*This event is exclusive to CAIA Members and is kindly sponsored by Jones Day*
Seating is limited and will be allocated on a first-come first-served basis.
Momentum, Change and Risk Management
"Nowcasting is to forecasting what astronomy is to astrology"
Benjamin Graham once said: "The essence of investment management is the management of risks, not the management of returns." This presentation's main objective is to share some ideas and tools that make the risk management process more pragmatic and the investment decision-making process more robust.
Alexander Ineichen, founder of IR&M, has spent the last couple of years focusing his research on how investors can use 'nowcasting' (as opposed to forecasting) and the ideas behind momentum investing in relation to risk management. The risk management research underlying nowcasting was designed to improve investment decision-making using fact-based criteria, rather than opinions and forecasts. The basic premise is that long-term success is dependent on survival and avoidance of large losses, i.e., the management of risk, not returns.
Nowcasting is the economic discipline of determining a trend or a trend reversal objectively in real time. Nowcasting is fact-based, focuses on the known and knowable, and therefore avoids forecasting. In his presentation Alexander will claim that nowcasting is the basis of a robust decision-making process. The presentation will further elaborate on how various forms of momentum can help with risk management. Alexander will show three types of momentum (macro, earnings, and price momentum) and demonstrate how these measures can provide signals that can initiate a thought process; thus helping to preserve wealth.
Programme:
12:15-12:30 Registration & Lunch
12:30-13:30 Presentation by Alexander Ineichen
13:30-14:00 Q&A & Networking
About Alexander Ineichen:
Alexander M. Ineichen is the founder of Ineichen Research and Management AG, and has been a CAIA Association member since 2003. Alexander started his financial career in origination of risk management products at Swiss Bank Corporation in 1988. From 1991 to 2005, he had various research functions within UBS Investment Bank in Zurich and London related to equity derivatives, indices, capital flows, and alternative investments. At UBS, he focused on asset allocation, risk management and research initiatives, three areas that play a key role in the CAIA Association's curriculum.
Alexander has written extensively on investment topics. He is the author of the two popular UBS research publications, "In Search of Alpha-Investing in Hedge Funds" (October 2000) and "The Search for Alpha Continues-Do Fund of Hedge Funds Add Value?" (September 2001), as well as two books, Absolute Returns-The Risk and Opportunities of Hedge Fund Investing (Wiley Finance, 2002) and Asymmetric Returns-The Future of Active Asset Management (Wiley Finance, 2006). He is also the author of AIMA's "Roadmap to Hedge Funds" that has been published in 2008 and updated in 2012. He has published research on equity derivatives and hedge funds in various peer-refereed financial journals, contributed several chapters to financial books, and written numerous articles for the financial press.
Alexander holds a Federal Diploma of Economics and Business Administration (SEBA) from the Universities of Applied Sciences SIB in Zurich, Switzerland as well as the Chartered Financial Analyst (CFA) and the FRM designations.
Please note : this event is only open to CAIA members. For more information please contact us on hongkong@caia.org