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<br /> The Member Magazine for Investment Professionals<br /> June 2016<br /> CAN YOU OUTTHINK A SMART MACHINE?<br /> WANTED: A NEW BUSINESS MODEL<br /> FOR ASSET MANAGERS<br /> WHY INVESTORS MAKE BAD LIE DETECTORS<br /> Does your<br /> career plan<br /> have a vision<br /> for big data?<br /> WHY BUY A SINGLE STOCK WHEN YOU<br /> CAN INVEST IN THE ENTIRE SECTOR?<br /> Technology Sector SPDR ETF<br /> Top Ten Holdings*<br /> XLK - TECHNOLOGY<br /> Company Name Symbol Weight<br /> 1 Apple AAPL 12.89%<br /> 2 Microsoft MSFT 9.78%<br /> 3 Facebook A FB 6.69%<br /> 4 AT&T T 5.92%<br /> 5 Alphabet A GOOGL 5.14%<br /> 6 Alphabet C <a title="June 2016 CFA Institute Magazine page 1" href="http://viewer.zmags.com/publication/dc0fa42e?page=1"> The Member Magazine for Investment Professi</a> <a title="June 2016 CFA Institute Magazine page 2" href="http://viewer.zmags.com/publication/dc0fa42e?page=2"> WHY BUY A SINGLE STOCK WHEN YOU CAN INVEST IN T</a> <a title="June 2016 CFA Institute Magazine page 3" href="http://viewer.zmags.com/publication/dc0fa42e?page=3"> June 2016 40 44 “RISK AVERSION CARR</a> <a title="June 2016 CFA Institute Magazine page 4" href="http://viewer.zmags.com/publication/dc0fa42e?page=4"> June 2016 1 1 17 63 20 C</a> <a title="June 2016 CFA Institute Magazine page 5" href="http://viewer.zmags.com/publication/dc0fa42e?page=5"> CIBC Capital Markets named Canada Derivatives Hou</a> <a title="June 2016 CFA Institute Magazine page 6" href="http://viewer.zmags.com/publication/dc0fa42e?page=6"> TRADING AND ELECTRONIC MARKETS: WHAT INVESTMENT P</a> <a title="June 2016 CFA Institute Magazine page 7" href="http://viewer.zmags.com/publication/dc0fa42e?page=7"> Earning your con dence by offering investment sol</a> <a title="June 2016 CFA Institute Magazine page 8" href="http://viewer.zmags.com/publication/dc0fa42e?page=8"> IN SUMMARY Progress (and Other Monsters) “This</a> <a title="June 2016 CFA Institute Magazine page 9" href="http://viewer.zmags.com/publication/dc0fa42e?page=9"> YOU PUT INVESTORS FIRST. WE PUT YOU FIRST. © 201</a> <a title="June 2016 CFA Institute Magazine page 10" href="http://viewer.zmags.com/publication/dc0fa42e?page=10"> CFA INSTITUTE NEWS IN FOCUS Where We Are Going</a> <a title="June 2016 CFA Institute Magazine page 11" href="http://viewer.zmags.com/publication/dc0fa42e?page=11"> CFA INSTITUTE NEWS APAC FOCUS The Asia-Pacific</a> <a title="June 2016 CFA Institute Magazine page 12" href="http://viewer.zmags.com/publication/dc0fa42e?page=12"> CFA INSTITUTE NEWS APAC FOCUS the contributor’s</a> <a title="June 2016 CFA Institute Magazine page 13" href="http://viewer.zmags.com/publication/dc0fa42e?page=13"> CFA INSTITUTE NEWS AMERICAS OUTLOOK Amplifying</a> <a title="June 2016 CFA Institute Magazine page 14" href="http://viewer.zmags.com/publication/dc0fa42e?page=14"> CFA INSTITUTE NEWS Focusing on Member Value B</a> <a title="June 2016 CFA Institute Magazine page 15" href="http://viewer.zmags.com/publication/dc0fa42e?page=15"> A Difference That Matters™ FIVE CHARTERHOLDERS TE</a> <a title="June 2016 CFA Institute Magazine page 16" href="http://viewer.zmags.com/publication/dc0fa42e?page=16"> CFA INSTITUTE NEWS not enough creativity in th</a> <a title="June 2016 CFA Institute Magazine page 17" href="http://viewer.zmags.com/publication/dc0fa42e?page=17"> provides career support to graduates and new entr</a> <a title="June 2016 CFA Institute Magazine page 18" href="http://viewer.zmags.com/publication/dc0fa42e?page=18"> CFA INSTITUTE NEWS Social Media Program Promote</a> <a title="June 2016 CFA Institute Magazine page 19" href="http://viewer.zmags.com/publication/dc0fa42e?page=19"> Extending the Mission IN ITS 10TH YEAR, THE CFA I</a> <a title="June 2016 CFA Institute Magazine page 20" href="http://viewer.zmags.com/publication/dc0fa42e?page=20"> CFA INSTITUTE NEWS made the CFA Institute Rese</a> <a title="June 