Monday, January 30, 2012

Jim Bianco to speak at Marquette University on January 31st to members of the Financial Management Association and Dr. Krause's AIM class

Dr. David Krause, AIM program director said, "I’m pleased to announce that Jim Bianco (MU '84), president of Bianco Research in Chicago, will be visiting campus soon. Details will be upcoming, but students are encouraged to save the afternoon on Tuesday, January 31st. The event will be held at the Raynor Library and invitations will be forthcoming before the beginning of the spring semester.”

The event will be held from 4-5 pm in the Raynor Library Conference Center.

Jim Bianco is the president of Bianco Research, L.L.C., located in Chicago Illinois, which was founded in 1998. Bianco Research is an affiliate with Arbor Research & Trading, Inc., a fixed-income research and brokerage firm located in Barrington, Illinois.

Dr. David Krause said, "Bianco Research specializes in "macro" investment analysis of the equity and fixed-income markets. Their web site and daily e-mail posts are some of many products they offer their institutional customers. I read their research daily and participate in their bi-weekly conferences. Bianco Research is one of the top advisory firms in the country."

Since 1990, Jim Bianco has been producing fixed income commentaries with a circulation of hundreds of portfolio managers and traders. His commentaries are primarily devoted to the fixed income markets with special emphasis on: money flow characteristics of primary dealers, mutual funds, hedge funds, futures traders, banks, and institutional investors. Other topics he has researched include: the effects of commodity prices on bond yields, how the ratio of the equity market’s capitalization as a percentage of nominal gross domestic product affects price performance of the stock market, the role government regulation plays in determining inflation, how market performance affects mutual fund investors, the role politics plays in setting interest rates, and measuring the stock and bond markets from a total-return perspective.

Krause said, "Jim Bianco produces unique and original insights into movements in the financial markets and has been a featured speaker at many investment conferences. He is regularly featured in the following investment publications and he appears regularly on CNBC, CNN, Bloomberg and Fox Business News."

Prior to creating Bianco Research, Jim spent five years in New York City with several prominent investment banking firms. He was a Market Strategist in equity and fixed income research at UBS Securities and Equity Technical Analyst at First Boston and Shearson Lehman Brothers. He is a Chartered Market Technician (CMT) and a member of the Market Technicians Association (MTA), where he served as a national Vice-President and Chairman of the MTA’s 1996 annual seminar. Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

Jim has been one of the panelists at the past AIM Forum events – and on Thursday, February 16th he will again be a presenter at the 6th AIM Forum (4-5 pm Raynor Library Conference Center). Krause said, "Jim Bianco has consistently been one of the top speakers that visits our campus. His role as a panelist at the AIM Forum has been highly praised. He is a lively and knowledgeable guest speaker and I know everyone will enjoy his visit. I look forward to his visit and I know the students learn a lot."

2012 Marquette University AIM Forum Announcement

Marquette University's Mission Week 2012: Who is my neighbor?

Each February, the Marquette community pauses to reflect on our university's Catholic, Jesuit mission. Mission Week is the time set aside to recall our larger purpose and the Ignatian heritage and spirituality that guide us throughout the year.

This year’s theme is “Who is my neighbor?” Throughout the week of Feb. 19, the Marquette community will be invited to reflect on who their neighbors are locally, nationally and internationally, and to examine how they can create international networks to address issues of faith, justice and ecology.
The week will begin Sunday, Feb. 19, at 4 p.m., with a Mass at the Church of the Gesu celebrated by Father Doug Leonhardt, S.J. Marquette President Scott R. Pilarz, S.J., will join Father Leonhardt as homilist.
The keynote address will be given by Dr. Bernard Amadei, founding president of Engineers Without Borders USA and co-founder of Engineers Without Borders — International. His address, Engineering for the Developing World: From Crisis to Development, will be Tuesday, Feb. 21 in AMU Monaghan Ballroom at 4 p.m.

Amadei  is a professor of civil engineering at the University of Colorado at Boulder and director of the Mortenson Center in Engineering for Developing Communities. Amadei dedicates his curriculum and research to educating globally responsible engineering students and professionals who can help create sustainable solutions to the endemic problems faced by developing communities worldwide.

