AIM PROGRAM BLOG

Link to Jim Biancos' January 31st Marquette University Presentation

2012-02-01T19:12:00.000-06:00

The following links will direct you to the PowerPoint (pdf) files of Jim Bianco's 1/31/2012 presentation at Marquette University as a part of the joint AIM/FMA program: http://bit.ly/xcqWrI or

URL: http://business.marquette.edu/centers-and-programs/aimp-resources

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

2012-01-30T19:58:00.002-06:00

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 31^st. 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 16^th he will again be a presenter at the 6^th 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

2012-01-30T19:50:00.000-06:00

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

2012-01-30T19:04:00.000-06:00

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, visitwww.marquette.edu/missionweek.

AIM Student Semester Equity Presentation - Friday, February 3rd

2012-01-30T18:49:00.000-06:00

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: http://bit.ly/zFnym7

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

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

2012-01-25T21:55:00.000-06:00

Baird Associates held an informational session at Marquette University on Wednesday, January 25^th 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

2012-01-25T19:09:00.001-06:00

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

2012-01-25T08:21:00.000-06:00

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

2012-01-24T19:33:00.001-06:00

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

Panelists:

· 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

2012-01-24T19:23:00.000-06:00

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 (www.busadm.mu/aim) and the AIM Blog (http://aimprogramblog.blogspot.com/).

Marquette FMA E-Board Join us on:Elizabeth Buckton, President Facebook: http://tiny.cc/MUFMA
Varun Varma, Officer LinkedIn: http://tiny.cc/LinkedInFMA
Brent Adams, Officer Twitter: twitter.com/MarquetteFMA
Ben Lange, Officer

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

2012-01-24T15:25:00.000-06:00

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: http://tinyurl.com/7vdlqjv

Date: Friday, January 27^th

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 info@cfamilwaukee.org.

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.

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

2012-01-24T14:40:00.000-06:00

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.

http://business.marquette.edu/content/uploads/AIM/Bianco-flyer.pdf

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

2012-01-24T14:13:00.000-06:00

To access the AIM student write-ups that will be presented on Friday go to: http://tinyurl.com/7vdlqjv

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: https://sas.elluminate.com/m.jnlp?sid=2010304&password=M.2F6D635EDD43B735AA8E2FB4354837

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

2012-01-24T12:41:00.000-06:00

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%

2012-01-24T12:34:00.000-06:00

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.

Excellent Interview with Jim Bianco on Bloomberg Surveillance Yesterday

2012-01-12T08:51:00.000-06:00

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."

Listen to the interview at: http://media.bloomberg.com/bb/avfile/News/Surveillance/vyxjrC.m2sGE.mp3

AIM Program Uses Morningstar Direct to Monitor Performance

2012-01-12T08:36:00.000-06:00

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.

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

2012-01-11T14:58:00.000-06:00

On about the 10th of each month the AIM Program Fixed Income Fund Performance Reports will be posted on the AIM website at: http://business.marquette.edu/centers-and-programs/aim-student-fund.

To view the December 31, 2011 Factsheet and Holdings of the AIM Fixed Income Fund, go to: http://tinyurl.com/85ajqhf

To view performance details as of December 31, 2011 of the AIM Fixed Income Fund, go to: http://tinyurl.com/74pcedp

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

2012-01-11T14:51:00.000-06:00

On about the 10th of each month the AIM Program International Equity Fund Performance Reports will be posted on the AIM website at: http://business.marquette.edu/centers-and-programs/aim-student-fund.

To view the December 31, 2011 Factsheet and Holdings of the AIM International Equity Fund, go to: http://tinyurl.com/7gwldrg

To view performance details as of December 31, 2011 of the AIM International Equity Fund, go to: http://tinyurl.com/7ukudam

AIM Program Equity Fund Performance as of December 31, 2011

2012-01-11T14:38:00.000-06:00

On about the 10th of each month the AIM Program Equity Fund Performance Reports will be posted on the AIM website at: http://business.marquette.edu/centers-and-programs/aim-student-fund.

To view the December 31, 2011 Factsheet and Holdings of the AIM Equity Fund, go to: http://tinyurl.com/7c5njq8

To view performance details as of December 31, 2011 of the AIM Equity Fund, go to: http://tinyurl.com/6wo3whz

"A Little Code Goes a Long Way" an article about XBRL and other trends in IT and its impact on finance

2011-12-27T14:37:00.000-06:00

Colleen Osborne (a Marquette student graduating in May 2012 who is dual majoring in AIM and IT) just published an article titled "A Little Code Goes a Long Way" at http://www.mu.edu/~owt/ITSO/ITSOV5No4.pdf

Colleen, a co-president of the Marquette student information technology group - dubbed ITSO, writes about topics related to IT and the financial markets. Her last article: High FREAKquency: The Clash of Silicon Valley and Wall Street has been one of the most frequently accessed articles of 2011 on the AIM program blog.

This article about eXtensible Business Reporting Language, or XBRL, talks about an important aspect of technology’s influence in the financial sector. Marquette's Dr. David Krause and MU alumni J.J. Foley (General Electric) and Armintas Sinkevicius (Morgan Stanley) are quoted in the article.

Merry Christmas and Happy New Year

2011-12-24T08:11:00.000-06:00

We send you our greetings for a blessed Christmas,
Happy Holidays, and best wishes
for a prosperous New Year!

WARMEST regards,

Dr. David Krause, AIM Program Director
Lee Hovorka, AIM Program Associate
Brady Endl, AIM Program Graduate Assistant

One Year Later: Looking Back at Meredith Whitney's Muni-Bond Short

2011-12-20T20:55:00.000-06:00

MarketBeat by Mark Gongloff (WSJ.com) 12/16/11

Muni Bonds Have Not Been Kind to Meredith Whitney This Year

When it comes to muni bonds, this has just not been Meredith Whitney’s year. Municipal bond yields have fallen to a record low, according to Standard & Poor’s indexes, more than a year after Ms. Whitney briefly scared investors away from the muni market with dire warnings of “50 to 100″ big muni defaults, amounting to “hundreds of billions of dollars’ worth of defaults.” Oops!

Special Guest Coming to Marquette's AIM Program: Michael McMillan, CFA Institute's Director of Ethics and Professional Standards

2011-12-20T18:46:00.001-06:00

Date

February 15 and 16

Event Description

Ethics Brochure

Biography

We are pleased to announce that Michael G. McMillan, Ph.D., CFA, CPA, CFA Institutes's Director of Ethics and Professional Standards will be presenting in the AIM classroom and at the AIM Forum:

Ethical Decision Making

The CFA Institute’s Code of Ethics and Standards of Professional Conduct is a key component of its mission to lead the global investment profession. It is also critical to maintaining capital market integrity and the public’s trust in the financial market. This interactive presentation examines several investment scenarios based on real cases that challenge participants to consider the various courses of action to address the issues involved.

Hand held electronic “response devices” are used to allow participants the opportunity to vote on the best course of action. Because the presentation is based on the CFA Code of Ethics and Standards of Professional CFA Charter holders and Institute members will earn 2 Continuing Education Credits representing 2 hours in the content area of Standards, Ethics, and Regulations (SER).

Ethics Brochure.pdf

Dr. McMillan joined CFA Institute in October of 2008 after more than a decade as a professor of accounting and finance at Johns Hopkins University’s Carey School of Business and George Washington University’s School of Business. Prior to pursuing a career in academia, he was a securities analyst and portfolio manager at Bailard, Biehl, and Kaiser and Merus Capital Management in San Francisco, California.

As Director of Ethics and Professional Standards, Dr. McMillan is responsible for creating, sourcing, and developing educational content for CFA Institute members and investment professionals in the area of ethics and professional standards. Prior to joining the Institute, Dr. McMillan served in a variety of volunteer capacities at the CFA Institute. He was a member of the Council of Examiners for 10 years, and a grader for the CFA Level II and Level III exams for 12 years.

Dr. McMillan is a member of the Editorial Board of the Journal of Business Research.

He is also the Treasurer and a member of the board of directors of Fort Dupont Ice Arena in Washington, DC. Prior to joining CFA Institute, he was a Vice President and Treasurer of the CFA Society of Washington, DC.

Dr. McMillan has a PhD in accounting and finance from George Washington University, an MBA from Stanford University, and BA from the University Pennsylvania. He is a Chartered Financial Analyst (CFA), a Chartered Investment Counselor, and a Certified Public Accountant (CPA).

Attachments

Program EthicsTraining.pdf

Excellent CFA Career Guide for Finance Students

2011-12-19T19:04:00.000-06:00

The Asia Pacific office of CFA Institute recently released a free career guide focused on the Asia Pacific region. This guide is a valuable resource for all students interested in pursuing a career in the investment management business - regardless of the location.

