CFA Institute Take 15 Series: 10-15 minute interviews with leading practitioners on timely topics in market and credit risk as well as ethics. CFA Institute is a global membership organization that awards the Chartered Financial Analyst® (CFA®) designation. CFA Institute leads the investment industry by setting the highest standards of ethics and professional excellence and vigorously advocating fair and transparent capital markets.

Professor Avinash D. Persaud followed and traded the currency markets for many years at UBS, J.P. Morgan, and other institutions. He shares the insight he accumulated and discusses the real driving forces in currency markets over periods that matter to investors and corporations. The situation of the Renminbi in the context of his framework is also discussed.
Direct download: CFA_Institute_T15_157.mp3
Category:Podcasts -- posted at: 9:00am EDT

Professor Patrick Chovanec discusses the economic and investment implications involved in rebalancing the Chinese economy. He touches upon the current economic climate in light of the 2008 financial crisis with regards to China's infrastructure, a trend toward urban migration, and general investment trends since the crisis.
Direct download: CFA_Institute_T15_156.mp3
Category:Podcasts -- posted at: 9:00am EDT

John T. Connor discusses how Russia’s markets are more open and free than commonly thought. He also discusses the growth of the investable universe of companies over the past 15 years.
Direct download: CFA_Institute_T15_152.mp3
Category:Podcasts -- posted at: 9:00am EDT

Fraser Howie discusses fundamental issues with China’s banking system. Specifically, he explains China’s continual creation of superficial solutions to problems, which often fail to solve the underlying issues.
Direct download: CFA_Institute_T15_151.mp3
Category:Podcasts -- posted at: 9:00am EDT

Frédéric Romand discusses the role of dark pools and their relative merits and drawbacks in the context of equity market investing. The importance of transparency and information quality is also addressed, along with efforts to achieve more consistent regulation.
Direct download: CFA_Institute_T15_154.mp3
Category:Podcasts -- posted at: 9:00am EDT

Henry T. Azzam shares his views on economic prospects of the Middle East and North Africa (MENA) region one year after the Arab Spring.
Direct download: CFA_Institute_T15_153.mp3
Category:Podcasts -- posted at: 9:00am EDT

Although target-date retirement funds are a ubiquitous retirement planning tool, their glide paths vary considerably from one provider to the next. Moreover, the glide paths themselves tend to change over time. Thomas M. Idzorek, CFA, discusses the problems associated with benchmarking these instruments and outlines a glide path stability score.
Direct download: CFA_Institute_T15_148.mp3
Category:Podcasts -- posted at: 9:00am EDT

Julie Littlechild discusses how enhancing client engagement can support referrals and how to increase the likelihood that your clients become your most ardent advocates.
Direct download: CFA_Institute_T15_149.mp3
Category:Podcasts -- posted at: 9:00am EDT

Greg B. Davies explains the concept of behavioralizing finance and the implications for the wealth management industry.
Direct download: CFA_Institute_T15_147.mp3
Category:Podcasts -- posted at: 9:00am EDT

Keith Robinson provides practical advice on how to identify outliers, discusses the impacts they can have on a firm’s culture, and offers best practices and strategies in managing outliers.
Direct download: CFA_Institute_T15_145.mp3
Category:Podcasts -- posted at: 9:00am EDT

Clint R. Laurent discusses how the resolution of sovereign debt problems in the United States and the Eurozone will affect economic activity and the flows of trade and finance across the globe.
Direct download: CFA_Institute_T15_146.mp3
Category:Podcasts -- posted at: 9:00am EDT

Giorgio Valente discusses recent trends in algorithmic and high frequency trading and related developments in the Asia Pacific region.
Direct download: CFA_Institute_T15_144.mp3
Category:Podcasts -- posted at: 9:00am EDT

Ann F. Putallaz, CIPM, discusses the role of an investment performance leader, or GIPS champion, within a GIPS compliant firm.
Direct download: CFA_Institute_T15_128.mp3
Category:Podcasts -- posted at: 8:00am EDT

Richard Hokenson discusses the investment implications of global demographic trends and the investment opportunities these trends represent for Africa.
Direct download: CFA_Institute_T15_139.mp3
Category:Podcasts -- posted at: 8:00am EDT