Amadei will discuss how population growth, especially in developing or underdeveloped countries, will create unprecedented demands on resources that will be critical for engineers to address. He will propose ways that we can contribute to the building of a more sustainable, stable and equitable world.

To see all Mission Week activities, and to sign up to attend events,

AIM Student Semester Equity Presentation - Friday, February 3rd

The second set of AIM student equity presentations of the semester will be on Friday, February 3rd. 

Follow the link to review the student equity write-ups for the Friday, February 3rd Presentation.

Location:  Marquette University in the College of Business Administration Straz Hall, 606 N 13th Street in the AIM Research Room 488, 4th Floor
(pdf directions to AIM Room).  

  • Date:  Friday, February 3rd
  • Location:  AIM Research Room
    Presentation Times: 2:30 to 3:30 p.m. and 4 to 5 p.m.
  • AIM Open House 3:30 p.m. to 4 p.m.
  • Link to pdf Student Equity Write-ups 
  • If you are unable attend consider joining the meeting through the following Video Conferencing Guest Link:

The remaining AIM Class of 2012 Student Equity presentations will be on the road:

  • Road Show at Baird on February 17th
  • Road Show at Heartland on February 24th

Wednesday, January 25, 2012

Baird Informational Session Was Held Today at Marquette's College of Business Administration

Baird Associates held an informational session at Marquette University on Wednesday, January 25th that was attended by more than 30 students. Julia Austin and Nichelle Montriel of Baird’s Human Capital Department explained their internship program and answered student questions. Pizza and drinks were served – and by all indications the event was a success.

Legendary Investor, Dan Fuss, Delivered His Economic and Bond Market Outlook at the CFA Society of Milwaukee

The CFA Society of Milwaukee again hosted Dan Fuss, Vice Chairman of Loomis, Sayles & Co. as their speaker. Mr. Fuss, a Milwaukee native and Marquette University graduate, is a frequent guest at CFA society meetings – in addition to regularly appearing on Bloomberg, CNBC, and other financial media outlets.

Dan Fuss has been one of the top global bond managers the past two decades. He is an expert at extrapolating complex economic information and accurately forecasting where the fixed income markets are headed. He possesses unique insights that enable him to recognize opportunities before most of his peers. He has the conviction to buy before more investors even realize an investment opportunity - and, most importantly, he’s displayed the patience to realize the rewards. Mr. Fuss employs his 50+ years in the industry to make accurate calls on interest rates, central bank policies, and economic trends.

Mr. Fuss addressed some of the most pressing concerns on the minds of fixed-income investors, including:
• European sovereign debt risks
• Federal Reserve policy
• U.S. and global economic growth
• Opportunities in a world of increased securities regulation

SmartMoney magazine named Dan Fuss as one of "the world's greatest investors" alongside Warren Buffet. Dan Fuss has over 50 years of experience in the investment management industry and has been with Loomis, Sayles & Company since 1976. He is vice chairman of the firm and manages the firm's flagship Loomis Sayles Bond Fund—which won the 2009 Morningstar Fund Manager of the Year award in the fixed income category—in addition to the Loomis Sayles Investment Grade Bond, Investment Grade Fixed Income, Strategic Income, Fixed Income, Institutional High Income and Global Markets funds. 

In 2000, he was named to the Fixed Income Analysts Society’s Hall of Fame in recognition of his contributions and lifetime achievements in the advancement of the analysis of fixed income securities and portfolios. Mr. Fuss earned a BS and an MBA from Marquette University. He served in the US Navy from 1955 to 1958 and held the rank of Lieutenant. He has been a long-time supporter of Marquette University’s Applied Investment Management program.

