BCFA Schedule of Past Programs

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BCFA Schedule of Past Programs

Friday, January 28, 2004	The Center Club
100 Light Street, 16th Floor, Baltimore
Topic: Outlook for Global Financial Markets Speaker(s): Peter Perkins, Managing Editor, The International Bank Credit Analyst Please Peter Perkins for a discussion about the outlook for global financial markets. Peter Perkins is Global Investment Strategist and author of BCA's monthly International Bank Credit Analyst, which provides forecasts and analysis of global equity, fixed-income and currency markets. He speaks and travels widely, presenting BCA's view to clients around the world. Mr. Perkins joined BCA Research in 2002 after several years in the brokerage industry as an equity strategist and director of equity research in Hong Kong, New York and Mexico. He has extensive experience in analyzing global equity markets and industries, and combines this with his strong international macroeconomics background. Prior to working in the brokerage industry, Mr. Perkins was a managing economist for a leading U.S. econometric forecasting firm, where he spent 12 years analyzing the global economy. He holds a M.A. in Economics from Pennsylvania State University. BCA Research is one of the world's leading independent providers of global investment research. Since 1949, the firm has provided its clients with leading-edge analysis and forecasts of the major financial markets, with clear and focused recommendations for investment strategy - backed by time-tested proprietary indicators. BCA Research provides its services to investors in more than 80 countries through a range of products, consulting and conferences. (www.BCAresearch.com) Please join us for what is sure to be a very interesting luncheon. RSVP To: Kathy Obinger by: Friday, February 25, 2005 RSVP Email: kobinger@merctrust.com RSVP Phone: 410/237-5162 Member Price: $35.00 Guest Price: $40.00
Tuesday, March 1, 2005	The Center Club
100 Light Street, 16th Floor, Baltimore
Topic: Global Equity Value Investing Speaker(s): Jean-Marie Eveillard, Retired Co-Manager of the First Eagle Global Fund Tuesday, March 1st > 12:00 Noon > Center Club > 100 Light Street, (16th Floor) > > Topic: Global Equity Value Investing > > Speaker(s): Jean-Marie Eveillard, Retired Co-Manager of the First Eagle Global Fund who continues to be a Senior Advisor to Arnhold and S. Bleichroeder Advisers. > > Jean-Marie Eveillard is to global value investing what Warren Buffett is to domestic value investing. He is a disciple of the Graham/Dodd School of intrinsic value investing, who has managed the First Eagle Global Fund(formerly the SoGen International Fund) for nearly twenty-six years. The Fund> '> s return averaged an enviable 15.6% from 1979 to 2004 with low volatility in its returns. Under his stewardship the Fund had only two down years, (1.7%) in 1990 and (0.3%) in 1998. > > Mr. Eveillard is recognized as a poster child for investment discipline. In 1996 he began to feel the U.S. equity market was overpriced. Consequently, he cut back U.S. exposure markedly in the Fund to 22% and began accumulating cash. During the heady days of the Internet bubble the Fund returned 8.5% in 1997 and 19.6% in 1999, but the Fund> '> s return paled in comparison to the technology driven returns offered elsewhere. Mr. Eveillard kept to the Fund> '> s value objectives, but was subjected to a painful decline in the Fund> '> s assets under management which fell from $6 billion 1997 to under $3 billion early 2000. In March of 2001 the Internet bubble broke and by year-end Mr. Eveillard and Co-Manager Mr. De Vaulx shared Morningstar> '> s Manager-of-the-Year honors as money flowed back into old economy stocks. In 2003, Morningstar honored Mr. Eveillard with a lifetime achievement award. > > Born in Poitiers, France in 1940, Mr. Eveillard is a graduate of Ecoles des Hautes Etudes Commerciales, a major French graduate school for economic studies. He started his career with Societe Generale, one of France's largest banks, in 1962 and came to the United States in 1968. Mr. Eveillard began working as an analyst with the SoGen International Fund in 1970 and became portfolio manager in 1979. > > A true value investor, Mr. Eveillard steers away from trends and sectors most popular to the investing public. Instead, he has searched the globe for original, obscure, and unique situations, which are more likely to be undervalued. Mr. Eveillard's preference demands patience. "Our time horizon for a security is 5 years, not 5 months". As Louis Rukeyser has said, "Jean-Marie Eveillard is one of the best companions a cautious American investor can have on financial voyages abroad". > > Place the address below in web browser to view the Wall Street > Journal> '> s cover page story on Mr. Eveillard > http://webreprints.djreprints.com/1093240726768.html > > > Please join us for what is sure to be a very interesting luncheon. > RSVP To: Kathy Obinger by: Friday, February 25, 2005 RSVP Email: kobinger@merctrust.com RSVP Phone: 410/237-5162 Member Price: $35.00 Guest Price: $40.00
Wednesday, March 16, 2005	Center Club
100 Light Street, 16th Floor, Baltimore