2016 CFA Institute Magazine page 21" href="http://viewer.zmags.com/publication/dc0fa42e?page=21"> CFA Institute Addresses Membership Dues By Nanc</a> <a title="June 2016 CFA Institute Magazine page 22" href="http://viewer.zmags.com/publication/dc0fa42e?page=22"> VIEWPOINT Can You Outthink a Smart Machine? B</a> <a title="June 2016 CFA Institute Magazine page 23" href="http://viewer.zmags.com/publication/dc0fa42e?page=23"> and fear head on. It seeks to transform the human</a> <a title="June 2016 CFA Institute Magazine page 24" href="http://viewer.zmags.com/publication/dc0fa42e?page=24"> VIEWPOINT LETTER The Value of Competent Human </a> <a title="June 2016 CFA Institute Magazine page 25" href="http://viewer.zmags.com/publication/dc0fa42e?page=25"> Reconnecting Finance and the Good Society HOW A L</a> <a title="June 2016 CFA Institute Magazine page 26" href="http://viewer.zmags.com/publication/dc0fa42e?page=26"> VIEWPOINT How will the program make a differen</a> <a title="June 2016 CFA Institute Magazine page 27" href="http://viewer.zmags.com/publication/dc0fa42e?page=27"> ALPHA AND GENDER DIVERSITY THE COMPETITIVE EDGE 1</a> <a title="June 2016 CFA Institute Magazine page 28" href="http://viewer.zmags.com/publication/dc0fa42e?page=28"> PROFESSIONAL PRACTICE CAREER CONNECTION Gettin</a> <a title="June 2016 CFA Institute Magazine page 29" href="http://viewer.zmags.com/publication/dc0fa42e?page=29"> go through an intermediary. This approach is gett</a> <a title="June 2016 CFA Institute Magazine page 30" href="http://viewer.zmags.com/publication/dc0fa42e?page=30"> PROFESSIONAL PRACTICE CAREER CONNECTION dashboa</a> <a title="June 2016 CFA Institute Magazine page 31" href="http://viewer.zmags.com/publication/dc0fa42e?page=31"> management and portfolio management to better con</a> <a title="June 2016 CFA Institute Magazine page 32" href="http://viewer.zmags.com/publication/dc0fa42e?page=32"> PROFESSIONAL PRACTICE ANALYST AGENDA “That’s W</a> <a title="June 2016 CFA Institute Magazine page 33" href="http://viewer.zmags.com/publication/dc0fa42e?page=33"> in companies that are flying under the radar. It’</a> <a title="June 2016 CFA Institute Magazine page 34" href="http://viewer.zmags.com/publication/dc0fa42e?page=34"> PROFESSIONAL PRACTICE ANALYST AGENDA Truth or </a> <a title="June 2016 CFA Institute Magazine page 35" href="http://viewer.zmags.com/publication/dc0fa42e?page=35"> Filling Knowledge Gaps Voss initiated the study </a> <a title="June 2016 CFA Institute Magazine page 36" href="http://viewer.zmags.com/publication/dc0fa42e?page=36"> PROFESSIONAL PRACTICE PRIVATE CLIENT CORNER Ar</a> <a title="June 2016 CFA Institute Magazine page 37" href="http://viewer.zmags.com/publication/dc0fa42e?page=37"> justice. Within those broad themes, clients can e</a> <a title="June 2016 CFA Institute Magazine page 38" href="http://viewer.zmags.com/publication/dc0fa42e?page=38"> I I N G N T N E O T T N R U H A LE Ass</a> <a title="June 2016 CFA Institute Magazine page 39" href="http://viewer.zmags.com/publication/dc0fa42e?page=39"> ADAPTING TO ROBO-ADVISERS These new market dynami</a> <a title="June 2016 CFA Institute Magazine page 40" href="http://viewer.zmags.com/publication/dc0fa42e?page=40"> the back end and plugging things into our existin</a> <a title="June 2016 CFA Institute Magazine page 41" href="http://viewer.zmags.com/publication/dc0fa42e?page=41"> and retail client market. The first is virtual mo</a> <a title="June 2016 CFA Institute Magazine page 42" href="http://viewer.zmags.com/publication/dc0fa42e?page=42"> C REER LCHEMY “There is a process by which you ca</a> <a title="June 2016 CFA Institute Magazine page 43" href="http://viewer.zmags.com/publication/dc0fa42e?page=43"> Can we really convert work into passion? Some of </a> <a title="June 2016 CFA Institute Magazine page 44" href="http://viewer.zmags.com/publication/dc0fa42e?page=44"> successful, because fundamentally they are