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Event Detail

Sold Out - Wait List Closed - The Future of Asset Allocation Theories: Are They Alive, Dead, or on Life Support? (Ended)

Presented by the CFA Society of Chicago

Date, Time, and Location:
Monday, January 11, 2010 (add this event to your Outlook Calendar)
4:00 pm
The Standard Club, 320 S. Plymouth Court, Chicago, IL  60604   (Driving Directions)

Please join the CFA Chicago Education Advisory Group for an examination of asset allocation theories. Over the past 50 years, asset allocation has gained increasing attention, with studies showing asset allocation accounts for nearly all of a portfolio's variance relative to an appropriate benchmark. However, the recent crisis has caused many to rethink how they view and apply asset allocation theories to the modern portfolio. Please join us for a diverse panel discussion with views from all ends of the spectrum on the theories underpinning modern asset allocation.


  • Thomas Idzorek, CFA, Chief Investment Officer & Director of Research - Ibbotson Associates
  • Keith Black, CFA, Associate - Ennis Knupp + Associates
  • Michael Falk, CFA, Vice President & Chief Investment Officer - ProManage, LLC


  • Joel Hirsh, CFA, Portfolio Manager - Kovitz Investment Group, LLC

Time, Date, and Location:
Monday, January 11, 2010
4:00 - 6:00 pm
The Standard Club
320 S. Plymouth Court

Members of CFA Chicago - $45
Student-Members - $20*
Non-Members - $55
(cash, check, credit card, or function ticket)

*Note: This rate is only available to students who have been approved as a Student-Member of CFA Chicago for 2009-2010.

*Regular and Affiliate Members may apply function tickets as payment for a Non-member or a Student-Member.

For Reservations:
Sorry, this event is sold out.

Credit card is required to guarantee all reservations except for ONLINE reservations using FUNCTION TICKETS.
(Visa, MasterCard, American Express, Discover and Diners Club are accepted).

Cancellations accepted until 5:00 pm, Friday, January 8, 2010. There is a $5 surcharge for walk-ins.

Eligible for 1 credit hour

This program qualifies for credit under the guidelines for the CFA Institute Continuing Education Program. Please click here if you would like more information.

A Passport Event This is a "Passport Program." Members of any local CFA society may attend at the CFA Chicago member rate. If you are only a member of CFA Institute, you do not qualify for the society member rate.

4:00 a.m. - 4:30 p.m.: Registration
4:30 p.m. - 5:30 p.m.: Panel
5:30 p.m. - 6:00 p.m.: Networking


Thomas Idzorek, CFA, Chief Investment Officer & Director of Research - Ibbotson Associates

Mr. Idzorek is chief investment officer and director of research for Ibbotson Associates, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. As chief investment officer, he oversees all key investment decisions on Ibbotson's assets under advisement. Managing a team of Ph.D. researchers, he is responsible for Ibbotson's research agenda and new product development. Mr. Idzorek has expertise in lifetime asset allocation, strategic asset allocation, tactical (dynamic) asset allocation, liability-relative investing, asset allocation implementation, fund-of-funds optimization, risk budgeting, returns-based style analysis, and performance analysis. He is also a senior member of Ibbotson's Investment Policy Committee.

Mr. Idzorek has authored numerous articles on asset allocation topics. Prior to joining Ibbotson Associates, Mr. Idzorek was the senior quantitative researcher of Zephyr Associates where he developed and researched financial models and techniques for inclusion in the company's analytical software. This included the co-development of the "style drift score" and the implementation of the Black-Litterman model. Mr. Idzorek has a bachelor's degree in marketing from Arizona State University, a master's degree in business administration from Thunderbird School of Global Management, and the Chartered Financial Analyst designation from the CFA Institute.

Keith Black, CFA, Associate - Ennis Knupp + Associates

Mr. Black, associate, leads consulting relationships for a select number of Ennis Knupp retainer and project clients. He is also a senior member of the firm's opportunistic strategies investment management research group. Prior to joining Ennis Knupp in 2007, Mr. Black taught at the Illinois Institute of Technology as an Assistant Professor and Senior Lecturer for the past eight years on several subjects, including investments, equity valuation, portfolio management, mutual funds, economics, hedge funds, global investment strategy, finance, and enterprise formation (venture capital). He has also authored a book entitled, "Managing a Hedge Fund: A Complete Guide to Trading, Business Strategies, Risk Management and Regulations," that was published by McGraw Hill in 2004, and has written several published research articles on issues facing hedge funds.

Mr. Black holds a B.A. degree from Whittier College in mathematics/computer science and economics, and an M.B.A. degree from Carnegie Mellon. He is a CFA charterholder and also holds the Chartered Alternative Investment Analyst designation.

Michael Falk, CFA, Vice President & Chief Investment Officer - ProManage, LLC

Mr. Falk is a Vice President and the Chief Investment Officer at ProManage LLC. Mr. Falk is responsible for developing and monitoring ProManage's investment policies and procedures. He directs the investment manager research effort, as well as the construction of investment portfolios. Mr. Falk is also the Chair of the company's Investment Committee as well as the primary liaison among the Investment Committee, the company and its clients.

Aside from his duties at ProManage, Mr. Falk is part of the CFA Institute's Speaker Retainer Program, an active committee member for the Profit Sharing 401(k) Council of America, and teaches as an adjunct professor at DePaul University in their CFP Certificate Program, as well as on behalf of the CFA Society of Chicago. In addition, he frequently writes and speaks on retirement industry and investing issues. Mr. Falk graduated from the University of Illinois with a B.S. in Finance. He is also a CFA Charterholder, a member of the CFA Institute, and holds the CRC designation.


Joel Hirsh, CFA, Portfolio Manager - Kovitz Investment Group, LLC

Prior to joining Kovitz Investment Group in 2006, Mr. Hirsh worked as an equity research analyst for KeyBanc Capital Markets, a Division of McDonald Investments. In his previous role, he focused on fundamental research in an award-winning basic materials research group. Mr. Hirsh has been quoted in the financial press and is a member of the CFA Society of Chicago's Education Advisory Group. Mr. Hirsh graduated from the University of Michigan with a Bachelor of Arts degree in Economics.

Content shared during CFA Society Chicago programs is not, and nothing in it should be construed as, an offer, invitation or recommendation of any specific financial services company or professional, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any securities in any jurisdiction. By registering for and attending this event, you acknowledge that any photographs that may be taken are the property of CFA Society Chicago and give your consent to their use in CFA Society Chicago's online and print business communications and marketing.