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Chicago Magazine
One of the Rauner administration’s most prominent and controversial demands is to find a way to reduce how much the state spends on its retired employees. For political and ideological reasons, Illinois Democrats are supported by labor, and support it in turn, so pension reform is not popular among the Democratic base.
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CFA Society Chicago
The active vs. passive debate continues to be one of the contentious topics in the investment management industry. There can be little doubt that it has become more difficult for active managers to consistently generate alpha and justify what can be a substantial fee premium. But many investors and managers continue to believe in the promise of active management.
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CFA Society Chicago
Learn about mergers and acquisitions and how deals are structured. The first half of this course focuses on the mergers and acquisitions process and the basics of deal structures, presenting the main tools and analyses that M&A investment bankers and acquirers utilize. It covers the following modules: (i) in-depth analysis of the entire M&A process, including due diligence and legal issues; (ii) common structural issues including cash vs. stock, upfront payments vs. earn-outs, and stock vs. asset deals; (iii) crucial merger consequence analysis including detailed accretion/dilution and contribution analyses; and (iv) detailed analysis of transaction case studies to illustrate various deal structures and demonstrate detailed alternative earn-out structures and methodologies.
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CFA Society Chicago
Special situations are corporate actions which could reveal an undervalued security and hence an investment opportunity. Some examples of Special Situations are spinoffs, liquidations, tender offers, restructurings, bankruptcy exits etc. In the Special Situations Research Forum we will discuss an investment situation decided 3 weeks in advance. Every participant in the Forum is expected to research the topic before attending the meeting.
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CFA Institute Enterprising Investor
How else do markets fail?
Markets are usually not systemic. Instead, from the bird’s-eye perspective of “Capitalism,” many businesses are “opportunities” in the same way that it feels good to hit yourself in the head with a hammer: It’s much better once you stop.
For example, the rising sea levels induced by climate change necessitate the construction of seawalls to prevent flooding. From the market standpoint, investors in the seawall-building company will benefit. Yet, at the systemic level, for capitalism as a whole, this is a capital loss. Why?
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ValueWalk
When Gary Brinson, founder of Brinson Partners and former chief investment officer at UBS Global Asset Management, looks at the conundrums around the world, he has decided to take a risk-off stance. Speaking at the CFA Chicago Society luncheon Wednesday, Brinson noted conundrums around the world where one solid economic correlations have become unhinged amid financial repression, fed balance sheet concerns and markets that have significantly diverted from their mean.
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Built In Chicago
The highest-ranked newcomer in a recent Deloitte report on global fintech hubs, Chicago counts the strength of its financial sector among its biggest advantages.
For Halo Investing co-founder Jason Barsema, whose startup seeks to make more complex financial products available to everyday investors, the ecosystem’s blend of financial and technological expertise made it a no-brainer as a home for his fledgling fintech company.
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Reuters
U.S. consumer spending recorded its biggest increase in four months in April and monthly inflation rebounded, pointing to firming domestic demand that could allow the Federal Reserve to raise interest rates next month.
The Commerce Department said on Tuesday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4 percent last month after an upwardly revised 0.3 percent gain in March.
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Bloomberg
Bitcoin’s astronomical rally has cryptocurrency bulls feeling vindicated. Not so fast, skeptics say.
The digital currency’s more than 100 percent surge in the past two months looks eerily familiar, argue the bears, pointing to November 2013, when the price quintupled in short order to top $1,000 for the fist time.
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Bloomberg
U.S. stocks halted a seven-day advance, while the dollar fluctuated as data showing a rebound in consumer spending offset a wider selloff in commodities. The euro slipped with equities in the region. The S&P 500 Index edged lower from an all-time high as investors returned from a three-day weekend. A report indicated Americans kept up spending in line with wage gains in April.
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Pensions & Investments
The University of Chicago is the latest university to be sued for allegedly breaching its fiduciary duties by charging participants excessive fees and investing their retirement assets in high-cost and poor-performing funds.
Similar to allegations brought against a number of universities last year, plaintiffs in the University of Chicago lawsuit allege the university “failed to adequately investigate, examine and understand the real cost to plan participants for administrative services, thereby causing the plans and participant investors to pay grossly excessive and unreasonable (administrative) fees.”
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Crain's Chicago Business
Illinois' budget mess is the stepchild of Illinois' pension mess, and for that perhaps nothing incites more steam-coming-out-of-the-ears fury from critics than the volume of six figure annual retirement payouts — topped by one at $581,000 — pledged to former public workers. Yet a BGA analysis of 2017 data from major pension funds for state and municipal employees vividly illustrates the disconnect between high-rolling pensions, legally protected but irksome as they may be, and the deep financial plight experienced by many of those funds.
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Pensions & Investments
While some money managers and their institutional investor clients are already thinking, or are at least prepared to think, in a longer-term way, major barriers to long-termism by money managers remain — particularly when it comes to investment processes.
One is competition. Jonathan L. Doolan, New York-based principal at Casey Quirk, a practice of Deloitte Consulting LLP, said some managers may be producing short-term metrics for performance simply because competitors are providing the data.
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