Topic: Financial Shenanigans: How to Detect Accounting Gimmicks and Fraud in Financial Reports Speaker(s): Dr. Howard Schilit, CPA, Founder & Chairman of the Center for Financial Research & Analysis (CFRA) Please join Dr. Schilit for a discussion about the 2nd Edition of his book "Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports". This is a widely recognized book that is now part of the CFA Level II Curriculum. CFRA is an independent research organization that focuses on quality of earnings analysis. CFRA's staff apply Dr. Schilit's method of financial statement analysis to the accounting practices and financial results of over 3,600 publicly traded companies around the world. CFRA's forensic accounting methodology reveals the fudging, gimmickry and the "Shenanigans" that some companies use to hide operational deterioration. Schilit's Seven Shenanigans: 1. Recording Revenue Too Soon or of Questionable Quality 2. Recording Bogus Revenue 3. Boosting Income With One-Time Gains 4. Shifting Current Period Expenses to a Later or Earlier Period 5. Failing to Record (or Improperly Decreasing) Liabilities 6. Shifting Current Revenue to a Later Period 7. Shifting Future Expenses to the Current Period (as a One-Time Charge) Dr. Schilit's work has earned him Business Week's designation as the "Sherlock Holmes of Accounting." A former professor of accounting at American University, Schilit earned his Ph.D. in accounting from the University of Maryland. CFRA is based in Rockville, Maryland. ( www.cfraonline.com ) Please join us for what is sure to be a very interesting luncheon. RSVP To: Kathy Obinger by: Monday, March 14, 2005 RSVP Email: kobinger@merctrust.com RSVP Phone: 410/237-5162 Member Price: $35.00 Guest Price: $40.00
Thursday, April 21, 2005	The Center Club
100 Light Street, 16th Floor, Baltimore
Topic: Negotiating for You and Your Company Speaker(s): Roy Cohen, Management Consultant Roy Cohen specializes in the delivery of career services primarily to senior and mid level executives. He has worked extensively with clients from diverse industries, most notably, Wall Street, retailing and fashion, publishing, consumer products, and entertainment. For over 10 years, he also served as the sole "in-house" career and outplacement counselor to Goldman Sachs, one of the world's leading global financial services organizations. Roy maintains an active private practice for both individuals and corporations in the areas of career management, executive coaching and leadership development. He has been a guest speaker at numerous events and organizations, including the Yale Club, various business school alumni groups (Wharton, Chicago, Columbia, etc), the New York Society of Security Analysts, the Financial Executives Institute, Wall Street Rising, and the Financial Women's Association. He has also participated in the 92nd Street Y "About Women" series, both as a facilitator and panel member, and he has been a featured speaker at the "Women on Wall Street" annual conference. Roy has been quoted often in the press (Wall Street Journal, Newsday, US News, etc), and he has appeared on World News Tonight and Fox Five News. He has been associated with the Five O'clock Club since 1991 as a master coach and member of the media team, and with Lee Hecht Harrison as a Vice President, Senior Consultant and Director of Professional Services. He is a former adjunct faculty member at New York University and the New School University. Academically, he holds an MBA from Columbia, a masters in counseling from Colgate and an undergraduate degree from Cornell. Please join us for what is sure to be a very interesting luncheon. RSVP To: Kathy Obinger by: April 19, 2005 RSVP Email: kobinger@merctrust.com RSVP Phone: 410/237-5162 Member Price: $35.00 Guest Price: $40.00
Thursday, April 7, 2005	The Center Club
100 Light Street
Topic: Recent Developments and Outlook for the Bristol-Myers Squibb Company Speaker(s): John Elicker, Vice President, Investor Relations, Bristol-Myers Squibb Bristol-Myers Squibb(BMS) is a global pharmaceutical company engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of pharmaceuticals and other healthcare-related products. BMS has three operating segments: Pharmaceuticals, Nutritionals and Other Healthcare. The Pharmaceuticals segment is made up of the global pharmaceutical and the international consumer medicines business. The Nutritionals segment consists of Mead Johnson Nutritionals, which makes Enfamil infant formula and other children's nutritionals. The Other Healthcare segment consists of ConvaTec, Medical Imaging and Consumer Medicines businesses. In December 2004, BMS announced the agreement to sell its Oncology Therapeutics Network to One Equity Partners LLC. In January 2005, BMS announced its intent to divest its U. S. and Canadian Consumer Medicines business, which includes the Excedrin brand. John Elicker joined Bristol-Myers Investor Relations team in 2000. In July of 2002, Mr. Elicker was promoted to his current position. Mr. Elicker serves as the primary contact for institutional investment community. Prior to joining BMS, Mr. Elicker was the Director, Sales and Development for Grainger.com, and he worked with Scott Paper Company in various marketing and sales capacities. Mr. Elicker earned a Bachelor of Science degree from Pennsylvania State University and holds a MBA from The Wharton School at the University of Pennsylvania. Areas to be covered: * Earnings and the Earnings Restatement * Planned Divestitures * Pipeline Highlights * Strategic Plan Please join us for what is sure to be a very interesting luncheon. RSVP To: Kathy Obinger by: April 5, 2005 RSVP Email: kobinger@merctrust.com RSVP Phone: 410/237-5162 Member Price: $35.00 Guest Price: $40.00
Wednesday, May 18, 2005	The Center Club
100 Light Street, 16th Floor, Baltimore
Topic: China, America and the Realities of Global Competition Speaker(s): Donald Straszheim, Founder and Principal, Straszheim Global Advisors Inc. China is careening down the path toward a market economy - with a long way to go, but with no turning back. Every company in the world sees China as a threat, an opportunity or as both. Over the next decade, nothing will be as important as China in defining success or failure for major corporations all over the world. China's economic gains in the last 25 years are unprecedented in human history. But what next - soft landing, hard landing or continued explosive growth? What of interest rates, inflation, exchange rates, budget deficits and economic management? Just how risky is China? What about foreign direct investment? IPOs? Trade? Outsourcing? Property rights? Their banking system? Political liberalization and legal reforms? Economic competition or cooperation with Japan, India, Korea and