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With a bitcoin ETF, risk isn't virtual
The Wall Street Journal
Talk about a bit of risk: Meet the bitcoin funds. Some wealthy investors are already buying into a trust that tracks the average dollar price of the virtual currency. And the firm behind that trust is racing one other to bring bitcoins to the masses in the form of a publicly traded fund. Bitcoins were worth about $10 each less than two years ago, then more than $1,100 a few months later, and now trade around $475.
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Harris flourishing under Herro's leadership
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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The time is now to jump into 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 U.S. is now the second largest producer of crude oil in the world, sandwiched between Saudi Arabia and Russia. U.S. oil exports now exceed agricultural exports. Join us on Sept. 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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2014 Annual Dinner features Gov. Jon Huntsman as keynote
CFA Chicago
The 2014 Annual Dinner is our premier networking event of the year, bringing together nearly 1,000 investment professionals and key decision-makers. The Officers and Directors of CFA Society Chicago invite you to attend this year's event where you will have the opportunity to socialize with individual members and show support for the new class of CFA Charterholders, the CFA designation and for the society. Gov. Jon Huntsman will serve as the keynote speaker, and Ralph Wanger, CFA, will be awarded the Hortense Friedman, CFA, Award for Excellence. The deadline for registration is Oct. 2 at 5 p.m., so register today to secure your spot!
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New twists to the active vs. passive debate
CFA Institute's Enterprising Investor
The growing popularity of passive equity investing seems to be an unstoppable feature of the evolving investment industry. According to the 2014 Investment Company Fact Book, the passive index equity share of US mutual fund assets has risen from 11.4 percent to 18.4 percent in the past decade. More recent analysis by Morningstar, aggregating data on mutual funds and exchange-traded funds, suggests passive investing is now the default choice for American investors, attracting an astonishing 68 percent of the past 12 months of investor inflows.
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America's wealth gap 'unsustainable,' may worsen: Harvard study
Reuters via Chicago Tribune
The widening gap between America's wealthiest and its middle and lower classes is "unsustainable", but is unlikely to improve any time soon, according to a Harvard Business School study. The study, titled "An Economy Doing Half its Job", said American companies — particularly big ones — were showing some signs of recovering their competitive edge on the world stage since the financial crisis, but that workers would likely keep struggling to demand better pay and benefits.
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Why CME, CBOE are on a weight-loss plan
Crain's Chicago Business
Chicago's two big exchange operators have been waiting on a trading rebound that just won't happen, so it's belt-tightening time. CME Group Inc., which runs the world's biggest futures market, and CBOE Holdings Inc., owner of the Chicago Board Options Exchange, promised cost cuts after reporting disappointing second-quarter results. They're pledging to reduce hiring, travel and advertising, among other things. Lackluster trading has afflicted most markets, leading rivals Nasdaq OMX Group Inc. and Atlanta-based IntercontinentalExchange Inc. to hack away at costs, too.
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The 1 peculiar trait shared by Warren Buffet's energy investments
The Motley Fool
Anyone that wants to be taken seriously as an investor wants to be like Warren Buffett. We like to track every move that he makes in the portfolio of Berkshire Hathaway to see what companies he and his partners think will provide long-term returns that crush the market. Since the beginning of last year, Berkshire has made two major additions to his portfolio in the energy industry -- ExxonMobil and Suncor Energy — and has also added significantly to his position in one other — National Oilwell Varco.
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Fund payments to brokerages draw SEC scrutiny
Reuters via Chicago Tribune
The tens of millions of dollars in annual fees that mutual fund companies pay to brokerages and their financial advisers to encourage sale of certain funds to retail investors are growing in size and variety, but the phenomenon is largely invisible to investors. The U.S. Securities and Exchange Commission, which 18 months ago began a review of fees paid among mutual fund advisers, fund companies and the brokerage firms that sell the funds, has uncovered a complex geometry of payments that may lead to sales of certain funds at the expense of others and is not clearly disclosed under regulators' current requirements, according to a person familiar with the review.
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Buy Japanese, European equities: Top fund manager
CNBC
Select Japanese and European equities hold the greatest potential right now, Morningstar's Fund Manager of the Decade said. On CNBC's "Halftime Report," Harris Associates CIO David Herro said that it was important to focus on undervalued multinational companies in lackluster economies. "These European businesses, most or many of what we own, really, they're domiciled in Europe, but they're global companies. They have business all over the world, and they're actually doing quite well," he said.
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After hit from regulators, Goodwin's Inland Bank is growing again
Crain's Chicago Business
Real estate magnate Daniel Goodwin is back on offense in his other major business pursuit — banking — after a recession-induced cleanup that cost him dearly. Inland Bank & Trust, the $1 billion-asset lender Mr. Goodwin (at left) has owned for two decades, is profitable and growing again after a 2012 regulatory order reversed a novel arrangement the bank had with one of Mr. Goodwin's real estate affiliates to absorb loan losses. The result: Inland Bank lost a total of $88 million in 2011 and 2012, and the affiliate plowed $30 million of fresh equity into the bank to keep it afloat.
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Chicago looks to Israel for tech startup lessons
Chicago Tribune
The rooftop deck atop Nir Zohar's Israeli startup firm provides a bird's-eye view of this metro area's evolution into a high-tech powerhouse. His website set-up company, Wix, is tucked into a once-derelict port district, now the seaside home to a bevy of emerging tech firms and trendy shops. To the north, the sun glances off sleek office towers in suburban Herzliya, where thousands of engineers and computer scientists conduct research for U.S.-based multinationals. Chicago-area corporations such as Motorola Solutions, Boeing, Abbott, Baxter, Allscripts and Groupon look to tech hubs throughout Israel as a source of R&D and tech acquisitions.
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TRENDING ARTICLE
With a bitcoin ETF, risk isn't virtual
The Wall Street Journal
Talk about a bit of risk: Meet the bitcoin funds. Some wealthy investors are already buying into a trust that tracks the average dollar price of the virtual currency. And the firm behind that trust is racing one other to bring bitcoins to the masses in the form of a publicly traded fund.

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Money talks and it says: Chicago's still a good bet
Crain's Chicago Business
It's going on right in front of our faces, but it's still a surprise: Despite the near certainty of hefty property tax increases, real estate investors are pouring big bucks into Chicago. Earlier this year, one company spent $3,000 per square foot for a small Gold Coast commercial building.

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Bet you didn't know CME runs a trading unit on its own exchange
Bloomberg
While CME Group Inc. (CME) makes most of its money charging the people who use its markets, the world’s biggest futures exchange captures a sliver of sales with a little-known group that trades directly with those customers.

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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Money talks and it says: Chicago's still a good bet (Crain's Chicago Business)
Bet you didn't know CME runs a trading unit on its own exchange (Bloomberg)
Video — Emanuel: Chicago will add 80,000 tech jobs in next few years (Bloomberg via Chicago Tribune)
Book review: The Battle of Breton Woods (CFA Institute's Enterprising Investor)
Speed traders seize NYSE floor as IMC takes Goldman post (Bloomberg)

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CFA Society Chicago NewsBrief

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