YOU PUT INVESTORS FIRST.
WE PUT YOU FIRST.
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I can’t believe that it’s October already! I hope that everyone is refreshed and ready to go after a great summer. We have a number of exciting events being planned for this fiscal year, but first I want to quickly recap a few highlights from the last quarter. The Wine Tasting in July was another big success and annually is one of our most popular events. That was followed up by the 18th Annual Angels Baseball Social and our first luncheon of the year, which featured a deep dive on value investing from Vitaliy Katsenelson, CFA.
As I begin my third year as your President, I’m very excited and proud to continue to represent all of the Orange County charterholders as we continue to grow as an organization and build a profession. Over the past few years, our tremendous growth has taken us to more than 600 members. Now it is up to our committees and our board to continue to provide value for your membership.
Institutional recognition of the CFA charter remains at very high levels, but much of the growth is in the Private Wealth space where we struggle with the average high net worth individual knowing the value of the charter. CFA Institute recognizes this need and in partnership with CFAOC and all the American societies will be making this a major initiative over the next few years. Look for more to come in this space. In addition, advocacy and professional development are areas where you should expect to see and hear more. A CFA Western Region Societies collaborative effort, "Superforecasting", is a hint of what’s to come. Also, if you haven’t downloaded the CFA Institute Member App, I highly encourage you to do so and please share any feedback that you have.
Locally, domestically and globally, we, CFA Charterholders, are a community of more than 150,000 members striving to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. Whatever your area of interest, I’m sure there is an opportunity for you to get involved and help CFAOC be at the forefront of this mission. Please follow us on Twitter @CFAOC, join the LinkedIn group, and follow us on Facebook. I look forward to seeing each and everyone one of you over the next 9 months.
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President
CFA Society Orange County
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AMERICAS CFA SOCIETY LEADERSHIP CONFERENCE
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Board members Barry Grossman, Tina Schackman, Mary Sigler, and Executive Director Nancy Novak headed to Vancouver for three days of learning, leadership, eating, and drinking.
As society leaders, the CFAOC Board wants to ensure it is delivering member value and advancing professionalism and professional recognition. Many of the sessions were designed to strengthen skills and knowledge in these areas, as well as brand development, continuing professional development, and shared outreach and advocacy.
One of the countless benefits of becoming involved in society leadership is the opportunity to attend these leadership conferences - learn and network with your fellow charterholders around the globe!
If you are interested in getting involved, we would love to hear from you! Please email
cfaocvolunteers@gmail.com
and simply introduce yourself. There are plenty of opportunities to have a positive impact on our Society, from assisting with Social Media presence to joining one of our Committees that lead all of our key initiatives.
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COMING SOON! SUPERFORECASTING!
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Are you a superforecaster? Find out! On November 2, 2018, CFAOC members can join
the internet's smartest crowd. Improve your forecasting skills and find out how you stack up. More information to follow! (To read more,
click here
).
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CFAOC FOUNDATION
RFP COMPETITION & STUDENT MANAGED INVESTMENT FUND
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The CFAOC Foundation has just issued the 2019 Request for Proposal for investment management services. California State University - Long Beach took first place in the 2018 RFP competition, resulting in the school managing the largest real money portfolio for the foundation over the past calendar year.
Long Beach will be joined by five other southern California universities (U
CI, Cal Poly Pomona, Chapman, UC Riverside & California State University - Fullerton)
at this year's competition set for
November 30th, 2018 at 1:00 p.m. at the University of California - Irvine
.
All are invited to attend the presentations on 11/30 and we strongly encourage you and or your companies to utilize the event as a ground for recruiting. The room will be full of the best and the brightest future investment professionals!
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The Program – Each team submits a written response to the RFP that must include a description of their management structure, internal controls, investment process, and an outline for the investment strategy.
The written submission to the RFP is followed by a presentation of an Economic Outlook and Investment Strategy to a panel of judges and the Foundation’s Investment Policy Committee (IPC). Using a detailed scoring system for the presentations and written reports, the IPC selects a winning team to manage the largest portion of funds. In the past, second and third place teams that have demonstrated a responsible strategy and structure have also been awarded a smaller portion of funds to manage. These portfolios typically remain under management for one (1) calendar year
.
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The Society’s educational foundation is always seeking experienced members to join the Investment Policy Committee. Learn more about the Student Managed Investment Fund (SMIF)
here
. CFAOC Members with interest in participating in a volunteer capacity, contact Paisley Nardini
paisleynardini@gmail.com
) or Chad Noorani (
ca.noorani@gmail.com
).
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The CFA Society of Orange County’s Host-A-Student (HAS) program is currently planning for the fall 2018 semester! To increase professionalism and provide exposure to the investment management industry, the program seeks to introduce university students and candidates in the CFA program to local firms in the Orange County area. To learn more about Host-a-Student, please
click here
.
If you or your firm have an interest in participating in the program, please kindly reach out to either Charles Worden or Finbar O’Brien at
CFAOCHAS@gmail.com
to obtain more information. We look forward to partnering with you and your firm!
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We're introducing a new feature this quarter -
Ethics in Practice
. A case will be presented each quarter for analysis with the answer and explanation found on CFAOC website. Test your ethics knowledge!
ETHICS IN PRACTICE:
Oh No! Accidental Facebook Post!
CASE STUDY
John Walsh, CFA, is the Chief Financial Officer of TrueTech Corporation, a leading semiconductor manufacturer in the United States. For the past few months, Walsh has led the TrueTech team in talks to buy a majority stake in Veridy Corporation, a smaller, privately owned semiconductor company that has a patented technology that could potentially cut the chip manufacturing costs of TrueTech by almost 40%. After intense negotiations, TrueTech is able to close the deal with Veridy late on a Friday night. Walsh wants to share the good news with his wife, so he takes out his phone and types “Finally! TrueTech has acquired a majority stake in Veridy. The deal is sealed!” But instead of sending the message to his wife, he accidentally posts it on his personal Facebook page. The next morning (a Saturday), he wakes up and discovers the blunder. Did Walsh violate any part of the CFA Institute Code of Ethics or Standards of Professional Conduct?
A.
No, this was an honest mistake.
B.
Yes, but Walsh does not need to do anything to rectify the matter because the posting was unintentional.
C.
Yes, Walsh should immediately disclose his actions to TrueTech and Veridy.
D.
Yes, Walsh should post the merger information on the company website and make a public announcement about the transaction.
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STACK THE ODDS IN YOUR FAVOR!
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You may be eligible to earn the CAIA designation with your CFA charter, adding specialized expertise in alternatives like private equity, hedge funds, commodities and more to your already broad investment skills.
CAIA’s Stackable Credential Pilot Program enables
eligible CFA charterholders
to build from a broad base of generalist knowledge via the CFA Program,
to advance directly to the CAIA Level II exam.
This
serves as the pathway to earning the CAIA Charter, earns continuing education credit as a CFA member, and contributes to a journey of lifelong learning.
CAIA is taking the first 500 CFA Charterholders so register soon! Please visit the
CAIA website
to learn more.
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CFA INSTITUTE APP - DOWNLOAD TODAY!
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CFA Institute members can use their CFA Institute website credentials to log in to the Members app for instant access to specialized resources investment professionals need.
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App Features
- Receive useful content from a feed of ten key CFA Institute publications (text and video).
- Record Continuing Education credits.
- Start or join conversations to discuss research and practitioner content with other members in a secure, members-only community.
- Find and register for events from CFA Societies and CFA Institute.
- Read Daily Financial NewsBrief articles.
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