very u</a> <a title="June 2016 CFA Institute Magazine page 45" href="http://viewer.zmags.com/publication/dc0fa42e?page=45"> to the individual in the end is work/life balance</a> <a title="June 2016 CFA Institute Magazine page 46" href="http://viewer.zmags.com/publication/dc0fa42e?page=46"> U 44 CFA Institute Magazine June 2016</a> <a title="June 2016 CFA Institute Magazine page 47" href="http://viewer.zmags.com/publication/dc0fa42e?page=47"> P P Does your career plan have a vision for </a> <a title="June 2016 CFA Institute Magazine page 48" href="http://viewer.zmags.com/publication/dc0fa42e?page=48"> my perspective, I see data science as kind of the</a> <a title="June 2016 CFA Institute Magazine page 49" href="http://viewer.zmags.com/publication/dc0fa42e?page=49"> WHETHER A FIRM COMBINES OR SEPARATES THE DATA AND</a> <a title="June 2016 CFA Institute Magazine page 50" href="http://viewer.zmags.com/publication/dc0fa42e?page=50"> to call it ‘statistical’—logic,” he says. “How do</a> <a title="June 2016 CFA Institute Magazine page 51" href="http://viewer.zmags.com/publication/dc0fa42e?page=51"> CFA INSTITUTE EUROPEAN INVESTMENT CONFERENCE </a> <a title="June 2016 CFA Institute Magazine page 52" href="http://viewer.zmags.com/publication/dc0fa42e?page=52"> E VASIVE ACTION Can European pension funds escape</a> <a title="June 2016 CFA Institute Magazine page 53" href="http://viewer.zmags.com/publication/dc0fa42e?page=53"> CREATE-Research says that pen- sion funds</a> <a title="June 2016 CFA Institute Magazine page 54" href="http://viewer.zmags.com/publication/dc0fa42e?page=54"> for Dutch metalworkers), PME (another Dutch metal</a> <a title="June 2016 CFA Institute Magazine page 55" href="http://viewer.zmags.com/publication/dc0fa42e?page=55"> A Focus on Sustainability Last year, the €178 bi</a> <a title="June 2016 CFA Institute Magazine page 56" href="http://viewer.zmags.com/publication/dc0fa42e?page=56"> INVESTING FOR THE DOUBLE BOTTOM LINE Ireland’s so</a> <a title="June 2016 CFA Institute Magazine page 57" href="http://viewer.zmags.com/publication/dc0fa42e?page=57"> be bought or produced overseas, that’s good as we</a> <a title="June 2016 CFA Institute Magazine page 58" href="http://viewer.zmags.com/publication/dc0fa42e?page=58"> That board is responsible for the overall s</a> <a title="June 2016 CFA Institute Magazine page 59" href="http://viewer.zmags.com/publication/dc0fa42e?page=59"> ETHICS AND STANDARDS MARKET INTEGRITY AND ADVOCAC</a> <a title="June 2016 CFA Institute Magazine page 60" href="http://viewer.zmags.com/publication/dc0fa42e?page=60"> ETHICS AND STANDARDS MARKET INTEGRITY AND ADVOCAC</a> <a title="June 2016 CFA Institute Magazine page 61" href="http://viewer.zmags.com/publication/dc0fa42e?page=61"> Debating Price Improvement Rules By Jim Allen, </a> <a title="June 2016 CFA Institute Magazine page 62" href="http://viewer.zmags.com/publication/dc0fa42e?page=62"> ETHICS AND STANDARDS MARKET INTEGRITY AND ADVOCAC</a> <a title="June 2016 CFA Institute Magazine page 63" href="http://viewer.zmags.com/publication/dc0fa42e?page=63"> The Global Impact of GIPS® Compliance By Anju </a> <a title="June 2016 CFA Institute Magazine page 64" href="http://viewer.zmags.com/publication/dc0fa42e?page=64"> ETHICS AND STANDARDS MARKET INTEGRITY AND ADVOCAC</a> <a title="June 2016 CFA Institute Magazine page 65" href="http://viewer.zmags.com/publication/dc0fa42e?page=65"> CHAPTER 10 WARNING: The editor general has determ</a> <a title="June 2016 CFA Institute Magazine page 66" href="http://viewer.zmags.com/publication/dc0fa42e?page=66"> CHAPTER 10 certainly have traffic jams. Can we</a> <a title="June 2016 CFA Institute Magazine page 67" href="http://viewer.zmags.com/publication/dc0fa42e?page=67"> HOLT Clarity is confdence. HOLT gives you the be</a> <a title="June 2016 CFA Institute Magazine page 68" href="http://viewer.zmags.com/publication/dc0fa42e?page=68"> GET AHEAD OF FUTURE RISK </a>