The historical path of emerging-market development is invalid for today's large emerging-market countries. These countries aren’t moving to developed status, nor are they becoming more like developed markets. They’re forming their own identities and unique political and economic structures. These changes present opportunities for investors and benefits for those who can adapt to the new frameworks and tools needed to act upon these opportunities.

James Trainor is a managing director and senior portfolio manager at Newgate Capital Management, where he is responsible for asset allocation, portfolio management, and security selection. He earned an MBA in finance from Columbia University, and a BS in mechanical engineering from University of Vermont. He is an editor of the Newgate Market Monitor, and a frequent emerging-markets lecturer for the Investment Management Consultants Association and Morgan Stanley Smith Barney's Consulting Group University. Mr. Trainor’s reports have been published in the IMCA Investments&Wealth Monitor, and his comments on international markets have appeared regularly in the Wall Street Journal, New York Times, Barron's, Wall Street Transcript, World Equity and Bloomberg Business News.

The Uses, Misuses and Abuses of Portfolio Risk Metrics
Presented by Patrick Geddes, MBA, Aperio Group
(Originally presented on June 16, 2011)
CE Credit: One hour CIMA^®, CIMC^®, and CPWA^®
Available for purchase through 6/16/2012; available for listening through 6/30/2012
This audio broadcast has been pre-approved for one hour of CFP^® continuing education credit.

Is modern portfolio theory dead? The more sensational coverage of the recent market meltdown has claimed that everything we know about portfolios has gone out the window in the last year. Even before that, much ink has been spilled over the various methods available to measure risk and how to adjust return properly to reflect risk. Analytic tools like the Sharpe Ratio or Information Ratio attempt to condense a great deal of data into simple metrics that are consistent and easy to use. While such tools are now viewed with greater suspicion, they can still be valuable in certain situations, although part of the disappointment is based on misunderstanding how they should be applied. What do these metrics actually measure or not measure and when is it appropriate to use which?

Patrick Geddes is the chief investment officer and a partner at Aperio Group. Previously he was chief financial officer of Morningstar, Inc., where he also served on the company's executive committee overseeing all strategic, policy, and internal investment decisions. Before he was named Morningstar CFO, he served as Morningstar's director of quantitative research. He has taught numerous courses in graduate-level finance at the University of California Berkeley Extension. He earned an MBA with honors from The University of Chicago.

U.S. and Global Asset Allocations in a Mid-Business Cycle Setting
Presented by Allen Sinai
(Originally presented July 21, 2011)
CE Credit: One hour CIMA^®, CIMC^®, and CPWA^®
Available for purchase through 7/21/2012; available for listening through 7/31/2012
This audio broadcast has been pre-approved for one hour of CFP^® continuing education credit.

In June, the U.S. economy entered the third year of the current business cycle upturn. Despite a minefield of risks and concerns for the U.S. and Global Economies, including 1) the Eurozone sovereign debt crisis; 2) the inflationary and recessionary effects of higher oil and energy costs; 3) China’s disinflation attempt in the second largest economy in the world; and 4) the negative effects on the global economy from Japan’s natural disasters, the U.S. and global economic expansions should carry on, although at a different pace across countries and global regions. Also, there will be differing rates of inflation and stances by central banks—some continuing to be ultra-easy, some tightening.

Back of whatever shows up, and when, corporate earnings should continue to be extraordinarily strong and interest rates relatively low.
For Asset Allocations, this suggests a Strong Overweight for Equities, Underweight for Fixed Income, Underweight for low return Cash & Equivalent, and Overweight for Alternative Investments.

This audiocast will briefly review where we are in the U.S. business and global business cycles, the case for stocks and a continuing equity bull market, what the Federal Reserve and several other major central banks might do going forward, and some major macro-driven investment themes that derive from the outlook and surrounding risks.

Essential Issues Facing Foundations and Endowments
Presented by Ben Valore-Caplan, CIMA^® | Syntrinsic Investment Counsel, LLC
(Originally presented August 18, 2011)
CE Credit: One hour CIMA^®, CIMC^®, and CPWA^®
Available for purchase through 8/18/2012; available for listening through 8/31/2012

Foundations, endowments, and other nonprofit investors are at a critical juncture, one unique to their place in society during a profound economic downturn. Mr. Valore-Caplan draws upon 20 years as a nonprofit founder, director, and trustee to highlight essential issues on the table at nonprofit board meetings, topics that impact nonprofit organizations and the investment professionals who guide them.

