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2019 Presentation Information

For Earlier Presentations Go To:

Archives


Saturday, June 8th, 2018 (WEBCAST) 1) Continued Bull Market? Or is a Cyclical Bear Market Ahead? &
2) Invest in the Best

1) Continued Bull Market? Or is a Cyclical Bear Market Ahead?

For stock investors, anticipating a recession is a very important consideration in protecting your portfolio from major drawdowns. That is because, historically, recessions are associated with the most severe bear markets. This business cycle expansion has certainly been unique in many ways, including that it has been amongst the longest, yet slowest on record. So, where are the risks and opportunities today? Martin will discuss what asset allocation decisions can bring you profitably and safely through this current financial market environment.

You Will Learn:

  1. Where we are in the business cycle and what that means for your portfolio
  2. The technical condition of stocks, bonds and commodities
  3. How to stay a step ahead of changes in the economy and financial markets

Discussed by:
Martin Pring , Principal and Investment Strategist Pring Turner Capital Group, Walnut Creek, Ca.



Martin Pring, is a principal and investment strategist at Pring Turner Capital Group, an investment advisory firm based in Walnut Creek, Ca. One of the most prominent names in the technical analysis industry, Martin’s research columns are featured regularly on Stockcharts.com and he is an award-winning author of numerous investment books, including Technical Analysis Explained. Martin, in collaboration with Dow Jones Indexes, co-developed the Dow Jones Pring U.S. Business Cycle Index in 2012, a unique index based on the financial advisory firm’s “Six-Stage” business cycle investment strategy. He has traveled to more than 30 countries as an invited speaker to financial institutions and professional investment groups.


2) Invest in the Best

Jim Kopas, CFA will discuss the “Holy Grail” of investing – Quality, and explain why this often overlooked factor has consistently led to the ultimate combination (better returns with less risk over the long run). You will learn simple tactics that can help incorporate this crucial factor into your own investment repertoire. In addition, Jim will cover some of the common causes of investor misjudgment and share tips on how you can improve your own decision making. To wrap things up, Jim will share some of his most compelling investment ideas.

You Will Learn:

  1. Why focusing on quality investments can help you earn better long-term returns with less risk
  2. How to improve your decision making by learning from common investor mistakes
  3. About Jim’s most compelling investment ideas in today’s market

Discussed by:
Jim Kopas , CFA, Financial Advisor Pring Turner Capital Group.



Jim Kopas, CFA is a principal and financial advisor at Pring Turner Capital Group, an investment advisory firm based in Walnut Creek, Ca. Jim specializes in providing highly personalized investment and financial planning advice to Bay Area families. In 2013, he earned the Chartered Financial Analyst®(CFA) designation, one of the most respected and recognized investment advisory designations in the world. Jim is a 2008 graduate of the Santa Clara University Leavey School of Business and member of the Chartered Financial Analyst (CFA) Society of San Francisco.



We're trying something new...



Our June speakers, Martin Pring & Jim Kopas, will be presenting live from Walnut Creek, Ca via webcast. Not to worry -- you'll still have full capability to interact with Speakers.

  • Speakers will be live and presenting in real-time
  • We'll have copies of slides available for download and Speaker will control the flow of his presentations from Walnut Creek, CA
  • You'll be able to interact with Speaker, ask questions, etc.via the chat box

So why are we doing this??

  • Sadly, it's just a fact of life that many firms/speakers don't have the time or budget to fly cross-country to present to a (relatively) small crowd.
  • Also, the chapter has a (very) limited speaker travel budget --- i.e., the revenue we receive from your tickets!! --- to bring speakers in.
  • End result: Having remote-speaker capability will allow the chapter to offer more nationally known firms and speakers.

So come join Webinar as we usher in a new era for the chapter!!



Webinar Details:

  • Date:
  • Saturday, June 8th, 2019
  • 8:30 A.M : Chapter announcements
  • 9:00 A.M : Part 1 of talk
  • 10:15 A.M : Break
  • 10:30 A.M : Part 2 of talk
  • 11:30 A.M : Q&A

  • FEES: In Advance, Online by June 6th, 2019: $10/person

    Non-Members Are Welcome
    No Refunds

More Information

Downloads and Links



Saturday, May 11th, 2019 Presentations on
“Understanding Closed-End Funds" &
"Value Trap: Theory of Universal Valuation"

1. Understanding Closed-End Funds

Closed-end funds have existed in U.S. markets since 1893 and currently account for about 20% of New York Stock Exchange-listed securities. Despite their long history, they are frequently overlooked or misunderstood by those who do not understand their unique structure. Bill Jump, will demystify them and present where they do and do not fit in a well-diversified portfolio. He will cover several strategies he uses to enhance investment returns from closed-end portfolios and how to research them.

