NYSSA’s Private Wealth Management Committee presents

High Income Strategies in a Challenging Interest Rate Environment

Tuesday October 1, 2013 8:15 AM - 3:15 PM
NYSSA Conference Center
Available as: Live Session;
Categories: Programs for Members, Seminar

Individual and institutional investors crave the benefits of predictable income production from their investments. In an environment where interest rates are rising from their zero-rate levels of the recent past and dividend growth is keyed to uncertain earnings forecasts, the projection of portfolio income is more challenging than ever. Join us at NYSSA for inspiring yet practical presentations from some of the best practitioners around. Topics will span from equities and fixed income to preferred stocks, REITs, MLPs, options premia, and beyond!

Mebane Faber’s book Shareholder Yield: A Better Approach to Dividend InvestingBonus! A complimentary copy of Mebane Faber’s book Shareholder Yield: A Better Approach to Dividend Investing will be distributed to attendees the day of this conference.

At this program, you will

  • Learn about income producing vehicles that can benefit you and your clients

  • Learn about risks associated with these investments, and the appropriate use of them in different  types of investment accounts

  • Engage with other participants and the speakers to deepen your professional network

  • Gain exposure to ideas not frequently addressed in the classroom if you’re a student focused on an investment management career

Who should attend

Analysts, investment strategists, investment officers, portfolio managers, financial advisors, and investment advisors will benefit from the insights afforded at this program. Students are particularly urged to attend to get a heads-up on latest thinking in income production from investments.

Agenda

8:15–8:30
Networking Breakfast

8:30–9:15
Shareholder Yield: Beyond Dividend Yield Investing

Mebane T. Faber, CAIA, CMT, Portfolio Manager, Cambria Investment Management

9:15–10:00
Where’s the Sweet Spot in the Global Bond Market?  
Martin Fridson, CFA, CEO, FridsonVision LLC

10:00–10:15
Break

10:15–11:00
Why Should Investors “Prefer” Preferred Stocks?  
Richard Lehmann, Founder and President, Income Securities Advisors, Inc.

11:00–11:45
Does a Synthetic Bond Really Exist? 
Sara Grillo, CFA, Grillo Investment Management

11:45–12:00
Grab 'n Go Lunch

12:00–12:45
Expanding Horizons: Taking a Global Perspective on Dividend Yield   
Jim O'Shaughnessy, Chairman, CEO & CIO, O’Shaughnessy Asset Management (OSAM)

12:45–1:30
Are Municipal Bonds Still Attractive Investments, or is Detroit the Canary in the Coal Mine?
Robert Amodeo, CFA, Portfolio Manager, Western Asset Management Company

1:30–1:45
Networking Break

1:45–2:30
Using MLPs and REITs to Find Income in a Yield-constrained Environment While Retaining Potential for Income Growth and Capital Appreciation
Peter Vanderlee, CFA Managing Director, Portfolio Manager, ClearBridge Investments

2:30–3:15
StoneMor Partners L.P., A Unique Investment with High Current Income
Larry Miller, President & CEO, StoneMor Partners L.P.
 
3:15
Concluding Remarks
Michael Livian, CFA

Speakers

Robert Amodeo, CFA, has 26 years of investment experience. He started his career at The Bank of New York but soon thereafter joined Salomon Broth¬ers Inc where he was responsible for analyzing various private investment partnerships, including venture-capital, oil-and-gas, and real-estate, equity and bond portfolios. In 1992, Amodeo joined Salomon Brothers Asset Manage¬ment where his role evolved into managing director, head of the municipal bond investment team, and he worked with Salomon’s Yield Book depart¬ment to adapt advanced technology for municipal bond and tax-efficient portfolio management. Since 2005, Amodeo has been part of Western Asset’s municipal bond investment team and is the sector head of that group. Western Asset’s municipal bond investment team has received numerous awards over the years. Most recently, they were named the 2012 winner of Institutional Investor’s 3rd Annual US Investment Management Awards for US Fixed-Income Municipal. Recognition was also received this year from iMoneyNet and Lipper. Amodeo holds a CFA designation, is a member of Investment Company Institute’s municipal securities advisory committee, and completed an ad¬vanced management and finance master’s program at Columbia University. He has also written various articles regarding the public finance market.