southeast Asia? What industries and sectors look most promising in China? Which US, Japanese or European companies are best positioned - and which see to be missing out? How do investors best participate in China? Donald H. Straszheim is founder and principal of Straszheim Global Advisors Inc., an independent research firm based in Santa Monica, California that focuses on the U.S. and global economies and business conditions and financial markets. He is also vice chairman of the Milken Institute, a not-for-profit, non-partisan economic and public policy think tank in southern California. Previously, Straszheim was chief economist for Merrill Lynch & Company, ran U.S. operations for Wharton Econometrics, and was chief economist for the Weyerhaeuser Company. While at Merrill Lynch, he was voted for 10 consecutive years to Institutional Investor's All-Star Team (equity or fixed income). He has been widely quoted in nearly all major business and financial print media and is a regular analyst on CNBC, CNN, and FOX. Straszheim holds a Ph.D., M.S., and B.S. from Purdue University. ( www.straszheim.com ) Please join us for what is sure to be a very interesting luncheon. RSVP To: Kathy Obinger by: Monday, May 16, 2005 RSVP Email: kobinger@merctrust.com RSVP Phone: 410/237-5162 Member Price: $35.00 Guest Price: $40.00
Thursday, June 30, 2005	The Center Club
100 Light Street, 16th Floor
Topic: FREE BSAS LUNCHEON (BSAS MEMBERS ONLY) Speaker(s): Proxy Baltimore Security Analysts Society ***PLEASE EMAIL OR FAX TO KATHY OBINGER AT MERCANTILE BY JUNE 29TH. EMAIL (kobinger@merctrust.com) FAX: 410-230-9215 The undersigned regular member of BSAS hereby appoints the nominating committee to vote in his/her stead for the slate of officers nominated for the 2005-2006 year. Check One: POSITION NOMINEE FOR AGAINST ABSTAIN President Carol Boykin, CFA Sec/Treasurer Eric Y. Sheldon, CFA Membership Chair Jeffrey L. Caples, CFA Co-Program Chair Niall H. O .Malley Co-Program Chair Amy Y. Zhang, CFA Education Chair James P. Gauthier, CFA Director Brian J. Brennan, CFA Director Steve J. Brooks, CFA Director Geoffrey R.B. Carey, CFA Director David E. Ferguson, CFA Director Mani Govil, CFA Director Paul A. Jeanne, CFA Director Hugh J. Warns, III, CFA The undersigned member further appoints the nominating committee to vote in his/her stead, in accordance with the vote of the majority of those members present, on any business as may properly come before the meeting (June 30, 2005) or any adjournment thereof. Name:__________________________(print) Date___________________ Signature:_______________________ STOCKPICKING CONTEST INFO RSVP to: Kathy Obinger by Thursday, July 28, 2005 RSVP Email: kobinger@merctrust.com RSVP Fax: 410-230-9215 The stockpicking contest winner will receive $500.00 next year. GROUND RULES: 1. U.S. Publicly Trade Equities Only - $ prices readily available via Wall Street Journal. 2. Voting makes you eligible. You may submit stock selection at Annual Meeting. 3. July 29, 2005 . May 31, 2006 end of day closes . Total Return. 4. You do not need to be in attendance at the Annual Meeting to submit an entry or to collect your award if you submit your stock selection with your voted proxy. Stock Selection: Name:__________________ Symbol________ RSVP To: Kathy Obinger by: Monday, June 27, 2005 RSVP Email: kobinger@merctrust.com RSVP Phone: 410/237-5162 Member Price: $FREE Guest Price:
Thursday, September 22, 2005 Noon	The Center Club
100 Light Street, 16th Floor
Topic - The Challenge of Global Aging: How Demographic Changes Will Reshape the 21st Century Speaker(s) - Richard Jackson is a Senior Fellow at Center for Strategic and International Studies(CSIS) where he directs the Global Aging Initiative. Please join us for a discussion about dramatic aging of the population in the developed world over the next few decades. Will society be able to support a much larger number of elders without imposing a crushing burden on workers and taxpayers? Will slower labor-force growth usher in an era of slower economic growth? Will the retirement of the Baby Boom trigger major shifts in asset prices and global capital flows? Will an aging and slowly growing developed world ultimately yield global leadership to a younger and faster growing developing world? Richard Jackson will discuss the dimensions of the global aging challenge and explain what it means for America and its place in the world order. Mr. Jackson was a lead speaker on the opening day of the CFA Institute Annual Conference in Philadelphia on May 9, 2005. Richard Jackson directs CSIS's Global Aging Initiative, a research and educational program devoted to exploring the long-term implications of population aging and population decline. His writings have helped shape the debate over retirement policy reform worldwide. His Aging Vulnerability Index, developed for CSIS, provides the first comprehensive measure of the magnitude of the aging challenge in different developed countries. His Facing Facts series on entitlements and the federal budget, written for the Concord Coalition, is regularly quoted by the national media. Jackson is the author of numerous policy studies, including The Graying of the Middle Kingdom: The Demographics and Economics of Retirement Policy in China(CSIS/Prudential Financial, 2004 & 2003), and The Global Retirement Crisis: The Threat to World Stability and What to Do About It (CSIS/Citigroup, 2002). Jackson holds a B.A. in classics from SUNY at Albany and a Ph.D. in economic history from Yale University. Headquartered in Washington, DC, the Center for Strategic and International Studies is private, nonpartisan, and tax-exempt. (www.csis.org/about/index.htm) Please join us for what is sure to be a very interesting luncheon. RSVP To: Jessica Strom by: Monday, September 19, 2005 RSVP Email: jstrom@boltonpartners.com RSVP Phone: (443) 573-3918 Member Price: $35.00 Guest Price: $40.00 Checks should be made payable to The Baltimore Security Analysts Society,Inc.
