Chronicles: March 2021

March 2021 Chronicles FI

Let’s face it, we’re all nerds and “numbers people.” As investment professionals, we like to follow the ups and downs of major indices, rely on our long list of ratios, and get on our high horses (or Twitter) when we notice a trendline or performance indicator that others are missing. Sometimes, however, our knack for the numerical gets in the way. But, in manager selection, we have to remember we are hiring teams, full of human decision-makers. That must count for something, right?

Alternative Data and Collective Intelligence Investing: Risks of Adoption

Over the last five years, the volume of information available to all has skyrocketed, leading to increased investor interest in alternative data or crowdsourced investment strategies. While opportunities for added value may be present, adoption also comes with a number of risks, both for early and late adopters. This webcast highlights readings from the 2021 Financial Data Professional (FDP) curriculum.

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CAIA Association & State Street Associates: Private Equity and the Leverage Myth

Description: What’s the best way to measure volatility of private equity? Perhaps simply assigning a leverage multiple isn’t enough. Moderated by Aaron Filbeck, CFA, CAIA, CIPM, FDP, Director, Global Content Development, CAIA Association, William Kinlaw, CFA, and Megan Czasonis of State Street Associates discuss some of the main takeaways of “Private Equity and the Leverage Myth.” This paper was published in the Winter 2021 edition of The Journal of Alternative Investments.

Alternatives: From Optional to Essential

Description: Moderated by CAIA's CEO, Bill Kelly, this event features guest speaker Pulkit Sharma, Managing Director, Head of Alternatives Investment Strategy and Solutions at J.P. Morgan. Bill and Pulkit discuss the recent J.P. Morgan Long Term Capital Market Assumptions Report with a focus on the evolution and expansion of alternative investments over the next 10 – 15 years. Topics discussed include: the objectives that alternative investments meet, the framework in which to allocate, and the challenges that are intrinsic to alternative investments.

Private Credit Strategies to Enhance Pension Returns with CAIA SoCal, Session 2 of a Series

This webcast is the second installment of CAIA SoCal's series on pensions, and features panelists Zack Ellison of Applied Real Intelligence LLC, Blair Smith of Promethean AB Strategies, LLC, Cheryl Alston of Dallas Employees' Retirement Fund, Jasmine Richards of Cambridge Associates, and Guy Pinkman, also of Applied Real Intelligence LLC.

Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity

Over the last decade, we've seen an explosion in alternative vehicles as a more cost-efficient way to invest in private equity strategies. In this video, Josh Lerner, Jacob H. Schiff Professor of Investment Banking at the Harvard Business School, speaks with CAIA Association's Keith Black to discuss a recent study he coauthored, which explores how quality differences in LPs and GPs can lead to wide return dispersions across alternative vehicles. 

Structured Finance – India Lens

Description: Finance has several theoretical traditional and modern frameworks in practice. Needless to say, often the frameworks have conflicting assumptions. Structured finance is often a route to challenge the status quo in finance and explores opportunity in the face of constraints while simply using first-order products. Structured finance transactions often rely on providing tailor made covenants to facilitate deal making.

The Fundamentals of Private Equity and a Current Market Update

Description: Private Equity is the largest alternative asset class with $4.42tn in AUM worldwide. The expectation is that Private Equity could more than double over the next five years. In this presentation, Aaron Filbeck, CAIA, CFA, CIPM, FDP, Director, Global Content Development, CAIA Association, covers a range of topics related to private equity investment, including the structure and life cycle of private equity funds and analyze the cash flows and fees that are characteristic of such funds.

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