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Location: The St. Regis Hotel, San Francisco
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Highly Technical |
Next to some of the breakout
sessions is a symbol to show level of difficulty or sophistication
assumed by the speaker. Imitating the skier's world,
we use a circle to indicate novice, square for intermediate
and diamond or double diamond to warn you that the content
is highly technical. |
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Ivory Snow Members
Only |
An ivory snow member is
defined as a private investor who has no business interest
in gaining other private investors as clients. Name tags
reflect the ivory snow status, and certain sessions are
open only to ivory snow members. |
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About
IPI Events
The goal of the Institute for Private Investors is to provide
innovative educational and networking resources to families
with substantial assets and their advisors, and in so doing
to change the way investors work with advisors and advisors
work with investors, for the benefit of both.
Membership dues and educational fees from advisors and individual
members are the sole revenue source of IPI. IPI does not endorse any investment services, strategies
or managers.
The Grill® is designed to simulate an actual due diligence interview and will be "commercial." Ideas, opinions, and theories expressed during The Grill® are not to be interpreted as recommendations or investment advice of any kind by the Institute for Private Investors. IPI performs no due diligence on investments, products or firms and is not recommending the products presented. Members should perform their own extensive due diligence.
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CODE OF CONDUCT
Networking and establishing relationships are vital components of Institute events.
However, maintaining a safe harbor complete with privacy and a non-commercial
atmosphere is crucial. Members cherish this safe harbor atmosphere, and thus
no attendee list or membership directory is published, nor are names or other
information about members released to anyone.
The code of conduct of a safe harbor is that members do not
solicit other members for investments or services. We ask
all members, guests, and speakers to respect this non-commercial tradition
and refrain from giving even informal investment presentations or making
solicitations of any kind. Exchanging business cards is entirely appropriate. All
members of IPI (both new and old) agree to preserve this
safe harbor. |
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 Institute for Private Investors is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.
CPE Credit: Maximum Credit Hours for this event: 10 (based on a 50 minute credit hour). Field of Study: Specialized Knowledge and Applications. Prerequisite: None. Level of Knowledge: Intermediate. Teaching Method: group-live offering. Advance Preparation: None. Program location:San Francisco. Please refer to the Agenda for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Attending this event is part of your membership fee for IPI. For more information regarding administrative policies or with any concerns, please contact IPI at (212) 693-1300.
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 The Winter Forum is eligible for a maximum of 10 hours CFA Continuing Education credits for members of the CFA Institute (formerly AIMR). This event has been structured to provide 10 hours of productive learning time. Members should consult the CFA Institute’s Continuing Education policy to determine the appropriate number of credits. With any concerns, please contact IPI at (212) 693-1300.
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To see information about the speaker, please click on the speaker’s name.
Monday, February 11, 2008
| 6:00pm Newer Member Dinners |
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Enjoy an intimate dinner with fellow newer members intended to warmly introduce you to IPI and the norms
of the IPI community. |
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Tuesday, February 12, 2008
8:00am–8:30am Registration and Continental Breakfast
| 8:30am–9:30am Choice of Two Breakout Sessions and One Member Roundtable |
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Infrastructure: Sorting Sand Castles from Solid Investments
Speaker: Bruce S. Pflaum / Sterling Stamos Capital Management L.P.
The bridge collapse in Minneapolis heightened American awareness to the fragile and aging condition of much
of America's infrastructure. Investors have watched from afar as institutions in Australia and Canada have
poured investment capital into infrastructure; many have wondered if infrastructure is a suitable investment for
American portfolios. In this session, we will examine infrastructure, contrasting it to real estate and other real
assets. We will review how institutions are analyzing infrastructure’s risk/return profile and assess if it is
appropriate to incorporate into an investment program. |
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Safeguarding Investments: Financial Controls in the Family Office
Speakers: Michael C. Knowles and Kevin McAuliffe, CPA / Frank, Rimerman & Co. LLP
Historically, many family offices gave their first serious consideration to internal controls only after they suspected
fraud might have occurred. Now, sophisticated family offices are learning from best practices in the corporate
environment and shifting their culture from one of fraud detection to one of fraud prevention. This session will
discuss how investors and family office professionals can better assess the effectiveness of their financial operations,
controls and oversight protocols. |
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Member Roundtable on Global Investing
Facilitator: Advisory Faculty
Members will come prepared to answer a series of questions about how they select, evaluate the performance of,
and perform due diligence on their global investments.
