CFA Society Chicago NewsBrief
Nov. 25, 2014

Chicago City Council passes Emanuel's $7.3 billion budget
Chicago Sun-Times
Mayor Rahm Emanuel’s $7.3 billion budget — and the $62.4 million in tax increases needed to pay for it — sailed through the City Council on Nov. 19, setting the stage for a post-election property tax increase. The vote was 46 to 4. No votes were cast by mayoral challenger Bob Fioretti (2nd) and three of his Progressive Caucus colleagues: Aldermen Toni Foulkes (15th), Scott Waguespack (32nd) and John Arena (45th).More

James Grant: Financial journalist and revered historian
CFA Chicago
James Grant, financial journalist and historian, is the founder and editor of Grant's Interest Rate Observer, a twice-monthly journal of the investment markets. He is, in addition, the author of five books on finance and financial history, and has made several television appearances on "60 Minutes", "CBS Evening News" and "Wall Street Week." Join CFA on Tuesday, Dec. 2 at 12 p.m. for the Distinguished Speaker Series featuring James Grant.More

Kaplan Schweser is offering a CFA exam prep-course scholarship
CFA Chicago
The June 2015 CFA exams will be here before you know it! You are invited to join leaders from CFA Chicago and members from Kaplan Schweser to find out how to best prepare for the CFA exam. Join CFA on Thursday, Dec. 11 from 5 p.m. - 7 p.m. for a CFA Exam study group kick-off party & open house. Those in attendance will have an opportunity to win a scholarship for a prep-course study package awarded by Kaplan Schweser. More

You can do it all: Balancing your current career with a job search
CFA Chicago
Managing your career and searching for a new position brings many challenges to light. At this event you will gain valuable insight and recommendations from internal and external recruiters and HR professionals on how you can prepare for your career search, navigate successfully through negotiating and discussing compensation and best practices for networking. Other points for discussion will include what to expect during the interview process and how to effectively partner with internal and external recruiters. Join us on Tuesday, Dec. 9 at 3:30 for a discussion featuring panelists Katie J. Banks (Institutional Capital LLC), Danielle Dutcher (Northern Trust), Laura Pollock (strategic advisor to leading asset management firms) and Jim Schroeder (Executive VP - Financial Services sector). More

Skills That Separate You as an Investment Manager: Scaling
CFA Institute's Enterprising Investor
Previous editions of this series on Skills That Separate You as an Investment Manager have focused on introspection, creativity, intuition, decisiveness, absolute vs. relative decision making, forthrightness, and discernment. This month’s edition is about a powerful skill Jason Voss, CFA, initially discussed at length in his book The Intuitive Investor that literally changes how you see the entire information landscape: Scaling. More

How legacy trading platforms are taking after smartphones
Chicago Tribune
Imagine a smartphone that didn’t allow you to choose which apps you installed. That’s the experience many trading platforms offered for years. Now, some Chicago-based platform companies, including OptionsCity and Trading Technologies, are giving users a way to customize.More

Fed asks whether it is too close to banks
Financial Times
The Federal Reserve board is conducting a major review of how the regulator and its reserve banks supervise large financial institutions, amid mounting criticism that it is to close to and too lenient with the Wall Street groups it oversees. News of the inquiry came a day before two top officials, Fed Governor Dan Tarullo and New York Fed president William Dudley, are due to testify in separate Senate hearings into regulatory oversight practices. More

ECB head willing to step up stimulus
The Associated Press via WFLD-TV
European Central Bank head Mario Draghi says the eurozone's chief monetary authority is willing to "step up the pressure" and increase its efforts to stimulate the struggling economy. The comments fed market expectations for more central bank action, sending the euro lower and stocks higher. Draghi said at a recent banking congress in Frankfurt, Germany, that if current efforts do not achieve the desired effect the ECB could "broaden even more the channels through which we intervene."More

Heeding history's lessons in the search for the right macroeconomic policies
James Grant, the longtime publisher of Grant's Interest Rate Observer has come out with a new book, "The Forgotten Depression: 1921 — The Crash That Cured Itself." The Depression of 1920-21 needs to be remembered and its lessons need to be learned. Mark Hendrickson has written about it repeatedly and has long been hoping the story would be told on a larger stage. Hendrickson believes Jim Grant is well suited to this important task.More

A deep-value quantitative hedge fund strategy
Morningstar ETFInvestor
ValueShares US Quantitative Value (QVAL) has an unusual history. Its creator, Drexel University finance professor Wesley Gray, began his career as a money manager while studying for his PhD at the University of Chicago under Eugene Fama. Friends and family gave Gray around $3 million to run in a systematic value strategy. Gray also wrote the Empirical Finance Research blog. Eventually, he began providing free stock screeners based on academic research. More

BKD Wealth Advisors expands to Chicago with merger
St. Louis Business Journal
BKD Wealth Advisors, which is based in Springfield, Missouri, and has offices in St. Louis, has expanded to Chicago by merging with Wolf Financial Management there. The combination is a result of the larger merger of parent companies BKD, a national accounting and advisory firm, and Wolf & Co., which was announced in September.More

Goldman spars with lawmakers over aluminum unit conflicts
Bloomberg via Chicago Tribune
Goldman Sachs executives sparred with lawmakers over accusations that its aluminum business improperly influenced prices and that the firm's traders had unfair access to market-moving data. Under fire at a hearing on whether Wall Street's ownership of commodities spurs conflicts, Goldman Sachs's Jacques Gabillon disputed senators' charges that long wait times for aluminum stockpiles had a direct effect on what companies and consumers pay for the metal. Only a handful of Goldman Sachs employees get information on the aluminum unit and reports are limited to financial performance, he said.More