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<br /> · Learning lessons from Lehman<br /> · 3-D investing: why quality matters<br /> · Underlying causes of the flash crash<br /> · How to help clients deal with windfalls<br /> · An interview with Howard Marks:<br /> Why “girding for bad times” is essential<br /> September/October 2010<br /> The Country<br /> of the Future<br /> Despite Brazil's vast potential,<br /> should investors exercise caution?<br /> # """$ $! # ! $ " #"' ! $ <br /> -./0 " "( #"11*( $ /0./1 " '"! $!" " !#" ! $! ! " <br /> -/10/1+,0,,(-/10/1+,1,, !!"! ) &#" ! $! % #!" $ "!%"# !<br /> " ! ! $" "" "!" #" # #"!<br /> 8<br /> 63 Agree or Disagree:<br /> Environmental matters will increasingly drive share<a title="September/October 2010 CFA Magazine page 1" href="http://viewer.zmags.com/publication/774fb329?page=1"> · Learning lessons from Lehman </a> <a title="September/October 2010 CFA Magazine page 2" href="http://viewer.zmags.com/publication/774fb329?page=2"> # """$ </a> <a title="September/October 2010 CFA Magazine page 3" href="http://viewer.zmags.com/publication/774fb329?page=3"> 8 63 Agree or Disag</a> <a title="September/October 2010 CFA Magazine page 4" href="http://viewer.zmags.com/publication/774fb329?page=4"> September/October 2010 </a> <a title="September/October 2010 CFA Magazine page 5" href="http://viewer.zmags.com/publication/774fb329?page=5"> Having the best data is just the first step to su</a> <a title="September/October 2010 CFA Magazine page 6" href="http://viewer.zmags.com/publication/774fb329?page=6"> IN SUMMARY Any Really Penetrating Eye “To Thos</a> <a title="September/October 2010 CFA Magazine page 7" href="http://viewer.zmags.com/publication/774fb329?page=7"> ClariFI Screening the new Quantamen</a> <a title="September/October 2010 CFA Magazine page 8" href="http://viewer.zmags.com/publication/774fb329?page=8"> In Focus The Road to Convergence BY JOHN ROGE</a> <a title="September/October 2010 CFA Magazine page 9" href="http://viewer.zmags.com/publication/774fb329?page=9"> Search for investment industry openings on Joblin</a> <a title="September/October 2010 CFA Magazine page 10" href="http://viewer.zmags.com/publication/774fb329?page=10"> 8 </a> <a title="September/October 2010 CFA Magazine page 11" href="http://viewer.zmags.com/publication/774fb329?page=11"> FIGURE 1 Clearly</a> <a title="September/October 2010 CFA Magazine page 12" href="http://viewer.zmags.com/publication/774fb329?page=12"> 10 </a> <a title="September/October 2010 CFA Magazine page 13" href="http://viewer.zmags.com/publication/774fb329?page=13"> TABLE 3 What was unusual a</a> <a title="September/October 2010 CFA Magazine page 14" href="http://viewer.zmags.com/publication/774fb329?page=14"> Market </a> <a title="September/October 2010 CFA Magazine page 15" href="http://viewer.zmags.com/publication/774fb329?page=15"> Do the Right Thing After crisis and scandals, ma</a> <a title="September/October 2010 CFA Magazine page 16" href="http://viewer.zmags.com/publication/774fb329?page=16"> Market </a> <a title="September/October 2010 CFA Magazine page 17" href="http://viewer.zmags.com/publication/774fb329?page=17"> User Perceptions Regarding the Independent Audito</a> <a title="September/October 2010 CFA Magazine page 18" href="http://viewer.zmags.com/publication/774fb329?page=18"> Ethics FORUM Leaving an Employer BY DOROTHY </a> <a title="September/October 2010 CFA Magazine page 19" href="http://viewer.zmags.com/publication/774fb329?page=19"> leaving the former employer. Likewise, unless pro</a> <a title="September/October 2010 CFA Magazine page 20" href="http://viewer.zmags.com/publication/774fb329?page=20"> Ethics FORUM DISCIPLINARY NOTICES Time</a> <a title="September/October 2010 CFA Magazine