If you are visually impaired or blind, you can visit the PDF version by Pressing CONTROL + ALT + 4
<br /> Nov/Dec 2012<br /> The Member Magazine for Investment Professionals<br /> THE COMING REAL<br /> ESTATE REVIVAL?<br /> INTELLECTUAL PROPERTY<br /> AND ALPHA<br /> THE SEARCH FOR SAFETY:<br /> SURPRISING CHOICES<br /> Overcoming<br /> Decision<br /> Fatigue<br /> Core values<br /> that never change<br /> “Create technology to provide<br /> liquidity on better terms. Compete on<br /> price, speed, size, diversity of global<br /> products and advanced trading tools.”<br /> -Thomas Peterffy, Founder and CEO<br /> ª& RPSOHWHWXUQNH\SULPHEURNHUVROXWLRQVIRU$GYLVRUV0RQH\0DQDJHUV%URNHUV<br /> 3URSULHWDU\7UDGLQJ*URXSVDQG+HGJH 0XWXDO)XQGV<br /> ª/ HQGLQJUDWHVIURP WR RYHU/,%25<br /> ª,QGXVWU\OHDGLQJEHVWSULFHH[HFXWLRQ<br /> ª7 UDQVSDUHQWFRVWSOXVSULFLQJGLVFRXQWHGE\YROXPHWRDVORZDVWKSHQQ\SHUVKDUH<br /> FHQWVSHURSWLRQVFRQWUDFWDQGFHQWVSHUIXWXUHVF<a title="November/December 2012 CFA Institute Magazine page 1" href="http://viewer.zmags.com/publication/9c2fa379?page=1"> </a> <a title="November/December 2012 CFA Institute Magazine page 2" href="http://viewer.zmags.com/publication/9c2fa379?page=2"> Core values that never change “Create technolog</a> <a title="November/December 2012 CFA Institute Magazine page 3" href="http://viewer.zmags.com/publication/9c2fa379?page=3"> Nov/Dec 2012 30 Mission and Visio</a> <a title="November/December 2012 CFA Institute Magazine page 4" href="http://viewer.zmags.com/publication/9c2fa379?page=4"> Nov/Dec 2012 CFA INSTITUTE NEWS 20 8 In Foc</a> <a title="November/December 2012 CFA Institute Magazine page 5" href="http://viewer.zmags.com/publication/9c2fa379?page=5"> % #)# & %* % $'# $% % % </a> <a title="November/December 2012 CFA Institute Magazine page 6" href="http://viewer.zmags.com/publication/9c2fa379?page=6"> Now available from the Research Foundation of CFA</a> <a title="November/December 2012 CFA Institute Magazine page 7" href="http://viewer.zmags.com/publication/9c2fa379?page=7"> 19–22 May 2013 | Singapore FEATURE</a> <a title="November/December 2012 CFA Institute Magazine page 8" href="http://viewer.zmags.com/publication/9c2fa379?page=8"> The CFA Institute Annual Conference is one of the</a> <a title="November/December 2012 CFA Institute Magazine page 9" href="http://viewer.zmags.com/publication/9c2fa379?page=9"> IN SUMMARY The Singular Habit of Highly Unsucc</a> <a title="November/December 2012 CFA Institute Magazine page 10" href="http://viewer.zmags.com/publication/9c2fa379?page=10"> CFA INSTITUTE NEWS IN FOCUS Words, Actions, W</a> <a title="November/December 2012 CFA Institute Magazine page 11" href="http://viewer.zmags.com/publication/9c2fa379?page=11"> </a> <a title="November/December 2012 CFA Institute Magazine page 12" href="http://viewer.zmags.com/publication/9c2fa379?page=12"> CFA INSTITUTE NEWS EMEA VOICE Boardroom Diver</a> <a title="November/December 2012 CFA Institute Magazine page 13" href="http://viewer.zmags.com/publication/9c2fa379?page=13"> CFA Institute—EDHEC-Risk Institute Advances in</a> <a title="November/December 2012 CFA Institute Magazine page 14" href="http://viewer.zmags.com/publication/9c2fa379?page=14"> CFA INSTITUTE NEWS The Importance of Practitio</a> <a title="November/December 2012 CFA Institute Magazine page 15" href="http://viewer.zmags.com/publication/9c2fa379?page=15"> CFA Institute—EDHEC-Risk Institute Advan</a> <a title="November/December 2012 CFA Institute Magazine page 16" href="http://viewer.zmags.com/publication/9c2fa379?page=16"> $'"*/45*565& 3&4&"3$)$)"--&/(& 5IF$'"*OTUJUVUF3</a> <a title="November/December 2012 CFA Institute Magazine page 17" href="http://viewer.zmags.com/publication/9c2fa379?page=17"> CFA INSTITUTE NEWS Making the Mission