Ben Valore-Caplan, for the past 20 years, has served as a social entrepreneur, launching mission-driven nonprofit and for-profit organizations. For the past 11 years, he has served as an investment advisor to foundations, endowments, faith-based organizations, and philanthropic families around the country. In 2008, Mr. Valore-Caplan and his colleagues founded Syntrinsic Investment Counsel, LLC to provide independent, conflict-free investment advice to those organizations and families committed to prudent stewardship of philanthropic resources. Syntrinsic advises more than 30 clients with more than $650 million in assets. Previously, he founded the nonprofit Denver Summerbridge (now called Breakthrough Kent Denver), a successful educational opportunity program serving young people from low income communities who hope to be among the first in their families to graduate high school and attend college. He also helped launch nonprofit community gardens and community theater groups. He has taught in both independent and public school settings, is the author of the award-winning book, Leadership Magic: Practical Tools for Creating Extraordinary Organizations, and has written several published articles, including “Hard Truths of Advising Nonprofit Organizations” and “On Our Best Behavior.” In 2005, the Evelyn Brust Foundation selected him as one of three investment professionals to develop curriculum for the Investors Protection Trust, a Securities and Exchange Commission initiative. Mr. Valore-Caplan serves as board chair at The Logan School for Creative Learning, treasurer of the Board at Denver Urban Gardens, and a director of the Summerbridge Breakthrough Alumni Network. He also serves on the Investments & Wealth Monitor editorial advisory board. He earned a BA from Brown University and an MBA from the University of Denver and holds the CERTIFIED INVESTMENT MANAGEMENT ANALYST^® designation, administered by IMCA^® and taught in conjunction with The Wharton School of Business, University of Pennsylvania.

Beyond Stocks, Bonds & Cash: Currency and Commodities
Presented by Anthony B. Davidow, CIMA^® | Rydex | SGI 
(Originally presented September 15, 2011)
CE Credit: One hour CIMA^®, CIMC^®, and CPWA^®
Available for purchase through 9/15/2012; available for listening through 9/30/2012
This audio broadcast has been pre-approved for one hour of CFP^® continuing education credit.

In these uncertain times, advisors are seeking solutions to dampen portfolio volatility and provide non-correlating return characteristics. This presentation is designed to expand the asset allocation discussion beyond stocks, bonds and cash. We consider the impact of including currencies and commodities in asset allocation models. We discuss the role of currencies and commodities in portfolios, and discuss some of the structural considerations for advisors.

Anthony (Tony) Davidow began serving on IMCA’s Board of Directors in 2009. He has served as the chair of IMCA’s National Conference Committee. Mr. Davidow is a Managing Director and Portfolio Strategist for Rydex | SGI. Previously, he was executive vice president and head of distribution for IndexIQ, in Rye Brook, NY. Mr. Davidow was responsible for building and managing IndexIQ’s distribution business. IndexIQ is an innovative provider of index products, whose flagship products are a series of hedge fund replication solutions. Prior to joining IndexIQ, Mr. Davidow was managing director and director of sales and training for Morgan Stanley’s Consulting Services Group. He joined Morgan Stanley in 1995, but began his career over 25 years ago working for a family office. Mr. Davidow specializes in developing and implementing appropriate investment strategies for institutions and high-net-worth families. He is a frequent industry speaker on this topic, and has authored several white papers on investment trends and opportunities. Mr. Davidow earned a BBA in finance and investments from Bernard Baruch University.

Liquid Alternatives—The Democratization of Hedge Funds
Presented by Frederick "Rick" Lake and Ronald Lake | Lake Partners, Inc.
(Originally presented Thursday, October 20, 2011)
CE Credit: One hour CIMA^®, CIMC^®, and CPWA^®
Available for purchase through 10/20/2012; available for listening through 10/31/2012
This audio broadcast has been pre-approved for one hour of CFP^® continuing education credit.

Alternative strategies, once available only to institutions and the wealthy, are now available in “democratic” mutual funds as well as ETFs and ETNs. The growth of liquid alternatives potentially provides new tools for risk management, additional sources of returns and greater diversification. This presentation will explore:

• how liquid alternatives differ from private funds
• regulatory protections
• the spectrum of liquid alternatives
• risks and opportunities
• asset allocation with liquid alternatives

