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FPA Houston Chapter Meeting
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5/1/2018
When: May 1
10:30 - 1:30 PM
Where: Junior League of Houston
1811 Briar Oaks Lane
Houston, TX  77027
United States
Contact: Melisa Hall
713-518-1785


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FPA Houston Chapter Meeting

 

 

  • Online registration will close at 5:00 p.m., Monday, April 30
  • FPA members are no longer required to sign in to receive the discounted FPA member rate.  However, all member registrations will be confirmed and if your membership has lapsed an additional $20 will automatically be added to your card on file to cover the non-member rate.
  • If you select the "2018 Season Ticket" as your payment option, you must have already pre-purchased the season ticket for this year. 

 

 

 

Is Diversification Still Relevant?
Examining the portfolio value of managed futures & other alternative investments after a 9 year equity bull market

1 CFP, CPA, CIMA CE

 

Andrew John, CFA
Manager of Risk Analytics at Steben & Company

 

For many investors, the financial crisis of 2008 is a distant memory. In the ensuing equity bull market, many alternative investments have not kept pace with stocks, leading some to question the value of diversification. Notwithstanding the point that such a perspective relies on hindsight bias,  we argue in this presentation that the risks to traditional equity investments have changed significantly between 2009 and 2018, with rich valuations and monetary tightening potentially reducing forward expected returns. At this point in the market cycle, we argue that portfolio diversification remains as relevant as ever.  However, not all alternative investments offer the same level of diversification when added to a traditional equity-heavy portfolio. ‘We analyze a broad range of alternative investment strategies and show how some are highly correlated to equities, while others, such as managed futures, are largely uncorrelated. We look at a range of data measures to show how these different alternatives perform in periods of equity stress and note those that have historically show stronger defensive characteristics.  We then highlight managed futures as the alternative investment strategy that has historically performed the most strongly during bear markets, as well as during periods of rising volatility. Lastly, we look at recent signs of a market turning point that have historically been followed by strong periods of managed futures performance.



Andrew John is the Manager of Risk Analytics at Steben & Company
. Andrew joined the Firm in 2015, with a background in finance and risk management. Prior to joining Steben & Company, Andrew worked as a risk management consultant at Pace Global providing energy hedging advice to utilities. He began his career as a stockbroker at Charles Schwab & Co. Andrew earned his Bachelor’s degree in Mathematics from Arizona State University in 2007 and a Masters in Business Administration with a concentration in Investments from the University of Notre Dame in 2012. Andrew is also a CFA charter holder and holds the Series 3 license.

 

 

 

 

 

 

 

How Earnings Growth Throughout the Lifecycle Impacts Retirement Savings Strategies

 

Derek Tharp, Ph.D., CFP, CLU
Research Associate, Kitces.com & Founder of Conscious Capital

1 CFP, CPA, CIMA CE

 

This presentation examines how earnings growth throughout the lifecycle impacts retirement savings strategies. Specifically, traditional earnings growth assumptions utilized in safe savings rate analyses are compared to actual Social Security data on earnings growth across the lifecycle. This comparison reveals that typical assumptions of constant real earnings often understates income growth in earlier years, while overstating income growth in later years. As a result, assumptions regarding both saving during one’s working years and spending during retirement may not accurately reflect the outcomes that are most likely. Accounting for more realistic earnings curves results in lower “safe” savings rates than research has typically indicated—particularly among lower income Americans. Typical assumptions also fail to account for the potential to capture greater earnings growth as one’s savings increase, as well as the decline in retirement savings need that corresponds with declining earl earnings experienced in late, pre-retirement years.

 


Derek T. Tharp is a research associate at Kitces.com and the founder of Conscious Capital,
a financial planning firm located in Cedar Rapids, Iowa. Derek earned his Ph.D. in personal financial planning at Kansas State University. While studying at Kansas State, Derek was awarded the Cary M. Maguire Fellowship in Applied Ethics with The American College of Financial Services and a Visiting Dissertation Fellowship with the Mercatus Center at George Mason University. Derek regularly contributes to the wealth management section of the Wall Street Journal’s Experts Blog. His research has been published in academic journals such as the Journal of Retirement and Journal of Personal Finance, and has also coauthored a chapter in the textbook Financial Therapy: Theory, Research, and Practice. 

 

 

 

 


Thank you to our Platinum Partner Sponsor Spotlight

 


 

 

 


 

Registration Fees

 

FPA Members $40
Guests/Non Members $60
2017 Season Ticket Holders $0 (Season ticket holders must have pre-purchased the season pass for 2017)
Corporate Partners N/C (must pre-register) 

 

 

Agenda

 

10:30 Registration, check in and networking
11:00

Welcome & announcements & Sponsor Spotlight 

11:30 Lunch is served (salads will be preset beginning at 11:00)
Speaker 1
12:20 Break
12:30 Speaker 2
1:30 Program concludes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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