Thursday, September 29, 2005 9AM . 4PM	Philadelphia Convention Center
12th and Arch Street in downtown Philadelphia
Topic: Special Event hosted by the Financial Analysts of Philadelphia Speaker(s): 2nd Annual FAP Career Development Day Regardless of whether you .re new to the investment management profession or a more seasoned industry professional, you can increase your career development skills and opportunities by registering for & .Enhancing Your Career . This daylong event on Thursday, September 29, 2005 at the Philadelphia Convention Center features: In-depth seminars on job search strategy skills Marketing Yourself Leadership Development Compensation Trends Opportunity to network with other Investment Professionals Executive Mini Coaching Sessions A chance to meet some of the top Investment Employers in the Delaware Valley and surrounding areas including Smith Barney Citigroup, Glenmede Trust, BOE Securities, Vanguard, Janney Montgomery Scott, PNC Advisors and more! This event is sponsored by the Financial Analysts of Philadelphia and is geared entirely to helping you succeed in a career in the investment industry! Last year was a huge success!! The time is 9am-4pm. The registration table will open at 8:30am &. Coffee and lunch will be served. Space is limited, so go to www.faphil.org/schedule.asp to register. The registration fee is $35 for members/non-members. Complete agenda and an updated exhibitor with be provided once finalized. RSVP To: by: RSVP Email: RSVP Phone: Member Price: $ Guest Price: $
Tuesday, October 11, 2005 12:00 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: Valuing Firms in Financial Distress Speaker(s): Stephen Moyer, CFA, Director of Research, Imperial Capital, LLC Beverly Hills Please join Stephen Moyer for a discussion about .Valuing Firms in Financial Distress .: This presentation focuses on the special valuation considerations that arise when firms become financially distressed and face the prospect of either a voluntary restructuring or a Chapter 11 reorganization. Topics include: how the source of distress affects the valuation, covenant considerations, forecasting the amount and form of recovery, forecasting and adjusting for off-balance sheet claims, selection of the .fulcrum . security, negotiating tactics used in the confirmation process to extract value for junior claims, and the valuation of post-confirmation trusts. Mr. Moyer is the director of research for Imperial Capital, LLC, a boutique investment bank focused on special situation investment opportunities arising from firms in financial distress. He focuses on financial institutions and special situations as well as the credit-intensive areas of asset and mortgage-backed securities. Previously, Moyer was with Banc of America Securities (BAS), where he was a founding member of the Montgomery Securities high-yield research group and subsequently joined the equity research group covering the specialty finance sector. Before BAS, he held several positions with Everen Securities (now part of Wachovia Securities), including director of Fixed-Income Research and director of Debt Capital Markets. His first experience in the high-yield arena was with Drexel Burnham Lambert, where he was initially an investment banker and later a research analyst in the high-yield department. Moyer began his career as a lawyer at Jones Day Reavis & Pogue and later with Riordan & McKenzie. He is the author of Distressed Debt Analysis. Moyer holds a BA from Grinnell College, an MBA from the University of Chicago Business School, and a JD from Stanford Law School. He is a member of the California and Texas bars and has passed the Uniform Certified Public Accounting Examination. Please join us for what is sure to be a very interesting outlook luncheon. RSVP To: Jessica Strom by: Friday, October 7, 2005 RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-573-3918 Member Price: $40.00 Guest Price: $45.00
Tuesday, October 25, 2006 12:00 noon	The Center Club

Topic: Topic: Forecasting Business and Market Cycles Speaker(s): Speaker(s): Joseph Ellis, author of "Ahead of The Curve" and Advisory Director to Goldman Sachs Please join Joseph Ellis for a discussion about forecasting business and market cycles. Institutional Investor Magazine ranked him as the top retail investment analyst on Wall Street for 18 consecutive years. Mr. Ellis was the second most frequent guest to appear on "Wall Street Week with Louis Rukeyser." Mr. Ellis joined Goldman Sachs in 1970 as head of the Retail Research Group. Over the next three decades he developed a system for charting the retail sector and the board based economy cycle. His most recent effort is to share his forecasting knowledge in his new book " Ahead of the Curve: A Common Sense Guide to Forecasting the Business and Market Cycles." A past member of the Board of Directors of the National Retail Federation, Mr. Ellis now serves on the Board of Directors of Coach, Inc., and Waterworks, Inc. He is also the founder and principal owner of Blue Tulip, a retail venture. Mr. Ellis received a Bachelor of Arts degree form Columbia University in 1964 and also attended Columbia University Graduate School of Business. Before joining Goldman Sachs, he was Vice President and Investment Analyst with the Bank of New York. "In this penetrating and brilliant book, Joe Ellis cuts through the blizzard of data, hype and confusing statements that swirl around Wall Street. Many books of this type focus on theory; Ellis focuses on experience - what really makes the market and the economy move - drawn from his three decades as one of the Street's most highly respected and successful analysts." -Bob Hormats, Vice Chairman, Goldman Sachs Please join us for what is sure to be a very interesting luncheon. Mr. Ellis's book "Ahead of the Curve"(Harvard Press - October 11, 2005) will be available for purchase by check for $29.95. www.aheadofthecurve-thebook.com RSVP To: Jessica Strom by: RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-573-3918 Member Price: $40 Guest Price: 45
Tuesday, November 15, 2005	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: CFA Charter Award Ceremony and Overview of the CFA Program Speaker(s): Robert Johnson, Ph.D., CFA Please join Bob Johnson for a discussion about the CFA Program. He earned his doctorate from the University of Nebraska-Lincoln in 1988, his MBA from Creighton University in 1982 and his BSBA from the University of Nebraska-Omaha in 1980. Dr. Johnson has over 50 publications in finance and economics journals, and has published in The Journal of Financial Economics, Journal of Finance, Financial Analysts Journal, and Journal of Portfolio Management, among others. He has been quoted in the Wall Street Journal, Forbes, and Financial Times, among others. He has appeared on ABC World News, CNN, and Bloomberg TV. He serves on the advisory board of the Journal of Portfolio Management and the Journal of Wealth Management. RSVP To: Jessica Strom by: Friday, November 11, 2005 RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-573-3918 Member Price: Free Guest Price: 45