You Will Learn:

  1. How closed-end funds differ from exchange-traded funds (ETFs) and mutual funds
  2. Where closed-end funds can benefit your portfolio
  3. Strategies and tactics to enhance returns from closed-end funds



Discussed by:
Bill Jump ,Board Member, AAII Silicon Valley Chapter



Bill Jump,,retired from IBM as an executive project manager after a 48-year career. He is a graduate of UC Berkeley in electrical engineering and has a master’s certificate in project management from George Washington University. Jump is a lifetime member of AAII and serves on the board of the AAII Silicon Valley Chapter.


2. Value Trap: Theory of Universal Valuation

Brian Nelson will cover the pitfalls of valuation multiples [e.g., price-earnings (P/E) ratio, price-to-sales (P/S) ratio], traditional quantitative analysis (e.g., value factor, size factor) and the great contradiction between factor investing and the efficient markets hypothesis. He will show how enterprise valuation rests at the intersection of behavioral economics, quantitative theory, equity valuation and, therefore, finance itself. Nelson will talk about how enterprise valuation can be used to identify bubbles and mispricings and how it’s valuable to dividend growth and income. Receive a free paperback copy of Brian's new book, Value Trap: Theory of Universal Valuation! Limited to the first 75 attendees.

You Will Learn:

  1. The pitfalls of valuation multiple analysis and the risks of extrapolating some empirical quantitative conclusions
  2. A critical framework to view and interpret stock price movements and stock valuation
  3. The universal nature of enterprise valuation to all things finance from competitive advantage analysis to dividend growth investing and beyond



Discussed by:
Brian Nelson , CFA President of Equity Research, Valuentum Securities



Brian Nelson, CFA, is the president of equity research and exchangetraded fund (ETF) analysis at Valuentum Securities. Before founding Valuentum in early 2011, he worked as a director at Morningstar, where he developed their discounted cash flow model used to derive the fair value estimates for the company’s entire equity coverage universe. He earned an MBA from the University of Chicago Booth School of Business.


Meeting Details:

  • Date:
    • Saturday, May 11th, 2019
  • Location:
    • Shoup Park Garden House
    • 400 University Avenue
    • Los Altos, CA 94022
8:30 A.M. Registration / Social / Book Swap
  • 8:30 A.M : Chapter announcements
  • 9:00 A.M : Presentation Starts
  • 10:15 A.M : Break
  • 10:30 A.M : Presentation Resumes
  • 11:30 A.M : Q&A

  • FEES: New Reduced Fees
    • In Advance, Postmarked by May 6th, 2019: $15/person
    • Online by May 9th, 2019: $15/person
    • At the Door (space permitting): $20/person
    • Persons under 25 (with ID), Free

    Non-Members Are Welcome
    No Refunds

  • Downloads and Links



    Saturday, April 13th, 2019 Presentations on
    “Charitable Planning in a New Tax and Giving Environment" &
    "To Improve Performance, Ditch Emotions, Instincts and Overconfidence"

    1. Charitable Planning in a New Tax and Giving Environment

    In 2017, charitable gifts surpassed $400 billion for the first time in U.S. history with nearly three quarters coming from individual donors. Learn about strategies for being more impactful with your charitable giving, including utilization of the best asset, determining a suitable vehicle, engaging your family and legacy creation. Come away with an action plan to increase the tax value and personal fulfillment of supporting the causes most dear to you.

    You Will Learn:

    1. How to maximize impact and tax deductions for your charitable giving
    2. Perspective on the Tax Cut and Jobs Act and its effects on charitable giving
    3. Available giving vehicles including donor-advised funds



    Discussed by:
    Julia Reed , Principal & Adviser, Compass Investments LLC.



    Julia, Reed serves financial advisers, family offices and donor communities on the West Coast. She provided charitable planning consultation and resources to wealth management professionals and their clients for more than a decade. She is an expert on all aspects of effective philanthropy, including complex assets, legacy planning and social impact strategy.


    2. To Improve Performance, Ditch Emotions, Instincts and Overconfidence

    It is widely acknowledged that individual investors underperform the market averages over the long term. Over the past 20–30 years a huge body of academic research has provided enlightenment on this phenomenon. It is not financial or economic research, it is behavioral research. And it is showing that the best way to improve your investment performance is to change your behavior, not your strategy. The financial industry has embraced this message, as financial degrees and certifications now require education in behavioral finance. Individual investors have even more to gain by modifying their behavior as well.

    You Will Learn:

    1. How much individuals underperform the market averages
    2. What the key behavioral factors are that hinder investment performance
    3. How investors can begin to improve their performance by addressing their behavior



    Discussed by:
    Richard Lehman , Ph.D. Author, Investment Adviser; Instructor, U.C. Berkeley



    Richard Lehman, Ph.D., is an instructor on behavioral finance at University of California Berkeley Extension and author of several books on investor behavior and option strategies. He spent over a decade working for brokerage firms on Wall Street and the New York Stock Exchange. He runs his own investment advisory firm and launched a website dedicated to behavioral finance.