page 21" href="http://viewer.zmags.com/publication/774fb329?page=21"> w r problem and believing that he w</a> <a title="September/October 2010 CFA Magazine page 22" href="http://viewer.zmags.com/publication/774fb329?page=22"> Portfolio </a> <a title="September/October 2010 CFA Magazine page 23" href="http://viewer.zmags.com/publication/774fb329?page=23"> in the Registration Statement: (1) if the SJL Fun</a> <a title="September/October 2010 CFA Magazine page 24" href="http://viewer.zmags.com/publication/774fb329?page=24"> Portfolio </a> <a title="September/October 2010 CFA Magazine page 25" href="http://viewer.zmags.com/publication/774fb329?page=25"> ! 438C8>=>5C74 5A><2508=BC8CDC4 =>F0E08;</a> <a title="September/October 2010 CFA Magazine page 26" href="http://viewer.zmags.com/publication/774fb329?page=26"> Analyst AGENDA Lessons from Le</a> <a title="September/October 2010 CFA Magazine page 27" href="http://viewer.zmags.com/publication/774fb329?page=27"> it just once,” he adds. “The problem for investor</a> <a title="September/October 2010 CFA Magazine page 28" href="http://viewer.zmags.com/publication/774fb329?page=28"> Analyst AGENDA Continued from pa</a> <a title="September/October 2010 CFA Magazine page 29" href="http://viewer.zmags.com/publication/774fb329?page=29"> Verified, but are you really compliant? If you'</a> <a title="September/October 2010 CFA Magazine page 30" href="http://viewer.zmags.com/publication/774fb329?page=30"> Private </a> <a title="September/October 2010 CFA Magazine page 31" href="http://viewer.zmags.com/publication/774fb329?page=31"> where they started within seven years,” says Klon</a> <a title="September/October 2010 CFA Magazine page 32" href="http://viewer.zmags.com/publication/774fb329?page=32"> Private </a> <a title="September/October 2010 CFA Magazine page 33" href="http://viewer.zmags.com/publication/774fb329?page=33"> CFA Institute: Upcoming Events September </a> <a title="September/October 2010 CFA Magazine page 34" href="http://viewer.zmags.com/publication/774fb329?page=34"> Trading TACTICS Gone in 60 Se</a> <a title="September/October 2010 CFA Magazine page 35" href="http://viewer.zmags.com/publication/774fb329?page=35"> the Washington Post and Citigroup as a result of </a> <a title="September/October 2010 CFA Magazine page 36" href="http://viewer.zmags.com/publication/774fb329?page=36"> Standards IN PRACTICE D</a> <a title="September/October 2010 CFA Magazine page 37" href="http://viewer.zmags.com/publication/774fb329?page=37"> because they pose significant risks to a company’</a> <a title="September/October 2010 CFA Magazine page 38" href="http://viewer.zmags.com/publication/774fb329?page=38"> MARG for ER Howard Marks, CFA, a self-professed “</a> <a title="September/October 2010 CFA Magazine page 39" href="http://viewer.zmags.com/publication/774fb329?page=39"> How do you make sure that this type of o</a> <a title="September/October 2010 CFA Magazine page 40" href="http://viewer.zmags.com/publication/774fb329?page=40"> You've had this type of incentive struct</a> <a title="September/October 2010 CFA Magazine page 41" href="http://viewer.zmags.com/publication/774fb329?page=41"> </a> <a title="September/October 2010 CFA Magazine page 42" href="http://viewer.zmags.com/publication/774fb329?page=42"> irst in a series on BRIC countries F THE COUNTRY</a> <a title="September/October 2010 CFA Magazine page 43" href="http://viewer.zmags.com/publication/774fb329?page=43"> Brazil’s state-controlled oil company, will inves</a> <a title="September/October 2010 CFA Magazine page 44" href="http://viewer.zmags.com/publication/774fb329?page=44"> and believes they will remain primarily the provi</a> <a title="September/October 2010 CFA Magazine page 