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Family feud over, Pritzkers invest Hyatt fortune in startups
Upstart Business Journal
To some, the split up of the Hyatt family fortune may seem like the end of an era. The Pritzker family built one of America's flagship hotel chains; created the top international prize in architecture; ran 150 private businesses across the United States; and donated hundreds of millions of dollars to charity. But the result of years of Pritzker family feuding, suing and dealmaking, chronicled in the Wall Street Journal, isn't ending up quite so sad and bleak.
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A new Fed chair isn't the only big change coming 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?
1871 is helping pave the way for the growing Chicago startup scene
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. He also founded 1871, Chicago's digital startup center.
The Federal Reserve policymaking committee's deliberation may surprise you
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.
Inside the Yield Book: The Classic That Created the Science of Bond Analysis
CFA Chicago's Enterprising Investor
This third edition of an undisputed classic marches backward in time, presenting the newest material first, followed by the material that was added in the second edition (2004), and concluding with the original 1972 treatise of Martin Leibowitz and Sidney Homer. The new volume includes the preface to the 2004 edition, in which Leibowitz, now a managing director with the Morgan Stanley research department’s global strategy team, retraces the path that led to his collaboration with Homer, founder of the legendary Salomon Brothers bond market research department.
Firms work to make the most of their young advisers
Investment News
When Adam Thurgood started his career as an adviser in his early 20s, he already had a background as a financial analyst for Prudential Securities, but it still took two years before he was allowed to wade into client services.
Now, as the junior partner at HighTower Las Vegas, Mr. Thurgood, 36, and his colleagues are looking to 20-somethings not yet on their feet as financial advisers to tackle one of their industry's most nettlesome problems: managing their clients' money when it inevitably changes hands to the next generation.
Is the big build-up of Chicago's infrastructure bank justified?
Governing
On a spring day at a union hall last year, Chicago Mayor Rahm Emanuel made the announcement that would thrust him into the forefront of the ongoing debate about the future of the country’s infrastructure. With former boss Bill Clinton by his side, Emanuel unveiled a concept known as the Chicago Infrastructure Trust (CIT) that promised to tap private money to improve highways, transit systems, bridges, sewers and other public capital assets. The message was clear: If the federal and state governments couldn’t or wouldn’t help, Chicago would help itself — or at least get assistance from friends in places like Citigroup and JPMorgan, who had pledged their support.
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The future of Chicago tech involves options traders in their underwear
ChicagoGrid
Jon Najarian looks to be more comfortable in a Brooks Brothers suit than a hoodie, and at 56, he’s old enough to be the father of the throngs that crowd startup incubators like 1871. But Najarian is at the helm of the most successful tech startups in a city that’s starved for happy stories about Internet companies not named Groupon. TradeMonster, the options trading platform and brokerage that Najarian cofounded, just celebrated its fifth birthday.
Yellen keeps stock-market gloom at bay
The Wall Street Journal
Doomsday theories are in bloom. Analysts are worrying about a bubble in the stock market, a bubble in the bond market, fading earnings growth, the risk of economic slowdown in China.
All are legitimate concerns, but at the moment what investors care about is simply WWJD: What Will Janet Do. For now, that could mean a continued advance in stock prices.
Missed last week's issue? See which articles your colleagues read most.
ALPS draws up plans for emerging-markets 'Dividend Dogs' ETF
Morningstar
On Nov. 22, ALPS filed with U.S. regulators seeking permission to create a passively managed exchange-traded fund that would hold high-dividend-paying stocks from emerging-markets countries. The proposed ALPS Emerging Sector Dividend Dogs ETF EDOG would be the latest in ALPS' suite of funds that follow the so-called "Dogs of the Dow" theory, which holds that a high dividend yield may indicate that a firm's share price has bottomed out and a rebound is imminent.
Nobel Prize economist warns of US stock market bubble
Chicago Tribune
An American who won this year's Nobel Prize for economics believes sharp rises in equity and property prices could lead to a dangerous financial bubble and may end badly, he told a German magazine.
Robert Shiller, who won the esteemed award with two other Americans for research into market prices and asset bubbles, pinpointed the U.S. stock market as an area of concern.
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Family feud over, Pritzkers invest Hyatt fortune in startups
Upstart Business Journal
To some, the split up of the Hyatt family fortune may seem like the end of an era. The Pritzker family built one of America's flagship hotel chains; created the top international prize in architecture; ran 150 private businesses across the United States; and donated hundreds of millions of dollars to charity.
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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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Guaranteeing financial ruin in Chicago
Chicago Tribune
In the last three months, state legislators and Gov. Pat Quinn have done a fantastic job making headlines about trying to solve Illinois' estimated $100 billion unfunded pension liability, while accomplishing absolutely nothing. They held a special session and did nothing. The governor docked their pay, and they did nothing. They drafted two pension-overhaul bills, but neither got through the entire legislature — and so, did nothing.
CBOE launches Mid-Term Volatility Index
Hedgeweek
Chicago Board Options Exchange has created a new benchmark volatility index — the CBOE Mid-Term Volatility Index (VXMT).
The index is a measure of the expected volatility of the S&P 500 Index over a six-month time horizon.
The index is calculated using the CBOE Volatility Index (VIX Index) methodology, applied to S&P 500 Index (SPX) options that expire six to nine months in the future.
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