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<br /> Sept/Oct 2013<br /> The Member Magazine for Investment Professionals<br /> Asset AllocAtion<br /> vs. perfect storm?<br /> Why risk forecAsting<br /> is getting hArder<br /> finding greAt cAreers<br /> With greAt firms<br /> The Volatility<br /> of Volatility<br /> Why is uncertainty increasing?<br /> <br /> <br /> # $ ! & ! & " " ! !&!<br /> # #!# "! <br /> !! & " &' #"!& " ! <br /> "!!# " % ! !! "&" ! ' "! <br /> $ & "! ! # ! ! # && ! " ! <br /> ! " &! & " " <br /> $! <br /> & ! # <br /> ")),+&01%" ,/-,/ 1" / +!,#%" +(,# "4,/( ")),+,/-,/ 1&,+/,!2 10 +!0"/3& "0 /"-/,3&!"!&+3 /&,20 ,2+1/&"0 602 0&!& /&"0 #8 )& 1"0 +!',&+13"+12/"0,#%" +(<br /> ,# "4,/( ")),+,/-,/ 1&,+&+ )2!&+$%" +<a title="September/October 2013 CFA Institute Magazine page 1" href="http://viewer.zmags.com/publication/e5cb976e?page=1"> </a> <a title="September/October 2013 CFA Institute Magazine page 2" href="http://viewer.zmags.com/publication/e5cb976e?page=2"> </a> <a title="September/October 2013 CFA Institute Magazine page 3" href="http://viewer.zmags.com/publication/e5cb976e?page=3"> Sept/Oct 2013 COVER STORY 36</a> <a title="September/October 2013 CFA Institute Magazine page 4" href="http://viewer.zmags.com/publication/e5cb976e?page=4"> Sept/Oct 2013 CFA InSTITuTe newS “it’s useles</a> <a title="September/October 2013 CFA Institute Magazine page 5" href="http://viewer.zmags.com/publication/e5cb976e?page=5"> '+ &+# $ & /+*'! #&"</a> <a title="September/October 2013 CFA Institute Magazine page 6" href="http://viewer.zmags.com/publication/e5cb976e?page=6"> Now available from The Research Foundation of CFA</a> <a title="September/October 2013 CFA Institute Magazine page 7" href="http://viewer.zmags.com/publication/e5cb976e?page=7"> IN SUMMARY Humble Audacity “Humanity is a para</a> <a title="September/October 2013 CFA Institute Magazine page 8" href="http://viewer.zmags.com/publication/e5cb976e?page=8"> CFA INSTITUTE NEWS IN FOCUS Expanding Our Miss</a> <a title="September/October 2013 CFA Institute Magazine page 9" href="http://viewer.zmags.com/publication/e5cb976e?page=9"> 045,565(8,4+(4515+$0-163.$3,5$42,.152$350(34)135+</a> <a title="September/October 2013 CFA Institute Magazine page 10" href="http://viewer.zmags.com/publication/e5cb976e?page=10"> CFA INSTITUTE NEWS emeA vOICe Fund Manager Bon</a> <a title="September/October 2013 CFA Institute Magazine page 11" href="http://viewer.zmags.com/publication/e5cb976e?page=11"> 6 +1") "- - *!+** 0$%/ ++).+*!+* </a> <a title="September/October 2013 CFA Institute Magazine page 12" href="http://viewer.zmags.com/publication/e5cb976e?page=12"> CFA INSTITUTE NEWS ApAC FOCUS Toward Wider Acc</a> <a title="September/October 2013 CFA Institute Magazine page 13" href="http://viewer.zmags.com/publication/e5cb976e?page=13"> "6453"-*"*/7&45.&/5$0/'&3&/$& 0DUPCFS 1BSL)ZBUU)P</a> <a title="September/October 2013 CFA Institute Magazine page 14" href="http://viewer.zmags.com/publication/e5cb976e?page=14"> CFA INSTITUTE NEWS Change Agent VOLuNTeerINg Ad</a> <a title="September/October 2013 CFA Institute Magazine page 15" href="http://viewer.zmags.com/publication/e5cb976e?page=15"> skills and knowledge, but you also gain ethical k</a> <a title="September/October 2013 CFA Institute Magazine page 16" href="http://viewer.zmags.com/publication/e5cb976e?page=16"> CFA INSTITUTE NEWS Members Help to Build a More</a> <a title="September/October 2013 CFA Institute Magazine page 17" href="http://viewer.zmags.com/publication/e5cb976e?page=17"> $'"*/45*565& 3&4&"3$)$)"--&/(& 5IF$'"*OTUJUVUF3</a> <a title="September/October 2013 CFA Institute Magazine page 18" href="http://viewer.zmags.com/publication/e5cb976e?page=18"> VIeWPOInT Minding Our Business Investment vocab</a> <a title="September/October 2013 CFA Institute Magazine page 19" href="http://viewer.zmags.com/publication/e5cb976e?page=19"> prompt the reflection needed to learn from mistak</a> <a title="September/October 2013 CFA Institute Magazine page 20" href="http://viewer.zmags.com/publication/e5cb976e?page=20"> VIeWPOInT