June 2015

CFALA e-Newsletter: June 2015

Welcome to the CFALA e-newsletter, a periodic publication with stories about noteworthy events and programs sponsored or hosted by the society, guest articles by members, book reviews, and other items of interest to CFALA members. Click on the headlines below to read the full stories. And if you’d like to contribute a story suggestion or, even better, write an article, we’d love to hear from you. Please email Executive Director Laura Carney at laura@cfala.org.

*Please note that the content of this e-newsletter should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of  CFA Society Los Angeles.

In this issue ...

new mentorship program will benefit all participants

The name is simple:  The CFA Los Angeles Mentorship Program.  While the name is straightforward, the goals of the program are a little more impressive:  Helping young professionals navigate the beginning of their careers.  Certainly many of us had someone somewhere along our educational or professional lives that sharpened a skill, provided an experienced view or taught us a better way to approach a problem.  Likewise, the CFA Los Angeles Mentorship Program seeks to provide a unique, year-long mentoring program pairing members who seek skill development and personal and professional growth with an experienced professional in the society.


Ryan Buckmaster, CFA and Akiko Hayata, CFA were asked by the CFA Los Angeles Executive Committee to create the program, which they generously agreed to tackle.  When asked about how the program will function, Buckmaster said, “It will begin by collecting formal applications from both mentors and mentees and pairing mentees that have certain career goals and interests with mentors that have backgrounds in those areas. These pairs are required to attend a mixer at the beginning of the program, to read our handbook and agree to the requirements, to meet or have a call at least quarterly for one year, and to fill out a questionnaire at the end of the program. A Mentorship Committee will keep in touch with the mentor/mentee pairs to ensure the relationships are continuing.”


The program will benefit the mentee who is looking for skill development and professional growth.  Likewise, mentors who wish to give back and have a direct impact on the life and career of a CFALA member should consider the program. The goal is to attract mentors that have at least ten years of work experience while mentees should have at least one year of work experience.  The plan is to start with about 4 pairs of mentor/mentees during the first year, but it could grow to 8-10 pairs in future years, depending on how many volunteers pitch in to run the program.


“The initial time commitment will be slightly greater in the beginning for all parties involved,” Buckmaster said.  “The Mentorship Committee needs to pair the mentors/mentees, and mentees need to meet and establish their goals with their mentors. After the program begins, we envision the program taking a few hours per quarter for mentors and mentees and considerably less time for committee members. Mentors need to communicate regularly with their mentees, helping them to achieve their goals, while the Mentorship Committee needs to keep them on track.”


CFA San Francisco and CFA Society Dallas/Fort Worth have similar programs, while other societies likely have programs as well.  Reports from CFA San Francisco indicate it has been quite positive. They created a Mentorship Committee that has been instrumental in helping the program to run.


Buckmaster added, “Akiko and I heard very positive reviews from other societies that have created mentorship programs. This is one of the reasons we were inspired to create our own, combined with our desires to have had mentors earlier on in our careers, so we certainly see the value in a program like this.”


The application deadline for both mentors and mentees is July, 31, 2015.  Decisions will be released in mid-August.   CFA Los Angeles members should have received an email with additional details and an application.  For more information, please contact Ryan Buckmaster (rbuckmaster@gamblejones.com) or   Akiko Hayata  (ahayata@payden.com).


By Tom Derse, CFA

APPLied behavioral finance committee announced addition of committee members

The Applied Behavioral Finance Committee of CFA Society of Los Angeles is very pleased to announce the addition of the following committee members:

  • Michael Porter, CFA, CMA, Vice President, Consultant Relations, AQR Capital Management, LLC

  • Scott Laudeman, over 20 years of experience as Director with BlackRock Cash Management

  • Stan Yang, CFA, CAIA, Director of Trading, Savos Investments

  • Allen Kim, CFA, Director – Manager Research & Investment Solutions, Kayne Anderson Rudnick Investment Management


The committee on Applied Behavioral Finance welcomes these accomplished professionals.  For many years the CFA Society has worked to highlight ideas and individual contributors in this intriguing area of investment research.  The investment business is a particularly challenging and rewarding one.  However, it takes some wisdom and years of experience to understand and reflect on mistakes, narrowly or broadly defined.  From one point-of-view this is a central focus of behavioral finance.  Individuals, even collectively, do make mistakes and sometimes even repeatedly.  The study of such errors that an investment professional can make is one important dimension of behavioral research.


The committee seeks to host compelling professionals as speakers who also share this research interest.  

Keep an eye out for upcoming events and the committee looks forward to continued and improving member participation.

By T. Jon Williams, Chairman


CFA Institute recognizes continuing education milestones 

In February, CFA Institute updated its ongoing Continuing Education (CE) Milestone Achievement list that honors those in the investment profession who have demonstrated a strong dedication and commitment towards the continuous development of their financial knowledge. As a profession that frequently endures the impact of technological advances, new philosophies, and the context of the times, it is vital that investment professionals invest in their own personal growth. It is noteworthy when investment professionals devote their time and effort to continuing their education and upholding high professional standards. Below is a list of CFA Society Los Angeles members who have been recognized for their Continuing Education Milestone Achievement for 15 and 10 years.


  • Mark Kavaloski
  • Conor Muldoon, CFA
  • Paul, Reisz, CFA


  • Daniel Block, CFA
  • Marvin Tong, CFA
  • Jeffrey Wang, CFA

At the link, you will find members who have been recognized from other societies as well as CFA Society Los Angeles members who were recognized for 5 years on the CE Milestone Achievement list. Read more… 

The future of active management

As part of its Future of Finance initiative, CFA Institute will be hosting an online forum on Thursday, June 25th. David Larrabee, CFA, Director of Corporate and Member Products will discuss, via forum posts to his article, the future of active management with four esteemed panelists. Read more... 

Robo-advisers want to plan your clients' future 

“Behind the scenes, robo-advisers are quietly hatching plans to compete more aggressively with flesh-and-blood advisers.” Here’s an interesting InvestmentNews article that will help bring you up to speed regarding the latest developments in this area. Read more... And more... 

Bitcoin, Blockchain, and the Future of Financial Transaction 

In this recorded presentation from the 68th CFA Institute Annual Conference, itBit's Charles Cascarilla, CFA, discusses the origins of bitcoin and its attributes as a currency. This video is one of six Annual Conference presentations that the CFA Institute made available to the public. Read more... And more... 

Women in Investment Management Wrap-Up: Risk-Taking, Networks, and Success 

CFA Institute's Lauren Foster provides the most important take-aways and social media highlights from the inaugural Women in Investment Management Conference. Read more... And more... 

Los Angeles is Next in Battle Over All-Girls Science, Tech Schools 

NBC News' Julianne Pepitone examines an all-girls public STEM (science, technology, engineering, & math) program being considered for Los Angeles, and touches on the importance of empirical study design in assessing the effectiveness of single-sex schooling. Read more... And more...  

Watch How Los Angeles Boomed Over 125 Years With This Gorgeous Map 

Gizmodo's Alissa Walker introduces us to built:LA, an interactive map that grapchically and colorfully presents the age of over three-million Los Angeles buildings. Read more... And more...  














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