Member Roundtables are an opportunity for private investors
to share practical information and experience with their peers, and all attendees are required to abide by a code of
confidentiality. Ideas, opinions and theories expressed during the Member Roundtable are not to be interpreted as
recommendations or investment advice of any kind by IPI. Members often may have very divergent views, and members
should perform their own extensive due diligence. |
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9:30am–9:45am Refreshment Break
| 9:45am–10:45am Choice of Three Breakout Sessions and One Member Roundtable |
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Direction Trusts
Speakers: Peter J. Pell, Jr. and Carol G. Kroch, J.D. / Wilmington Trust
Many sophisticated families are moving their trusts into states with advantageous tax structures, stronger
liability protection measures, and fiduciary court systems with long histories of pro-wealth stances. Corporate
trustees are often appointed in these advantageous state jurisdictions to ensure the desired trust location;
however, appointment of a corporate trustee has traditionally meant turning over investment control to the
trustee. Direction trusts provide the mechanism to split the responsibilities of the investment advisor and the
trust administrator. In this session, we will relate specific situations where direction trusts have been used by
families with closely held business interests, active investment committees, high allocations to alternative
investments, or who want flexibility in changing investment strategies or managers. |
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Portfolio Risk Management for the Holder of Concentrated, Illiquid Assets
Speaker: Jon E. Ruff, CFA / Bernstein Global Wealth Management
Holders of concentrated, illiquid investments often under-appreciate how their liquid assets can best be used to
mitigate the unique risks they face. This session will attempt to lay out a framework that helps families with significant
holdings of illiquid assets, be they commercial properties or family businesses, bridge their liquid and illiquid portfolios.
The framework can be used to guide the sizing and the allocation of their liquid wealth as a complement to their
illiquid holdings. The session will incorporate a case study of a real estate family and provide an interactive discussion
on the risk management aspect of portfolio construction for these types of investors. |
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The Grill®: Enhanced Commodity-Indexed Exchange Traded Notes
Grillees: Jason T. Thomas, Ph.D., CFA / Kochis Fitz/Quintile and Selen Unsal / Goldman, Sachs & Company
Griller: Brad Cole / Cole Partners
The traditional means of investing in commodities (mutual funds or CTAs) are expensive and tax-inefficient.
This session will explore the current outlook for commodities and will present an alternative approach to
investing in commodities.
The Grill® is designed to simulate an actual due diligence interview and will be “commercial.”
Ideas, opinions, and theories expressed during The Grill® are not to be interpreted as recommendations or investment
advice of any kind by the Institute for Private Investors. IPI performs no due diligence on investments, products or firms
and is not recommending the products presented. Members should perform their own extensive due diligence. |
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Member Roundtable on Experiencing a Liquidity Event
Facilitator: Advisory Faculty
Members will come prepared to answer a series of questions about how their families tackled the process of
decision making and planning after their liquidity event.
Member Roundtables are an opportunity for private
investors to share practical information and experience with their peers, and all attendees are required to abide by a code
of confidentiality. Ideas, opinions and theories expressed during the Member Roundtable are not to be interpreted as
recommendations or investment advice of any kind by IPI. Members often may have very divergent views, and members
should perform their own extensive due diligence. |
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10:45am–11:00am Refreshment Break
| 11:00am–12:00pm Choice of Three Breakout Sessions |
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Incentive Trusts
Speaker: James L. Kronenberg, J.D. / Bessemer Trust Company, N.A.
From the listserv to the Winter Forum! What are the benefits and challenges of using trust documents to encourage
or limit the behavior and lifestyle choices of beneficiaries? This session will use case studies to discuss the successes
and failures of incentive trusts within families. |
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The End of the Mega Buyout Cycle: Is This Only the First Shoe Dropping?
Speaker: Kelly K. DePonte / Probitas Partners
The liquidity crisis that arose in the summer of 2007 had a dramatic impact on the ability of mega buyout funds
to complete transactions or to recapitalize them. The year 2008, however, is likely to see the next shoe drop,
with a true credit crisis developing with increased defaults. For investors in private equity, what are the likely
immediate impacts, and where should one look for safe harbors and new opportunities? |
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Will You Be Ready When the Dollar Turns?
Speaker: Ulf J. Lindahl / A.G. Bisset & Company, Inc.
Whether you invest internationally in hedge funds or property, your returns are a function of the exchange rate, and
the benefits and consequences can be dramatic. This session will discuss various options for properly addressing the
risk presented by foreign exchange exposure, including currency overlay strategies. |
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12:00pm–12:30pm Pre-Luncheon Reception
| 12:30pm–2:00pm Choice of Two Luncheon Sessions |
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Implementing a Global Equity Portfolio
Speaker: Gregory R. Friedman / Greycourt & Co., Inc.