Simply put, without resident </a> <a title="September/October 2013 CFA Institute Magazine page 21" href="http://viewer.zmags.com/publication/e5cb976e?page=21"> Teach! By Richard Ennis, CFA As investment prof</a> <a title="September/October 2013 CFA Institute Magazine page 22" href="http://viewer.zmags.com/publication/e5cb976e?page=22"> PrOFeSSIOnAl PrACtICe Portfolio Performance Se</a> <a title="September/October 2013 CFA Institute Magazine page 23" href="http://viewer.zmags.com/publication/e5cb976e?page=23"> something different from what the portfolio manag</a> <a title="September/October 2013 CFA Institute Magazine page 24" href="http://viewer.zmags.com/publication/e5cb976e?page=24"> PrOFeSSIOnAl PrACtICe Portfolio Performance The</a> <a title="September/October 2013 CFA Institute Magazine page 25" href="http://viewer.zmags.com/publication/e5cb976e?page=25"> PrOFeSSIOnAl PrACtICe career connection When in</a> <a title="September/October 2013 CFA Institute Magazine page 26" href="http://viewer.zmags.com/publication/e5cb976e?page=26"> PrOFeSSIOnAl PrACtICe career connection judged </a> <a title="September/October 2013 CFA Institute Magazine page 27" href="http://viewer.zmags.com/publication/e5cb976e?page=27"> com/work, and Weddles.com, as well as industry bl</a> <a title="September/October 2013 CFA Institute Magazine page 28" href="http://viewer.zmags.com/publication/e5cb976e?page=28"> PrOFeSSIOnAl PrACtICe career connection “You pr</a> <a title="September/October 2013 CFA Institute Magazine page 29" href="http://viewer.zmags.com/publication/e5cb976e?page=29"> !&& !& ,*+)/& &-! + !+ ) )() )+ </a> <a title="September/October 2013 CFA Institute Magazine page 30" href="http://viewer.zmags.com/publication/e5cb976e?page=30"> PrOFeSSIOnAl PrACtICe Private client corner An</a> <a title="September/October 2013 CFA Institute Magazine page 31" href="http://viewer.zmags.com/publication/e5cb976e?page=31"> step; selecting a development environment is the </a> <a title="September/October 2013 CFA Institute Magazine page 32" href="http://viewer.zmags.com/publication/e5cb976e?page=32"> PrOFeSSIOnAl PrACtICe Private client corner sam</a> <a title="September/October 2013 CFA Institute Magazine page 33" href="http://viewer.zmags.com/publication/e5cb976e?page=33"> '*9& ."/ l0DUPCFS #PTUPO .BTTBD %*/$0.& "(&.&/5</a> <a title="September/October 2013 CFA Institute Magazine page 34" href="http://viewer.zmags.com/publication/e5cb976e?page=34"> PrOFeSSIOnAl PrACTICe analyst agenda Testing M</a> <a title="September/October 2013 CFA Institute Magazine page 35" href="http://viewer.zmags.com/publication/e5cb976e?page=35"> democratized the gold industry,” says Groh. Cash </a> <a title="September/October 2013 CFA Institute Magazine page 36" href="http://viewer.zmags.com/publication/e5cb976e?page=36"> PrOFeSSIOnAl PrACTICe analyst agenda These sent</a> <a title="September/October 2013 CFA Institute Magazine page 37" href="http://viewer.zmags.com/publication/e5cb976e?page=37"> being equal) higher prices. In both 2000 and 2008</a> <a title="September/October 2013 CFA Institute Magazine page 38" href="http://viewer.zmags.com/publication/e5cb976e?page=38"> “In the long run, we may all be dead, as Keynes s</a> <a title="September/October 2013 CFA Institute Magazine page 39" href="http://viewer.zmags.com/publication/e5cb976e?page=39"> In the past, you proposed a financial markets saf</a> <a title="September/October 2013 CFA Institute Magazine page 40" href="http://viewer.zmags.com/publication/e5cb976e?page=40"> Explain the importance of survival under the AMH.