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Half-trillion dollar exodus magnifying US bill shortage
Bloomberg
One of the biggest winners in the push to make money-market funds safer for investors is turning out to be none other than the U.S. government. Rules recently adopted by regulators will require money funds that invest in riskier assets to abandon their traditional $1 share-price floor and disclose daily changes in value. For companies that use the funds like bank accounts, the prospect of prices falling below $1 may prompt them to shift their cash into the shortest-term Treasuries, creating as much as $500 billion of demand in two years, according to Bank of America Corp.
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The impact of oil and energy
CFA Chicago
While fracking has captured much of the popular press attention lately, there is a much more pervasive shift in the global energy power balance taking place that has near and long term implications at both macroeconomic and individual company levels. The US is now the second largest producer of crude oil in the world, sandwiched between Saudi Arabia and Russia. US oil exports now exceed agricultural exports. Join us on September 23 at 2:30 p.m. as we discuss the macro-economic and geopolitical implications of the energy revolution, and identify sector-specific impacts.
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Herro: International portfolio management since 1986
CFA Chicago
David Herro is the Chief Investment Officer-International Equities at Harris Associates L.P. and serves as the Portfolio Manager of The Oakmark International Fund, The Oakmark International Small Cap Fund, and The Oakmark Global Select Fund. Herro has been managing international portfolios since 1986, previously managing international portfolios for The State of Wisconsin Investment Board and The Principal Financial Group. Join CFA Chicago on Sept. 24 at The Standard Club for the Distinguished Speaker Series featuring Herro.
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Why Moats Matter: The Morningstar Approach to Stock Investing
CFA Chicago
Finding great businesses at great prices is the holy grail of investing. How can you tell a great business from a poor one? A great business is one that can fend off competition and earn high returns on capital for many years to come. Such companies have economic moats—structural advantages that protect them from competitors, just as physical moats protected castles from enemies. Even better than finding a great business is finding one at a great price. Come discuss the new book Why Moats Matter: The Morningstar Approach to Stock Investing on Aug. 28 at 4 p.m. The author, Elizabeth Collins will join us for this discussion.
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Family Focus: Reaching out to the Chicago community
CFA Chicago
Family Focus helps Chicago-area families living in low-income communities give their children the best possible start in life. By offering customized classes, support groups and referral services in a welcoming and caring environment, Family Focus helps families help themselves while building a relationship based on equality and respect. On Thurs., Aug. 14, CFA Chicago is hosting a Summer Networking Reception at Hotel Palomar (Fresco Terrace) to support Family Focus.
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Surviving the global pension crisis
CFA Institute's Enterprising Investor
No megatrend will define the next 40 years more than the global pension crisis, according to Richard Marin, author of Global Pension Crisis: Unfunded Liabilities and How We Can Fill the Gap. He recently spoke at the 2014 CFA Institute Financial Analysts Seminar, and his sober assessment of the state of the world’s pension plans should serve as a wake-up call for the some of the world’s biggest economies. How big is the problem?
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Wintrust makes move to historic LaSalle St. edifice
Crain's Chicago Business
In a symbol of the banking industry's changing of the guard, Wintrust Financial Corp. is taking over the LaSalle Street halls that once housed one of Chicago's pre-eminent lenders, Continental Bank. The Rosemont-based bank has signed a lease that allows it to move into at least 150,000 square feet in multiple floors in 231 S. LaSalle St., Wintrust President and CEO Edward Wehmer said.
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In a mature bull market, financial engineering trumps business innovation
Yahoo! Finance
We’re getting deep into the financial-engineering phase of this bull market. Five years of surging corporate profits, fattened stock prices, cheap money and rebuilt executive confidence means company boards and their investment bankers are busy conjuring novel forms of balance-sheet alchemy. Conditioned by several lean years not to assume strong demand or easy organic growth, companies are keen to defend high profit margins, take advantage of forgiving capital markets and slalom through corporate-finance loopholes to squeeze out incremental value for investors.
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CBOE to cut costs amid weak trading volumes
Chicago Tribune
CBOE Holdings Inc. recently became the second exchange operator to say it will cut expenses in the face of declining trading volumes that are eating into profits. Chicago-based CBOE, which runs the largest U.S. stock-options market, reduced its outlook for core operating expenses in 2014 to a range of $186 million to $190 million, from a previous range of $191 million to $196 million.
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Chicago's day of reckoning over pensions delayed
Chicago Tribune
Mayor Rahm Emanuel and aldermen won't grapple this fall with the financial reckoning the city faces over its underfunded police and fire pension systems, budget officials recently acknowledged. Instead, the Emanuel administration plans to take advantage of a state law that gives it until December 2015 to decide to make changes to its property tax levy.
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Clean energy: Investing essentials
The Motley Fool
Clean energy has been a hot topic over the past decade as reliance on foreign oil and climate change have become hot button political issues. But today, the clean energy industry is driven more by economics than politics, and investors who haven't looked at the industry recently may be surprised at how far it's come in a short time.
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CME agrees to buy GFI to expand in European energy
Bloomberg
CME Group Inc., owner of the world’s biggest futures market, agreed to buy GFI Group Inc. for $580 million, expanding its reach in European energy trading. The transaction calls for Chicago-based CME Group to sell GFI’s wholesale brokerage and clearing unit to a group of managers led by Michael Gooch, GFI’s executive chairman, for $165 million plus the assumption of $63 million in liabilities.
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Half-trillion dollar exodus magnifying US bill shortage
Bloomberg
One of the biggest winners in the push to make money-market funds safer for investors is turning out to be none other than the U.S. government. Rules recently adopted by regulators will require money funds that invest in riskier assets to abandon their traditional $1 share-price floor and disclose daily changes in value.

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Meet Chicago's first 'enlightened' hedge fund. Yes, enlightened
Crain's Chicago Business
There's no CEO or dress code. But there is a feng shui consultant and nostalgia for the early days of the hedge-fund craze. No reception desk or smiling gatekeeper greets you at the entrance of Satori Investment Partners LLC's office.

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It's not just Janet Yellen: Richard Fischer misses the point of monetary policy too
Forbes
In congressional testimony, newly minted Fed Chairman Janet Yellen ably revealed why the central bank she runs is often such an imposing barrier to economic progress.

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Exclusive: Goldman group set to buy message system as alternative to Bloomberg
Reuters via Chicago Tribune
Wall Street firms led by Goldman Sachs Group Inc. are close to buying a stake in chat and instant messaging startup Perzo Inc. in pursuit of an alternative to a similar application from Bloomberg LP, sources familiar with Goldman's plans said. Banks are trying to cut costs as sluggish trading volumes and higher regulation weigh on revenues. Bloomberg has dominated messaging on Wall Street for years, but its application is part of a data, trading and news terminal that costs about $20,000 a year. The Perzo applications are free.
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The fastest-growing 're-startup' in Chicago
Crain's Chicago Business
Sometimes a good idea takes years to come to fruition. Sometimes it takes decades. Wayne Levy, 63, hit on his good idea in the 1980s, working at H.J. Heinz Co. as director of sales and logistics information. While the processed food maker seemed incredibly well-managed, he says too much product was piled up within the Pittsburgh-based company and its myriad retailers.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    It's not just Janet Yellen: Richard Fischer misses the point of monetary policy too (Forbes)
Meet Chicago's first 'enlightened' hedge fund. Yes, enlightened (Crain's Chicago Business)
Firms say new SEC scrutiny may further complicate co-investments (Private Equity Beat)
Advice on alternative investments (CFA Chicago)
The right way to invest globally (The Wall Street Journal)

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