Lord Meghnad Desai discusses his "rediscovered" historical perspective on India as well as the Indian economy, capital markets, and its people going forward and the implications for investment professionals.
Direct download: CFA_Institute_T15_143.mp3
Category:Podcasts -- posted at: 8:00am EDT

Dan diBartolomeo discusses how bond managers can leverage information in equity markets to improve performance.
Direct download: CFA_Institute_T15_140.mp3
Category:Podcasts -- posted at: 8:00am EDT

This Take 15 interview with James M. Edmonds, CFA, sheds light on the intricacies and challenges of performance reporting for high-net-worth investors and financial advisers.
Direct download: CFA_Institute_T15_138.mp3
Category:Podcasts -- posted at: 8:00am EDT

Ralf Hudert, CIPM, discusses practical issues selecting and implementing a fixed-income attribution system.
Direct download: CFA_Institute_T15_130.mp3
Category:Podcasts -- posted at: 8:00am EDT

Iain W. McAra provides insight into the many benefits gained by firms claiming compliance with the Global Investment Performance Standards (GIPS).
Direct download: CFA_Institute_T15_125.mp3
Category:Podcasts -- posted at: 8:00am EDT

Lower expectations for economic growth and capital markets returns stem from increasing indebtedness and deficits, as well as from demographic trends in the "New Normal." Jason Hsu discusses the implications for passive index strategies and cap-weighted index investing and talks about how asset owners and investing institutions view these issues in Europe and Asia.
Direct download: CFA_Institute_T15_137.mp3
Category:Podcasts -- posted at: 8:00am EDT

Clifford D. Mpare, CFA, discusses which African nations have the most improved macro environments and how these factors can support equity investments. Mr. Mpare also explores valuation of African equities including long-term trends, sectors of interest, and company case studies, as well as the importance of diversification.
Direct download: CFA_Institute_T15_133.mp3
Category:Podcasts -- posted at: 8:00am EDT

Robert Jenkins cites the flaws in the traditional Return on Equity (ROE) measure in measuring bank financial performance and proposes some much needed alternatives.
Direct download: CFA_Institute_T15_132.mp3
Category:Podcasts -- posted at: 8:00am EDT

Roger Bootle shares his views on concerns about the relative size of pay and performance in the financial sector as well as what needs to be done to address these concerns.
Direct download: CFA_Institute_T15_133.mp3
Category:Podcasts -- posted at: 8:00am EDT

Steven J. Sherman discusses the role of the International Valuation Standards Council and how it differs from that of the accounting standard setters.
Direct download: CFA_Institute_T15_135.mp3
Category:Podcasts -- posted at: 8:00am EDT

Frances Barney, CFA, reveals the latest trends in risk reporting, which lead to increased transparency and control exposures.
Direct download: CFA_Institute_T15_129.mp3
Category:Podcasts -- posted at: 8:00am EDT

Carl R. Bacon, CIPM, a performance measurement specialist, discusses the evolution of performance attribution, the latest developments in performance measurement, and the issue of ex post risk.
Direct download: CFA_Institute_T15_127.mp3
Category:Podcasts -- posted at: 8:00am EDT

What can the private client advisory arena learn from the institutional business? David B. Smith, CFA, draws on a career straddling the private wealth and institutional worlds to provide important lessons.
Direct download: CFA_Institute_T15_126.mp3
Category:Podcasts -- posted at: 8:00am EDT

Helga Birgden discusses responsible investing practices in Asia Pacific and makes a comparison with those in Europe and North America. She also addresses the latest trends in ESG investing globally and in Asia Pacific and the implications for the investment industry, as well as other pertinent issues.
Direct download: CFA_Institute_T15_124.mp3
Category:Podcasts -- posted at: 9:00am EDT

Roger Ibbotson argues that a liquidity strategy meets the criteria for a legitimate and sustainable style with clear performance advantages.
Direct download: CFA_Institute_T15_123.mp3
Category:Podcasts -- posted at: 9:00am EDT

James Ware, CFA, discusses the importance of leadership skills in the investment industry in light of the recent global financial crisis, how firm culture contributes to (or detracts from) success, and critical skills investment professionals need in today’s climate.
Direct download: CFA_Institute_T15_121.mp3
Category:Podcasts -- posted at: 9:00am EDT