Jim Bianco on Yahoo Finance Talking About the 2012 Financial Markets

Tuesday, January 24, 2012

The preliminary AIM Forum schedule for Thursday, February 16, 2012

Preliminary schedule for the annual AIM Forum (Thursday, February 16)

5:00-5:45 pm, AIM Forum Pre-Event Reception (Weasler Theater)

6:00 Introduction and Welcome Dean Linda Salchenberger and Dr. David Krause

6:10 Marquette’s AIM CFA Challenge Team Presentation

6:30 AIM Forum Discussion, Dr. Krause, Forum Moderator
·         Jim Bianco, President Bianco Research, Chicago IL
·         John Davis, Professor of Economics Marquette University
·         Will Nasgovitz, Portfolio Manager Heartland Advisors, Milwaukee WI

7:00 CFA Institute Presentation
·         Dr. Michael McMillan, Director Ethics and Professional Standards, CFA Institute, Charlottesville, VA

Upcoming Marquette University Financial Management Association (FMA) Events

The following is a description of upcoming Marquette University Financial Management Association (FMA) events:  

Wednesday, January 25:  R.W. Baird information session.  For those students with an interest in interning with Baird, this would be a good way to not only learn more about the program, bualso to start networking with the professionals at Baird. Marquette has a very good relationship with RW Baird and they are looking forward to meeting our finance majors.  

Tuesday, January 31: AIM and FMA are hosting Jim Bianco to speak at Marquette about the current state of the economy and financial markets.  Jim Bianco, an MU alumnus, is a very knowledgeable and charismatic public speaker.  This is an opportunity that students will not want to miss!  

Other upcoming events, including Friday's AIM student equity presentations, are listed on the AIM website ( and the AIM Blog (  

Marquette FMA E-Board                         Join us on:Elizabeth Buckton, President                    Facebook:
Varun Varma, Officer                                LinkedIn:
Brent Adams, Officer                                Twitter:
Ben Lange, Officer

CFA Society of Milwaukee Members Invited to AIM Student Presentations, Friday 1/27

The CFA Society of Milwaukee and Marquette's Applied Investment Management (AIM) program invite CFA members to attend the equity presentations delivered by the students in Marquette's AIM program. The attendees are encouraged to offer advice and guidance to the aspiring student analysts.  The equity write-ups can be obtained at:
Date:             Friday, January 27th
Presentation Times:  2:30 - 3:30 p.m. and 4:00 - 5:00 p.m.

Location:        AIM Research Room - for directions to the room click here!

If you are interested in the CFA volunteer opportunity, please reply to

This volunteer opportunity qualifies for 2 CE credit hours.  If you are a CFA Institute member, the CE credit for your participation will be recorded in your CE Diary. 

CFA Milwaukee Logo

The AIM Program and FMA Host Jim Bianco on Thursday, January 31st

The AIM program and the Financial Management Association at Marquette University are pleased to co-sponsor an event on January 31 that features Jim Bianco from 4:00 to 5:00 pm in the Raynor Library Conference Center.
Jim Bianco (Marquette Bus Adm ‘84) is the President of Bianco Research (Chicago), a leading economic consulting firm which produces original financial market research and commentary. He is a regular television guest on CNBC, Bloomberg, and Fox Business News. 

Jim is a knowledgeable and entertaining public speaker. His views on the U.S. and global economy are held in high regard by leading investment companies and governmental agencies.

AIM Equity Presentations on Friday, January 27 in the AIM Room

To access the AIM student write-ups that will be presented on Friday go to:

 This Friday there will be 6 stock presentations by the students in the AIM Class of 2012. Follow this link to access the student equity write-ups for the January 27th presentations..
Date:  Friday, January 27th
    Location:  AIM Research Room
    Presentation Times:  2:30-3:30 PM and 4:00-5:00 PM
    Meet & Greet Session for the new students in the AIM Class of 2013 in the AIM Room at: 3:30-4:00 PM
If you are unable attend consider joining the meeting through the following Video Conferencing Guest Link:

Upcoming presentations:
    Date:  Friday, February 3rd Location:  AIM Research Room
    Presentation Times:  2:30-3:30 PM and 4:00-5:00 PM
    Student Equity Write-ups available February 1st 
  • Road Show to at R. w. Baird on February 17th
  • Road Show to Heartland on February 24th

Loyola University Chicago Finance Professors to Visit AIM Program

On Friday, January 27, Drs. Suk Hun Lee and Nenad Jukic of Loyola University Chicago will visit Marquette University's AIM program. They will attend the 11:00 am AIM class and watch the students present and discuss the six proposed additions to the AIM Equity Funds.