This is an excellent link for students to access. Feel fell to share the link with other interested finance students.

CFA Society of Milwaukee Program Notice: Dan Fuss Will Speak on January 25, 2012 at 12:00 pm

2011-12-19T11:05:00.000-06:00

Legendary bond investor and Marquette alumnus, Dan Fuss, will be speaking at the CFA Society of Milwaukee on January 25th. Dr. David Krause, AIM program director, and his students are planning on attending the event.

If you have any questions regarding the registration process please send an email to the CFA Society of Milwaukee at: info@cfamilwaukee.org

AIM Student-Managed Funds Performance as of November 30, 2011

2011-12-16T15:23:00.000-06:00

Each month the complete investment performance reports for the student-managed AIM Funds will be available on the AIM website at: http://business.marquette.edu/centers-and-programs/aim-student-fund

Follow these links for the individual fund reports:

AIM Equity Fund Performance Report for 11/30/2011: http://tinyurl.com/crzxz2r

AIM International Equity Fund Performance Report for 11/30/2011: http://tinyurl.com/c7b7ze3

AIM Fixed Income Fund Performance Report for 11/30/2011: http://tinyurl.com/7436hy2

Marquette University's AIM Program Receives Significant Benefits as a CFA Program Partner

2011-12-14T17:36:00.000-06:00

Marquette University’s AIM program has been a CFA Program Partner since 2006. The CFA Institute provides each partner with a variety of benefits including:

The right to use a CFA Program Partner logo on its print and electronic marketing literature.
Special recognition as a CFA Program Partner on the CFA Institute website.
One annual complimentary set of all three levels of CFA candidate curriculum.
Complimentary access to Financial Newsbrief, a daily investment brief, for students in the approved degree program.

Complimentary access to an online Level I sample exam for Degree Program students
Notices of educational opportunities for lifelong learning through CFA Institute conferences and publications
A complimentary statistical service report, showing pass rates and average scores (by section) for those students who consent to the CFA Program Partner’s receipt of this information.
Five student scholarships per year to each partner. These scholarships can be awarded to undergraduate students only in their final year of course work (seniors) or to graduate students. Under each scholarship, the candidate is responsible for paying a portion of the exam registration fees.

Complimentary access to select CFA Institute content:

One subscription of the Financial Analysts Journal, CFA Magazine, CFA Digest, and Conference Proceedings Quarterly
A subscription to the quarterly electronic Partners' Newsletter
One copy of each new publication of the Research Foundation of CFA Institute

Complimentary access to all webcasts for professor personal use and select webcasts for classroom use upon request.
Access to the collaborative website exclusively for CFA Program Partners where program directors and designated faculty can share ideas and best practices and participate in discussions.
CFA Program Partners also have access to the Global Body of Investment Knowledge site and are invited to participate in the CFA Institute practice analysis process.

Upcoming AIM program events over winter break and the start of the spring semester

2011-12-13T16:36:00.000-06:00

As final exam week moves along at Marquette, here’s an update on some useful information regarding the AIM program after the fall semester ends:

AIM Research Room – Availability during break

Holiday Hours: The AIM Research Room will be closed to students from Friday, December 23, 2011 through Sunday, January 1, 2012.
Technology Update: The AIM Research Room will be undergoing technology upgrades and the lab will not be available to students beginning Monday, January 2nd until further notice (plan about a week).

The AIM students should keep in touch with Dr. Krause regarding career and internship interviews you have scheduled over the winter break.

Reminder to the AIM Class of 2013: When you complete your Bloomberg Essentials (BESS) training course, upload your acknowledgment into the D2L dropbox in under for the FINA 4310 course. (Note: Bloomberg Essentials training completion is not due until the beginning on the spring semester).

Spring 2012 Calendar of Events (preliminary look at some of the highlights through the end of February):

AIM ‘Meet and Greet” and first set of stock pitches (1/27)
Guest: Jim Bianco, Bianco Research (1/31)
Mason Street Advisors field trip (2/3)
AIM stock pitches and open house (2/3)
Michael McMillan, Director of Ethics and Professional Standards, CFA Institute (2/15)
AIM Forum (2/16)
AIM ‘road show’ at Baird (2/17)
Guest: Frank Burgess, Madison Investment Partners (2/22)
AIM ‘road show’ at Heartland Advisors (2/24)
AIM field trip to Chicago (3/2)

Marquette AIM Program December 2011 Newsletter

2011-12-09T19:15:00.000-06:00

A Very Productive Fall Semester for AIM Students Comes to an End
The past three months have moved quickly for the students in the AIM program. With 10 sets of AIM equity presentations (see the complete listing of the 49 stocks pitched this semester by the AIM seniors) – 8 of which were delivered in off-campus locations (see table of this semester’s presentations) – the AIM program was truly on the go. Additionally, many investment professionals spoke to the AIM students in the classroom and visited campus during the fall semester (see the attached list of speakers and guests).