</a> <a title="September/October 2013 CFA Institute Magazine page 41" href="http://viewer.zmags.com/publication/e5cb976e?page=41"> are going to demand it. I think that financial ma</a> <a title="September/October 2013 CFA Institute Magazine page 42" href="http://viewer.zmags.com/publication/e5cb976e?page=42"> Category institutional investors seek shelter fro</a> <a title="September/October 2013 CFA Institute Magazine page 43" href="http://viewer.zmags.com/publication/e5cb976e?page=43"> the Fed confirmed that quantitative easing will i</a> <a title="September/October 2013 CFA Institute Magazine page 44" href="http://viewer.zmags.com/publication/e5cb976e?page=44"> derivative instruments used to hedge interest rat</a> <a title="September/October 2013 CFA Institute Magazine page 45" href="http://viewer.zmags.com/publication/e5cb976e?page=45"> froM an iMPleMentation PersPective, Which Manager</a> <a title="September/October 2013 CFA Institute Magazine page 46" href="http://viewer.zmags.com/publication/e5cb976e?page=46"> “Forests that never have fires are likely to be c</a> <a title="September/October 2013 CFA Institute Magazine page 47" href="http://viewer.zmags.com/publication/e5cb976e?page=47"> of the profits come from a handful of them. In we</a> <a title="September/October 2013 CFA Institute Magazine page 48" href="http://viewer.zmags.com/publication/e5cb976e?page=48"> word now. Actually, I like “trick.” If you use “t</a> <a title="September/October 2013 CFA Institute Magazine page 49" href="http://viewer.zmags.com/publication/e5cb976e?page=49"> and the company can lose a lot of money in one bl</a> <a title="September/October 2013 CFA Institute Magazine page 50" href="http://viewer.zmags.com/publication/e5cb976e?page=50"> Illustration by Robert Meganck A sunny Dispos</a> <a title="September/October 2013 CFA Institute Magazine page 51" href="http://viewer.zmags.com/publication/e5cb976e?page=51"> To understand the enigma that is solar power, con</a> <a title="September/October 2013 CFA Institute Magazine page 52" href="http://viewer.zmags.com/publication/e5cb976e?page=52"> (3) pRoduction coStS will continue to decli</a> <a title="September/October 2013 CFA Institute Magazine page 53" href="http://viewer.zmags.com/publication/e5cb976e?page=53"> 9 $3/#&1 ",("18 ",("18,#&13" 1&2&.3</a> <a title="September/October 2013 CFA Institute Magazine page 54" href="http://viewer.zmags.com/publication/e5cb976e?page=54"> A SIMplICItY COMplex Is simplicity the key to res</a> <a title="September/October 2013 CFA Institute Magazine page 55" href="http://viewer.zmags.com/publication/e5cb976e?page=55"> How much of our trouble in financial markets is d</a> <a title="September/October 2013 CFA Institute Magazine page 56" href="http://viewer.zmags.com/publication/e5cb976e?page=56"> EthICS And StAndArdS mARKEt IntEGRIty AnD ADvoCAC</a> <a title="September/October 2013 CFA Institute Magazine page 57" href="http://viewer.zmags.com/publication/e5cb976e?page=57"> BrInGInG COStS IntO FOCuS To inform the legislati</a> <a title="September/October 2013 CFA Institute Magazine page 58" href="http://viewer.zmags.com/publication/e5cb976e?page=58"> EthICS And StAndArdS mARKEt IntEGRIty AnD ADvoCAC</a> <a title="September/October 2013 CFA Institute Magazine page 59" href="http://viewer.zmags.com/publication/e5cb976e?page=59"> Shareowner rights in a Post-Crisis World CFA Ins</a> <a title="September/October 2013 CFA Institute Magazine page 60" href="http://viewer.zmags.com/publication/e5cb976e?page=60"> EthICS And StAndArdS mARKEt IntEGRIty AnD ADvoCAC</a> <a title="September/October 2013 CFA Institute Magazine page 61" href="http://viewer.zmags.com/publication/e5cb976e?page=61"> EthICS And StAndArdS PRoFESSIonAl ConDuCt Prom</a> <a title="September/October 2013 CFA Institute Magazine page 62" href="http://viewer.zmags.com/publication/e5cb976e?page=62"> EthICS And StAndArdS PRoFESSIonAl ConDuCt disci</a> <a title="September/October 2013 CFA Institute Magazine page 63" href="http://viewer.zmags.com/publication/e5cb976e?page=63"> did you receive any questions? No, but forewarned</a> <a title="September/October 2013 CFA Institute Magazine page 64" href="http://viewer.zmags.com/publication/e5cb976e?page=64"> ChAPtEr 10 leadership habits of Money hockey Ho</a> <a title="September/October 2013 CFA Institute Magazine page 65" href="http://viewer.zmags.com/publication/e5cb976e?page=65"> </a> <a title="September/October 2013 CFA Institute Magazine page 66" href="http://viewer.zmags.com/publication/e5cb976e?page=66"> 2002',7,(6 855(1&,(6 48,7,(6 ,;('1&20( </a>