Tuesday, January 10, 2006 12:00 noon The Center Club	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: 2006 Outlook Presentation Speaker(s): Martin Fridson, CFA Publisher, Leverage World CEO, FridsonVision, LLC New York Please join Martin Fridson for a discussion about the outlook for global financial markets. Martin Fridson, CFA, is perhaps the most well-known figure in the high yield world, according to Investment Dealers Digest. Over a 25-year span with brokerage firms including Salomon Brothers, Morgan Stanley, and Merrill Lynch, he became known for his innovative work in credit analysis and investment strategy. Fridson received his BA cum laude in history from Harvard College and his MBA from Harvard Business School. He has served as president of the Fixed Income Analysts Society, governor of the Association for Investment Management and Research (now CFA Institute), and director of the New York Society of Security Analysts. In 2000, The Green Magazine called Fridson s Financial Statement Analysis one of the most useful investment books ever. The Financial Management Association International named Fridson the Financial Executive of the Year in 2002. In 2000, he became the youngest person ever inducted into the Fixed Income Analysts Society Hall of Fame. Please join us for what is sure to be a very interesting outlook luncheon. RSVP To: Jessica Strom by: Friday, January 6, 2006 RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-573-3918 Member Price: $40.00 Guest Price: $45.00
Wednesday, February 8th, Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: 2006 Market Outlook Speaker(s): Jason D. Trennert, Chief Investment Strategist and Senior Managing Director at ISI Group Inc. Please join Jason D. Trennert for a discussion about the market outlook for 2006. Mr. Trennert is head of ISI's investment strategy team, ranked Best Boutique for Portfolio Strategy in 2003, and runners-up in the Institutional Investor All America Research Team in each of the last three years. He is the principal author of the Portfolio Strategy Report. Prior to assuming this role, Jason built and oversaw ISI's survey research effort, writing ISI's Company Survey Report, a weekly research piece that summarizes ISI's industry findings, as well as a monthly equity market strategy piece. Mr. Trennert is regularly quoted in the domestic and foreign press, is a regular guest host on CNBC's Squawk Box, and has been a special guest on Kudlow & Cramer and Louis Rukeyser's Wall Street. He is the author of the popular investment book, New Markets, New Strategies, published in 2005 by McGraw Hill. Mr. Trennert has made presentations in front of more than 10 regional CFA societies, the CFA's National Conference, and the Securities Industry Association. Mr. Trennert received an M.B.A. in Finance from The Wharton School of the University of Pennsylvania and a B.S.F.S. in International Economics from Georgetown University's School of Foreign Service. Please join us for what is sure to be a very interesting luncheon. RSVP To: Jessica Strom by: Friday, February 3, 2006 RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-573-3918 Member Price: $40.00 Guest Price: $45.00
Tuesday, March 14th, Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: Mergers & Acquisitions Speaker(s): Jeffrey C. Hooke, Managing Director of Hooke Associates, LLC Please join Jeffrey C. Hooke for a discussion about mergers and acquisition trends. Mr. Hooke is Managing Director of Hooke Associates, LLC, a corporate finance consulting practice based in McLean, Virginia. The firm serves middle-market companies with advisory services regarding mergers and acquisitions, corporate finance, and valuation ( www.hookeassociates.com ). Previously, Mr. Hooke was a Director of Emerging Markets Partnership (a $4 billion private equity partnership specializing in the emerging markets), a principal investment officer of the World Bank Group, and an investment banker with Lehman Brothers and Schroder Wertheim, respectively, two prominent securities firms based in New York. Mr. Hooke is the author of three authoritative books: The Emerging Markets, Security Analysis on Wall Street, and M&A - A Practical Guide to Doing the Deal, all published by John Wiley & Sons, New York, NY. Security Analysis on Wall Street is required reading for the CFA exam. He holds a BS from the University of Pennsylvania and an MBA from the Wharton School. Mr. Hooke is a native of Baltimore and attended Baltimore City public schools. Please join us for what is sure to be a very interesting luncheon. RSVP To: Jessica Strom by: Thursday, March 9, 2006 RSVP Email: jstrom@boltonpartners.com RSVP Phone: (443) 573-3918 Member Price: $40 Guest Price: $45
Thursday May 11, 2006 12:00 Noon	The Center Club
100 Light Street, 15th Floor, Room 4, Baltimore
Topic: High Yield Bank Loan Market Speaker(s): Bob Sherman, Managing Director, Client Service and Eric Storch, Head of Structured Products Group Please join Bob Sherman and Eric Storch, CFA for a discussion about the characteristics of the High Yield Bank Loan Market and why there is a growing demand for this asset class as both a stand-alone investment and an enhancement to a fixed income portfolio. Bob Sherman started out as the Head of Quantitative Research at Bessemer Trust, before moving over to marketing and client services. He has served as the Director of Marketing for Daiwa Int l Capital Mgmt., and Pine Tree Capital. Eric Storch, CFA has served as the Director & Senior Fixed Income Portfolio Manager at MBIA Asset Management Corp. He started an investment management subsidiary for MBIA, and was responsible for the MBIA s $10 billion institutional portfolio. Eric also served as a Portfolio Manager/Trader at Kidder Peabody & Co. The High Yield Bank Loan Market has matured and today represents an attractive and highly accessible market sector to institutional investors. In 2004, Bank Loan syndicated volume was $340 billion, more than twice as large as High Yield Bond issuance. The size of the Bank Loan market at year-end 2004 totaled $933 billion and secondary trading was $155 billion, up from $8 billion in 1991. Today almost 90% of Bank Loan issuance is rated by S&P and/or Moody s. Seix Advisors is an institutional fixed income boutique managing approximately $24 billion in assets. The firm offers participation in a number of portfolio strategies through specific funds, and specialized mandates. Seix Advisors was founded in 1992 by Christina Seix, who had previously been the Chairman of MacKay Shields. In May of 2004, Seix agreed to be acquired by SunTrust Bank, the firm continues to operate its business and investment process independently in Upper Saddle River, NJ. Please join us for what is sure to be a very interesting outlook luncheon. RSVP To: Jessica Strom by: Monday, May 8, 2006 RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-537-3918 Member Price: $40 Guest Price: $45
