Long-term Investing with the Ebb and Flow of Low Returns
The ABFER/CAMRI Industry Panel and Roundtable
The ebb and flow of asset values post the GFC has been staggering. Long-term investing and asset allocation have become a challenge and more complex as interest rates in many geographies have been driven to zero and the signs ahead are uncertain at best. The global energy and commodities markets are faced with grim prospects, the global currency imbalances have added to the shaky equilibrium, and government, corporate and private debt levels are also surging.
- What lies ahead in the middle- to longer-term investment horizon?
- Does the current market malaise open up new opportunities, particularly in the infrastructure funding and investments space?
- What are the prospects for capital markets? When will stability and liquidity return to the financial markets?
A panel of top investment experts from across the various asset classes and regions will address these and many more of your questions, and shed some light on the path, headwinds and prospects ahead, along with a multi-business cycle discussion on investments, asset allocation, long term capital (including infrastructure), bonds, and liquidity from the perspective of institutional investors.
Panelists and Chair
Professor Joseph Cherian (Chair)
Centre for Asset Management Research & Investments (CAMRI) at National University of Singapore,
Practice Professor of Finance and Director
Joseph Cherian was formerly an Executive-in-Residence at Cornell University's Johnson Graduate School of Management, where he remains a two-term member of the Johnson Dean's Advisory Council.Prior to that, Joe was Managing Director, Global Head, and CIO of the Quantitative Strategies Group within Credit Suisse Alternative Investments in New York, where he had direct responsibility for over US$67 billion in client assets managed to a quantitative discipline.
While at Credit Suisse, Joe also served on the Global Executive Committee and various senior management, investments, and risk committees of the Asset Management division. Joe joined Credit Suisse in 2004 from Banc of America Capital Management, also in New York, where he was Managing Director and Senior Portfolio Manager of their asset allocation funds. Previously, he was an Associate Professor of Finance at Boston University. He has authored numerous articles for financial journals, and serves on the Scientific Advisory Boards of Nipun Capital, a boutique hedge fund based in San Francisco.
Joe has or had appointments at the Ministry of Manpower's CPF Advisory Panel, the Singapore International Mediation Centre's Panel of Technical Experts, the National Research Foundation's Early Stage Venture Fund Evaluation Panel in Singapore, and the Journal of Alternative Investments' Editorial Board. He formerly served as a review board member of the Research Foundation of the CFA Institute, and on the Scientific Advisory Board of net Decide Corp., Orissa Group, a pioneer in the development and dissemination of liquidity-based data and analytical products across multiple asset classes, and SKG Inc., all based in the US. Joe holds a B.S. in Electrical Engineering from MIT, and M.S. and Ph.D. degrees in Finance from Cornell University.
Fissures in the Global Financial System
This talk will discuss fissures in the existing global financial system against a backdrop of adverse demographic trends, signs of slowing productivity, rising populism in many advanced countries, a tapering off of the Chinese debt supercycle, and re-emergence of fissures in the European Union. Structural problems in the global financial system include an excessive reliance on debt finance, the outsized role of the US dollar and US Federal Reserve Policy, and the zero bound on global interest rates. What are vulnerabilities and risks in the current system, and how might it be reshaped to reduce them?
Professor Kenneth Rogoff (Keynote Speaker)
Harvard University, Professor of Economics and Thomas D. Cabot Professor of Public Policy
Kenneth Rogoff is Thomas D. Cabot Professor at Harvard University. From 2001-2003, Rogoff served as Chief Economist at the International Monetary Fund. His 2009 book with Carmen Reinhart, This Time is Different: Eight Centuries of Financial Folly has been very widely cited by academics, policymakers and journalists.
One regularity that Reinhart and Rogoff illustrate is the remarkable quantitative similarities across time and countries in the run-up and the aftermath of severe financial crises. In general, they show that for financial crises, the differences between emerging markets and advanced countries are far less pronounced that previously believed. Rogoff is also known for his seminal work on exchange rates and on central bank independence.
His treatise Foundations of International Macroeconomics (joint with Maurice Obstfeld) is the standard graduate text in the field worldwide. His monthly syndicated column on global economic issues is published in over 50 countries. He serves on the Economic Advisory Panel of the New York Federal Reserve. He is a member of the Council on Foreign Relations.
Rogoff is an elected member of the National Academy of Sciences, the American Academy of Arts and Sciences, and the Group of Thirty. Rogoff is among the top eight on RePec’s ranking of economists by scholarly citations. He is also an international grandmaster of chess.
For more on Professor Rogoff’s research, opinion pieces, and bio, see http://scholar.harvard.edu/rogoff