Frederick C. “Rick” Lake co-founded Lake Partners, Inc. in 1989. As Co-Chairman of the firm, he oversees the firm’s research on mutual funds that utilize alternative strategies, and helps direct the company’s team effort in asset allocation, investment research and multi-manager investment programs. Mr. Lake has over 30 years experience in the investment industry. He is the manager of Lake Partners’ LASSO^® Long and Short Strategic Opportunities^® portfolio of hedged mutual funds. Mr. Lake is a well known speaker and author on alternative investments. He has been quoted in The Wall Street Journal, Barron's, the Financial Times, Investors Business Daily, Business Week, Fortune, and Bloomberg, among other publications. As an invited speaker at the national 2003 SEC Hedge Fund Roundtable, he presented his white paper, “The Democratization of Hedge Funds,” analyzing the public policy issues of alternative strategies in mutual funds. Mr. Lake has also been an invited speaker at the Morningstar Investment Conference, the London Business School, the University of Virginia, and at financial industry conferences around the US and in Europe. He has appeared on CNBC and Bloomberg Television, as well as on Morningstar.com and The Street.com for web videos on alternative strategies in mutual funds. Along with Ronald Lake, he is co-editor of Private Equity and Venture Capital: A Practical Guide for Investors and Practitioners. The volume encompasses topics on private equity worldwide. Mr. Lake began his investment career with Prudential Securities, after earning his BA cum laude from Harvard.

Ronald A. Lake co-founded Lake Partners, Inc. in 1989. As Co-Chairman and President of the firm, he is responsible for asset allocation, investment strategy and program supervision. Mr. Lake has over 29 years of experience in the design, implementation, and supervision of investment programs for financial institutions, funds of funds, high-net-worth individuals and families, trusts, foundations and endowments, pensions, and private investment companies. He oversees the firm’s research on hedge funds, across a spectrum of strategies, and oversees multi-manager programs integrating both traditional and alternative investments. Mr. Lake is also editor-in-chief of Evaluating and Implementing Hedge Fund Strategies. He is co-manager of Lake Partners’ LASSO^® Long and Short Strategic Opportunities^® portfolios of hedged mutual funds. Prior to the formation of Lake Partners, Inc., Mr. Lake was involved with manager and investment research, specializing in non-traditional areas (hedge funds, venture capital, leveraged buy-outs, real estate, and global investing). He also served on the program and policy staff of Governor Thompson of Illinois. Mr. Lake serves as a director of a number of investment companies including various multi-manager and single manager funds. He earned a BA magna cum laude and a master’s degree in public policy from Harvard. He is the past Chairman and current member of the national board of advisors for the Center for Talented Youth of Johns Hopkins University, and also founded the Charter Oak Scholarship program, which provides financial aid to Connecticut students of high academic achievement who are economically disadvantaged.

Supporting and Developing Best Practices of Legacy Families
Presented by Courtney Pullen | Pullen Consulting Group
(Originally presented Thursday, November 17, 2011)
CE Credit: One hour CIMA^®, CIMC^®, and CPWA^®
Available for purchase through 11/17/2012; available for listening through 11/30/2012
This audio broadcast has been pre-approved for one hour of CFP^® continuing education credit.

Topics covered in the presentation include:

• The problems and opportunities facing High-Net-Wealth families and couples
• How family dynamics impact the advisory relationship
• How to educate families about best practices of legacy families
• The effect of financial transitions on families and couples

Courtney Pullen is the President of the Pullen Consulting Group, a Denver Colorado based firm that specializes in management consulting, business coaching, family wealth counseling, leadership development, communication workshops, team building and strategic planning. He received his graduate degree in Psychology from the University of Northern Colorado in 1983. He is a Clinical Associate at the School of Professional Psychology at the University of Denver and has been an Adjunct Professor at the University of Colorado at Denver. Pullen has frequently lectured, conducted numerous workshops and been published in the areas of individual and organization change, behavioral finance, and family wealth counseling. He is a graduate of the Newfield coaching program (CPPM), is a Professional Certified Coach, and is a Contributing Editor to the Journal of Financial Planning, the Journal of Practical Estate Planning, and on the board of advisors to the Sudden Money Institute. His primary focus is as a consultant to professional services firms and family wealth counseling. He has spoken at regional NAPFA conferences, regional and national FPA conferences as well as conducted advanced training for financial planners. He has extensive experience in small and large group facilitation covering the continuum from corporations to families in conflict.

Risk Management is the Cornerstone of Investing
Presented by Bruce Curwood, MBA, CFA^®, CIMA^®, F.C.I.S. | Russell Investments Canada
(Originally presented Thursday, December 15, 2011)
CE Credit: One hour CIMA^®, CIMC^®, and CPWA^®
Available for purchase through 12/15/2012; available for listening through 12/31/2012
This audio broadcast has been pre-approved for one hour of CFP^® continuing education credit.

The past decade (which includes the global financial crisis of 2008 and the Tech Wreck of 2000) has exposed the limits of current institutional investing practices. Far too much time has been spent on return optimization and administrative matters, instead of risk management. Plan sponsors need to acknowledge the problem, understand why change is necessary, and take action. Capital markets are complex, adaptive systems affected by human behavior. Given the uncertainty of markets, this presentation, by reviewing the research, will demonstrate that it’s time for trustees to focus on the two things they can control: their governance and risk-management processes.