Visible </a> <a title="November/December 2012 CFA Institute Magazine page 18" href="http://viewer.zmags.com/publication/9c2fa379?page=18"> 0RUQLQJVWDUIRUWKHÀIWKFRQVHFXWLYH\HDU7KHVRFLHW\SUH</a> <a title="November/December 2012 CFA Institute Magazine page 19" href="http://viewer.zmags.com/publication/9c2fa379?page=19"> C746>;3BC0=30A3) 0585CH H40A78BC>AH>5C74250270AC4</a> <a title="November/December 2012 CFA Institute Magazine page 20" href="http://viewer.zmags.com/publication/9c2fa379?page=20"> CFA INSTITUTE NEWS IN MEMORIAM John Nagorni</a> <a title="November/December 2012 CFA Institute Magazine page 21" href="http://viewer.zmags.com/publication/9c2fa379?page=21"> Try This Test If you're at all uncertain about u</a> <a title="November/December 2012 CFA Institute Magazine page 22" href="http://viewer.zmags.com/publication/9c2fa379?page=22"> VIEWPOINT Surprising Choices in the Search for</a> <a title="November/December 2012 CFA Institute Magazine page 23" href="http://viewer.zmags.com/publication/9c2fa379?page=23"> unaware of the possible—and most OLNHO\SHUPDQHQW³</a> <a title="November/December 2012 CFA Institute Magazine page 24" href="http://viewer.zmags.com/publication/9c2fa379?page=24"> VIEWPOINT Investment Implications of State Cap</a> <a title="November/December 2012 CFA Institute Magazine page 25" href="http://viewer.zmags.com/publication/9c2fa379?page=25"> VIEWPOINT LETTERS RISKS OF FARMLAND INVESTING</a> <a title="November/December 2012 CFA Institute Magazine page 26" href="http://viewer.zmags.com/publication/9c2fa379?page=26"> PROFESSIONAL PRACTICE PORTFOLIO PERFORMANCE F</a> <a title="November/December 2012 CFA Institute Magazine page 27" href="http://viewer.zmags.com/publication/9c2fa379?page=27"> contract to help institutional investors particip</a> <a title="November/December 2012 CFA Institute Magazine page 28" href="http://viewer.zmags.com/publication/9c2fa379?page=28"> PROFESSIONAL PRACTICE ANALYST AGENDA Get Smar</a> <a title="November/December 2012 CFA Institute Magazine page 29" href="http://viewer.zmags.com/publication/9c2fa379?page=29"> IP-driven private equity investing is the last</a> <a title="November/December 2012 CFA Institute Magazine page 30" href="http://viewer.zmags.com/publication/9c2fa379?page=30"> PROFESSIONAL PRACTICE PRIVATE CLIENT CORNER L</a> <a title="November/December 2012 CFA Institute Magazine page 31" href="http://viewer.zmags.com/publication/9c2fa379?page=31"> RISK MANAGEMENT ONLY 2WKHUDGYLVHUVGRQ·WEX\LQWRWKH</a> <a title="November/December 2012 CFA Institute Magazine page 32" href="http://viewer.zmags.com/publication/9c2fa379?page=32"> MISSION ISIO&V N By Rhea Wessel </a> <a title="November/December 2012 CFA Institute Magazine page 33" href="http://viewer.zmags.com/publication/9c2fa379?page=33"> Roger Urwin, chair of the Planning Committee for </a> <a title="November/December 2012 CFA Institute Magazine page 34" href="http://viewer.zmags.com/publication/9c2fa379?page=34"> LQGXVWU\DQGLWVQH[XVZLWKVRFLHW\7KHÀUVWFRQ- FHUQVWK</a> <a title="November/December 2012 CFA Institute Magazine page 35" href="http://viewer.zmags.com/publication/9c2fa379?page=35"> Investment professionals have seen many attemp</a> <a title="November/December 2012 CFA Institute Magazine page 36" href="http://viewer.zmags.com/publication/9c2fa379?page=36"> OVERCOMING DECISION FATIGUE 34 CFA Insti</a> <a title="November/December 2012 CFA Institute Magazine page 37" href="http://viewer.zmags.com/publication/9c2fa379?page=37"> As the number of investment decisions increases, </a> <a title="November/December 2012 CFA Institute Magazine page 38" href="http://viewer.zmags.com/publication/9c2fa379?page=38"> </a> <a title="November/December 2012 CFA Institute Magazine page 