45" href="http://viewer.zmags.com/publication/774fb329?page=45"> Mauricio Lima/AFP/Getty Images Traders at the Sa</a> <a title="September/October 2010 CFA Magazine page 46" href="http://viewer.zmags.com/publication/774fb329?page=46"> COMMODITY RISK Brazil’s financial healt</a> <a title="September/October 2010 CFA Magazine page 47" href="http://viewer.zmags.com/publication/774fb329?page=47"> ernment is in control and wants the oil extracted</a> <a title="September/October 2010 CFA Magazine page 48" href="http://viewer.zmags.com/publication/774fb329?page=48"> (“Simples”) that combines the collection of sever</a> <a title="September/October 2010 CFA Magazine page 49" href="http://viewer.zmags.com/publication/774fb329?page=49"> resulted in significant upward social mobility in</a> <a title="September/October 2010 CFA Magazine page 50" href="http://viewer.zmags.com/publication/774fb329?page=50"> BUSINESS After the deepest financial crisis since</a> <a title="September/October 2010 CFA Magazine page 51" href="http://viewer.zmags.com/publication/774fb329?page=51"> into ethically grey areas are not rewarded for it</a> <a title="September/October 2010 CFA Magazine page 52" href="http://viewer.zmags.com/publication/774fb329?page=52"> been significant improvements in the ratings,” he</a> <a title="September/October 2010 CFA Magazine page 53" href="http://viewer.zmags.com/publication/774fb329?page=53"> but German respondents had a particularly negativ</a> <a title="September/October 2010 CFA Magazine page 54" href="http://viewer.zmags.com/publication/774fb329?page=54"> CFA Institute BRIEFS New CFA Institute Board </a> <a title="September/October 2010 CFA Magazine page 55" href="http://viewer.zmags.com/publication/774fb329?page=55"> EMEA VOICE Ea</a> <a title="September/October 2010 CFA Magazine page 56" href="http://viewer.zmags.com/publication/774fb329?page=56"> CFA Institute BRIEFS A Summer Tradition CFA </a> <a title="September/October 2010 CFA Magazine page 57" href="http://viewer.zmags.com/publication/774fb329?page=57"> Asia-Pacific </a> <a title="September/October 2010 CFA Magazine page 58" href="http://viewer.zmags.com/publication/774fb329?page=58"> CFA Institute BRIEFS Members Refocus at 2010 </a> <a title="September/October 2010 CFA Magazine page 59" href="http://viewer.zmags.com/publication/774fb329?page=59"> CFA Institute </a> <a title="September/October 2010 CFA Magazine page 60" href="http://viewer.zmags.com/publication/774fb329?page=60"> 58 </a> <a title="September/October 2010 CFA Magazine page 61" href="http://viewer.zmags.com/publication/774fb329?page=61"> EDUCATION CALENDAR EUROPE, MIDDLE EAST, & AFRI</a> <a title="September/October 2010 CFA Magazine page 62" href="http://viewer.zmags.com/publication/774fb329?page=62"> Chapter 10 Everything a Young Charterholder Shoul</a> <a title="September/October 2010 CFA Magazine page 63" href="http://viewer.zmags.com/publication/774fb329?page=63"> systems required leadership, cooperation, and the</a> <a title="September/October 2010 CFA Magazine page 64" href="http://viewer.zmags.com/publication/774fb329?page=64"> Chapter 10 Continued from page 61 because uraniu</a> <a title="September/October 2010 CFA Magazine page 65" href="http://viewer.zmags.com/publication/774fb329?page=65"> Point Counterpoint Environmental matters wil</a> <a title="September/October 2010 CFA Magazine page 66" href="http://viewer.zmags.com/publication/774fb329?page=66"> 8-10 NOVEMBER 2010 </a> <a title="September/October 2010 CFA Magazine page 67" href="http://viewer.zmags.com/publication/774fb329?page=67"> AGENDA PLENARY SESSIONS Keynote Address Nouriel </a> <a title="September/October 2010 CFA Magazine page 68" href="http://viewer.zmags.com/publication/774fb329?page=68"> No Matter How You Say It, AFG Speaks Glob</a>