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<br /> Now playing: Great Contraction 2<br /> Unhedged China risk in your portfolio?<br /> Climate change disclosures and valuation<br /> Project management: analyst blind spot?<br /> Adaptive asset allocation and performance<br /> 10 years on: 9/11 memorial scholarship fund<br /> November/December 2011<br /> A Half-Open Door<br /> Will the renminbi emerge as an<br /> international reserve currency?<br /> <br /> <br /> <br /> ! !(!$)$ &!+.% $ &%+!' '$&& +& ! % $ "$!( & !(&("$!$ <br /> $% +&%&!! %&& "+!'! "$ +, ( '&+!'$"!$&! !% ! %' &&(""$!!'$*"$&%<br /> $&&$' +'%&! ,%! '&! % !) +!'&! ! &!$ (%& &%($++$!%% %&$' &% %%& %%%!'%<br /> ! "$!$ +&%%!+!' !'%! $ )&%<br /> + ! ! %%&%$( <br /> ! %&!$"!$&$ ! ! )!$ ! !$"!$&! $!'&% %$(%$"$!( ($!'%!' &$%+%'%$%/ &% ! &( &'$%!<br /> ! )!$ ! !$"!$&! ' ! )!$ ! %! %& %+&$"$&+"<a title="November/December 2011 CFA Magazine page 1" href="http://viewer.zmags.com/publication/761a93ac?page=1"> Now playing: Great Contraction </a> <a title="November/December 2011 CFA Magazine page 2" href="http://viewer.zmags.com/publication/761a93ac?page=2"> ! !(!$)$ &!+.% </a> <a title="November/December 2011 CFA Magazine page 3" href="http://viewer.zmags.com/publication/761a93ac?page=3"> November/December 2011 COVER STORY 36 A H</a> <a title="November/December 2011 CFA Magazine page 4" href="http://viewer.zmags.com/publication/761a93ac?page=4"> INTEGRITY 20 The Value of Our Industry </a> <a title="November/December 2011 CFA Magazine page 5" href="http://viewer.zmags.com/publication/761a93ac?page=5"> November/December 2011 VOL. 22, NO. 6 CFA Ma</a> <a title="November/December 2011 CFA Magazine page 6" href="http://viewer.zmags.com/publication/761a93ac?page=6"> IN SUMMARY Ode on a Grecian Downturn “Heard me</a> <a title="November/December 2011 CFA Magazine page 7" href="http://viewer.zmags.com/publication/761a93ac?page=7"> Announces The First Annual SPIVA® Awards 2011 $</a> <a title="November/December 2011 CFA Magazine page 8" href="http://viewer.zmags.com/publication/761a93ac?page=8"> In Focus Back to the Basics BY JOHN ROGERS, CFA</a> <a title="November/December 2011 CFA Magazine page 9" href="http://viewer.zmags.com/publication/761a93ac?page=9"> How to Think about the Unthinkable In 1</a> <a title="November/December 2011 CFA Magazine page 10" href="http://viewer.zmags.com/publication/761a93ac?page=10"> LETTERS control of their socio-economic system</a> <a title="November/December 2011 CFA Magazine page 11" href="http://viewer.zmags.com/publication/761a93ac?page=11"> otherwise have limited the company’s ability to c</a> <a title="November/December 2011 CFA Magazine page 12" href="http://viewer.zmags.com/publication/761a93ac?page=12"> LETTERS professional value and career options.</a> <a title="November/December 2011 CFA Magazine page 13" href="http://viewer.zmags.com/publication/761a93ac?page=13"> Viewpoint China: Unhedged Risk in Your Portfolio?</a> <a title="November/December 2011 CFA Magazine page 14" href="http://viewer.zmags.com/publication/761a93ac?page=14"> governments totaling more than 15 percent of GDP.