- 27 сентября 2012, четверг
- Москва, Мясницкая, 13 стр.3
CFA Business breakfast: "Emerging Markets: New Hope or End of the Trend?"
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CFA Association (Russia) invites members and CFA candidates to this season’s first business breakfast. Please join us early in the morning to discuss today’s hot topic of the investment world: Emerging Markets: New Hope or End of the Trend?
-- Emerging Markets — origin and meaning.
1. Where term comes from?
2. It is outdated and ambiguous, or isn't it?
3. Why is it still alive?
-- They emerge to grow in transition to developed state.
1. What is better, longer work hours versus being productive?
2. Productivity drivers are investment and technology.
3. Why growth should converge?
4. What if ROI is equal to cost of capital?
-- Why took the punch bowl away just as the party gets going?
1. Where disbalances come from (cheap money, baby boomers, outsourcing).
2. Overindebtness and Return on Investment.
3. Oversavings and cost of capital.
4. Unused capacity.
5. Earlier convergence as an unexpected concequence.
-- Disbalance Unwinding – long way out of mess.
1. All we need is job!
2. Everyone wants income. But someone have to spend.
3. Who is going to compete for they spending?
4. If they are really going to start spending?
-- What did you name them? F-r-o-n-t-i-e-r? That's it!
- Traditional Equity Mandate Structure
- Developed Markets as an Integrated Block
- Emerging Markets Economic Exposure vs. EM Beta
- The Breadth of Equity Mandates
- Risk and Return Drivers in Emerging Markets
- Dedicated Global Emerging Markets Mandates
- Conclusions: The “New Classic” Equity Allocation?
- Identifying Economic Exposure from Company Level
- Defining Economic Exposure
- Estimating Economic Exposure
Oleg Schenker, CFA, Managing Partner and CEO, Red Value Capital Partners
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Marc Haede Vice President, MSCI (Germany)
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Marc Haede is Vice President at MSCI and responsible for all client relationships across Eastern and Central Europe. Mr. Haede joined MSCI in 2003 and has worked closely with European Asset Managers, Banks, Pension funds and Insurances in the fields of benchmark selection, risk management, portfolio construction and performance attribution. Prior to joining MSCI, Mr. Haede worked at the asset management division of Commerzbank since 2000 where he was fixed income portfolio manager. Before that, he was employed at DWS, the fund arm of Deutsche Bank in Luxembourg. |
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Oleg Schenker, CFA Managing Partner and CEO, Red Value Capital Partners
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Mr. Schenker is Managing Partner and CEO at Red Value Capital Partners. Previously Oleg served as Vice President and Personal Investment Manager at Deutsche Bank's Moscow private banking division. Oleg has significant experience in portfolio management, security selection, financial analysis and corporate finance. Oleg has spent more than 17 years on financial markets. Prior to Deutsche Bank, Oleg served as Hedge-fund analyst at Renaissance Investment Management (RIM), as corporate finance specialist at Prof Media, an equity analyst at FINAM and as deputy CEO at RegionInvest Bank. Mr. Schenker also teaches Corporate Finance and Business valuation at Banking Institute of Higher School of Economics. |