As investors, we’re always balancing our desire to grow our money with our fear of losing it.
That balancing act has never been tougher.
We’ve entered a strange and uncertain world where the US stock market takes off, even as economic growth slows down. A world where “safe” assets are risky. A world where investors have more information, but less insight about what it means for their portfolio. We’ve entered a “new normal.”
In a world like this, how can you tell the difference between meaningless noise and something that you need to know?
You can find the answer to this question, and many more on June 11, when John Mauldin – a renowned financial expert and editor of one of the most widely read financial newsletters in the world – hosts a timely, urgent, and exclusive online event to help investors navigate the “new normal.”
Investing In the New Normal will be a unique event with insights and actionable intelligence from the most respected investors and economists in the world. These are experts who are:
- Trusted to manage the assets of multibillion-dollar pension funds and university endowments;
- Sought out by policymakers for their advice; and
- Constantly analyzing the intersection of markets and policy.
The pros that Mauldin Economics is bringing you have seen – and profited from – big market moves before they happened. They saw the residential mortgage mess coming in 2008, the market opportunities arising in 2009, and the implications of the euro crisis when it began in 2011.
On June 11, they will spend an hour talking to one another and delivering invaluable insights to you. We’ll cut through the clutter to help you navigate this “new normal” – where global economic uncertainty is likely to continue for years to come, bringing with it lower market returns and more volatility. That is, unless you know where to look and what to look for.
The “new normal” means that “buy and hold” just isn’t a viable investment strategy anymore. Many tried-and-true investment strategies will unfortunately saddle investors with subpar returns, sleepless nights, and delayed retirements. But that doesn’t mean that you have to settle for the same.
There are opportunities – big opportunities – if you know where to find them. And the Investing In the New Normal experts know exactly where to look.
You have almost certainly seen our Investing in the New Normal participants quoted or interviewed before, but you have never seen them like this.
For this hour, they’ll tell you what they’re hearing from CEOs, central bankers, and big-league investors around the world.
They’ll tell you where capital is flowing and why.
They’ll tell you how you should position your portfolio in light of world- and market-altering events.
Events such as:
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The Euro Crisis: The slow-moving economic crisis in Europe took a frightening turn in March, when the European Central Bank forced depositors in Cyprus banks to pay for a part of that country’s bailout package. Some depositors could lose more than half their assets. In the future, depositors throughout Europe will wonder if their money is safe from EU bureaucrats. Greece and now Cyprus have threatened the very existence of the European Union in the last year. What happens if a bigger country like Spain, Italy, or France becomes the epicenter of a similar crisis? And how will investors know when disaster is about to hit?
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Central Bankers Crank Up the Printing Presses: There seems to be no end to the amount of money that the world’s central bankers are willing to print. Since the onset of the global financial crisis in 2007, the US Federal Reserve, the European Central Bank, and the Bank of Japan alone have more than doubled the combined size of their balance sheets, expanding them by a total of $4.7 trillion. In April, the Bank of Japan took the unprecedented step of announcing that it aims to double its own balance sheet by the end of 2014. The central bankers are hoping this added liquidity will stimulate the global economy – but at what cost? Is inflation on its way? Are the central bankers blowing up more asset bubbles that are primed to pop?
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The Impossible Hunt for Yield and Income: What’s an income investor to do when formerly safe investments aren’t safe at all? Stuffing money under the mattress doesn’t look so bad when most bonds are severely overpriced and when CDs and money markets are paying you fractions of a percent. Which assets and investments can deliver the yield you need without exposing you to the risk you can’t afford?
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Debt, Debt, Debt: In 2010, Ben Bernanke – the chairman of the Federal Reserve – testified before Congress that the “exceptional” increase in the deficit left the US federal budget on an “unsustainable path.” Little has been done in the wake of Bernanke’s warning – US government figures put the US debt-to-GDP ratio at 73%, but some well-respected economists believe it already exceeds 100%. Countries like Japan (whose debt is 214% of GDP) and Italy (126%) as well as ones that are perilously close, like Britain (89%) and Spain (85%), are in even more perilous positions due to their borrowing habits. Unfortunately, none of these countries has developed feasible plans to curb the runaway government and entitlement spending that is driving these deficits. Do any of these countries have the political will to act? And if they don’t, what does that mean for your investment portfolio?