IPI investors continue to increase their international allocations, with 7 out of 10 in a recent survey planning
to increase investments outside of their domestic market. What vehicles should investors consider for their
global investments: hedge funds, private equity, long only managers, ETFs, ADRs? How should an investor
contemplate the passive vs. active decision? What issues should they consider in terms of non-equity holdings,
such as real estate or fixed income? With increasing correlations, are international markets really delivering on
their promise of diversification? |
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When Too Much Is Not Enough
Speaker: Eric J. Schoenberg, Ph.D. / Columbia Business School
A wealthy individual selects among three choices when considering the disposition of their assets: to spend it, to
leave it to heirs, or to give it away. This session will present a multidisciplinary view of research on the connection
between wealth and happiness as it relates to consumption, inheritance and philanthropic giving. What choices are
more likely to enhance the well-being of both the wealth creator and the beneficiaries of the wealth? |
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2:00pm–2:15pm Refreshment Break
| 2:15pm–3:30pm Choice of Three Breakout Sessions and One Member Roundtable |
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Derivatives 101
Speaker: Brad Berggren / Parametric Risk Advisors, LLC
In this session we will cover simple strategies using exchange traded and over-the counter equity derivatives to alter
and improve the risk/return profile of investor portfolios. We will discuss covered call writing to enhance yield,
collars to mitigate risk and prepaid forwards as an alternative to margin loans. Most importantly we will explore the
potential pitfalls from improper documentation and implementation. This session will discuss using derivatives from
the perspective of an asset manager, not a broker/dealer. |
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Investing in Education in India
Speaker: Gopal Jain / Gaja Capital Partners
India is on its way towards building one of the world’s largest educational economies, both in the public and
private sectors. While investing in private sector education can be a complicated investment, this session will
discuss important trends in education in India and explore opportunities for investors to invest in this growing
sector in a rapidly developing economy. |
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Where Is the Hedge? Legal Hazards for Hedge Fund Investors
Speaker: Michael J. Nooney, J.D. / Simpson Thacher & Bartlett LLP
As the credit crunch continues and the subprime mortgage meltdown spreads throughout world markets, many
hedge funds have gone under or have required capital infusions to stay afloat. Many investors have been left asking
how it all happened so quickly and what they can do about it. Unfortunately, for some, these questions are being
asked too late. In this session, we will discuss lock-ups, gates, side pockets and other issues relating to getting out of
a hedge fund, including whether all investors will receive equal treatment. |
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Member Roundtable on Family Governance Documents
Facilitator: Advisory Faculty
Members will come prepared to answer a series of questions about how their families have crafted their Family
Governance documents, including but not limited to, the Family Mission Statement, Family Goals and Values,
and Family Philanthropy.
Member Roundtables are an opportunity for private investors
to share practical information and experience with their peers, and all attendees are required to abide by a code of
confidentiality. Ideas, opinions and theories expressed during the Member Roundtable are not to be interpreted as
recommendations or investment advice of any kind by IPI. Members often may have very divergent views, and members
should perform their own extensive due diligence. |
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3:30pm–3:45pm Refreshment Break
| 3:45pm–4:45pm Keynote Address |
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The Subprime Mortgage Crisis and Its Wake
Keynote Speaker: Karen Weaver, CFA / Deutsche Bank |
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| Leaders Council and Dutch Treat Dinners |
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Wednesday, February 13, 2008
| 8:00am–9:00am Choice of One Breakout Session and One Request For Connection |
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9:00am–9:15am Refreshment Break
| 9:15am–10:15am Choice of Three Breakout Sessions and One Member Roundtable |
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Derivatives Desk Confidential
Speaker: Brad Berggren / Parametric Risk Advisors, LLC
In this session, we will discuss concentration hedging, call writing, and structured note solutions; we will explain
what works, what doesn’t, and what to watch out for when using derivatives as part of your investing strategy. |
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Sovereign Wealth Funds and the Rise of the MENA Region
Speaker: Drosten Fisher / Monitor Group
While the rise of investment activity in the Middle East North Africa (MENA) region is well known, what is
less well known is how the liquidity of sovereign wealth funds in that region will impact risk and returns in the
global capital markets. |
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The Future of Fixed Income in an Inflationary Environment
Speaker: Bimal Patel / Columbia Management
Assuming that we are entering an economic cycle characterized by higher inflation and tighter credit, how would
the role of fixed income change within your portfolio? What are the macroeconomic implications of higher
inflation for US and global bonds, and should investors alter their expectations for fixed income performance and
correlations with the equity markets? What would the “nightmare” scenario of stagflation and a weakening dollar
look like in the US? |
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Member Roundtable on Incentive Trusts & Other Issues of Inheritance
Facilitator: Advisory Faculty
Members will come prepared to answer a series of questions about how each member is approaching setting up
and structuring trusts, as well as how much to leave to children.
