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The US dollar can't save the world
Money News
After the International Monetary Fund (IMF) released its latest World Economic Outlook, the global markets apparently had widespread concerns about the continuing slow pace of global growth, concerns that Hans Parisis believes don't make much sense because it is well-known the IMF, most of the time at least, lags consensus on forecasting GDPs. That said, the IMF has a lot of enlightening and serious information packed together in that one single report.
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Siegel: 'Stocks for the Long Run'
CFA Chicago
Jeremy Siegel is the Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania. In addition to being one of the most respected business school professors in the nation, Siegel has a long and storied career in finance, as well as highly-acclaimed books on investments. Join CFA Chicago for the Jeremy Siegel Distinguished Speaker Series, on Nov. 13. The event will be held from 12 p.m. - 1 p.m. at The University Club. Tickets will sell quickly, so register today.
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The evolution of the Chinese shadow banking system
CFA Chicago
While Chinese economy has continued to grow at 7-8 percent per annum, Chinese finance is undergoing dramatic changes which are not yet widely understood. In response to the global financial crisis in 2008-2009, a flood of credit was created to underwrite robust investment growth. Recently to prevent fears of overcapacity, Chinese policymakers began to engineer an economic slowdown through restrictions on formal lending to reform and re-balance the economy towards consumption. However, to date, credit continues to fuel investment through the "shadow banking" sector. This rapid credit growth has raised concerns about future defaults and their macro impact on the Chinese and global economy. Join us on Nov. 19 as three veteran analysts of China's economy present both the facts and their differing opinions on the evolution of the Chinese shadow banking system.
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A three-course meal and elevator speeches: Progressive networking luncheon
CFA Chicago
Join CFA Chicago on Wednesday, Nov. 12 for a progressive networking luncheon at Petterino's. The luncheon will feature a three-course meal, and attendees will switch tables after each course. Please bring at least 50 business cards, marketing materials to pass out, and prepare your two minute "elevator speech" about yourself.
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Nobel Laureate Myron Scholes on the Black-Scholes option price model
CFA Institute's Enterprising Investor
Larry Cao, CFA, sat down with Nobel Laureate Myron Scholes in Shanghai in August, and the two had a great chat. This is the first part of a two-part series. In this installment, Scholes shares his perspectives on the Black–Scholes option pricing model, from the motivation and intuition of the original formula to the myriad of extensions.
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PRODUCT SHOWCASE
  Beyond Need for Speed

Watch Benjamin Van Vliet, Ph.D., Assistant Professor of Finance at IIT Stuart School of Business, discuss how successful high frequency trading firms look beyond speed by anticipating and embracing change as the proxy for opportunity. More info
 


Architects of the 2008 financial bailouts have their day in court
The Washington Post via Chicago Tribune
Maurice "Hank" Greenberg, the 89-year-old former chairman of American International Group, wants nothing more than his constitutional rights. Yes, he is suing the government, claiming that it had no authority to bail out his old company in the financial crisis, insisting that AIG didn't need to be rescued and demanding that taxpayers pay him and other shareholders about $40 billion. It's not about the money, though, he told Charlie Rose last year. "We have a Constitution that says government can't take property without compensation," Greenberg said.
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Bargain hunting: Why small-cap stocks still look pricey
The Wall Street Journal
After recent wild market gyrations, many investors are worried about a looming correction. For small stocks, it already is here. A correction is usually defined as a drop of 10 percent or more, and the Russell 2000, an index of small-company stocks, is down 12.8 percent since its July 1 peak. By comparison, the widely followed S&P 500, a collection of large U.S. companies, is down less than 3 percent since then, and it hit an all-time high in late September.
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CME's agreement with China Financial Futures Exchange provides significant opportunity
Forbes
CME Group and the China Financial Futures Exchange recently announced that they have signed a strategic agreement which enables the Chicago-based exchange operator to to distribute CFFEX market data outside mainland China. CFFEX is the only derivatives exchange in mainland China, and it aims to extend its global reach with this agreement. Here, Forbes takes a look at CME’s prior attempts at expanding into Asia and the possible impact of the CFFEX deal on its market data division.
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US investors not buying European equity pitch
Pensions & Investments
Money managers, consultants and economists are growing increasingly positive on the case for European equities, citing relatively cheap valuations and further expected moves by the European Central Bank to boost the economy. The case for Europe seems clear when considering the data. The MSCI Europe index returned 7.6 percent year to date through Sept. 30, compared with a 4.2 percent gain for the MSCI All Country World index.
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ETF managers await key SEC decisions
Pensions & Investments
The Securities and Exchange Commission is scheduled to make key decisions this month and next that could help expand the marketplace for active ETFs, paving the way for new offerings and expanding the number of money management firms offering products. SEC rules now require exchange-traded funds to disclose their holdings daily, which has discouraged firms from offering active approaches.
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The US dollar can't save the world
Money News
After the International Monetary Fund (IMF) released its latest World Economic Outlook, the global markets apparently had widespread concerns about the continuing slow pace of global growth, concerns that Hans Parisis believes don't make much sense because it is well-known the IMF, most of the time at least, lags consensus on forecasting GDPs.

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Jeremy Siegel vs. Zvi Bodie: Does equity risk decrease over time?
Value Walk
Stocks should be the asset class of choice for the long run, according to Wharton Professor Jeremy Siegel — and he has provided the data to prove it. But that paradigm has been challenged by Boston University Professor Zvi Bodie and others, who have shown that stocks become riskier the longer one owns them.

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Which Chicago startup will be next with an IPO?
Crain's Chicago Business
The IPO market in the U.S. is dot-com hot and so are the prospects for Chicago companies hopeful for the big payday that comes by going public or getting acquired. More than two dozen technology companies could be IPO candidates or takeover targets, based on conversations with venture capitalists, investment bankers and entrepreneurs.

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Fed's lacker: Living wills will reduce risk of failing financial firms
The Wall Street Journal
Federal Reserve Bank of Richmond President Jeffrey Lacker said financial firms’ so-called “living wills” should do a lot to strengthen the financial system, if banks and regulators respect these plans. The living wills in question are plans by financial companies detailing how they expect to be wound down in the event of running into trouble. Mr. Lacker, speaking in Chicago, said these plans are vital to ending the perception that many firms are considered to be too-big-to-fail and will be bailed out by the government in the event of trouble.
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Fed officials ready to slow tightening if world growth disappoints
Bloomberg
Federal Reserve officials sounded an alert over the threat to U.S. growth from a slowdown elsewhere in the world, warning it could make them delay an interest-rate increase. “If foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise,” Vice Chairman Stanley Fischer said at the International Monetary Fund’s annual meetings in Washington.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Which Chicago startup will be next with an IPO? (Crain's Chicago Business)
Jeremy Siegel vs. Zvi Bodie: Does equity risk decrease over time? (Value Walk)
Do valuation shorts work? (CFA Institute's Enterprising Investor)
Yellen warning on unsettled rate timetable ignored by investors (Bloomberg)
Siegel: 'Why the Tried and True Triumph over the Bold and New' (CFA Chicago)

Don't be left behind. Click here to see what else you missed.
 



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