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Washington Dysfunction: The US Congress has a well-deserved 9% approval rating for continuing to be riven by gridlock and dysfunction. Washington has recently given us a debt-ceiling debacle and a fiscal-cliff fiasco, and there are likely more crises to come, as Democrats and Republicans have shown little willingness to work together. Is there any hope for a long-term deal on taxes and entitlements between President Obama and the House Republicans? If not, how long before bond market vigilantes turn their attention to US Treasuries?
Investing In the New Normal won’t just help you make sense of these rapidly changing world events – it will help you understand how events in Brussels or Washington or Tokyo will impact your portfolio. And that has never been more important than it is right now. When stocks in New York are rising and falling based on a stray word from the prime minister of Cyprus, you know that the world has changed. Successful investors need to do a lot more than peruse a company’s annual 10-K filing. You need to understand the macro issues that are driving our interconnected global economy.
Sure, you can turn on the TV or the radio and get an earful from commentators pontificating on these issues. But most likely, you’ll hear this analysis in ten-second sound bites ten days after big investors have already traded on the news.
Investing In the New Normal will feature a full hour of unfiltered conversation and uncensored analysis from John Mauldin and some of the top economists and investors in the world.
This event will provide valuable and timely takeaways for every investor.
- Are you a sophisticated investor or advisor looking for an added edge for you or your clients?
- Are you a retiree or near-retiree looking for asset classes that will provide a better and safer yield to boost your income?
- Are you sitting on the sidelines in cash because you don’t feel like anything is safe?
Whoever you are, Investing In the New Normal will empower you to make the right decisions for you and your family’s financial future.
Please reserve your spot right now, so you can join us on June 11 for this free, online video event. Just enter your email address on this page, and we’ll send you a confirmation of your registration by email, as well as instructions on how to join us for the web broadcast.
No one knows what will happen between now and June 11, but we can bet the world economy and global markets will be just as unpredictable and uncertain as they are today. Investing In the New Normal is your chance to make sense of it all, to figure out how you can find upside in a world turned upside down.
Participants
J Kyle Bass,
Managing Member, Hayman Capital Management
Rose to fame with prescient bets against the residential housing market before the 2008 financial crisis.
J Kyle Bass,
Managing Member, Hayman Capital Management
Kyle is the principal of Hayman Capital Management L.P., which serves as the investment manager to private funds focused on global event-driven, residential mortgage-backed securities and asymmetrically priced “tail” opportunities. Previously, he comanaged the private funds with strategies focused on sub-prime credit.
Kyle is a member of the Board of Directors of the University of Texas Investment Management Co. (UTIMCO), which has aggregate assets of over $26 billion. He is a founding member of the Serengeti Asset Management Advisory Board and serves on the board of directors of the Troops First Foundation, Business Executives for National Security, and Texas Ranger Association Foundation. In addition, Kyle is a member of the Advisory Group for the Center of Asset Management at the Darden School of Business and the Advisory Council of the Comeback America Initiative, which is dedicated to promoting fiscal responsibility and sustainability. Kyle has testified as an expert witness before the US House of Representatives, US Senate, and Financial Crisis Inquiry Commission.
Prior to forming Hayman Capital Management, Kyle worked as a managing director at Legg Mason, Inc., and a senior managing director at Bear, Stearns & Co., Inc. Kyle graduated with a bachelor of business administration degree in finance and real estate finance from Texas Christian University in May 1992.
Mohamed El-Erian,
CEO, PIMCO
Dr. Mohamed A. El-Erian is CEO and co-CIO of PIMCO, the global investment management firm with $1.9 trillion of assets under management..