Bruce Curwood joined the Russell Investment Group in 1995 as a strategic consultant. He has extensive experience as a fiduciary and plan sponsor administrator. With more than 25 years’ experience in asset management, he has worked in various organizations within the corporate and educational sectors. His current responsibilities at Russell relate primarily to research, strategy, and client service. Immediately prior to Russell, Mr. Curwood served for five years as the first treasurer of the University of Toronto, where his responsibilities included the direct and indirect management of more than $2 billion of assets. Mr. Curwood also has been associated with various external organizations in other capacities, including Investment Management Consultants Association (current board director), the Pension Investment Association of Canada, the Institute of Secretaries and Administrators in Canada, and the editorial committees of Benefits and Pensions Monitor, IMCA’s Journal of Investment Consulting and Investments & Wealth Monitor, and Canadian Governance Quarterly. IMCA presented him with a Stephen Kessler Writing Award in both 2001 and 2008 for his outstanding contribution to the field of investment consulting. Mr. Curwood currently serves as an investment advisor for the Canada Mortgage and Housing Corporation, for both their pension plan and the mortgage insurance fund ($18 billion). He is a Fellow of the Institute of Chartered Secretaries and Administrators, an Accredited Director, and has been listed in the Canadian Who’s Who since 1994.

Economic Update
Presented by Jonathan Golub, CFA^®, Senior Equity Strategist, UBS AG
(Originally presented January 19, 2012)
CE Credit: One hour CIMA^®, CIMC^®, and CPWA^®
Available for purchase through 1/19/2013; available for listening through 1/31/2013
This audio broadcast has been pre-approved for one hour of CFP^® continuing education credit.

Mr. Golub will discuss the current state of the markets, (where we have been and where we are going), leading- and lagging-indicators, strategic and tactical portfolio positioning, the effects (and effectiveness) of coordinated global policy intervention and the implications of increased volatility in today's markets.

Jonathan Golub, CFA^® is a managing director and the U.S. equities strategist within the strategy and valuation group at UBS. Previously he was chief investment strategist and senior managing director for Bear Stearns, where he set strategic asset allocation policy and sector positioning. Before that he was U.S. equity strategist for JP Morgan Funds. He is author of the quarterly investment reference, “Guide to the Markets.” He has been a frequent presenter on the housing bubble, the credit crisis, the U.S. and global economies, geopolitical issues, and other topics. His commentary has appeared in the Wall Street Journal, Barron’s, New York Times, and Forbes, as well as on financial television and radio. He is a graduate of The Wharton School.

What To Expect from Washington in 2012
Presented by John G. Savercool | Managing Director and Senior Lobbyist, UBS Americas Inc.
(Originally presented February 16, 2012)
CE Credit: One hour CIMA^®, CIMC^®, and CPWA^®
Archived broadcast available for purchase through 2/16/2013; available for listening through 2/28/2013.

Mr. Savercool will focus on what is likely to happen on issues related to the investment consulting and advisory businesses in Washington next year. He will walk through the calendar of 2012 and the issues that will dominate each month along with a projection of how the issues will be resolved and how they will impact investment decisions for advisors and their clients. Specific issues covered will be the extension of the payroll tax, Supreme Court action on health care and immigration, the GOP presidential primary, deficit reduction, the future of the Bush tax cuts, and, of course, the 2012 presidential and congressional elections. Investment consultants, advisors, and their clients must understand what is coming out of Washington in order to make sound investment decisions in 2012 and going forward.

John G. Savercool serves as Senior Lobbyist and Managing Director of UBS Americas Inc., which covers all of the primary business units within UBS, including the Investment Bank, Wealth Management and Global AM (asset management). In this capacity, John directs the firm’s lobbying, political, and policy advocacy efforts at the federal level. He manages a staff of seven in Washington in support of this mission. Mr. Savercool is a veteran of Washington of 28 years. He began his career with U.S. Congressman Mike Oxley, a Republican from Ohio and the former chairman of the House Financial Services Committee. He then embarked on a 15-year career with then-U.S. Congressman Phil Gramm (R-TX), who won election to the U.S. Senate in 1984, and worked with him until 1999 when he departed for the private sector. Mr. Savercool worked in a variety of senior staff functions, including legislative assistant and deputy chief of staff during his tenure with Senator Gramm. He also served as chief of staff for U.S. Senator Kay Bailey Hutchison (R- TX) in 1993, who won a special election that year. In his long Senate career, Mr. Savercool focused on a number of legislative and policy issues, primarily in the international trade and technology areas, and managed over 100 people. He was tapped to be the vice president for federal affairs for the American Insurance Association (AIA) in 1999 and served in that capacity until 2003. While at the AIA, Mr. Savercool spearheaded the insurance industry’s efforts in passing the Terrorism Risk Insurance Act of 2002. He also led the industry’s efforts to open new markets for U.S. property and casualty insurance products abroad, specifically in China and India.