</a> <a title="November/December 2011 CFA Magazine page 15" href="http://viewer.zmags.com/publication/761a93ac?page=15"> Viewpoint Public Policy and Pension Promises C</a> <a title="November/December 2011 CFA Magazine page 16" href="http://viewer.zmags.com/publication/761a93ac?page=16"> FIGURE 2 Public Pension Plan Investment R</a> <a title="November/December 2011 CFA Magazine page 17" href="http://viewer.zmags.com/publication/761a93ac?page=17"> Viewpoint Climate Change Disclosures: Should Anal</a> <a title="November/December 2011 CFA Magazine page 18" href="http://viewer.zmags.com/publication/761a93ac?page=18"> S&P 500 and the Toronto Stock Exchange (TSE) 200 </a> <a title="November/December 2011 CFA Magazine page 19" href="http://viewer.zmags.com/publication/761a93ac?page=19"> to investors, but the stock market imposes great</a> <a title="November/December 2011 CFA Magazine page 20" href="http://viewer.zmags.com/publication/761a93ac?page=20"> ACommitment TOExcellence The CFA Institute Conti</a> <a title="November/December 2011 CFA Magazine page 21" href="http://viewer.zmags.com/publication/761a93ac?page=21"> 20 YEARS Gerald L. Fuller, CFA Clifford A. Glads</a> <a title="November/December 2011 CFA Magazine page 22" href="http://viewer.zmags.com/publication/761a93ac?page=22"> Market INTEGRITY The Value of Our Industry Are</a> <a title="November/December 2011 CFA Magazine page 23" href="http://viewer.zmags.com/publication/761a93ac?page=23"> GIPS Standards Taking Root in Latin America BY</a> <a title="November/December 2011 CFA Magazine page 24" href="http://viewer.zmags.com/publication/761a93ac?page=24"> Market INTEGRITY Is Global “Say on Pay” Here to</a> <a title="November/December 2011 CFA Magazine page 25" href="http://viewer.zmags.com/publication/761a93ac?page=25"> concerned parties in submitting comments on this </a> <a title="November/December 2011 CFA Magazine page 26" href="http://viewer.zmags.com/publication/761a93ac?page=26"> Ethics FORUM Pensions and the Duty of Loyalty </a> <a title="November/December 2011 CFA Magazine page 27" href="http://viewer.zmags.com/publication/761a93ac?page=27"> DISCIPLINARY NOTICES Revocations On 8 August 20</a> <a title="November/December 2011 CFA Magazine page 28" href="http://viewer.zmags.com/publication/761a93ac?page=28"> Ethics FORUM automatically suspending his CFA </a> <a title="November/December 2011 CFA Magazine page 29" href="http://viewer.zmags.com/publication/761a93ac?page=29"> 3&(*45&3#: čċ%&$&.#&3 "/%4"7&ĕČĊĊ 7UGRTQOQVKQPCN</a> <a title="November/December 2011 CFA Magazine page 30" href="http://viewer.zmags.com/publication/761a93ac?page=30"> Portfolio PERFORMANCE Settle for More? KEY P</a> <a title="November/December 2011 CFA Magazine page 31" href="http://viewer.zmags.com/publication/761a93ac?page=31"> of policies to investors. Investors, on the other</a> <a title="November/December 2011 CFA Magazine page 32" href="http://viewer.zmags.com/publication/761a93ac?page=32"> Portfolio PERFORMANCE PRACTICE PROFESSIONAL a m</a> <a title="November/December 2011 CFA Magazine page 33" href="http://viewer.zmags.com/publication/761a93ac?page=33"> Analyst AGENDA An Overlooked Value Driver? P</a> <a title="November/December 2011 CFA Magazine page 34" href="http://viewer.zmags.com/publication/761a93ac?page=34"> Analyst AGENDA improved communication, redefine</a> <a title="November/December 2011 CFA Magazine page 35" href="http://viewer.zmags.com/publication/761a93ac?page=35"> because they don’t have a project management back</a> <a title="November/December 2011 CFA Magazine page 36" href="http://viewer.zmags.com/publication/761a93ac?page=36"> Private CLIENT CORNER The Domicil</a> <a title="November/December 2011 CFA Magazine page 37" href="http://viewer.zmags.com/publication/761a93ac?page=37"> don’t pay any income tax, but with that US$5,000 </a> <a title="November/December 2011 CFA Magazine page 38" href="http://viewer.zmags.com/publication/761a93ac?page=38"> A Half-Open Door </a> <a title="November/December 