Mohamed El-Erian,
CEO, PIMCO
Dr. Mohamed A. El-Erian is CEO and co-CIO of PIMCO, the global investment management firm with $1.9 trillion of assets under management. He rejoined PIMCO at the end of 2007 after serving for two years as president and CEO of Harvard Management Company, the entity that manages Harvard's endowment and related accounts.
He first joined PIMCO in 1999 and was a senior member of PIMCO's portfolio management and investment strategy group. Before coming to PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London, and before that, he spent 15 years at the International Monetary Fund in Washington, D.C.
Dr. El-Erian has published widely on international economic and finance topics. In addition to regular op-eds, his book When Markets Collide was a New York Times and Wall Street Journal best-seller, won the Financial Times/Goldman Sachs 2008 Business Book of the Year, and was named a book of the year by the Economist and one of the best business books of all time by the Independent (UK). He was named to Foreign Policy's list of "Top 100 Global Thinkers" for 2009, 2010, and 2011.
Dr. El-Erian has served on several boards and committees, including the US Treasury Borrowing Advisory Committee, the International Center for Research on Women, the Peterson Institute for International Economics, and the IMF's Committee of Eminent Persons. He is currently a board member of the NBER, the Carnegie Endowment for International Peace, and Cambridge in America. He holds a master's degree and doctorate in economics from Oxford University and received his undergraduate degree from Cambridge University.
John Mauldin,
Chairman, Mauldin Economics
World-renowned economist and financial writer of the New York Times best-selling books Bull's Eye Investing, Just One Thing, and Endgame.
John Mauldin
Chairman, Mauldin Economics
John Mauldin is a world-renowned economist and financial writer of the New York Times best-selling books Bull's Eye Investing, Just One Thing, and Endgame. His most recent book is The Little Book of Bull’s Eye Investing. John's free weekly e-letter, Thoughts from the Frontline, is one of the most widely distributed investment newsletters in the world. Launched in 2000, it was one of the first publications to provide investors with free, unbiased information and guidance.
He is the chairman of Mauldin Economics, a company created to provide individual investors with his big-picture thoughts on the global economy as well as actionable investment and trading strategies typically deployed by institutional money managers on behalf of their high-net-worth clients, but at a fraction of the cost.
John is also the president of Millennium Wave Advisors, an investment advisory firm registered with multiple states. His track record of success vetting and consulting with money managers spans over three decades. His passion is to understand the world of economics, investment, politics, and science, and determine how it may all come together in the future. As a highly sought-after market pundit, John is a frequent contributor to publications such as The Financial Times and The Daily Reckoning, and is a regular guest on CNBC, Yahoo! Daily Ticker and Breakout, and Bloomberg TV and Radio.
John Mauldin is a registered representative of Millennium Wave Securities, LLC, (MWS), a FINRA registered broker-dealer, Member SIPC. MWS is also a Commodity Pool Operator (CPO) and a Commodity Trading Advisor (CTA) registered with the CFTC, as well as an Introducing Broker (IB).
Barry Ritholtz,
Chief Investment Officer, The Ritholtz Group / Fusion Analytics
Noted investment strategist and author of the book Bailout Nation
Barry Ritholtz,
Chief Investment Officer, The Ritholtz Group / Fusion Analytics
Barry L. Ritholtz is one of the few strategists who saw the coming housing implosion and derivative mess far in advance. Ritholtz issued warnings about the market collapse and recession in time for his clients and readers to seek safe harbor.
Dow Jones Market Talk noted that "many market observers predict tops and bottoms, but few successfully get their timing right. Jeremy Grantham and Barry Ritholtz sit in the latter category…" For the prescience of his market calls in 2009, he was named Yahoo Tech Ticker's Guest of the Year. (A summary of major market calls can be found here.) His observations are unique in that they are the result of both quantitative data AND behavioral economics.