Dr. David Krause, AIM program director said, “Taking the students on theroad to present their equity research findings was again a success. The students have an opportunity to visit investment professionals in the respective company’s headquarters. This allows us to meet more investment analysts and portfolio managers – gaining access to many of the most successful investment professionals in the Midwest. We look forward to as many as 10 AIM presentations, both on and off campus again in the spring semester.”

Krause continued, “We are thankful for the opportunities the investmentcompanies have provided us to visit their firms and to pitch stocks. This is an invaluable experience for our students. Also, special thanks go out to those professionals who have ventured to our campus during the day. We know that finding parking and navigating the campus during the day is no simple feat. We truly appreciate the investment professionals who come to campus to meet with our students.”

Guest and Visitors to AIM Program

The First Madison-Area Marquette AIM Program 'Road Show' Was a Success
Four AIM students, Dr. David Krause, and Charles Ries of Marquette University made the drive to American Family Insurance in Madison to present their most recent set of stock recommendations on December 2nd. This was the first AIM program ‘road show’ held in Madison.

Dr. Krause, AIM program director said, “The visit to American Family is precisely why we take our students on the road to pitch stocks. We had an opportunity to meet and interact with eight investment professionals in their work setting, plus we were able to present before a group of aspiring middle and high school students in Madison interested in finance. I don’t think that the day could have gone any better. It was a resounding success.”

Dr. Krause continued, “We’d especially like to thank Richard White andPeter Gunder of American Family for allowing the AIM students and the Madison "Millionaires Club" to visit their impressive facility. Without a doubt we want to return each year with the newest class of AIM students. The professionals at American Family were exactly what we want from our audience during a road show. They asked direct and insightful questions – plus they were able to help with useful pointers about how the students could improve their analysis. It was a great learning environment.”

To access the December 2nd presentations delivered to the professionals at American Family Insurance in Madison, follow the link for the current equity write-ups: AIM Student Equity Write-up American Family (pdf). If you want to access all of the past student stock write-ups since the inception of the AIM program in 2005, follow this url: AIM Student Write-ups.

The AIM students presented the following stocks at American Family:

Patrick Keeley - Cloud Peak Energy, Inc. (CLD)
Kaili Wang - Autodesk, Inc. (ADSK)
Harrison Davis - Vanguard Health Systems (VHS)
Jonathan Schwerin - Johnson Outdoors Inc. (JOUT)

This was the last AIM road show of the fall semester. The American Family presentation was the 8th off-campus location and the 10th set of presentations during the semester. Krause said, "We’ll be back next semester with six planned road shows and three sets of presentations at Marquette in the AIM Research Room. The new AIM students in the Class of 2013 will make their first public presentations in March and April 2012. The full spring 2012 presentation schedule will be published soon and will likely include road shows to Geneva Capital Management, 1492 Capital Management, R.W. Baird, and other Milwaukee area investment firms. Additionally, a Chicago road trip is in the works for early March 2012 which will include visits to some prominent financial firms."

As mentioned above, “The Millionaires Club” also attended the AIM presentations at American Family on Friday, December 2. The Millionaires Club is an after-school and evening program for high-school and middle-school members that introduces students to financial ideas and trains them in the practical money management skills of setting financial goals, budgeting, saving and investing. Asset Builders of America sponsors this very important program. In addition to this substantive education, the Millionaires Club also increases its members’ human capital by teaching self-respect, assertiveness, excellence, and professionalism.

Asset Builders of America’s mission is to promote financial education and wealth-building strategies to enhance the quality of life of low-income youth, families, and communities. To accomplish this they have created various programs including the Millionaires Club.

Dr. Krause said, “It was great that Bob Wynn brought the students in the Millionaires Club to American Family for the AIM presentations. The kids asked great questions and we thoroughly enjoyed meeting and talking with them about investing. Thanks to Bob Wynn for organizing the Millionaires Club visit and for American Family warmly greeting and hosting all of us.”

The students in the Millionaires Club who attended the event were:

James Blilie - 8th Grade
T'Lovius Comer - 8th Grade
Lauren Tatus - 9th Grade
Joaquin Lara - 9th Grade

AIM Funds Overview

Marquette’s AIM students engage in stock and fixed income fund selection and the management of three real portfolios, thus gaining hands-on money management experience. They learn to deal with the uncertainty inherent in the process of estimating investment value and contrasting it to the observed market prices. The process helps students to develop their intuition and their animal spirits as applied to investment decisions.

According to Dr. David Krause, AIM program director, “The students aregaining valuable lessons about the challenges of forecasting global economic trends and asset value. The past year has been incredible swings in stock prices and bond yields – mainly driven by political actions (or inactions). Obviously, predicting what the U.S. Congress or ECB is going to do with any degree of consistency has been difficult. Nevertheless, the AIM students have done a fine job weathering the storms of the past year and learning about managing money during turbulent times.”

The performance of the three AIM Funds (small cap domestic equity, international equity, and fixed income) is displayed in the table below. Krause added, “The AIM Equity Fund has had a strong year with returns more than 500 bps above the benchmark. On the other hand, the AIMInternational Fund has been an underperformer primarily because of the overweighting on emerging market firms. The AIM Fixed Income Fund has been short duration and long corporate credits – which did not fare well during the U.S. rating downgrade and European sovereign debt crisis. I believe the students have a good long-term strategy and have tactically tilted the portfolios toward a moderate U.S. economic recovery in 2012.”

Krause concluded, “The objective of the AIM Funds has been to assist students in gaining a conceptual and practical knowledge of the investment profession. I believe that the Marquette student-managed funds have been successful in meeting this goal.”

The AIM/FMA ‘Open House’ for Interested Freshmen and Sophomores Was Well Attended

Dr. David Krause, AIM program director said, “The November 28th AIM/FMA open house was very successful. The event was held in the AIM Room and attracted over 35 freshmen and sophomores interested in studying finance at Marquette. Additionally, there were 5 finance faculty and staff; 15 AIM juniors and seniors; and 8 AIM alumni who attended the open house. I was very pleased with the turnout given that we had to contend with the Thanksgiving break and a Marquette basketball game. We learned a lot from our first freshmen/sophomore open house and we intend to schedule at least one each semester going forward.”

The AIM / FMA 'open house' provided freshmen and sophomores interested in studying finance at Marquette University the opportunity to gather information about various opportunities within the finance major - including the AIM program and student clubs (Financial Management Association and Investment Club).

Dr. Krause said, “I was pleased that students had the opportunity to talk with other finance faculty, recent graduates and current upperclassmen (including seniors and juniors in the AIM program). We will have will have several opportunities for the students to hear from guest speakers in January and February when we return to campus.”

Marquette’s AIM Program and the CFA Program Partners Initiative

2011-12-08T20:29:00.000-06:00

Since 2006, Marquette University’s Applied Investment Management (AIM) program has had a partnership with the CFA Institute. The CFA Program Partners initiative is administered by CFA Institute and helps affiliated schools provide support to undergraduate and graduate students. The AIM program was the first undergraduate school globally to receive the CFA Program Partner designation and is one of only 36 schools in the United States to receive the designation.

The partnership recognizes the fact that Marquette’s AIM program incorporates at least 70 percent of the CFA Program curriculum and its code of ethics into the curriculum. Through the partnership, Marquette is awarded five scholarships annually to help students offset a portion of CFA exam fees. The AIM program also benefits from the partnership through the receipt of the CFA Institute’s textbooks, journals, webcasts, and other educational resources - all of which help students prepare for the CFA exams.

Dr. David Krause, AIM program director said, “We have had excellent success with our students’ CFA exam results. Since our first class graduated in 2006, we have had 22 AIM students pass all three levels of the CFA exam – including 11 this year. The AIM class that graduated in 2011 had a pass rate of 88% for the Level I CFA exam, while the global average pass rate was 39%.”

“We encourage our AIM students to sit for their first exam immediately after graduating with their undergraduate degree from Marquette,” Krause continued. “Taking and passing the Level I exam gives them an edge when they interview for jobs at high-profile companies – especially when competing against graduate students.”

He added, "For our students who are pursuing careers in asset management, the CFA track is nearly required by almost every firm. Additionally, our students going to work in investment banking and private wealth management also find that CFA track is useful. They see it as a practical designation and a key differentiator in their career pursuits."