Michael Pettis reviews the growth track record of China over the past decades and discusses how rebalancing from an investment and export driven economy to a more consumption focused economy could take place going forward. He also discusses Renminbi internationalization and the impact that China’s rebalancing could have on Australia and similar commodity exporting countries.
Direct download: CFA_Institute_T15_120.mp3
Category:Podcasts -- posted at: 9:00am EDT

With much of the developed world in a sovereign debt crisis, what implications will this have on your portfolio risk profile, benchmark, and asset allocation? Having spent his entire career in emerging market and non-U.S. investments, Jeffrey P. Davis, CFA, describes what he believes is a fundamental shift in the global market portfolio.
Direct download: CFA_Institute_T15_122.mp3
Category:Podcasts -- posted at: 9:00am EDT

Maureen O'Hara discusses high-frequency markets, algorithmic trading, flow toxicity, and differential access to price information in Asia, as well as the flash crash and market fragmentation.
Direct download: CFA_Institute_T15_119.mp3
Category:Podcasts -- posted at: 9:00am EDT

Jing Ulrich discusses the economic situation in China, the challenges for policymakers, the development of China's capital markets, and the management of trillions of dollars of foreign exchange reserve assets.
Direct download: CFA_Institute_T15_118.mp3
Category:Podcasts -- posted at: 9:00am EDT

Matthew T. Moran discusses using options and futures to manage risk and improve income.
Direct download: CFA_Institute_T15_117.mp3
Category:Podcasts -- posted at: 9:00am EDT

Charles K. Bobrinskoy describes how Ariel Investments puts Buffett value investing principles to work.
Direct download: CFA_Institute_T15_116.mp3
Category:Podcasts -- posted at: 9:00am EDT

Industry expert Marianne M. Jennings discusses the ethical issues present in the financial crisis including the seven signs of ethical collapse, cross-cultural differences in ethics, and what universities can do to promote ethical behavior.
Direct download: CFA_Institute_T15_115.mp3
Category:Podcasts -- posted at: 9:00am EDT

John W. Rogers, Jr. discusses his 30 years of investment experience and compares today's markets with those of the early 1980s.
Direct download: CFA_Institute_T15_114.mp3
Category:Podcasts -- posted at: 9:00am EDT

Yin Toa Lee, CFA, reviews the new global regulatory initiatives and changing accounting standards and their business impacts on Asian financial institutions.
Direct download: CFA_Institute_T15_113.mp3
Category:Podcasts -- posted at: 9:00am EDT

Paul D. Kaplan, CFA, shares his analysis of the Synthetic Risk and Reward Indicator (SRRI) that has been introduced by the European Commission for investment funds as a part of the UCITS.
Direct download: CFA_Institute_T15_112.mp3
Category:Podcasts -- posted at: 9:00am EDT

Andrew Smithers discusses why the U.S. equity market is currently overvalued and argues that central banks should be encouraging a reduction in debt levels and quality growth over time, rather than rapid growth now.
Direct download: CFA_Institute_T15_111.mp3
Category:Podcasts -- posted at: 9:00am EDT

Melvin Escudero discusses some of the elements that will be critical for Latin America's continued growth into the future.
Direct download: CFA_Institute_T15_109.mp3
Category:Podcasts -- posted at: 9:00am EDT

John Authers discusses the merits of returning to the gold standard and offers some potential alternatives.
Direct download: CFA_Institute_T15_108.mp3
Category:Podcasts -- posted at: 9:00am EDT

As the globalization of the investment profession continues and international uncertainty abounds, geopolitical risks are growing in importance. Pippa Malmgren examines these risks and highlights ways to identify and deal with their challenges.
Direct download: CFA_Institute_T15_107.mp3
Category:Podcasts -- posted at: 9:00am EDT

Felix Zulauf shares his investment philosophy and his views on the Euro and investing in gold.
Direct download: CFA_Institute_T15_106.mp3
Category:Podcasts -- posted at: 9:00am EDT

Dr. Amlan Roy discusses the implications of demographic trends for geographic regions, countries, and industries.
Direct download: CFA_Institute_T15_105.mp3
Category:Podcasts -- posted at: 9:00am EDT