Tuesday September 25, 2007 12:00 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: Where Do We Go From Here: Perspective on Global Markets Speaker(s): Larry Adam, Chief U.S. Investment Strategist for Deutsche Bank Private Wealth Management What is the health of the U.S. economy? What is in store for bond yields and risk premiums? What are the key drivers shaping global markets? All these questions and more will be covered in Mr. Adam’s market outlook presentation. Mr. Adam is a member of Deutsche Bank’s U.S. Investment Committee and the Global Investment Committee. He previously headed the Asset Allocation and Quantitative Analysis Group at Deutsche Bank. Mr. Adam’s is widely published and has been quoted in various mainstream and financial publications including The Wall Street Journal, Barron's and International Herald Tribune. He also frequently appears on television and has been featured on CNBC and Bloomberg TV. Mr. Adam joined Deutsche Bank Alex. Brown in 1992. Mr. Adam received a B.B.A. with a concentration in finance and a Master's Degree in business with a concentration in finance from Loyola College. He has earned the Chartered Financial Analyst, the Certified Investment Management Analyst and the Certified Financial Planner designations. RSVP To: Jessica Strom by: Friday, September 21st RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-537-3918 Member Price: $40 Guest Price: $45
Tuesday October 16, 2007 12:00 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: Economic and Investment Implications of Global Population Trends Speaker(s): Richard Hokenson, Founder Hokenson & Company Consumer spending in the United States continues to surprise to the upside. How is that related to the unique characteristics of the US population? Is an aging population a blessing or a curse? Will it result in higher or lower interest rates in the future? What will happen to stock prices as baby boomers retire? How will China's one-child policy alter China's demographic picture? Mr. Hokenson is founder of Hokenson & Company, an independent consulting firm. Previously, he was the director of the global demographics project at Credit Suisse First Boston. Prior to that Mr. Hokenson was the chief economist at Donaldson, Lufkin & Jenrette (DLJ), where he pioneered the application of demographics to economic and financial market forecasting. Mr. Hokenson is a trustee of the Population Reference Bureau, which is based in Washington, DC. He is the author of several articles and publications, including “The Demographics of Global Investing" (The Global Guide to Investing, Financial Times Press, 1995), and "Migrant Labor" (The China Economic Quarterly, September 2005). Mr. Hokenson holds an MA in economics from the University of Michigan and an undergraduate degree in economics with honors from the University of California at Berkeley. He did his PhD research at New York University. RSVP To: Jessica Strom by: Friday, October 12, 2007 RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-537-3918 Member Price: $40 Guest Price: $45
Wednesday November 7, 2007 12:00 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: What Challenges Lay Ahead for the High Yield Market? Speaker(s): Martin Fridson, CFA, CEO, FridsonVision, LLC With credit availability at a cyclical peak and default rates at a cyclical low, high-yield bond investors must be prepared for a major shift in the environment. In addition, the speculative-grade landscape is changing in response to the increased prominence of leveraged loans, credit default swaps, private equity, and hedge funds. Mr. Fridson's presentation will highlight current risks and opportunities, as well as recent research findings that can enhance portfolio managers' performance. Mr. Fridson is the author of “Investment Illusions”, “It Was a Very Good Year”, “How to Be a Billionaire”, and “Unwarranted Intrusions: The Case against Government Intervention in the Marketplace”, he is a consultant to the Federal Reserve Board of Governors and serves on the editorial boards of Financial Analysts Journal, CFA Digest, and Journal of Investment Management. Mr. Fridson has been named “Financial Executive of the Year” by the Financial Management Association International and has been inducted into the Fixed Income Analysts Society Hall of Fame. In addition, he has served as president of the Fixed Income Analysts Society, governor of the Association for Investment Management and Research (the predecessor organization to CFA Institute), and director of the New York Society of Security Analysts. He holds a BA in history from Harvard College and an MBA from Harvard Business School. RSVP To: Jessica Strom by: Monday, November 5, 2007 RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-537-3918 Member Price: $40 Guest Price: $45
Thursday, November 29, 2007 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: Baltimore CFA Society Annual Charter Award Ceremony Speaker(s): Peter Mackey, CFA, Head of CFA Examinations, CFA Institute Please join us for the Annual Charter Award Ceremony to honor the 2007 CFA Charter recipients. Peter Mackey, CFA will be in attendance to address the audience. Mr. Mackey will discuss the CFA Program. How is the Candidate pool changing? What is the impact of partnering with universities? What are some of the popular myths about the CFA Program? Peter Mackey has served as Head of CFA Examinations for CFA Institute, since December 2006. In that role, Mr. Mackey manages the work of the Council of Examiners and oversees the administration of the CFA exams. Peter previously served as Head of Examination Development. Before that, he was Director of Curriculum Products. Prior to working for CFA Institute Mr. Mackey worked for the U.S. Treasury Department in a number of capacities that ranged from being the Director of the Office of Investments, where he oversaw $80 billion in retirement assets for federal government employees, to analyzing the Treasury and federal agency debt markets. Mr. Mackey earned his CFA charter in 1983 and later became an exam grader. He served on the Council of Examiners and was President of the Washington DC Society. He has an MBA in finance from George Washington University and a BA in economics from Manhattan College. This lunch is free for 2007 CFA Charter recipients and Candidates who are currently registered. Member participation is encouraged. RSVP To: Jessica Strom by: Tuesday, November 27th RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-537-3918 Member Price: $20 Guest Price: $45