In 2010, Barry L. Ritholtz was named one of the "15 Most Important Economic Journalists" in the United States. Ritholtz writes a column on investing for the Washington Post (His WaPo columns are here); he also contributes occasional column to Barron's and Bloomberg (see The Myth of Uncertainty). Previously, he authored the popular "Apprenticed Investor" columns at TheStreet.com, a series geared towards educating novice and intermediate investors. Mr. Ritholtz has published more formal market analyses at Wall Street Journal, Barron’s, the Economist, and RealMoney.com. Mr. Ritholtz is a frequent commentator on economic data and financial markets. He is a regular guest on CNBC, Bloomberg, Fox, CNN, ABC, CBS, NBC, PBS, MSNBC, and C/SPAN. He has appeared on numerous shows, including Nightline, ABC World News Tonight, NBC Nightly News with Brian Williams, Fast Money, Kudlow & Co, and Power Lunch, and has guest-hosted Squawk Box on numerous occasions. He appears regularly on radio for Bloomberg, NPR, CBS, and other broadcasters.
Ritholtz has been profiled in the Wall Street Journal's Quite Contrary column (August 3, 2004; Page C3), and was the subject of a Barron's interview titled A Leading Bear Turns Bullish, Sort of (December 8, 2008) and again in the fall of 2010: Ritholtz Is Modestly Bullish Again (October 26, 2010). His market perspectives are quoted regularly in the New York Times, Wall Street Journal, Barron's, GQ, Forbes, Fortune, Smart Money, Kiplingers, and other print media.
In 2008-'09, Ritholtz wrote the book Bailout Nation, which was published by Wiley in Summer 2009; in 2010, the updated paperback was published. Bailout Nation has become the best reviewed book on the bailouts to date. The New York Times called it "Irreverent," and "an important book about a complicated subject, and yet you could still read it at the beach." The Wall Street Journal noted: "If you want to know how we got into this mess and what might still be coming, this is the book for you." And Bloomberg praised it as "A valuable new contribution to our understanding of how we arrived at this sorry juncture." Bailout Nation was named Investment Book of the Year by Stock Trader's Almanac, and won a First Amendment Award for Outstanding Journalism: Best Book. Numerous media — USA Today, Miami Herald, Marketplace Radio — named it as one of the best finance/business books of 2009.
In his day job, Mr. Ritholtz is CEO and Director of Equity Research at Fusion IQ, an online quantitative research firm. The firm makes its institutional-strength number-crunching available to individual traders and investors. This marks the first time an institutional-grade quant research product is available to the public at an affordable price. Previously, Mr. Ritholtz was Chief Market Strategist for Maxim Group, a New York investment bank, managing over $5 billion in clients' assets.
Ritholtz was honored to be the dedicatee of the The 2007 Stock Trader's Almanac's 40th anniversary edition. He is a sought after speaker and regularly speaks to investor conferences, media panels, and graduate schools.
Beyond his commentary and published articles, Mr. Ritholtz also authors The Big Picture — a leading financial weblog, generating several million page views per month. The Big Picture covers Investing & Trading to Macro Economics, and everything else in between. The blog has quickly amassed ~70 million visitors. The Big Picture was featured in the 10th annual New York Times magazine "Year in Ideas, under the topic "DIY Economics," in 2010.
Media accolades for The Big Picture have come from the NYT ("Trenchant economic commentary"), the WSJ ("What the In-Crowd Knows"). The Journal cited The Big Picture as the economic "Blog Insiders Read to Stay Current"; Business Week noted its "insightful calls on the direction of the stock market" (Blogging For Dollars). Hailed as a "bright and savvy fellow" by Alan Abelson's Up and Down Wall Street column (Barron's), and by CNBC's Larry Kudlow, who called The Big Picture "very helpful and addictive — the best stock market blog there is." Numerous traffic sites rank The Big Picture as one of the most trafficked markets/economics blogs on the web.