Roger Urwin discusses the concept of sustainability as it applies to pension fund investing.
Direct download: CFA_Institute_T15_104.mp3
Category:Podcasts -- posted at: 9:00am EDT

Roger Lowenstein discusses the continued importance of Wall Street, but takes issue with abusive practices that led to asset bubbles and costly bailouts.
Direct download: CFA_Institute_T15_103.mp3
Category:Podcasts -- posted at: 9:00am EDT

Clifford S. Asness addresses issues regarding hedge funds, including the different risk and reward profiles of various strategies, the never-ending quest for alpha, and the growing interest in hedge fund replication.
Direct download: CFA_Institute_T15_102.mp3
Category:Podcasts -- posted at: 9:00am EDT

Curtis Ravenel discusses the use of environmental, social, and governance factors in the investment management process and the data currently available in these areas.
Direct download: CFA_Institute_T15_096.mp3
Category:Podcasts -- posted at: 9:00am EDT

Howard Marks, CFA, discusses his widely read client memos, his core investment philosophy, and strategies for making sure culture and philosophy at his firm are properly aligned across regions.
Direct download: CFA_Institute_T15_101.mp3
Category:Podcasts -- posted at: 9:00am EDT

William Poole discusses the history of the Federal Reserve in the United States and the evolution of its mandates over time.
Direct download: CFA_Institute_T15_100.mp3
Category:Podcasts -- posted at: 9:00am EDT

Kevin Kajiwara discusses the global investment implications of current geopolitical trends and risks.
Direct download: CFA_Institute_T15_098.mp3
Category:Podcasts -- posted at: 9:00am EDT

Russell Read, CFA, discusses the changing dynamics and where the opportunities lie for alternative energy.
Direct download: CFA_Institute_T15_099.mp3
Category:Podcasts -- posted at: 9:00am EDT

Yasuhiro Oshima, CFA, gives his thoughts on Japan's recovery from the recent earthquake, tsunami, and nuclear crises.
Direct download: CFA_Institute_T15_094.mp3
Category:Podcasts -- posted at: 9:00am EDT

Lisa Gray discusses the importance of incorporating family dynamics into the advisory process.
Direct download: CFA_Institute_T15_097.mp3
Category:Podcasts -- posted at: 9:00am EDT

The allure of investing in art is compelling to many investors, but is unfamiliar territory to many financial advisers. Jeffrey Horvitz discusses the pros and cons of adding art to your portfolio.
Direct download: CFA_Institute_T15_095.mp3
Category:Podcasts -- posted at: 9:00am EDT

Attilio Meucci, CFA, offers a systematic approach to risk and portfolio management and describes some of the challenges and tradeoffs investors face when it comes to controlling risk in their portfolios.
Direct download: CFA_Institute_T15_093.mp3
Category:Podcasts -- posted at: 9:00am EDT

Michael J. Mauboussin discusses the role of technical competence, "counterintuition," and the application of multiple mental models to the discipline of financial analysis.
Direct download: CFA_Institute_T15_090.mp3
Category:Podcasts -- posted at: 9:00am EDT

Michelle Clayman, CFA, discusses incorporating non-financial environmental, social, and governance (ESG) data in the investment process.
Direct download: CFA_Institute_T15_092.mp3
Category:Podcasts -- posted at: 9:00am EDT

Kenneth S. Hackel, CFA, author of the book Security Valuation and Risk Analysis, challenges traditional thinking on important concepts like the cost of capital and free cash flow.
Direct download: CFA_Institute_T15_089.mp3
Category:Podcasts -- posted at: 9:00am EDT

Clifford S. Asness discusses a recent roundtable meeting on the equity risk premium (ERP) where forecasts for the future ERP were below historical levels.
Direct download: CFA_Institute_T15_091.mp3
Category:Podcasts -- posted at: 8:00am EDT

Kurt Schacht, CFA, discusses the new CFA Institute Compensation Discussion and Analysis Template.
Direct download: CFA_Institute_T15_088.mp3
Category:Podcasts -- posted at: 8:00am EDT

Andrew Ang analyzes the use of leverage in hedge funds including the high and low ranges in leverage, which strategies employ more leverage, and how the levels of leverage have changed based on changing market conditions.
Direct download: CFA_Institute_T15_087.mp3
Category:Podcasts -- posted at: 8:00am EDT

