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Event Detail

Is Warren Buffett Wrong? Latest Developments in the Municipal Bonds Market (Ended)

Date, Time, and Location:
Thursday, September 27, 2012 (add this event to your Outlook Calendar)
4:00 pm
The Standard Club, 320 S. Plymouth Ct.,, Chicago, IL  60604   (Driving Directions)


  • Tom Futrell, CFA, Performance Trust Investment Advisors, Senior Portfolio Manager for Municipal Bonds
  • Cadmus Hicks, CFA, Ph.D., Nuveen Asset Management Managing Director - Manager of Performance and Risk Analysis and Market Strategist
  • Andrew Kalotay, Ph.D., Andrew Kalotay Associates President
  • Jeff Westergaard, Morningstar Director of Municipal Analytics

Michael Lindh, CFA, CPA, Nuveen Asset Management Vice President Head of Options Trading

Date, Time, and Location:

Thurs., Sept. 27, 2012
4:00-6:00 pm
The Standard Club, 320 S. Plymouth Ct., Chicago, IL 60604

Program Description:

Is Warren Buffett Wrong?
With recent news of Buffett's move away from muni-bonds, explore the latest developments in the municipal bond market with leaders from Nuveen Asset Management, Andrew Kalotay Associates, Morningstar, and Performance Trust Investment Advisors, LLC. Learn the evolution of the regulatory environment for the municipal bond market, the role of options in the municipal bond market, evolving disclosure by municipal bond issuers, and the trends in the municipal bond market.

You will learn:

  • The evolution of the regulatory environment for the municipal bond market: The Volcker Rule, the mandate of the Municipal Securities Rulemaking Board to protect issuers, new due diligence requirements for advisors to protect investors, and municipal bankruptcy law.
  • Options in the municipal bond market, the ramifications of bonds with above-market 5% coupons for investors and for taxpayers, and a discussion of how tax considerations affect the prices and interest rate sensitivity of munis.
  • Evolving disclosure by municipal bond issuers:
    1. Overview of municipal disclosure requirements,
    2. Practical challenges for analysts, and
    3. The promise of electronic data and evolving government transparency.
  • Trends in the municipal bond market:
    1. Primary market issuance,
    2. Credit spreads,
    3. Credit ratings, and
    4. Defaults.

Members  -   $45
Non-Members  -   $55
Student-Members  -   $20
(payable by cash, check, credit card or function ticket)*

CFA Institute Qualified Activity: Eligible for 1.5 credit hours

Attire: Business Casual

For Reservations: Register Below

4:00-4:30pm - Registration and Networking
4:30-6:00pm - Panel Discussion and Q&A

Hosted by: Education Advisory Group

Tom Futrell, CFA, joined Performance Trust Investment Advisors as a Senior Portfolio Manager for Municipal Bonds. Futrell comes to the firm with over 20 years of experience in municipal bond portfolio management.

Futrell started his career in the investment business as a credit analyst with Nuveen Investments. He transitioned to Nuveen Asset Management, where he was involved in almost every area of investment management. Futrell's considerable involvement in municipals has included performing portfolio construction and ongoing portfolio management of a number of closed-end municipal bond funds, including Nuveen Premium Income Municipal Fund*, Nuveen's first leveraged closed-end fund. He also supervised a 20-person municipal research team that evaluated potential purchases and performed surveillance on municipal credits totaling $60 billion. Recently, as the CIO for Claymore Securities, Inc. (purchased by Guggenheim Partners, LLC), Futrell provided oversight for the investment operations of a $16 billion complex involving closed-end funds, exchange-traded funds, and unit investment trusts, including municipal mandates and closed-end funds.

Futrell has a BA from Wheaton College and an MBA from Northern Illinois University, and is a CFA charter holder. He is a director of the Northern Illinois University Foundation and a member of the Finance Committee, as well as a member and past chair of the Municipal Bond Buyers Association. He is Series 7, 24, and 66 registered.

