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Is a confident stock market a good thing?
Barron's
With both the Dow and Standard and Poor's 500 indexes hitting all-time highs once again Monday, the market's growing confidence continues to be a front-burner issue. As Mohamed El-Erian, the chief economic adviser at Allianz, the German financial-services giant, writes in his Bloomberg View column: "Some see the fall in the VIX as a comforting trend that enables greater risk taking. This group believes that it's a good unbiased indicator of what lies ahead: The lower it goes, the stronger the case for taking on more investment exposure, even at elevated prices."
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Weber: Worldview and financial leadership
CFA Chicago
Axel Weber was elected to the Board of Directors (BoD) at the 2012 AGM and was thereafter appointed Chairman of the BoD. He has chaired the Governance and Nominating Committee since 2012 and became chair of the Corporate Responsibility Committee in 2013. Weber was president of the German Bundesbank between 2004 and 2011, during which time he also served as a member of the Governing Council of the European Central Bank, a member of the Board of Directors of the Bank for International Settlements, German governor of the International Monetary Fund, and as a member of the G7 and G20 Ministers and Governors. Join CFA on Friday, June 27 from 12 - 1 p.m. for the Axel A. Weber Distinguished Speaker Series
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Support the future of CFA
CFA Chicago
All members are invited to attend the Annual Business Meeting for CFA Society Chicago on June 24, where we will present the nominated slate of Directors and Officers, recommended bylaws changes and provide a strategic overview of the organization. Regular members will vote on the nominated slate of Directors and Officers and revised bylaws before formally recognizing our outgoing society leaders. The short business meeting will be followed by a complimentary cocktail reception.
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Rieder: Leading Blackrock and advising the Federal Reserve Bank of New York
CFA Chicago
Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Fundamental Fixed Income, Co-head of Americas Fixed Income and a member of the Executive Committee of the firm-wide Alpha Strategy business, a member of BlackRock's Global Operating Committee and Chairman of the BlackRock Investment Council. Join CFA Chicago on July 29 at 12 p.m. for the Distinguished Speaker Series featuring Rieder.
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Yes, you can have a serious policy discussion on Twitter (just ask the Bank of England)
CFA Institute's Enterprising Investor
Leading central banks have been engaged in a multiyear effort to demystify their operations by overhauling how they communicate with the public. On May 30, the Bank of England added a new chapter to the unfolding story on central bank transparency by hosting a live Twitter chat with the general public. Anyone with a question for the bank could tweet it, using the hashtag #AskBoE, to the bank’s head of notes, Victoria Cleland, who looks after the integrity of the United Kingdom’s paper currency. It was at least the second such Twitter chat hosted by the British central bank.
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It pays to emulate the accountant who proved value investing works
Forbes
The stock market is supposed to be glamorous. It’s supposed to be well-coiffed men in finely tailored suits — guys who know what the next big thing will be before you know what the last big thing was–barking orders to buy, BUY! It’s supposed to be tech stocks with explosive earnings and new companies with Gotta-Have-It products and soaring shares. It’s supposed to be mergers & acquisitions and billion-dollar back-room deals. But it’s not — not if you want to make money over the long term. Take the great Joseph Piotroski.
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'Yellen Index' flashes imminent Fed tightening
Financial Times
Investors are not betting Janet Yellen will follow a fellow central banker’s lead and declare interest rate rises “could happen sooner than markets currently expect," according to Federal Reserve Chairman Mark Carney. What if we were to look not at what Ms Yellen says, but at what Ms Yellen has done? We might then conclude that the Fed’s first rate hikes could indeed happen sooner than expected. This is the intriguing premise of a tool being used internally at BlackRock, the world’s largest fund manager, which it has nicknamed “The Yellen Index”.
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Fed in focus as investors seek reassurance
Reuters via Chicago Tribune
Investors will look to the Federal Reserve for reassurance soon, with little economic data to assuage their concerns over the strength of the global recovery, amid signs Iraq may be sliding into civil war. The Fed, which wraps up a policy meeting on June 18, is expected to keep steadily reducing its massive bond-buying stimulus by $10 billion per month. Financial markets will be listening out for any hints on when the U.S. central bank might begin raising interest rates.
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A Chicago startup scene that's no longer for sale
Crain's Chicago Business
It's the end of an era for the Chicago options industry. The last major Chicago-based retail stock options brokers have been sold. With the acquisition of TradeMonster Group Inc. and OptionsHouse LLC by Greenwich, Connecticut,-based private-equity firm General Atlantic LLC, Chicago's options entrepreneurs have cashed out after luring middle America to the options trade.
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Super Mario Gabelli of GAMCO is king of M&A, as Hillshire deal shows
The Street
It seems every other day another activist money manager is in the news. Whether it is Carl Icahn, Bill Ackman, Jeffrey Gundlach, Dan Loeb or others, someone is making waves on Wall Street. Another prominent investor usually stays under the radar — despite his numerous appearances on CNBC. That's Mario Gabelli, whose Gamco Investors manages some $47 billion in assets. As Wall Street continues to see more and more mergers and acquisitions (M&A) activity — especially larger deals — Gabelli and his clients have quietly and significantly profited from several of these transactions.
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TRENDING ARTICLE
Is a confident stock market a good thing?
Barron's
With both the Dow and Standard and Poor's 500 indexes hitting all-time highs once again Monday, the market's growing confidence continues to be a front-burner issue. As Mohamed El-Erian, the chief economic adviser at Allianz, the German financial-services giant, writes in his Bloomberg View column: "Some see the fall in the VIX as a comforting trend that enables greater risk taking."

