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Research Affiliates Investment Research Retreat

NEWPORT BEACH, CA

Here’s a look at the speakers and their topics at the 2019 Investment Research Retreat.

The Research Affiliates Investment Research Retreat is an opportunity to step back from day-to-day asset management
and explore the big-picture issues likely to impact the investment industry and the global economy in the years ahead.

 

The half-day program begins with a luncheon speaker and ends
with a reception on the Members’ Lawn at Balboa Bay Resort.

 

Our confirmed speakers include:

 

  • Rob Arnott
    Partner and Chairman, Research Affiliates

 

  • Cam Harvey, PhD
    Partner & Senior Advisor, Research Affiliates
    Professor of Finance, Duke University

 

  • Tyler Muir, PhD
    Assistant Professor of Finance, University of California, Los Angeles

 

  • John Taylor, PhD
    Professor of Economics, Stanford University
    Senior Fellow, Hoover Institution

 

  • Adrien Verdelhan, PhD
    Associate Professor of Finance, Massachusetts Institute of Technology

 

We hope you can participate in our relaxed forum where you learn about the latest innovative research and engage in lively debate among your industry peers.

The Research Affiliates Investment Research Retreat is an opportunity to step back from day-to-day asset management
and explore the big-picture issues likely to impact the investment industry and the global economy in the years ahead.

 

The half-day program begins with a luncheon speaker and ends
with a reception on the Members’ Lawn at Balboa Bay Resort.

 

Our confirmed speakers include:

 

  • Rob Arnott
    Partner and Chairman, Research Affiliates

 

  • Cam Harvey, PhD
    Partner & Senior Advisor, Research Affiliates
    Professor of Finance, Duke University

 

  • Tyler Muir, PhD
    Assistant Professor of Finance, University of California, Los Angeles

 

  • John Taylor, PhD
    Professor of Economics, Stanford University
    Senior Fellow, Hoover Institution

 

  • Adrien Verdelhan, PhD
    Associate Professor of Finance, Massachusetts Institute of Technology

 

We hope you can participate in our relaxed forum where you learn about the latest innovative research and engage in lively debate among your industry peers.

Agenda

9 March 2020

  • Opening lunch with speaker begins at 12:00 PM.
  • Meeting sessions end at 5:30 PM.
  • Reception and dinner from 6:00 PM to 8:00 PM.

Should you not be able to attend, but would like to recommend a colleague to attend in your place, please contact us at RARetreat@rallc.com.

Hotel Reservation

If you would like to reserve a hotel room at Balboa Bay Resort, we have negotiated special group rates for a limited number of rooms.

 

  • Standard Room
    $259/night + $20/night hospitality service fee

  • Bay View Room
    $359/night + $20/night hospitality service fee

 

The hospitality service fee includes:

  • 24-hour access to resort fitness center
  • Bottle of house wine
  • 24-hour access to business center
  • In-room coffee and tea service
  • Bottled water in room replenished daily (up to 2 maximum)
  • Wireless internet service in guest room for unlimited devices

Speakers

John Taylor
Professor of Economics, Stanford University; Senior Fellow, Hoover Institution

12:00 PM - 1:00 PM

Luncheon Presentation

 

How Low Will They Go? Global Economic and Financial Implications of Zero and Negative Interest Rates

Since the global financial crisis, policy makers have been exploring new territory with nominal interest rates being driven to or below zero. What are the implications near term and longer term of having entered NIRP-land? John will discuss economic and financial implications of this new stage in macroeconomic experimentation. Where does this take us?

Tyler Muir, PhD
Assistant Professor of Finance, University of California, Los Angeles

1:15 PM - 2:15 PM

Financial Crises and Risk Premia
Disentangling financial crises from other bad macroeconomic times suggests that financial crises are particularly important to understanding why risk premia vary. Tyler explains the implications for theory as well as both rational and behavioral models that are consistent with the facts. Theories of asset prices that are related to the health of the financial sector appear particularly promising.

Cam Harvey, PhD
Partner and Senior Advisor, Research Affiliates; Professor, Duke University

Read Bio

2:15 PM - 3:15 PM

Tortured Data
Investors need to be especially vigilant in this era of big data replete with its large number of predictors, plethora of methods, and strong incentives to strategically manipulate the data to uncover a convenient "truth." Cam shows that it's the interpreter of the data, rather than the data, that speaks–often with an agenda and with tools that shape the narrative.

Adrien Verdelhan, PhD
Associate Professor of Finance, Massachusetts Institute of Technology

Read Bio

3:30 PM - 4:30 PM

FX Risk and Returns, FX Returns without Risk
Currency markets exhibit the classic risk–return tradeoff. Adrien explains that high interest-rate currencies offer large excess returns on average, but tend to depreciate in bad times against low interest-rate currencies. Likewise, the higher the currency beta, the higher its average excess return. But currency markets are not frictionless: they also exhibit large, persistent, and systematic arbitrage opportunities that appear partially caused by banks’ balance sheet costs.

Rob Arnott
Partner and Chairman, Research Affiliates

Read Bio

4:30 PM - 5:30 PM

Reports of Value's Death May Be Greatly Exaggerated
What explains the recent prolonged period of value's underperformance? Rob decomposes return to study its three main drivers and explores the role of intangibles in valuation. Using various scenarios of relative valuation, he explores value's expected future performance.

Balboa Bay Resort, Newport Beach, CA

Balboa Bay Resort, Newport Beach, CA

VENUE

Balboa Bay Resort

ADDRESS

1221 West Coast Highway
Newport Beach, CA 92663

FOR ADDITIONAL INFORMATION OR
QUESTIONS PLEASE CONTACT

Kay Jaitly
RARetreat@rallc.com
(949) 325-8737

#InvestmentResearchRetreat2020

#InvestmentResearchRetreat2020