Description: Please join CAIA Association and MSCI Real Estate for a discussion around MSCI Real Estate’s recent update to their annual report, “Real Estate Market Size.” The discussion will begin with an overview of the current real estate market, as detailed in the report, with Bert Teuben, Executive Director of Real Estate Research at MSCI, followed by a Q&A session moderated by Aaron Filbeck, CAIA, CFA, CIPM, Associate Director of Content Development at CAIA Association.

Panelists: Bert Teuben, Executive Director of Real Estate Research, MSCI, and Aaron Filbeck, CAIA, CFA, CIPM, Associate Director, Content Development, CAIA Association

Description: In their 2020 edition of Valuation: Measuring and Managing the Value of Companies, McKinsey & Co. provides new insights on corporate valuation such as the impact of digital valuation techniques, ESG issues, and long-term investing. In this one-hour discussion, we will not only discuss the history and evolution of corporate valuation, but also place particular emphasis these topics and the impact on private markets investing today.

Panelists: Tim Koller, Partner, McKinsey & Company, and Keith Black, PhD, CFA, CAIA, FDP, Managing Director, Content Strategy, CAIA Association

View Slide Deck

Description: Machine learning (ML) enables powerful algorithms to analyze financial data in new and exciting ways. But this excitement is often tempered by fear that investors don’t really understand why a model behaves the way it does. We need to move beyond this “black box” stigma. We propose a framework that demystifies the predictions from any ML algorithm. Our approach computes what we call a “fingerprint” for a given model’s linear, nonlinear, and interaction effects that drive its predictions — and ultimately its investment performance. In a real-world case study applied to currency return predictions, we find that popular ML models like neural network and random forest think in ways that do indeed make sense, and which we can begin to understand. These fingerprints empower investors to describe and probe the similarities and differences across ML models, and to extract genuine insight from machine-learned rules.

Read the paper from which we'll draw our discussion points here. 

Panelists: David Turkington, Senior Managing Director, Head of Portfolio and Risk Management, State Street Associates, Yimou (Andrew) Li, Quantitative Research Analyst, State Street Associates, and Keith Black, Ph.D.,CAIA, CFA, FDP, Managing Director of Content Strategy, CAIA Association

Description: Does the illiquidity premium really exist after fees? Can the efficient frontier really be expanded through private capital or can the same behavior be captured through highly indebted publicly traded small cap equities? Join a panel of experts that have wrestled and opined on this complex set of questions.

Panelists: Gregory Brown, Executive Director and Professor of Finance at Institute of Private Enterprise, University of North Carolina, Dan Rasmussen, Founder and Partner, Verdad Advisors, Christine Kelleher, CIO, National Gallery of Art, Chris Schelling, Managing Director, Windmuehle Company, and John Bowman, Senior Managing Director, CAIA Association