39" href="http://viewer.zmags.com/publication/9c2fa379?page=39"> WKHLQVWLWXWLRQDOVLGHZLWKLWVSUDFWLFDOO\LQÀ- QLWH W</a> <a title="November/December 2012 CFA Institute Magazine page 40" href="http://viewer.zmags.com/publication/9c2fa379?page=40"> THE GRE AT D E BATE The point of writing a book </a> <a title="November/December 2012 CFA Institute Magazine page 41" href="http://viewer.zmags.com/publication/9c2fa379?page=41"> position. Keynes had this holistic understanding </a> <a title="November/December 2012 CFA Institute Magazine page 42" href="http://viewer.zmags.com/publication/9c2fa379?page=42"> IT IS NO that it would be paid</a> <a title="November/December 2012 CFA Institute Magazine page 43" href="http://viewer.zmags.com/publication/9c2fa379?page=43"> in borrowing at all. He thought that everybody sh</a> <a title="November/December 2012 CFA Institute Magazine page 44" href="http://viewer.zmags.com/publication/9c2fa379?page=44"> You could reduce the cost of Medicare. The</a> <a title="November/December 2012 CFA Institute Magazine page 45" href="http://viewer.zmags.com/publication/9c2fa379?page=45"> %*% :06 ,/08 *U TFBTJFSUIBOFWFSGPS FNQMPZFST DPM</a> <a title="November/December 2012 CFA Institute Magazine page 46" href="http://viewer.zmags.com/publication/9c2fa379?page=46"> Photography by Cade Martin 44 CFA Institute Mag</a> <a title="November/December 2012 CFA Institute Magazine page 47" href="http://viewer.zmags.com/publication/9c2fa379?page=47"> “We want to speak out when we see good things hap</a> <a title="November/December 2012 CFA Institute Magazine page 48" href="http://viewer.zmags.com/publication/9c2fa379?page=48"> AS THE DODD–FRANK RULES BECOME MORE COMPLEX, THEY</a> <a title="November/December 2012 CFA Institute Magazine page 49" href="http://viewer.zmags.com/publication/9c2fa379?page=49"> Can the SRC effectively compete with the lobbying</a> <a title="November/December 2012 CFA Institute Magazine page 50" href="http://viewer.zmags.com/publication/9c2fa379?page=50"> ETHICS AND STANDARDS MARKET INTEGRITY AND ADVOCAC</a> <a title="November/December 2012 CFA Institute Magazine page 51" href="http://viewer.zmags.com/publication/9c2fa379?page=51"> On the less-optimistic side: Australia's</a> <a title="November/December 2012 CFA Institute Magazine page 52" href="http://viewer.zmags.com/publication/9c2fa379?page=52"> ETHICS AND STANDARDS MARKET INTEGRITY AND ADVOCAC</a> <a title="November/December 2012 CFA Institute Magazine page 53" href="http://viewer.zmags.com/publication/9c2fa379?page=53"> Is “Dark Pool” Trading Hurting Market Quality? </a> <a title="November/December 2012 CFA Institute Magazine page 54" href="http://viewer.zmags.com/publication/9c2fa379?page=54"> ETHICS AND STANDARDS MARKET INTEGRITY AND ADVOCAC</a> <a title="November/December 2012 CFA Institute Magazine page 55" href="http://viewer.zmags.com/publication/9c2fa379?page=55"> Reining in Derivatives Risk CFA Institute will so</a> <a title="November/December 2012 CFA Institute Magazine page 56" href="http://viewer.zmags.com/publication/9c2fa379?page=56"> ETHICS AND STANDARDS PROFESSIONAL CONDUCT Dil</a> <a title="November/December 2012 CFA Institute Magazine page 57" href="http://viewer.zmags.com/publication/9c2fa379?page=57"> Not surprisingly, the CFA Institute Code and</a> <a title="November/December 2012 CFA Institute Magazine page 58" href="http://viewer.zmags.com/publication/9c2fa379?page=58"> CHAPTER 10 Spare Parts Flying in Close Formati</a> <a title="November/December 2012 CFA Institute Magazine page 59" href="http://viewer.zmags.com/publication/9c2fa379?page=59"> “Ignorance of the 12c can Ưash more warning sign</a> <a title="November/December 2012 CFA Institute Magazine page 60" href="http://viewer.zmags.com/publication/9c2fa379?page=60"> ! !(!$)$ &!+.% </a>