Mebane T. Faber, CAIA, CMT, is the portfolio manager at Cambria Investment Management where he manages equity and global tactical asset allocation portfolios. He is a frequent speaker and writer on investment strategies and has been featured in Barron’s, The New York Times, and The New Yorker. Faber is also the co-founder of AlphaClone, an investing research website. He graduated from the University of Virginia with a double major in engineering science and biology.

Martin Fridson is “perhaps the most well-known figure in the high yield world,” according to Investment Dealers’ Digest. Over a 25-year span with brokerage firms including Salomon Brothers, Morgan Stanley, and Merrill Lynch, he became known for his innovative work in credit analysis and investment strategy. Fridson received his BA cum laude in history from Harvard College and his MBA from Harvard Business School. He has served as president of the Fixed Income Analysts Society, governor of the Association for Investment Management and Research (now CFA Institute), and director of the New York Society of Security Analysts. In 2000, The Green Magazine called Fridson’s Financial Statement Analysis “one of the most useful investment books ever.” The Financial Management Association International named Fridson the Financial Executive of the Year in 2002. In 2000, he became the youngest person ever inducted into the Fixed Income Analysts Society Hall of Fame. The Boston Globe said his 2006 book Unwarranted Intrusions: The Case against Government Intervention in the Marketplace should be short-listed for best business book of the decade. Joseph Salerno of Pace University said that the book contains more economic insight and sense than all the articles published in 2006 in the American Economic Review.  Fridson’s “How Research from the High-Yield Market Can Enhance Equity Analysis” was the most frequently visited conference proceedings paper on the Chartered Financial Analysts Institute website in 2010.

Sara Grillo, CFA, is an Italian-American entrepreneur, investment manager, award-winning financial author, and professor of finance. Before founding Grillo Investment Management in 2011, Grillo worked at Fidelity Investments, JPMorgan, Lehman Brothers, and Merrill Lynch. Grillo earned a BA from Harvard College and an MBA from New York University Stern School of Business. As a CFA charterholder, Grillo is required to follow a rigorous set of ethical standards which guides her to put the interests of her clients before her own and those of her firm. Grillo invests time in serving her community, volunteering for causes such as the Hoboken Fund for a Better Waterfront. She also has been appointed a member of the Investment Committee of the Association to Benefit Children. On Saturday mornings, you may find her in Central Park where she volunteers as a guide runner for disabled athletes with Achilles International. She is the author of Queen Bitchionnaire: How to Rule Your Money and Your Man which is available through Amazon Kindle.

Richard Lehmann is president of Income Securities Advisor Inc. (ISA) and publishes the Forbes/Lehmann Income Securities Investor newsletter. He also publishes a fixed income investing column for Forbes magazine. He is publisher of the Distressed Debt Securities Newsletter and the Forbes/ISA Closed End Fund & ETF Report. Lehmann is also president of Richard Lehmann & Associates, Inc., an investment advisory company. Lehmann founded a predecessor to ISA, the Bond Investors Association in 1983 as a nonprofit information organization for individual bondholders. He has been actively involved in fixed income investing and bond defaults since 1976. ISA maintains an extensive database of municipal and corporate bond defaults going back to 1980 and provides default research and histories. Additionally, Lehmann has served on numerous creditor and bondholder committees and is a recognized authority on municipal bond defaults. Lehmann has authored numerous articles on bonds and fixed income investing both in financial columns and book form (Income Investing Today published by Wiley & Sons). He has been on the Editorial Advisory Board of the Municipal Finance Journal for over ten years. He has taught accounting, finance and financial analysis at Barry University. He has testified before Congress on municipal defaults and municipal reform legislation. He holds a BS from the University of Richmond and an MBA from Columbia University and is a CPA. He is a registered investment advisor with the SEC.

