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Reuters
The junk-rated Chicago Board of Education completed an up-sized bond sale on Thursday with a pricing that indicated an easing in the municipal market penalty the district has been forced to pay due to its deep financial problems. The new and refunding general obligation bond issue was increased to $1.025 billion from $857.5 million. Yields in the deal topped out at 4.80 percent for bonds due in 2046.
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CFA Society Chicago
Tuesday, November 28
3:30 p.m. - 5:00 p.m.
Investors who survived the 2008 credit crisis learned many lessons, but the most important was that traditional asset allocation did not provide enough diversification. In times of market stress, stocks and bonds can become more highly correlated and can move down together. Commodity investments, however offer the potential to profit when markets are down and offer assets not correlated to stocks and bonds, helping provide the diversification investors need. Hear from Bob Greer, dubbed by the Chicago Mercantile Exchange as "the godfather of commodity investing." Bob will present a high level discussion of why commodities are a necessary component of portfolio construction; diversification; liquidity and valuation.
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CFA Society Chicago
Wednesday, November 29, 2017
3:30 p.m. - 6:30 p.m.
Since the dawn of the joint-stock corporation firms have struggled with the composition of boards and their proper role - and the consequences directors are made to suffer when they fail in that role. Similarly, investors have struggled with how to assess corporate governance and its impact on valuation and performance. Those issues have taken their most recent form in increased specialization and focus among board members, with aggressive clawbacks, say-on-pay rules, and pay-ratio reporting to compel their performance. From the investor's standpoint, mega managers and proxy services now act as defacto rule-making bodies and enforcers for governance standards. Plan sponsors with the help of emerging governance data and analysis providers are also acting aggressively by including ESG requirements in their mandates. Join CFA Society Chicago and assembled experts and thought leaders for an evening of learning and discussion about the state of corporate governance and what it means for you.
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CFA Society Chicago
Topic: BBX Capital Corporation (BBX)
Monday, December 4
6:00 p.m. - 7:30 p.m.
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
“We need to do something,” James J. Valentine, CFA, told the audience at the CFA Institute Conference: Equity Research and Valuation 2017 in New York City. The asset management industry is, in Valentine’s words, “A house on fire,” with investors moving $1 trillion from active to passive US equity funds over the last decade. Valentine doesn’t anticipate that trend will reverse anytime soon, so equity analysts need to come up with solutions.
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The Daily Herald
Chicago native and current City of Memphis Chief Financial Officer Brian Collins is taking over leadership of the Illinois Municipal Retirement Fund early next year. Collins is replacing longtime IMRF Executive Director Louis Kosiba, who is retiring at the end of the year, according to a news release issued by the pension system's board Friday. Kosiba has been with IMRF since 1988 and been executive director since 2001.
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Value Walk
Unless you live under a rock, you’ve probably heard that Professor Richard Thaler earned the recent Nobel Prize. The University of Chicago is on fire these days with Eugene Fama and Lars Hansen winning the prize in 2013!
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Chicago Sun-Times
A southwest suburban financial adviser stole more than $5 million from his clients — including his elderly in-laws — and spent the money on a luxury vehicle and his mortgage, according to the feds. Daniel Glick, 64, faces one count of wire fraud, according to the U.S. Attorney’s office. Glick owned Financial Management Strategies Inc., Glick Accounting Services Inc. and Glick & Associates Ltd., according to prosecutors. His firms provided accounting, tax, investment and financial services.
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TechCrunch
Public market investors have the luxury of being able to make, invest and move their money anywhere they’d like. But the same isn’t true for startup investors, who, if conventional wisdom is to be believed, tend to invest relatively close to home.
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Crain's Chicago Business
In a report that City Hall won't like much, a Chicago-based watchdog group says hundreds of millions of dollars in recent tax hikes haven't done much to improve Chicago's woeful financial condition—at least so far. Truth in Accounting, a somewhat conservative research group whose board runs the ideological spectrum, gives the city an F on its overall financial breakdown, saying each Chicagoan would be on the hook for $41,700 in unfunded liabilities if the city shut down tomorrow and had to reconcile its books—more than many people make in an entire year. Overall, it concludes that "Chicago finances (are) still in peril."
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