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Americans' wealth hits record as rich get richer
The Wall Street Journal
Americans' wealth hit a fresh record in the first quarter amid a rise in home values and stock prices, a trajectory poised to continue as U.S. markets push higher but one that doesn't necessarily figure to rev up the sluggish recovery. The net worth of U.S. households and nonprofit organizations — the value of homes, stocks and other assets minus debts and other liabilities — rose roughly 2 percent.

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The place of private equity in a diversified investor's portfolio
CFA Chicago's Enterprising Investor
The recent Chapter 11 bankruptcy protection filing of Energy Future Holdings Corporation — once the subject of the world’s largest leveraged buyout, and now the biggest private equity bankruptcy since the demise of Chrysler — casts an unflattering light on the rarified sphere of private equity investment.

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What OpenTable's $2.6 billion deal says about Chicago tech
Crain's Chicago Business
There are two good reasons for Chicagoans to pay attention to Priceline Group Inc.'s $2.6 billion acquisition of OpenTable Inc. They are: Eric Lefkofsky and Chuck Templeton. Priceline's move is reminiscent of the strategy Mr. Lefkofsky has plotted for Groupon Inc., which sells travel deals through its Getaways unit, while a big part of its deals revenue comes from restaurants.
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Chicago is facing financial calamity — and Rahm Emanuel may not be able to save it
Business Insider
Can Rahm Emanuel save Chicago from financial calamity? In Washington, DC, Rahm Emanuel had such a tough-guy reputation that people called him "Rahmbo". Now the former White House enforcer, who has been mayor of Chicago since 2011, faces a challenge as hard as any he met in the nation’s capital. After years of overpromising and underfunding, Chicago has the worst pension gap of any big American city=. Its debts are rising even as its population shrinks. Rahmbo’s mission is to save Chicago from financial ruin.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Americans' wealth hits record as rich get richer (The Wall Street Journal)
The place of private equity in a diversified investor's portfolio (CFA Chicago's Enterprising Investor)
Oil and energy 101 (CFA Chicago)
BlackRock's chief strategist: Get ready for ho-hum stocks and higher rates (Forbes)
Push for alternatives forcing managers to change stripes or die (Pension & Investments)

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CFA Society Chicago NewsBrief

Colby Horton, Vice President of Publishing, 469.420.2601
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