Professor Aswath Damodaran discusses current approaches to valuation, particularly discounted cash flow valuation.
Direct download: CFA_Institute_T15_086.mp3
Category:Podcasts -- posted at: 8:00am EDT

Matthew B. McLennan, CFA, discusses his firm's utilization of classic Graham and Dodd investing principles and shares his perspectives on the current opportunities and risks in the equity markets.
Direct download: CFA_Institute_T15_084.mp3
Category:Podcasts -- posted at: 8:00am EDT

Christopher Malloy contrasts the efficient market hypothesis and behavioral finance and discusses how investors can think about an inefficient market.
Direct download: CFA_Institute_T15_085.mp3
Category:Podcasts -- posted at: 8:00am EDT

Daniel Broby, FSIP, discusses some of the best practices in the fund management industry today, the importance of fiduciary responsibility, and the role of codes of conduct.
Direct download: CFA_Institute_T15__083.mp3
Category:Podcasts -- posted at: 8:00am EDT

Lars Christensen discusses central and eastern European markets and compares them with other emerging markets.
Direct download: CFA_Institute_T15__082.mp3
Category:Podcasts -- posted at: 8:00am EDT

Stephen G. Cecchetti discusses commercial bank leverage, calculating risk weightings, and the long-term effects of excessive sovereign debt.
Direct download: CFA_Institute_T15_134.mp3
Category:Podcasts -- posted at: 8:00am EDT

Matt King discusses how recent regulation affects credit investors and markets, noting that these are palliatives that are overshadowed by huge debt accumulation.
Direct download: CFA_Institute_T15_081.mp3
Category:Podcasts -- posted at: 8:00am EDT

Karl Debenham shares his views on the benefits and implications of the convergence of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Direct download: CFA_Institute_T15_080.mp3
Category:Podcasts -- posted at: 8:00am EDT

Barbara Hauser discusses the kinds of families that can benefit from a formalized governance structure and discusses key considerations when implementing a family governance plan.
Direct download: CFA_Institute_T15_079.mp3
Category:Podcasts -- posted at: 8:00am EDT

Richard Duncan discusses the corruption of capitalism, the secular decline of developed economies, and how global imbalances are destabilizing the world economy.
Direct download: CFA_Institute_T15_078.mp3
Category:Podcasts -- posted at: 8:00am EDT

Dr. Roger King reviews characteristics and complexities of Asian wealth-owning families and the role of family governance in preserving family relationships.
Direct download: CFA_Institute_T15_077.mp3
Category:Podcasts -- posted at: 8:00am EDT

Kristin J. Ceva, CFA, discusses how emerging market debt fits into a global portfolio from the perspectives of risk, return, and correlation.
Direct download: CFA_Institute_T15_076.mp3
Category:Podcasts -- posted at: 8:00am EDT

Dan diBartolomeo discusses how pension fund managers have long used asset-liability management (ALM) to manage pension assets.
Direct download: CFA_Institute_T15_074.mp3
Category:Podcasts -- posted at: 8:00am EDT

Richard Koo discusses effects on Japan's economic growth and policy responses from the real estate bubble that burst in Japan 20 years ago.
Direct download: CFA_Institute_T15_075.mp3
Category:Podcasts -- posted at: 9:00am EDT

Aaron Low, CFA, describes development in the industry in these emerging markets, including the evolution of different business models and prospects for hedge funds.
Direct download: CFA_Institute_T15_073.mp3
Category:Podcasts -- posted at: 9:00am EDT

Michael Syn discusses the basic concepts of capital management and why it is important in wealth management. He offers a fresh perspective on asset allocation as it relates to mean reversion, market timing, bet sizing and leverage.
Direct download: CFA_Institute_T15_062.mp3
Category:Podcasts -- posted at: 9:00am EDT

Peter D.A. Stein, CFA, discusses the fallout from the endowment model investment approach of heavily relying on illiquid alternative investments.
Direct download: CFA_Institute_T15_071.mp3
Category:Podcasts -- posted at: 9:00am EDT

Séamus P. Finn shares his views on faith consistent investing in the Christian tradition.
Direct download: CFA_Institute_T15_072.mp3
Category:Podcasts -- posted at: 9:00am EDT