    Meeting Details:

    • Date:
      • Saturday, April 13th, 2019
    • Location:
      • Shoup Park Garden House
      • 400 University Avenue
      • Los Altos, CA 94022
    8:30 A.M. Registration / Social / Book Swap
    • 8:30 A.M : Chapter announcements
    • 9:00 A.M : Presentation Starts
    • 10:15 A.M : Break
    • 10:30 A.M : Presentation Resumes
    • 11:30 A.M : Q&A

    • FEES: New Reduced Fees
      • In Advance, Postmarked by April 8th, 2019: $15/person
      • Online by April 11th, 2019: $15/person
      • At the Door (space permitting): $20/person
      • Persons under 25 (with ID), Free

      Non-Members Are Welcome
      No Refunds

  • Downloads and Links



    Saturday, Mar 9th, 2019 MorningStar Presentations on
    “How Does the Bucket Strategy Work in Practice?" &
    "Morningstar's Best Ideas for 2019 and Beyond"

    How Does the Bucket Strategy Work in Practice?

    The bucket strategy for retirement portfolio planning involves building your portfolio based on your expected withdrawals from it. The overarching goal is to build enough of a bulwark in safe securities at the front end of your portfolio to ensure that you never have to spend from any asset when it’s in a trough. But implementation questions abound. How much can you withdraw each year, and where should you withdraw it from? How do you maintain a bucket system on an ongoing basis, and what happens if your portfolio consists of multiple silos—traditional, taxable and Roth? Morningstar’s Christine Benz talks about bucket portfolios, the benefits they offer and the challenges they pose.

    You Will Learn:

    1. How the bucket approach can help retirees source their needed in-retirement cash flows
    2. How to implement a bucket regimen in practice, including tax considerations, bucket “maintenance” and withdrawal-rate sustainability
    3. How a basic bucket portfolio would have performed since 2000



    Morningstar's Best Ideas for 2019 and Beyond

    Christine Benz will discuss Morningstar's philosophy for evaluating stocks, mutual funds and exchange-traded funds (ETFs). She'll then share the firm's current assessment of the equity market based on its bottom-up research. Which sectors, investment styles and geographies look the most attractive, and which are the most overvalued? She'll then discuss how those themes translate into specific stock, mutual fund and ETF picks. Finally, Benz will share some of her best ideas for personal finance, including tax and retirement planning.

    You Will Learn:

    1. Morningstar’s criteria and systems for rating stocks, mutual funds and ETFs
    2. Which parts of the equity market are attractively valued and overvalued, based on Morningstar’s bottom-up research
    3. Morningstar’s best ideas for fixed income, tax planning and protection from inflation



    Discussed by:
    Christine Benz , Director of Personal Finance, Morningstar, Inc.



    Christine, Benz is director of personal finance for Morningstar and senior columnist for Morningstar.com. She is author of “30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances” (Wiley, 2010). Benz is also co-author of “Morningstar Guide to Mutual Funds: 5-Star Strategies for Success,” a national bestseller published in 2003, and author of the book’s second edition, which was published in 2005. Before assuming her current role in 2008, Benz also served as Morningstar’s director of mutual fund analysis. She has served as editor of several of Morningstar’s publications over the years, including PracticalFinance, Morningstar Mutual Funds and Morningstar FundInvestor. She has worked as an analyst and editor at Morningstar since 1993.


    Meeting Details:

    • Date:
      • Saturday, Mar 9th, 2019
    • Location:
      • Shoup Park Garden House
      • 400 University Avenue
      • Los Altos, CA 94022
    8:30 A.M. Registration / Social / Book Swap
    • 8:30 A.M : Chapter announcements
    • 9:00 A.M : Presentation Starts
    • 10:15 A.M : Break
    • 10:30 A.M : Presentation Resumes
    • 11:30 A.M : Q&A

    • FEES: New Reduced Fees
      • In Advance, Postmarked by Mar 4th, 2019: $15/person
      • Online by Mar 7th, 2019: $15/person
      • At the Door (space permitting): $20/person
      • Persons under 25 (with ID), Free

      Non-Members Are Welcome
      No Refunds

    Downloads and Links



    Saturday, Feb 9th, 2019 Presentations on “REITs in Depth”

    Real estate investment trusts (REITs) have consistently outperformed many more widely known investments. Over the past 15-year period, for example, REITs returned an average of 11% per year, better than all other asset classes. Since 2009, REITs have enjoyed positive returns; large-cap stocks and cash are the only other classes that paralleled that record. Even in 2015, a “year of fear” related to rising rates, REITs returned 2.4%, beating most all other asset classes. Prepare yourself, and your portfolio, to benefit from the demand for REITs that will follow the creation of a real estate global industry classification standard (GICS) sector. Brad Thomas will give his presentation in two parts.