Member Roundtables are an opportunity for private
investors to share practical information and experience with their peers, and all attendees are required to abide by a code
of confidentiality. Ideas, opinions and theories expressed during the Member Roundtable are not to be interpreted as
recommendations or investment advice of any kind by IPI. Members often may have very divergent views, and members
should perform their own extensive due diligence. |
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10:15am–10:30am Refreshment Break
| 10:30am–11:30am Keynote Address |
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A Butterfly Flutters Its Wings: Real Estate and the Global Economy
Keynote Speaker: Douglas M. Poutasse / National Council of Real Estate Investment Fiduciaries |
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11:30am–12:00pm Pre-Luncheon Reception
| 12:00pm–1:30pm Choice of Two Luncheon Sessions |
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The Evolution of a Distress Cycle
Speaker: Scott Graves / Oaktree Capital Management, L.P.
While unclear when it will reach its peak, the ingredients for the next distressed debt cycle are firmly in place.
This presentation will explore the current market condition and how increasing prices, excessive leverage,
weakening underwriting standards and the general disregard for risk among investors will drive the next
distressed credit cycle. |
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Risk and Reward in Asia
Speaker: Andrew T. Foster / Matthews International Capital Management, LLC
Asian economies and financial markets have made huge strides in recent decades, and Asia's potential for growth and capital appreciation has drawn investors to the region. This session will explore the growth of Asia's major economies, the obstacles they face today, and the challenges that may lie ahead. This presentation will also explore the increasing role of dividends in Asia; since December 1987, roughly half of the total returns in the Asia Pacific region were derived from reinvested dividend income. |
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1:30pm–1:45pm Refreshment Break
| 1:45pm–2:45pm Choice of Three Breakout Sessions and One Member Roundtable |
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Believe It or Not, Money Is Being Made in the Water Sector
Speaker: Robert Steiner / Aquillian Investments, LLC
In this session, we will present the trends and drivers affecting investment opportunities across all asset classes in the
water sector and will identify specific sub-sectors that warrant additional attention. We will provide examples of
private and public companies in water sub-sectors, and broadly discuss opportunities in the mutual, hedge, venture
capital and private equity fund universe. |
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Family Building: For the Generational Voyage… Should You Build a Better Boat or Train a Better Captain?
Speaker: Ronald K. Law, M.D. / Private Investor
Family wealth includes both financial wealth and non-material wealth - your children, grandchildren and their
spouses. Parents and family leaders have sophisticated financial plans, but what plans do they have with their
adult children? Between parenting and grandparenting lies “family building”, a period when meaningful
conversations between the generations must take place. In this session, IPI member Ron Law will share his
recent work on helping families of means preserve the power of family. |
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The Grill®: Fixed Income ETFs
Grillee: Matthew Tucker, CFA / Barclays Global Investors
Griller: Adam V. Topalian / Lehman Brothers
What are the advantages and disadvantages of using Exchange Traded Funds for fixed income investments,
including municipal bonds?
The Grill® is designed to simulate an actual due diligence interview and will be
“commercial.” Ideas, opinions, and theories expressed during The Grill® are not to be interpreted as recommendations or
investment advice of any kind by the Institute for Private Investors. IPI performs no due diligence on investments, products
or firms and is not recommending the products presented. Members should perform their own extensive due diligence. |
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Member Roundtable on Last Manager Hired - Last Manager Fired
Facilitator: Advisory Faculty
Members will discuss in detail the key factors that led to their most recent decision to hire and/or fire a manager.
Member Roundtables are an opportunity for private investors to share practical information and experience with their
peers, and all attendees are required to abide by a code of confidentiality. Ideas, opinions and theories expressed during
the Member Roundtable are not to be interpreted as recommendations or investment advice of any kind by IPI. Members
often may have very divergent views, and members should perform their own extensive due diligence. |
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2:45pm–3:00pm Refreshment Break
| 3:00pm–4:00pm Members on The Grill® |
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Back by popular demand, we will have a separate session with investor members on The Grill®, presenting to
their fellow members as if they were at their own family meeting. The investors may present a proposed change
in their allocation or they might defend why they have not changed an allocation in an underperforming or
outperforming strategy / manager / fund. Each investor presenting will be grilled about both their rationale and
process. Questions from the audience are welcome. Each person attending will be asked to abide by a code of
confidentiality for all information presented at The Grill®. Member Roundtables are an opportunity for private
investors to share practical information and experience with their peers, and all attendees are required to abide by a code
of confidentiality. Ideas, opinions and theories expressed during the Member Roundtable are not to be interpreted as
recommendations or investment advice of any kind by IPI. Members often may have very divergent views, and members
should perform their own extensive due diligence. |
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IPI performs no due diligence on investment products or firms
and is not recommending the products presented. Members should perform
their own extensive due diligence.
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