2011 CFA Magazine page 39" href="http://viewer.zmags.com/publication/761a93ac?page=39"> In the offices of Hon</a> <a title="November/December 2011 CFA Magazine page 40" href="http://viewer.zmags.com/publication/761a93ac?page=40"> has developed. The heart of the problem is the pa</a> <a title="November/December 2011 CFA Magazine page 41" href="http://viewer.zmags.com/publication/761a93ac?page=41"> And investment in these bonds is no longer</a> <a title="November/December 2011 CFA Magazine page 42" href="http://viewer.zmags.com/publication/761a93ac?page=42"> HIGHER EDUCATION is perhaps the world’s least con</a> <a title="November/December 2011 CFA Magazine page 43" href="http://viewer.zmags.com/publication/761a93ac?page=43"> are able to raise prices for decades at significa</a> <a title="November/December 2011 CFA Magazine page 44" href="http://viewer.zmags.com/publication/761a93ac?page=44"> Roksa found that 45 percent of U.S. college stude</a> <a title="November/December 2011 CFA Magazine page 45" href="http://viewer.zmags.com/publication/761a93ac?page=45"> The more serious risk may be to the U.S. e</a> <a title="November/December 2011 CFA Magazine page 46" href="http://viewer.zmags.com/publication/761a93ac?page=46"> THREE YEARS AFTER THE GLOBAL FINANCIAL CRISIS, ev</a> <a title="November/December 2011 CFA Magazine page 47" href="http://viewer.zmags.com/publication/761a93ac?page=47"> are remarkable. The U.S. crisis is so average. We</a> <a title="November/December 2011 CFA Magazine page 48" href="http://viewer.zmags.com/publication/761a93ac?page=48"> markers. Again, that is an area where we were abl</a> <a title="November/December 2011 CFA Magazine page 49" href="http://viewer.zmags.com/publication/761a93ac?page=49"> Adaptive As In an award-winning article, William </a> <a title="November/December 2011 CFA Magazine page 50" href="http://viewer.zmags.com/publication/761a93ac?page=50"> A key assumption underpinning the traditio</a> <a title="November/December 2011 CFA Magazine page 51" href="http://viewer.zmags.com/publication/761a93ac?page=51"> important to ignore when setting the policy portf</a> <a title="November/December 2011 CFA Magazine page 52" href="http://viewer.zmags.com/publication/761a93ac?page=52"> EMEA VOICE A New Era for International Accounti</a> <a title="November/December 2011 CFA Magazine page 53" href="http://viewer.zmags.com/publication/761a93ac?page=53"> CFA Institute BRIEFS Ten Years On Scholarship </a> <a title="November/December 2011 CFA Magazine page 54" href="http://viewer.zmags.com/publication/761a93ac?page=54"> CFA Institute BRIEFS In Memoriam John</a> <a title="November/December 2011 CFA Magazine page 55" href="http://viewer.zmags.com/publication/761a93ac?page=55"> Americas OUTLOOK Planting Seeds BY ROBERT JOH</a> <a title="November/December 2011 CFA Magazine page 56" href="http://viewer.zmags.com/publication/761a93ac?page=56"> Asia-Pacific FOCUS Commitment to Lifelong Learni</a> <a title="November/December 2011 CFA Magazine page 57" href="http://viewer.zmags.com/publication/761a93ac?page=57"> </a> <a title="November/December 2011 CFA Magazine page 58" href="http://viewer.zmags.com/publication/761a93ac?page=58"> Chapter 10 Of Laundry and Lavish Compensation</a> <a title="November/December 2011 CFA Magazine page 59" href="http://viewer.zmags.com/publication/761a93ac?page=59"> QA STUDIO * OPPORTUNITY HAS NOWHERE TO HI</a> <a title="November/December 2011 CFA Magazine page 60" href="http://viewer.zmags.com/publication/761a93ac?page=60"> No Matter How You Say It, AFG Speaks Globa</a>