Wednesday, December 12, 2007 12:00 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: The Long Term Outlook for the Global Economy Speaker(s): Jeremy Siegel, Russell E. Palmer Professor of Finance at the Wharton School What changes in productivity, immigration patterns, and retirement ages can be expected in the years to come? What role will developing nations such as Brazil, Russia, India, and China play on asset pricing and what might future trade patterns look like? What are the economic and social impacts of the retirement of Baby Boomers? Professor Siegel has authored numerous professional articles and books. His best known, “Stocks for the Long Run” was named by the Washington Post as one of the ten-best investment books of all time. His current book, “The Future for Investors” was named one of the best business books published in 2005 by Business Week, the Financial Times, and Barron’s magazine. Professor Siegel was presented with the Nicholas Molodovsky Award by the Chartered Financial Analysts Institute to “those individuals who have made outstanding contributions of such significance as to change the direction of the profession and to raise it to higher standards of accomplishment.” He also received the Graham and Dodd Award for the best article published in The Financial Analysts Journal and the Peter Bernstein and Frank Fabozzi Award for the best article published in The Journal of Portfolio Management. RSVP To: Jessica Strom by: December 10th RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-537-3918 Member Price: $40 Guest Price: $65
Tuesday, January 8, 2008 12:00 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: Investment Outlook for 2008 Speaker(s): Mary Miller and Richard Bernstein Will the challenges related to the subprime crisis end with a bang or a whimper? How has the subprime crisis redefined safe harbors and growth opportunities? Is the consumer benched for a quarter or two? As more growth comes from exports, will Washington’s increasing talk of protectionism be bad for the markets? Have the emerging markets decoupled? Mary Miller is a Vice President of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. She is director of the Fixed Income Division, a member of the firm’s Management Committee, and she chairs the Fixed Income Steering Committee. Ms. Miller serves on the Investment Advisory Committees and as an officer for a number of fixed-income mutual funds and is a co-portfolio manager for the Tax-Free Income Fund. Ms. Miller is a director of the T. Rowe Price Fixed Income mutual funds and the T. Rowe Price Trust Company. Prior to joining the firm in 1983, Ms. Miller was employed as a research associate at the Urban Institute of Washington. She earned a B.A., at Cornell University, and a Master of City and Regional Planning from the University of North Carolina, Chapel Hill. Ms. Miller has also earned her Chartered Financial Analyst accreditation. Richard M. Bernstein is the Brown Investment Advisory Large-Cap Value Portfolio Manager as well as a member of the Firm's research team and Strategic Investment Committee. Prior to joining the firm in 1993, Mr. Bernstein worked at Mercantile Safe-Deposit and Trust Co. where he served as the Director of Research. Prior to that he worked at Alex. Brown & Sons, Inc. Mr. Bernstein received his B.A. and M.A. at Johns Hopkins University. He is a Chartered Financial Analyst and past President of the Baltimore Security Analysts Society (1990-1991). He currently serves on the Board of Trustees of Westminster Rescue Mission and is the Founder and President of First Fruits Farm, Inc. RSVP To: Jessica Strom by: Friday, January 4th RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-537-3918 Member Price: $40 Guest Price: $45
Wednesday, January, 23, 2008 12:00 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: What To Consider When Using ETFs and Structured Notes in Portfolios Speaker(s): Fred Schachinger and David Burkart What are some of the structural considerations to factor in when using Exchange Traded Funds and Structured Notes? How are ETFs being used by money managers and why? This will lead into a case study on commodity related applications. What are the inherent risks as this segment of the open-ended fund industry evolves? Why are ETFs not available in emerging markets like Eastern Europe and Turkey? Fred Schachinger supports institutional clients as an Institutional Channel Principal for Barclays Global Investors. Previously, Mr. Schachinger was Director of the Investment Research Group at The Hartford. He has also worked with Lockwood Financial Services where he served as a Research Analyst performing due diligence of institutional money managers. Mr. Schachinger graduated with a BS in Civil Engineering from The Ohio State University. Mr. Schachinger is a CFA charterholder. David Burkart, Senior Portfolio Manager/Strategist, leads the team managing Barclays Global Investors' institutional and iShare commodities-related products. The portfolio managers that report to Mr. Burkart assist him with day-to-day fund management, new product development, and research. Before coming to Barclays Global Investors, Mr. Burkart worked at Gap Inc. in international treasury and corporate finance. Previously, he was employed at Bank of America in foreign exchange and syndicated lending. Mr. Burkart earned a BA in economics from UC Santa Barbara and his MA from the University of Virginia in foreign affairs. He received an MBA in finance from the Wharton School of Business. Mr. Burkart is a CFA charterholder. RSVP To: Jessica Strom by: RSVP Email: jstrom@boltonpartners.com RSVP Phone: Member Price: Guest Price:
Tuesday, February, 26, 2008 12:00 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: The Changing Nature of Emerging Markets Speaker(s): Brett Gallagher, Deputy Chief Investment Officer, Julius Baer Investment Management How are emerging markets reacting to the slow down in the U.S.? Will it be different this time around? Are emerging markets a buy and hold? What is happening with inflation and other important economic measures outside of the U.S.? These questions and more will be answered. Brett Gallagher is the Deputy Chief Investment Officer and a Senior Portfolio Manager. He joined Julius Baer in 1999 after serving as the Senior Investment Executive at Chase Manhattan Bank (Singapore) and the Head of Private Client Investment Management for JP Morgan (Singapore). In addition, Brett spent four years with Bankers Trust Co., serving as a Senior Portfolio Manager, Global Equity and three years as a Financial Analyst at Irwin Management Company. Brett received both his MBA and Bachelor of Arts in Economics from the University of Virginia. RSVP To: Jessica Strom by: by: Thursday, February 21st RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-573-3918 Member Price: $40 Guest Price: $45 - A charge will be applied to No-Shows.
