio Management Forum 2010, New York, October 2010: “Fewer, richer, greener.”
Strategic Research Institute: Separating Alpha from Beta to Enhance Portfolio Returns, Chicago, June 2006 (“Alpha bets and beta bets: Why investors should, but can’t always, separate active return from market exposures”); Asset Allocation and Risk Management Strategies, Scottsdale, Ariz., November 2005 (Portable alpha: How realistic?); New York, May 2005 (The Myth of the Absolute Return Investor); Scottsdale, Ariz., November 2004 (On benchmarks, alpha, and building portfolios of managers);. Alternative InvestmentRoundup, New York, July 2004.
Strategy Institute: Foundation, Endowment and Not for Profit Conference, Toronto, February 2010.
Terrapinn: Asset Allocation Summit, New York, May 2010: Portable alpha and beta transport (with Mark Baumgartner). Brasil Investment Summit, April 2010 (Larry Siegel’s nine myths of investing). Commodity Investment World, New York, December 2008 (Long-run commodity returns). Hedge Fund Replication and Alternative Beta, New York, September 2008 (Five principles to hold onto). Hedge Funds World conference, New York, June 2008 (Emerging markets panel). Hedge fund conference, October 2007. Portable Alpha and Alternative Beta: Diverging Paths, September 2007. Quant Invest, Chicago, June 2011 (Future of quantitative strategies panel).
World Research Group: Performance attribution, New York, January 2007 (a discussion with Leah Modigliani); January 2004 (Benchmarks and investment management).
Worldwide Business Research: Commodities Portfolio Management, Chicago, October 2006 (the commodity risk premium).