    You Will Learn:

    1. Why income investors should consider and own real estate investment trusts (REITs)
    2. The tax-deferral advantages of many REITs
    3. How to analyze REITs for dividend sustainability

    Discussed by:
    Brad Thomas , Editor, Forbes Real Estate Investor; Senior Research Analyst, iREIT Investor



    Brad, Thomas is a prolific Seeking Alpha author and the editor of Forbes Real Estate Investor, a subscription-based newsletter, and the senior real estate investment trust (REIT) analyst at iREIT Investor. Thomas is the highest-ranking analyst (based on page views) for Seeking Alpha (with over 40,000 followers) and Forbes.com. Thomas is the author of two books, including “The Intelligent REIT Investor: How to Build Wealth with Real Estate Investment Trusts” (Wiley, 2016).


    Meeting Details:

    • Date:
    • Saturday, Fen 9th, 2019
    • Location:
    • Shoup Park Garden House
    • 400 University Avenue
    • Los Altos, CA 94022
    8:30 A.M. Registration / Social / Book Swap
    • 8:30 A.M : Chapter announcements
    • 9:00 A.M : Presentation Starts
    • 10:15 A.M : Break
    • 10:30 A.M : Presentation Resumes
    • 11:30 A.M : Q&A

    • FEES: New Reduced Fees
      In Advance, Postmarked by Feb 4th, 2019: $15/person
      Online by Feb 7th, 2019: $15/person
      At the Door (space permitting): $20/person
      Persons under 25 (with ID), Free
      Non-Members Are Welcome
      No Refunds

    Downloads and Links



    Saturday, Jan 12th, 2019 Presentations on 1) Where Do We Go From Here? , 2) Market Update and San Francisco Federal Reserve

    1. Where Do We Go From Here?

    Al Zmyslowski and Bill Jump will be joined by members of the Silicon Valley board and present the key takeaways from the recent 2018 AAII Investor Conference and provide a market review as we enter 2019. Their presentation will be followed by a Q&A session.

    You Will Learn:

    1. Highlights from the 2018 AAII Investor Conference
    2. An update on the markets looking into 2019
    3. With a panel discussion: quiz your board members

    Discussed by:
    Al Zmyslowski , Computerized Investing Chair, AAII Silicon Valley Chapter



    Al, Zmyslowski is an individual investor, a long-time member of AAII and leader of the Silicon Valley chapter’s Computerized Investing group. Zmyslowski is particularly interested in using computerized investing systems that result in good performance, infrequent trading and a low expenditure of time.


    2. Market Update and San Francisco Federal Reserve

    Liz Laderman’s presentation will focus on explaining the “dual mandate” goals of maximum employment and stable prices that Congress has given the Federal Reserve for monetary policy and reporting on where the U.S. economy is with respect to those goals and where it’s headed. She’ll look at the overall growth of the U.S. economy and the implications of the Federal Reserve Bank of San Francisco’s forecasted growth rate for unemployment and inflation. She’ll also discuss what factors are influencing the economy and the San Francisco Fed’s forecast and compare baseline growth today with growth rates seen in the past.

    You Will Learn:

    1. What the Fed’s dual mandate for monetary policy really means
    2. How the U.S. economy is doing with respect to the dual mandate goals, and where it is headed
    3. What factors underlie the San Francisco Fed’s forecasts for U.S. growth, unemployment and inflation

    Discussed by:
    Liz Laderman , Senior Outreach Economist, Economic Education and Outreach Department, Federal Reserve Bank of San Francisco



    Liz, Laderman is a senior outreach economist in the Economic Education and Outreach Department of the Federal Reserve Bank of San Francisco. She speaks to outreach audiences on current economic conditions, the economic outlook and monetary policy.
    Laderman also does research on household finance, small and new business finance and small and new business formation and employment. She has published over 50 research papers and articles.
    Laderman has a B.A. in mathematics from Grinnell College and a Ph.D. in economics from the University of California at Berkeley.


    Meeting Details:

    • Date:
    • Saturday, Jan 12th, 2019
    • Location:
    • Shoup Park Garden House
    • 400 University Avenue
    • Los Altos, CA 94022
    8:30 A.M. Registration / Social / Book Swap
    • 8:30 A.M : Chapter announcements
    • 9:00 A.M : Presentation Starts
    • 10:15 A.M : Break
    • 10:30 A.M : Presentation Resumes
    • 11:30 A.M : Q&A

    • FEES: New Reduced Fees
      In Advance, Postmarked by Jan 7th, 2019: $15/person
      Online by Jan 10th, 2019: $15/person
      At the Door (space permitting): $20/person
      Persons under 25 (with ID), Free
      Non-Members Are Welcome
      No Refunds

    Downloads and Links