The CFA Institute has more than 100,000 charterholders in over than 130 countries. According to the CFA Institute there were over 200,000 people registered in the CFA program, with the greatest growth in the Asia Pacific region. The top 10 employers of CFA Institute members are Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, HSBC, JP Morgan Chase, Morgan Stanley Smith Barney, RBC, UBS, and Wells Fargo.

Jeff Bryden, founder of JB Investment Management, spoke to Dr. Krause's Fixed Income and AIM classes on Wednesday, December 7

2011-12-08T07:30:00.000-06:00

On Wednesday, December 7, Jeffrey Bryden (CFA), President and Chief Investment Officer, JB Investment Management, Brookfield, Wisconsin, visited Dr. Krause's Fixed Income and AIM classes. Dr. Krause said, “Jeff is highly knowledgeable and the students enjoy his presentation each semester. They appreciate his ability to bring all of the elements of fixed income analysis into his presentation. He’s a great speaker to bring into the classroom at the end of the semester – he puts it all together very nicely.”

JB Investment Management was founded in 2008 by Mr. Bryden. Based on his experience obtained over 30 years, he believes that combining the active management components available in the fixed income markets together with an effective, passive, index based approach available in the equity markets, allows investors to achieve the most successful and consistent investment results. He and his colleagues at JB Investment manage more than 100 separate accounts.

Dr. Krause continued, "Jeff was the final fixed income speaker of the semester and he brought an interesting, practitioner perspective. He has managed a wide variety of bond portfolio strategies over the years and he was able to effectively put into context for the students his approach as to how fixed income portfolios should be constructed to fulfill the client's specific goals and objectives. He talked about how bond portfolios can be managed to provide income, control volatility, and match liability needs for fully taxable investors and non-taxable organizations."

Jeff Bryden graduated Magna Cum Laude with a Bachelors of Science Degree from Ball State University in 1978 with dual degrees in Finance and Economics. Upon graduation he accepted a position with M&I Investment Management Corp. as their first Portfolio Manager dedicated to managing fixed income portfolios. He has also worked with Fiduciary Management; Reinhart, Mahoney & Bryden Capital Management; and Campbell Newman Asset Management. In 2008, Mr. Bryden founded JB Investment Management and established and developed a team of experienced investment professionals dedicated to providing unique expertise and customized investment-grade fixed income strategies together with passive index-based equity strategies. Assets under management have grown to over $500 million during the first 30 months of business.

Dr. Krause concluded, "Jeff talked about his firm's approach to fixed income management and how they monitor bond portfolio performance. He broke the Barclays Capital U.S. Aggregate Index into the various sub-components and he discussed the different duration and credit profiles of the various indexes - as well as how he views alpha generation. This was a very useful lecture for the students because we are currently covering bond portfolio management and performance measurement. It is great to have the practitioners into the classroom because they bring the material in the Fabozzi CFA fixed income text to life."

"Jeff is an experienced fixed income manager and the students appreciated his strategy and process. Like many of the speakers brought into the classroom during the fall 2011 semester, he was able to bridge the gap between theory and practice. For example, Jeff explained how the concepts of duration, credit and convexity are used by active portfolio managers. We are thankful he was able to visit campus again - he does an excellent job in the classroom and I know the students benefited from his presence in the classroom," Dr. Krause stated.

Students in Dr. Krause's Fixed Income Course Were Visited by 12 Outside Speakers During the Fall Semester

2011-12-07T18:52:00.000-06:00

During the fall 2011 semester, Dr. David Krause, Marquette University’s AIM program director, taught several investment courses including: FINA 4065 - Fixed Income Securities. Krause said, “This course focused on securities that promise a fixed income stream and all related securities whose valuation is influenced by interest rates. The students are also required to complete a credit analysis of a publicly traded corporate credit. It is a fun course to teach.”

The course sought to teach the 45 undergraduate students the concepts and tools that are useful to managers and investors who want to use these securities, whether for investing, hedging, market-making, or speculating. While the cash flows of fixed income securities are contractually specified, which makes the payoffs relatively easy to quantify, the subtleties of interest rate movements, embedded options, and credit risk make the valuation of bonds particularly challenging. The course required a moderate level of quantitative skill and utilized Frank Fabozzi’s text: Fixed Income Analysis, 2nd Edition, Wiley Publishing.