Tuesday, March, 11, 2008 9am to 5pm	Cafritz Conference Center - GWU
800 21st Street, NW, Suite 204 - DC 20052
Topic: Take control of your career Speaker(s): On March 11th, 2008 CFA-DC will host a career day at the Cafritz Conference Center at George Washington University. CFA Career Day is a full-day career development conference for CFA Institute and CFA Society of Washington, DC members, CFA program candidates and graduate level finance students. Put yourself in front of top DC area financial companies, and remember to post or update your resume TODAY to ensure that sponsored employers can find you to. Somewhere out there within or beyond the beltway, there is a CFA position waiting for you. It could be that perfect opportunity to use your management skills, negotiations skills or just a better commute. There is a great way to stand out in front of leading companies in the Washington area who are seeking CFA candidates and charterholders which is by attending our upcoming Career Day! RSVP To: by: RSVP Email: events@cfawashington.org RSVP Phone: Member Price: $35 Guest Price: $50
Tuesday, March, 25, 2008 Noon	JW Marriott Hotel
1331 Pennsylvania Avenue NW, Washington DC 20004
Topic: Expectations for the Economy and Markets Speaker(s): Abby Joseph Cohen Investors are usually well-advised to ignore current momentum and to emphasize longer-term trends. However, this is especially difficult when economic data are uncertain and market conditions are unstable. Global capital markets have seen a trebling of stock and bonds price volatility since mid-2007, accompanying the weakness in US housing, financial system worries, and related international disruptions. This session will focus on what is likely to happen next in the global economy and financial markets, with an eye on global linkages including flows of investment funds between nations. RSVP To: by: RSVP Email: events@cfawashington.org RSVP Phone: Member Price: $40 Guest Price: $80
Wednesday, March, 26, 2008 4pm to 7pm	M&S Grill
1006 Harborplace, Baltimore
Topic: BCFA Happy Hour Speaker(s): All Baltimore CFA Society members and all registered CFA candidates are invited to a FREE happy hour! Please join us for drinks and light appetizers. All members or candidates will receive 2 complimentary beverages. This is a great opportunity for members, prospective members, and candidates to mingle and network in a fun setting. A cash bar (no credit cards!) will also be provided. RSVP To: Jessica Strom by: Monday, March 24th RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-573-3918 Member Price: Free Guest Price: NA
Wednesday, April 2, 2008 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: Where Are We in the Commodity Price Cycle Speaker(s): Barry Bannister - Managing Director, Equity Research, Stifel Nicolaus & Co What really drove commodity prices to 30-year highs, and how do the characteristics of this price cycle differ from cycles in the past? How may investors profit or avoid loss from the changes signaled by commodity prices? These questions and more will be answered. Barry Bannister has followed Engineering and Machinery stocks and providing investment strategy for Stifel Nicolaus & Co. (formerly Legg Mason Wood Walker Inc.) from 1998 to present. He recognized the emerging commodity bull market with research reports than began as early as 2000. In April 2002 Mr. Bannister and his associate Paul Forward wrote an 86-page strategy report entitled “The Inflation Cycle of 2002 to 2015: Do Commodity Serving Companies Deserve Your Capital?” The forecasts made in the report were very accurate. Prior to that Mr. Bannister was a senior analyst providing North American Machinery industry coverage and later co-head of U.S. equity research for SG Warburg. Prior to that role, he served as a buy-side equity analyst for AmSouth Investment Management, and as a senior equity analyst for the buy-side firm FTIM/Highland Capital Management. Mr. Bannister holds an MBA from the Emory University and a BA from Emory College. He earned the Chartered Financial Analyst designation, and was a Wall Street Journal All-Star analyst, Forbes, and/or StarMine ranked analyst in 1993, 1995, 2001, 2004, 2006 and 2007. He was ranked in Institutional Investor’s All Star Analyst List for Machinery in 2007. RSVP To: Jessica Strom by: Monday, March 31st RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-573-3918 Member Price: $40 Guest Price: $45 - A charge will be applied to No-Shows.
Tuesday, April 22, 2008 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: How Technical Analysis Can Aid Portfolio Managers Speaker(s): Philip Roth, CMT, Chief Technical Market Analyst, Miller Tabak + Co. What is the role of technical analysis in portfolio management? Can technical and fundamental analysis coexist? What are the charts telling us about the current market? These questions and more will be answered. Philip Roth, a Chartered Market Technician (CMT), joined Miller Tabak + Co., LLC in 2002 as Chief Technical Market Analyst. Previously, Mr. Roth worked at Morgan Stanley. He came to Morgan Stanley through Dean Witter Reynolds which he joined in 1989. Previously, he worked at E.F. Hutton which became Shearson after the merger. Prior to 1979, Mr. Roth was a market analyst for Merrill Lynch and for Loeb Rhoades. Mr. Roth has served as a Director of the New York Society of Security Analysts and currently is President and long time Board Member of the Market Technicians Association. He was voted No. 1 in Charting and Technical Analysis in the 2001 Reuters survey. Mr. Roth earned a Bachelor's degree in economics from the University of Notre Dame and did graduate work in economics at Rutgers. He has been teaching a graduate level course in Technical Analysis at Fordham University for more than five years. RSVP To: Jessica Strom by: Friday, April 18th RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-573-3918 Member Price: $40 Guest Price: $45 - A charge will be applied to No-Shows.
Wednesday, May 14, 2008 Noon	The Center Club
100 Light Street, 16th Floor, Harbor Room, Baltimore
Topic: "While America Aged” and Why Pension Debts Loom as the Next Financial Crisis Speaker(s): Roger Lowenstein – Best Selling Author and Noted Journalist Who's to blame for America's entitlement mess? What's the solution? How does the pension and health care crisis compare with other financial debacles--including the current mortgage crisis? These questions and more will be answered as Roger Lowenstein discusses his latest book. Roger Lowenstein is the author of three best-selling books, "Buffett: The Making of An American Capitalist”, “When Genius Failed: The Rise and Fall of Long-Term Capital Management”, and “Origins of the Crash: The Great Bubble and Its Undoing”. His latest book, While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego and Loom as the Next Financial Crisis, which is being published by The Penguin Press. Mr. Lowenstein is one of America's most prominent financial journalists. He is a frequent contributor to The New York Times Magazine, where he has written cover articles on such topics as Ben Bernanke, the economics of immigration, and corporate scandals, as well as shorter essays on the mortgage crisis, the Bear Stearns collapse, and a wide variety of other financial subjects. He also writes a monthly column in SmartMoney Magazine and a full-length, monthly book review for Portfolio Magazine. Prior to his book-writing career, Mr. Lowenstein reported for the Wall Street Journal for more than a decade and wrote the Journal’s stock market column “Heard on the Street” and also its “Intrinsic Value” column. RSVP To: Jessica Strom by: Monday, May 10th RSVP Email: jstrom@boltonpartners.com RSVP Phone: 443-573-3918 Member Price: $40 Guest Price: $45 - A charge will be applied to No-Shows.

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