Lawrence Miller as served as chief executive officer, president, and chairman of the board of directors of StoneMor since its formation in April 2004 and had served as the chief executive officer and president of Cornerstone, from March 1999 through April 2004. Prior to joining Cornerstone, Miller was employed by The Loewen Group, Inc., where he served in various management positions, including executive vice president of operations from January 1997 until June 1998, and president of the Cemetery Division from March of 1995 until December 1996. Prior to joining The Loewen Group, Miller served as president and chief executive officer of Osiris Holding Corporation, a private consolidator of cemeteries and funeral homes, of which Miller was one-third owner, from November 1987 until March 1995, when Osiris was sold to The Loewen Group. Miller served as president and chief operating officer of Morlan International, Inc., one of the first publicly traded cemetery and funeral home consolidators, from 1982 until 1987, when Morlan was sold to Service Corporation International.

Jim O'Shaughnessy is the chairman and CEO of O'Shaughnessy Asset Management (OSAM). Also serving as the chief investment officer of the firm, O'Shaughnessy is ultimately responsible for OSAM’s investment strategies. He directs the senior portfolio manager, director of research, and the portfolio management team and helps to set the agenda for the team. He is also responsible for the development of OSAM’s existing strategies and directs the team on idea generation and specific initiatives to improve the models and develop new factors and products. Prior to founding OSAM, O'Shaughnessy was the director of systematic equity at Bear Stearns Asset Management and a senior managing director of the firm. Prior to Bear Stearns, he was the CEO and chairman of O’Shaughnessy Capital Management (Netfolio). Long recognized as one of America's leading financial experts and a pioneer in quantitative equity analysis, he has been called a "world beater" and a "statistical guru" by Barron's. In February 2009, Forbes.com included O'Shaughnessy in a series on “Legendary Investors” along with Benjamin Graham, Warren Buffet, and Peter Lynch. O'Shaughnessy is the author of four books on investing: Invest Like the Best, What Works on Wall Street, How to Retire Rich, and Predicting the Markets of Tomorrow. O'Shaughnessy has a BA in economics from the University of Minnesota.

Peter Vanderlee, CFA, is a member of the income solutions team that co-manages the equity income builder and dividend strategy products. He is also a co-manager of the tactical dividend income strategy, the energy MLP products, and the capital and income fund. He also serves as the chairman of the ClearBridge Proxy Voting Committee. Vanderlee has 14 years of investment management experience and 11 years of related industry experience. Vanderlee's investment industry experience includes a senior associate position in the Financial Services and Information Technology Group of Booz Allen & Hamilton and a senior position as first vice president within the Information Technology Division of Citigroup Inc. Vanderlee transitioned to a ClearBridge Investments predecessor firm in 1999. He received his MS in math/computer science from the University of Technology, Eindhoven, Holland and his MBA from New York University's Leonard N. Stern School of Business. He is a member of CFA Institute.

Program Details

Date
Tuesday, October 1, 2013

Time
8:15 a.m.–3:15 p.m.

Location
NYSSA Conference Center
1540 Broadway, Suite 1010, (entrance on 45th Street)
New York, NY 10036

Fee
Members $125
Nonmembers $175
Virtual Members $175
Student Members $25
($10 surcharge for walk-ins)

Registration Deadline
Monday, September 30, 2013

Credits
5.0 CE/CPE

Speakers
Robert Amodeo, CFA, Portfolio Manager, Western Asset Management Company
Mebane T. Faber, CAIA, CMT, Portfolio Manager, Cambria Investment Management
Martin Fridson, CFA,CEO, FridsonVision LLC
Sara Grillo, CFA, Grillo Investment Management
Richard Lehmann, Founder and President, Income Securities Advisors, Inc.
Larry Miller, President & CEO, StoneMor Partners L.P.
Jim O'Shaughnessy, Chairman, CEO & CIO, O’Shaughnessy Asset Management (OSAM)
Peter Vanderlee, CFA, Managing Director, Portfolio Manager, ClearBridge Investments

Chairs
Janet J. Mangano
Michael Livian, CFA

Additional Information
If you are unable to register for this event online, please call (212) 541-4530 for assistance.

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