Following lunch with Dr. David Krause, AIM program director, they will tour campus and meet with Dean Salchenberger to discuss Marquette's approach to applied learning.

CFA Institute Says Level 1 Exam Pass Rate Slipped to 38%

     Jan. 24 (Bloomberg) -- A lower percentage of hopefuls for the Chartered Financial Analyst designation passed the first level of their three-part exam in December compared with June.

     Thirty-eight percent of applicants passed the first test, the CFA Institute said in an e-mailed statement today, down from the 39 percent who passed the June exam. Thirty-six percent of candidates passed the Level 1 exam in December 2010.

     Almost 49,400 financial professionals sat for the latest test, a 6 percent increase from a year earlier, as they sought to gain a hiring edge following a decline in the number of U.S.

financial-industry jobs, according to the CFA. Applicants take the test hoping the certification can lead to better jobs, higher salaries and a deeper understanding of finance.

     Candidates can take the Level 1 exam in both June and December, unlike the two latter levels, which are available once a year.

Thursday, January 12, 2012

Excellent Interview with Jim Bianco on Bloomberg Surveillance Yesterday

Jim Bianco Says Fund Managers Face Another Difficult Year in 2012

(Bloomberg Audio)

Jan 11, 2012
James Bianco, president of Bianco Research LLC in Chicago, says there is so much central bank and government involvement in the financial markets that "bottom up stock picking is going to be very difficult." Bianco talks with Bloomberg's Ken Prewitt and Tom Keene on Bloomberg Radio's "Bloomberg Surveillance."

AIM Program Uses Morningstar Direct to Monitor Performance

Marquette University
Real-world training
Our Applied Investment Program features a set of three student-managed portfolios, as well as a curriculum designed to prepare students to become Chartered Financial Analysts (CFAs). We have a research room with workstations equipped with Morningstar Direct, similar to an investment company’s trading room.

Morningstar Direct has an incredible amount of data. You can research individual stocks and perform solid, fundamental analysis on thousands of companies. Its ownership information allows us to see what securities investment companies and hedge funds are buying and selling.

We give Morningstar Direct’s attribution analysis a pretty good workout. Because we manage real money, we want to know specifically why we have out- or under-performed our benchmark.
Dependable calculations
I also appreciate the ability to create a performance reporting template that can be used from month to month. It is reassuring to know the metrics, like tracking error, are computed the same way each time. Plus, the computations are done in a manner that is consistent with the CFA standard, GIPS (global investment performance standards). I know the performance metrics are right because I’ve checked, and I teach my students the same concepts. When I see a time-weighted return, I know it’s done in a consistent and academically correct manner.

Streamlined research
I’m presently studying the portfolio diversification benefits of global infrastructure investments. I created a data array to test whether infrastructure assets maintained typically low correlations during the 2008 financial meltdown.
I used custom calculations to generate a 24-month rolling correlation coefficient from the Morgan Stanley World indexes, and found that the correlations nearly went to 1.00 – and that water
utilities only went to 0.77. In 2001, the correlations of infrastructure assets were only 0.3. The entire effort took me about an hour, whereas five years ago this would have taken a week and wouldn’t have been as up-to-date.

Wednesday, January 11, 2012

AIM Program Fixed Income Fund Performance as of December 31, 2011

On about the 10th of each month the AIM Program Fixed Income Fund Performance Reports will be posted on the AIM website at:

To view the December 31, 2011 Factsheet and Holdings of the AIM Fixed Income Fund, go to:

To view performance details as of December 31, 2011 of the AIM Fixed Income Fund, go to:


AIM Program International Equity Fund Performance as of December 31, 2011

On about the 10th of each month the AIM Program International Equity Fund Performance Reports will be posted on the AIM website at:

To view the December 31, 2011 Factsheet and Holdings of the AIM International Equity Fund, go to:

To view performance details as of December 31, 2011 of the AIM International Equity Fund, go to:


AIM Program Equity Fund Performance as of December 31, 2011

On about the 10th of each month the AIM Program Equity Fund Performance Reports will be posted on the AIM website at:

To view the December 31, 2011 Factsheet and Holdings of the AIM Equity Fund, go to:

To view performance details as of December 31, 2011 of the AIM Equity Fund, go to: