Bill Berliner: “Mortgage Market Dynamics: Implications for Portfolio Management, Fixed Income and Equities”

Wednesday, August 18, 2010
12:00 pm – 1:30 pm

Speaker:

Bill Berliner

The Founder and Principal of Berliner Consulting & Research

Chair: Charlotte Chamberlain

Portfolio Management Community of Interest

“The New Normal, as the bond mavens at Pacific Investment Management Co. have dubbed the post-credit crisis environment, turns out to be a world where scenarios move from impossible to inevitable without even pausing at improbable.  Flocks of black swans go winging by with a frequency that is dulling our sensitivity to just how extraordinary these financial times are.  Call it crisis fatigue. Mark Gilbert, In Case of Euro Crisis, Break Deutsche Mark Glass, Bloomberg, June 9, 2010

It’s been over three years since the global financial crisis began but as distilled in the above quote, “unusual uncertainty” persists.

·         Both equity and fixed income managers struggle to reconstruct models whose parameters were invalidated by the disruptive events that began in US mortgage markets.

·          Although financial markets are no longer dysfunctional, the “new normal” for fixed income bears little resemblance to the preceding twenty years of “great moderation.”

·         Freddie Mac and Fannie Mae languish in receivership while mortgage borrowers depend on them for 90% of all new originations.

·         At the same time that investors and home owners question whether Congress and the Administration have any ideas for restructuring Fannie and Freddie, mortgage markets wonder if private label mortgage backed securities (MBS) are headed for extinction as the credit rating agencies retreat from the litigation risk  implied in the Dodd-Frank legislation.

Bill Berliner, is the founder and Principal of Berliner Consulting & Research. Bill’s 25 years of fixed income experience include stints in MBS research, trading, and operations.  He is also the co-author, with Frank Fabozzi and Anand Bhattacharya, of an award winning book on MBS.  For the past two years Bill has taught segments of CFALA’s fixed income course.  Bill’s presentation will draw on his knowledge of financial market interdependencies as well as his experience in navigating several market disruptions that remained irrational longer than many stayed solvent.

Please join your CFALA colleagues for lunch on August 18 starting at noon at the downtown Omni Hotel to hear Bill’s talk “Mortgage Market Dynamics: Implications for Portfolio Management; Fixed Income and Equities.” Bill’s presentation in Santa Barbara was extremely informative and we’re looking forward to his updated and expanded version.

Registration (click links below to register for the event):
                       CFALA Members: $20.00
                       Non-Members: $40.00

When:             Wednesday, August 18, 2010

                         12:00 pm – 1:30 pm

                         Lunch begins at 12:00 PM

                         Bill’s presentation starts at 12:30PM

Location:        Omni Los Angeles

                        251 South Olive Street

                        Los Angeles, CA 90071

                        For directions call hotel: (213) 617-3300

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