Michael Lustig discusses the state of the U.S. residential real estate market and the future of residential mortgage securitization finance including the role of Fannie Mae and Freddie Mac.
Direct download: CFA_Institute_T15_070.mp3
Category:Podcasts -- posted at: 9:00am EDT

Roger Clarke discusses his research into the returns of low volatility vs. high volatility portfolios.
Direct download: CFA_Institute_T15_069.mp3
Category:Podcasts -- posted at: 9:00am EDT

Scott Welch discusses whether diversification failed, the best way to manage risk, and the future of the Yale endowment model.
Direct download: CFA_Institute_T15_060.mp3
Category:Podcasts -- posted at: 9:00am EDT

Shonda Warner discusses the prospects for the agriculture industry, how to invest in farmland, and risks in the farmland sector.
Direct download: CFA_Institute_T15_059.mp3
Category:Podcasts -- posted at: 9:00am EDT

Doug S. Rogers, CFA, discusses the history of after-tax mutual fund reporting, and the basics of pre- and post-liquidation reporting, and how to use after-tax reporting in making investment decisions.
Direct download: CFA_Institute_T15_061.mp3
Category:Podcasts -- posted at: 9:00am EDT

Robert N. Gordon discusses retirement withdrawal strategies and tax considerations, as well as other questions that remain unanswered.
Direct download: CFA_Institute_T15_068.mp3
Category:Podcasts -- posted at: 9:00am EDT

Cliff Quisenberry, CFA, discusses the risk and return characteristics of frontier equity markets and their role in a diversified portfolio.
Direct download: CFA_Institute_T15_067.mp3
Category:Podcasts -- posted at: 9:00am EDT

Paul Bouchey, CFA, discusses the effect of volatility on long-term capital accumulation and the implications for active tax-management and tax-aware passive portfolio management.
Direct download: CFA_Institute_T15_044.mp3
Category:Podcasts -- posted at: 9:00am EDT

Richard L. Peterson provides a medical and emotional description of irate clients and discusses techniques for dealing with them and how advisors should frame solutions.
Direct download: CFA_Institute_T15_066.mp3
Category:Podcasts -- posted at: 9:00am EDT

Philip Marcovici discusses the implications of increased cross-border information exchanges, the forces driving bank secrecy, and how to regularize a client's tax situation.
Direct download: CFA_Institute_T15_065.mp3
Category:Podcasts -- posted at: 9:00am EDT

Laird Pendleton discusses recent trends and changes in multi- and single-family offices and regional differences between the two models.
Direct download: CFA_Institute_T15_064.mp3
Category:Podcasts -- posted at: 9:00am EDT

Howard Schilit reviews a few cases of accounting fraud and discusses techniques on how to identify accounting irregularities.
Direct download: CFA_Institute_T15_063.mp3
Category:Podcasts -- posted at: 9:00am EDT

Dan diBartelomeo discusses how to estimate market sentiment and how to incorporate it into portfolio management and use it to estimate volatility.
Direct download: CFA_Institute_T15_057.mp3
Category:Podcasts -- posted at: 9:00am EDT

Ian Bremmer discusses the geopolitics of the BRIC nations, the Greek debt crisis, and the dramatic global political change over the last 18 months.
Direct download: CFA_Institute_T15_056.mp3
Category:Podcasts -- posted at: 9:00am EDT

Ted Seides, CFA, discusses hedge funds, due diligence, and quantitative/qualitative issues with hedge fund selection.
Direct download: CFA_Institute_T15_058.mp3
Category:Podcasts -- posted at: 9:00am EDT

Zvi Bodie discusses a new starting point for evaluating client needs and approaching wealth management as an exercise in risk management.
Direct download: CFA_Institute_T15_055.mp3
Category:Podcasts -- posted at: 9:00am EDT

Rodney Sullivan, CFA, discusses with Jason Zweig a new collection of articles written by Ben Graham.
Direct download: CFA_Institute_T15_054.mp3
Category:Podcasts -- posted at: 9:00am EDT

Vahan Janjigian, CFA, discusses why efforts to curb earnings guidance are misguided and how best to provide guidance.
Direct download: CFA_Institute_T15_053.mp3
Category:Podcasts -- posted at: 9:00am EDT



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