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Bloomberg
A “new wave of consolidation” among global investment banks could be triggered by the coronavirus pandemic, according to a new report by Oliver Wyman and Morgan Stanley.
Some banks may find their lack of scale and the short term pressure “too acute” to survive the crisis, particularly in Europe where returns are lower compared to bigger, more profitable global banking rivals.
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CFA Society Chicago
April 21, 2020
4:00 PM - 5:30 PM
Online (Zoom)
What It Takes: Lessons in the Pursuit of Excellence by Steve Schwartzman
Meet local authors, explore and debate timely industry events and get to know like-minded financial literature enthusiasts. The CFA Society Chicago Book Club embraces discussion of a wide range of themes in the informal environment provided by the book club. From tried and true classics to cutting-edge industry ideas, well-known leaders and niche topics in between, we have something for everyone.
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CFA Society Chicago
April 22, 2020
4:00 PM - 5:00 PM
Online (Zoom)
Historic Monetary and Fiscal Stimulus: Savior or Destroyer?
The U.S. government and Federal Reserve has responded to the market and economic downturn with stimulus measures of unprecedented scale. In this conversation, Stephen Moore, economist, writer and television commentator, and Randall Wray, professor of economics and scholar of Modern Monetary Theory, discuss the implications of these policies. With their contrasting perspectives on economics, they will help us understand the impact of the current economic downturn and how we can best emerge from it.
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No matter the depth of your accounting background, you can become a versatile business professional with an online master’s in accounting at Gies Business. Earn a certificate or full degree. Through our highly engaging, online, global classrooms, you’ll learn to gather and analyze critical information for informed strategic decisions
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Bloomberg via Crain's Chicago Business
Illinois, among the U.S. states with the most coronavirus cases, may be showing signs of slower Covid-19 spread earlier than other major hot spots, according to a new analysis.
The state, which has reported more than 19,180 confirmed cases, stretched the number of days over which cases double to 7.9 as of April 9 from 2.1 on March 22, data compiled by Rush University Medical Center in Chicago showed.
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Institutional Investor
Hedging strategies got one of their toughest trials ever in March — and many failed. Investors in Universa Investments’ standalone tail hedge strategy got what they paid for.
Universa measures its risk mitigation performance by its portfolio effect — the impact it has on the compound annual growth rate (CAGR) of an investor’s entire portfolio.
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Yahoo News
The coronavirus, or COVID-19, is going to strain America’s biggest cities financially, and Chicago is likely to feel the most pain.
S&P Global Ratings looked at 10 of the biggest cities in America — Boston, Chicago, Houston, Los Angeles, Miami, New York, Philadelphia, Phoenix, San Francisco, Seattle — and weighed various factors like each city’s cash balance, their reliance on property, sales, and income taxes, intergovernmental revenues, and pension obligations, among others.
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Forbes
The theme of this year’s World Economic Forum, “Stakeholders for a cohesive and sustainable world,” afforded the business leaders in attendance the opportunity to speak freely about their legitimate concerns regarding climate change for the first time in 50 years. As we’ve seen in the weeks and months since then, discussions over how to cope, adapt and move forward resonate loud and clear at all levels of society.
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Chicago Sun Times
Chicago expects to receive at least $572 million from the federal stimulus plan, but the massive infusion won’t be enough to cover declining revenues and rising costs tied to the coronavirus — in part, because the city has already spent $100 million.
In a memo released Thursday followed by a conference call with reporters, Mayor Lori Lightfoot and her financial team said there is “no way to know what the full extent of the financial impact will be on our residents, our city and our budget” because nobody knows when the pandemic will end.
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Forbes
I am a huge fan of investing in the stock market. But the bottom line is that returns need to be engineered more than they used to. That, and the bond market woes that are here to stay are bound to put the 60/40 portfolio right there with the 8-Track tape player, the phone booth and McDonalds MCD’ french fries before they changed the recipe.
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Enterprising Investor
Meir Statman is, in the words of Arnold S. Wood, “an academic detective.” From his perch as the Glenn Klimek Professor of Finance at Santa Clara University, he has helped pioneer the field of behavioral finance and offered compelling insights into what investors really want.
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Kiplinger
Expect the inflation rate to fall to 0.9% by the end of the year, down from last year’s 2.3%. The meltdown in oil prices will likely cause energy prices to end the year down 9%. But a coronavirus-induced slowdown in the U.S. economy has resulted in some significant price declines elsewhere as well: airline fares are down 13%, hotel and motel rates 8%, car and truck rental charges 7%, train fare more than 4%.
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Institutional Investor
Private markets took a hit during the first months of 2020, as the coronavirus pandemic prompted the shutdown of economic activity around the world. But at least one asset class appears to have stayed out of harm’s way during the first quarter, according to Preqin.
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Enterprising Investor
Are global conditions improving? The answer depends on who you ask and whether they have checked the facts.
As economist and political scientist Olof Granstrom points out, we often form our view of the world without considering the underlying data. “We use what we see, what we hear, what we can see with our very, very limited capacity of understanding the world,” he explained at the CFA Institute European Investment Conference 2019 in Madrid.
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Institutional Investor
Relief that Congress gave big banks to help them cope with the effects of the coronavirus pandemic could end up leaving investors in the dark.
Buried in the 880-page coronavirus-relief measure enacted in late March was a provision some banks have sought for more than a year: a delay in a controversial new rule that changes how banks record losses on their soured loans.
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