Dr. Krause said, “The primary objective of the course is to provide students with a solid background in fixed income securities. Upon completion of the course I believe the students should posses the ability to demonstrate a thorough working knowledge of the analysis of fixed income securities, including basic characteristics of bonds in alternative sectors, valuation tools, and the factors that influence bond yields. The students should be able to estimate risk and returns for fixed income investments, analyze fixed income securities with unique features, and value fixed income investments with embedded options – including structured products. The material presented in this course should enable the students to pass the fixed income portion of Level I of the Chartered Financial Analysis (CFA) exam.”

Besides teaching the concepts related to fixed income securities, Dr. Krause utilized his network of Milwaukee, Chicago and New York investment professionals to speak in class. This semester he was able to bring in an amazing group of outside speakers. In total there were 12 fixed income professionals that visited the Fixed Income course this semester. The list included:

Dan Tranchita (Baird Advisors, Milwaukee)
Quinn Noel, Christi Kukiak, and Amie Hahn (Northwestern Mutual /Mason Street Advisors, Milwaukee)
William Lunkes (Morgan Stanley, New York)
Scott Roberts (Ziegler Lotsoff, Chicago)
Janet Rilling (Wells Capital Management, Milwaukee)
Pat Brown (Citigroup, Milwaukee) and Tim Fotsch (Wells Capital Management, Milwaukee)
John DeCaro and Chris Cebula (Elementum Advisors, Chicago)
Jeffrey Bryden (JB Investment Management, Milwaukee)

Dr. Krause said, “I am very thankful that all of these professionals were able to visit campus and address our students. It is vital that the theories and concepts are brought to life in the classroom. I believe it is essential to show the students the applications of the material they are learning in the curriculum. This was an outstanding group of speakers and on behalf of the students in my Fixed Income course I know they are extremely grateful for the efforts of these guests to impart their knowledge. Thank you.”

The next class of students in Marquette’s AIM program will receive their sector assignments before the beginning of the spring semester

2011-12-07T08:23:00.000-06:00

Students in Marquette’s Applied Investment Management program have been managing real money for the University since 2005. To date the AIM program has provided over 130 undergraduate students with the knowledge and tools necessary to actively manage three investment funds: 1) small cap equity, 2) international equity, and 3) fixed income portfolios.

Dr. Krause, AIM program director, said, “On April 1^st the Class of 2013 will assume the responsibility for managing the three AIM funds. Presently, each of the new students in the class will be expected to read the investment policy statement and agree to the duties and responsibilities associated with managing the AIM portfolios. Before the fall semester ends we will be attempting to identify the sector each student will be assigned. We’ll then match them up with the seniors in the Class of 2012 who are presently managing the portfolios. This should enable for a much smoother transition than prior years…. and it will also allow the seniors and juniors to collaborate on investment analyses and presentations early in the spring semester.”

The students enrolled in the AIM program are interested in pursuing careers as buy- and sell-side research analysts, financial advisors, and investment bankers. Dr. Krause added, “Our curriculum is based on the CFA’s core body of knowledge and helps to prepare students to take and pass the CFA exams. AIM is highly applied in nature and the student-managed portfolios are an essential component of the program.”

AIM students learn about accounting and investments in their core courses and then have an opportunity to apply their knowledge in a summer internship. Dr. Krause commented, “The students also have an opportunity to manage real portfolios which allows them to carry out the duties of research analysts and portfolio managers. When our students graduate they have practical investment experience and strong academic training – and they are ready to pass the CFA level I exam and begin their career as entry-level investment analysts. Because of Marquette’s emphasis on theology, philosophy and ethics, our students also develop strong critical thinking and analysis skills.”

To learn more about the Applied Investment Management program, please visit the AIM web site at: http:marquette.edu/aim or contact Dr. David Krause at: david.krause@marquette.edu.

Jeff Bryden of JB Investment Management will visit Marquette on December 7th

2011-12-06T20:34:00.000-06:00

On Wednesday, December 7, Jeffrey Bryden (CFA), President and Chief Investment Officer, JB Investment Management, Brookfield, Wisconsin, will visit Dr. David Krause's Fixed Income and AIM classes at Marquette University.

JB Investment Management was founded in 2008 by Jeffrey Bryden. Based on his experience obtained over 30 years, he believes combining the active management components available in the fixed income markets together with an effective, passive, index based approach available in the equity markets, investors achieve the most successful and consistent investment results.

Dr. Krause, AIM program director said, "Jeff did an excellent job last year and I’m looking forward to his visit this semester. He has managed a wide variety of bond portfolio strategies over the years and should be able to put into context for the students his approach as to how fixed income portfolios should be constructed to fulfill the client's specific goals and objectives.

