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Chicago is not Detroit
Barron's
Chicago is the next Detroit. So goes the facile comparison of the deeply indebted Second City to the now-bankrupt Motor City. But for municipal-bond investors, is it apt? Any serious analysis would say no. Detroit was unique in having its population and economic base hollowed out over decades, which long has been recognized in the political and financial spheres. Chicago, by contrast, remains a huge, vibrant economy that has been fiscally mismanaged. There really is no comparison.
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J.B. Pritzker — leading proponent of entrepreneurship
CFA Chicago
J.B. Pritzker is an entrepreneur, investor and philanthropist. He is managing partner and co-founder of The Pritzker Group and the founder of New World Ventures. Through these firms, he owns and operates companies that have market leadership potential and management teams focused on excellence that value his family's commitment to integrity, honesty and loyalty.
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US economic outlook through the eyes of Dallas' Fed president
CFA Chicago
Richard W. Fisher assumed the office of president and CEO of the Federal Reserve Bank of Dallas on April 4, 2005. In this role, Fisher serves as a member of the Federal Open Market Committee, the Federal Reserve's principal monetary policy making group. Join CFA Chicago on Dec. 9 for the Richard W. Fisher Distinguished Speaker Series. Fisher will discuss an array of topics, including: the global and U.S. economic outlook; how the Federal Reserve policymaking committee (the Federal Open Market Committee) deliberates and comes to its conclusions (likely clearing up some misconceived stereotypes); and his perspective of current U.S. monetary policy.
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Find the beauty of balance within your financial model
CFA Chicago
Hamilton Lin, CFA, President and Founder of Wall St. Training, has a broad background in investment banking and mergers and acquisitions. His responsibilities have included analyzing, structuring and negotiating mergers & acquisitions. Lin custom-builds and develops all of the financial and merger models that he uses which have become corporate and departmental standards. Lin has closed over two dozen transactions and has diverse industry experience ranging from oil and gas to insurance to asset management and related sectors.
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Blurred effect: Former St. Louis Fed CEO Poole on the great central bank unwind
CFA Institute's Enterprising Investor
At her recent US Senate confirmation hearing, Federal Reserve Vice Chairwoman Janet Yellen, who seems poised to win the nod to succeed Ben Bernanke at the helm of the world’s most powerful central bank, pledged her support for the Fed’s massive bond-buying program designed to spur the economy and reduce unemployment. This so-called QE3 program has indeed had a stimulative effect — but not, says former St. Louis Fed president and CEO William Poole, in the way that most people think. The impact has largely been on expectations rather than a direct effect pushing up asset prices.
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SPONSORED CONTENT


Forecasting equity opportunity in 2014
CFA Chicago
Following the financial crisis, monetary policy and politics have significantly shaped the investment environment. In early 2014, a new chair will take the helm at the Federal Reserve. What opportunities might the investment landscape offer in 2014? What should investors consider in developing their 2014 investment strategies? How might higher interest rates impact investment choices?
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Chicago's startup scene is on fire
Forbes
In 1999, Chicago was jokingly referred to as a “flyover city”, as the big venture funds in Boston or Silicon Valley would fly back and forth to each other looking at deals, ignoring Midwest startups altogether. And, even worse, they would insist that any startup that wanted their funds, would need to relocate their business to their city in order to close a financing (which many aspiring entrepreneurs did, having no other choice), in order to leverage their expertise and tap into their local ecosystem. But, that was a different time for Chicago, before it started to build a robust startup ecosystem of its own.
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Break up the big banks? No easy argument
American Banker
Invite a public audience in any U.S. city to a debate called "Break Up the Big Banks" (with a flyer featuring a diagram of how one might carve up a fatted pig) and chances are the "for" side will have the thing sewn up before it begins. But for extra insurance, the organizers of one such debate, held Oct. 16 in New York, lined up Simon Johnson and Richard Fisher to argue for the dismantling of the nation's largest institutions.
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CBOE says it is open to growing within comfort zone
Reuters
CBOE Holdings Inc is open to licensing new products and acquiring technology but only within its options-focused comfort zone, top executives said. CBOE, which owns the largest U.S. stock-options market, is interested in new products the company can offer exclusively or semi-exclusively, Chief Executive Ed Tilly said in a webcast of a Keefe, Bruyette & Woods conference in New York. Regarding technology, the exchange operator is in the market for "a process or an offering that allows us to touch our customers earlier in their trading decisions or later," he said.
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Markets finally absorb Fed's two-track message
Money News
After months of misfires, the U.S. Federal Reserve's message is finally getting through to Wall Street: to taper is not to tighten. Even as the U.S. central bank moves closer to winding down its massive bond-buying program, most likely in the first quarter of 2014, short-term rate futures have rallied, pushing expectations for the first Fed rate hike deeper into 2015. Traders now do not see the Fed raising short-term borrowing costs until at least July 2015, if not later, based on trading in CME Group's Fed funds futures.
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Politics to drag on 2014 markets, economy, panelists say
Bloomberg Businessweek
The biggest risk to equity markets and the economy in 2014 is dysfunction in Washington, following the strongest year in American stocks in a decade, according to CBOE Holdings Inc.’s William Brodsky and Ariel Investments LLC’s Mellody Hobson. “I don’t think 2014 is going to be that great, and will be about like 2013, which is modest growth,” said Austan Goolsbee, professor of economics at University of Chicago’s Booth School of Business.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Aggressive entrepreneurship and active philanthropy — a recipe for success (CFA Chicago)
Chicago transforms from second city to startup city (The Huffington Post)
The Chicago Fed explains Bitcoins (Futures)
Pritzker brothers played the feud, now their motto is more like this: Let's make a deal (The Washington Post)
Roles of commodities in institutional and retail portfolios (CFA Chicago)

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FEATURED ARTICLE
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Chicago is not Detroit
Barron's
Chicago is the next Detroit. So goes the facile comparison of the deeply indebted Second City to the now-bankrupt Motor City. But for municipal-bond investors, is it apt? Any serious analysis would say no. Detroit was unique in having its population and economic base hollowed out over decades, which long has been recognized in the political and financial spheres.

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Chicago transforms from second city to startup city
The Huffington Post
While the Mayor Rahm Emanuel touts Chicago's diversity, he's also quick to point out that the startup industry has provided the gas for the most recent boom. In 2002, only 11 digital startups were launched in Chicago. In 2012, 367 startups launched — that is one new startup every 24 hours.

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Aggressive entrepreneurship and active philanthropy — a recipe for success
CFA Chicago
J.B. Pritzker is an entrepreneur, investor and philanthropist. He is managing partner and co-founder of The Pritzker Group and the founder of New World Ventures. Through these firms, he owns and operates companies that have market leadership potential and management teams focused on excellence that value his family's commitment to integrity, honesty and loyalty.

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Illinois beats investment return goals amid pension stalemate
Crain's Chicago Business
Illinois is beating pension investment goals despite a long-running stalemate over restructuring its retirement systems, according to the executive director of the Illinois State Board of Investment. William Atwood, whose board oversees three funds covering state employees, judges and General Assembly members, said they earned 14.6 percent through the year ending Sept. 30, exceeding the goal of 11.8 percent.
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CME Group stands by fee hikes as brokers protest
Chicago Tribune
CME Group Inc, which owns the Chicago Mercantile Exchange and Chicago Board of Trade, said it will plow ahead with plans to hike fees for traders despite an outcry from customers fuming over higher costs. CME, the world's largest futures exchange operator, said it had been “mindful and sensitive” of its clients when determining a schedule for higher fees. Brokers said the opposite was true.
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