Mr. Ritholtz performed his graduate studies at Yeshiva University's Benjamin N. Cardozo School of Law in New York, where he focused on Economics, Anti-Trust and Corporate Law. He was a member of the Law Review, and graduated Cum Laude with a 3.56 GPA. His undergraduate work was at Stony Brook University, where on a Regents Scholarship he focused on mathematics and physics, graduating with a Bachelor Arts & Sciences degree in Political Science. He was a member of the Stony Brook Equestrian Team, and competed successfully in the National Championships (1981) of the Intercollegiate Horse Show Association. In addition to writing the National Affairs column for the campus weekly (The Stony Brook Press), he was elected Vice-President of the student body.
After passing the Bar exams in New York and New Jersey, Ritholtz practiced law for a few years, but became disenchanted with his career choice. He shifted his focus to technology and markets and has been an angel investor in early stage technology companies. He is on the Board of Directors of Democrasoft, whose Collaborize Classroom is radically remaking US education. He is also an investor in StockTwits, a Twitter based stock community.
When not bemoaning the New York Knicks' all-too-frequent offensive lapses, Mr. Ritholtz is a vintage sports car enthusiast. He and his wife Wendy, an artist and teacher, live on the North Shore of Long Island, New York, with monsters Max and Jackson.
David Rosenberg,
Chief Economist & Strategist, Gluskin Sheff + Associates Inc.
Often ranked as an Institutional Investor All-Star and named the most accurate economic forecaster of 2011 by MSNBC
David Rosenberg,
Chief Economist & Strategist, Gluskin Sheff + Associates Inc.
David is the Gluskin Sheff's chief economist and strategist, with a focus on providing a top-down perspective to the firm’s investment process and Asset Mix Committee. David received both bachelor of arts and masters of arts degrees in economics from the University of Toronto.
Prior to joining Gluskin Sheff in the spring of 2009, he was chief North American economist at Bank of America-Merrill Lynch in New York for seven years, during which he was consistently ranked in the Institutional Investor All-Star analyst rankings. Prior thereto, he was Chief Economist and Strategist for Merrill Lynch Canada, based out of Toronto.
In 2012, David was named one of the five most influential Canadians in investing by Financial Post magazine. He was the only economist recognized for his accurate economic projections in Fortune magazine’s “Best and Worst of Wall Street 2011,” and was ranked the most accurate forecaster for 2011 by MSNBC.
Dr. John Hussman,
President, Hussman Econometrics
Founder of the Hussman Family of Mutual Funds
Dr. John Hussman,
President, Hussman Econometrics
Dr. John P. Hussman is the president of Hussman Strategic Advisors, the investment advisor to the Hussman Funds. He holds a Ph.D. in economics from Stanford University, as well as a B.A. in economics, Phi Beta Kappa, and an M.S. in education and social policy from Northwestern University.
A research consultant in the securities markets since 1981, John initially worked as an arbitrage strategist and options mathematician in Chicago. Prior to launching the Hussman Funds, he was active as both a portfolio manager and a university professor, teaching economics and international finance at the University of Michigan and Michigan Business School. John’s management style emphasizes investment performance and risk management as measured over the complete market cycle, with little emphasis on tracking market indices over shorter time periods.
John is also the director of the Hussman Foundation, which funds one of the largest autism research programs in the US, as well as global health and education projects. He has authored and coauthored research in peer-reviewed scientific journals focusing on the neuroscience, molecular biology, and genetics of autism.
Moderator
Ed D'Agostino,
Publisher, Mauldin Economics
Ed D'Agostino,
Publisher, Mauldin Economics
Ed D'Agostino is the publisher of Mauldin Economics, where he manages the company’s research and editorial staff. His career has been spent in finance and turn-around management. After five years at a boutique merger & acquisition shop, Ed became VP of business development for one of the largest healthcare providers in the Northeastern US. He developed and implemented the company’s strategic growth plan, focusing on the acquisition and turn-around of distressed healthcare facilities. He subsequently formed a consultancy focused on turn-around management and new business ventures. Ed is the cofounder of two commercial real estate lending companies, developed business plans for startup hedge funds, and has represented private equity groups in the acquisition of several manufacturing and IT businesses.