Building Trust in Client Relationship in the Age of Compliance (ethics CE)
Presented by Patricia H. Werhane | Wicklander Chair of Business Ethics, Managing Director of the Institute for Business and Professional Ethics at DePaul University and Professor Emeritus at the University of Virginia
(Originally presented March, 15, 2012, 4:15 p.m. ET)
CE Credit: One ethics hour CIMA^®, CIMC^®, and CPWA^®
Broadcast sponsored by IMCA 2012 Platinum Partner—Thornburg Investment Management.
Archived broadcast available for purchase through 3/15/2013; available for listening through 3/31/2013.

Over the last decade, and culminating in the 2008 global financial meltdown, there has been an erosion of trust and a concomitant rise of distrust in domestic companies, multinational enterprises, and political economies. Indeed there is a myth that most large companies and financial institutions have little in the way of integrity or ethics, and CEOs have been ranked below used car sales people as individuals of integrity. In response to this attrition, we have created a number of compliance instruments aimed at protecting the public against fraud and deception. Thus we have created a culture of compliance, reinforcing the decline of trust and what is perceived to be a paucity of ethics in organizations.

In this presentation Patricia Werhane suggests that trust is the “glue” of any viable political economy; and proposes that the stakes of violating public trust are particularly high in light of the asymmetry between trust and distrust. Second, she identifies a constellation of key barriers to overcoming distrust that companies face in the current environment and how one can spot evidence of this in companies. Third, she argues that, notwithstanding these challenges, these phenomena are not fatal and can be addressed through a holistic transformation in corporate culture and the creation of an ethical climate. Transparency in client relationships is part of building this trust, and choosing investments in organizations that meet basic moral standards helps to build long-term, open trustworthy relationships.

Patricia H. Werhane is the Wicklander Chair of Business Ethics, Managing Director of the Institute for Business and Professional Ethics at DePaul University and Professor Emeritus at the University of Virginia. She has been a Rockefeller Fellow at Dartmouth College and visiting professor at Cambridge University. Professor Werhane has published numerous articles and is the author or editor of over 20 books including Adam Smith and his Legacy for Modern Capitalism, Moral Imagination and Management Decision-Making both published by Oxford University Press, and Profitable Partnerships for Poverty Alleviation with L. Hartman, D. Moberg and S. Kelley. She is the founder and former Editor-in-Chief of Business Ethics Quarterly, the journal of the Society for Business Ethics, and she is an Academic Advisor to the Business Roundtable Institute for Corporate Ethics.

How To Manage Drawdowns – The Real Risk Measure
Presented by Arun Muralidhar, PhD | founder and chairman of Mcube Investment Technologies LLC and chairman and co-chief investment officer of AlphaEngine Global Investment Solutions (AEGIS), a subsidiary of Mcube.
(Originally presented April 19, 2012; 4:15 p.m. ET)
CE Credit: One hour CIMA^®, CIMC^®, and CPWA^®
Archived broadcast available for purchase through 4/19/2013; available for listening through 4/30/2013.
This audio broadcast has been pre-approved for one hour of CFP^® continuing education credit.

The true measure of risk for individual and institutional investors is drawdown, as you cannot finance your retirement with less losses. Academic theory, and sadly investment practice, has focused on volatility and relative risk as measures of risk and this has led to portfolios declining in value.In this session, we will discuss how investors can manage drawdowns through dynamically managing beta either at the total fund level or within a specific asset class.

Arun Muralidhar, PhD is founder and chairman of Mcube Investment Technologies LLC as well as chairman and co-chief investment officer of AlphaEngine Global Investment Solutions (AEGIS), a subsidiary of Mcube. Both firms assist pension funds and sovereign funds in asset allocation, currency management, and external manager oversight through customized investment advice and AlphaEngine® technology. Previously he served as managing director at FX Concepts Inc.; managing director/head of currency research at J.P. Morgan Fleming Asset Management; and head of research and a member of the investment management committee at the World Bank. He is author of Innovations in Pension Fund Management and co-author (with Franco Modigliani) of Rethinking Pension Reform and A SMART Approach to Portfolio Management. He earned a PhD in managerial economics from the MIT Sloan School of Management.