Cadmus M. Hicks, CFA, Ph.D., Manager Director and Manager of Performance and Risk Analysis and Market Strategist at Nuveen Asset Management. Hicks has served as a research analyst with Nuveen since 1980. He has written extensively on tax policy and regulations affecting municipal bonds, attribution analysis, financial planning, and credit issues. He is a past president of the Society of Municipal Analysts, a past president of the Chicago Municipal Analysts Society and a former board member of the National Federation of Municipal Analysts. He also served on an advisory committee of the Governmental Accounting Standards Board. Hicks holds a Ph.D. from Northwestern University, an M.A. from the University of Chicago and holds an undergraduate degree from Wheaton College.

Andrew Kalotay, Ph.D., is President of Andrew Kalotay Associates, a leading authority on institutional debt management and fixed-income valuation. He is widely published in leading academic and industry journals, with more than 50 articles to his credit on a wide range of topics including bond refunding, interest rate derivatives, the valuation of bonds with embedded options, and residential mortgages. Before founding Andrew Kalotay Associates, he was Director in the Bond Portfolio Analysis Group at Salomon Brothers from 1981 until 1990. From 1979 until 1981, he was Senior Analyst at Dillon. On the academic side, Kalotay was the founder and first Director of the Center for Finance and Technology, a graduate program in financial engineering at Polytechnic University. Prior to that, he was a Professor of Finance at Fordham University. He has been an adjunct professor at the Wharton School of the University of Pennsylvania and at Columbia University. He also currently serves as an associate editor and referee for several academic journals. Kalotay received his B.S. and M.S. in Mathematics from Queen’s University and his Ph.D. in Mathematics from the University of Toronto. In 1997, Kalotay was inducted into the Fixed Income Analysts Society’s Hall of Fame.

Jeff Westergaard is Director of Municipal Analytics at Morningstar. In this role, he is responsible for designing and building tools to help investors navigate the municipal-bond market. Westergaard has more than thirty years of experience in the fixed-income markets, with a particular focus on the municipal-bond market. Prior to joining Morningstar in 2011, he held a number of roles in areas including trading, sales, risk management, compliance, portfolio management, and software design at First Trust and UBS, among other firms. Westergaard holds a bachelor’s degree in business administration from the University of Iowa.

Michael Lindh, CFA, CPA,is Vice President - Head of Options Trading at Nuveen Asset Management. He is a senior member of the investment team, primarily responsible for executing options trades for various closed-end funds. Lindh began working in the financial industry in 1981. He joined Nuveen Investment Solutions in 2001 and assumed the role of head trader in 2002. Previously, Lindh was a principal and senior quantitative research analyst at Harris Investment Management. During his 20 years of investment research management experience with the Harris Bank, he was involved in the development of quantitative risk models, portfolio construction, portfolio management, equity and fixed income analytical systems, and asset allocation strategies. Prior to this position, Lindh was responsible for investment accounting systems at Chicago Title & Trust Company. Lindh earned a B.A. in economics and accounting from Augustana College and an M.A. in economics from Northwestern University. He also received an M.B.A. from the University of Chicago. Lindh holds the Chartered Financial Analyst designation and is a current member and past chairman of the CFA Society of Chicago. He is also a member of the CFA Institute.

*Special Notes Regarding Fees:
Special Notes Regarding Fees: Regular, Candidate, and Affiliate Members may apply function tickets as payment for Non-member or Student-Member. Credit card required to guarantee ALL reservations except for reservations using Function Tickets. Day-of-event registrations accepted on-site only, if applicable and space available. There is a $5 surcharge for walk-ins. Visa, MasterCard, American Express, Discover and Diners Club are accepted. Cancellations accepted until 5:00 pm, Sept. 24.

Passport Program
Members of any 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.

CFA Institute CE Qualified Activity
This program qualifies for credit under the guidelines for the CFA Institute Professional Development Program.

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.