Flash Report - AIM Fund Performance (November 2011)

2011-12-06T08:09:00.000-06:00

The performance of the three AIM Funds (small cap domestic equity, international equity, and fixed income) is displayed in the table below. Dr. David Krause, AIM program director said, “The AIM Equity Fund has had a strong year thus far with returns more than 500 bps above the benchmark. On the other hand, the AIM International Fund has been an underperformer primarily because of the overweight on emerging market stocks. And the AIM Fixed Income Fund has been short duration and long corporate credits – which did not fare well during the U.S. rating downgrade and European sovereign debt crisis. I believe the students have a good long-term strategy and have tactically tilted the portfolios toward a moderate U.S. economic recovery in 2012.”

Jeff Sagarin's NCAA basketball ratings has Marquette #1

2011-12-05T18:37:00.000-06:00

While the AP and Coach’s poll have Marquette at #11 this week, Jeff Sagarin's NCAA basketball ratings has Marquette #1. Really, I'm not making this up..... go to: http://www.usatoday.com/sports/sagarin/bkt1112.htm

Marquette AIM program and the basketball team had a successful doubleheader in Madison this week

2011-12-04T09:30:00.000-06:00

It was an enjoyable couple of days in Madison this week. First, the AIM student stock presentations at American Family Insurance were well received and successful. And secondly, the Marquette/UW-Madison basketball game was thrilling – with MU getting the upper hand.

Dr. David Krause, Marquette’s AIM program director was fortunate to be the guest of Madison Investment Advisors at the game. “This is always the toughest game of the year for me to get involved. I obviously enjoy Buzz Williams and Marquette’s relentless brand of basketball – and yet my undergraduate degree (BBA-finance) is from UW-Madison and I still have strong loyalties to that institution – including my son who is a senior there. I kind of have to play it down the middle.”

The Milwaukee Journal Sentinel reported that Marquette’s victory, 61-54, ended the Badgers' 23-game winning streak on their home floor, which represented the nation's fifth-longest streak. "To win in this type of environment, against a Hall of Fame coach, with the winning percentage they have had here at the Kohl Center, it's not just one guy or two guys or the head coach," coach Buzz Williams.

Krause concluded, “It was a fun afternoon at the game. It’s a hoot watching the UW and Marquette fans go at it during the game. I’m thankful for the invitation to attend the big game from Frank Burgess of Madison Investment Advisors. We’ll return the favor in February when Frank comes to speak to the investment students at Marquette. We’ll be sure to take him to a Big East game at the Bradley Center. It was a productive trip to Madison for Marquette!”

Elementum Advisors Visited Marquette's Fixed Income Class and the AIM Program on Friday

2011-12-03T09:56:00.000-06:00

On Friday, December 2, John DeCaro and Chris Cebula (AIM ’09) of Elementum Advisors visited Dr. Krause’s Fixed Income course and the AIM program. This was the second year that the pair addressed Marquette finance students.

Dr. Krause said, “John and Chris did an excellent job discussing catastrophe (“Cat”) bonds and other structured products. These high-yielding debt instruments are linked to insurance companies and their payouts are related to certain natural catastrophes such as hurricanes and earthquakes. I know the students appreciated their presentation.”

Elementum Advisors is an independent alternative investment manager specializing in collateralized natural event reinsurance investments. The Chicago-based firm was launched in December 2009 by John DeCaro, Tony Rettino, and Mike Frances.

Prior to launching Elementum, John DeCaro co-managed the Reinsurance and Risk-Linked Investments team at Stark Investments from September 2005 through November 2009. He has nearly 20 years of investment experience managing a variety of reinsurance and risk-linked investment strategies. John earned a B.S. in Finance from the University of South Carolina and an M.S. in Financial Markets and Trading from the Illinois Institute of Technology. He received the Chartered Financial Analyst designation in 1997.

Chris Cebula, CAIA, joined Elementum as an Analyst in June 2010. Prior to Elementum he worked in an Operations/Trading Assistant role at Phalanx Capital Management, an asset management company based in Chicago. Chris graduated magna cum laude from Marquette’s Applied Investment Management Program in June 2009. He is a member of the Chartered Alternative Investment Analyst Association and has passed Level III of the CFA examination.

Dr. Krause said, “We continue to bring top investment professionals to campus. John and Chris are good examples – I doubt if students at other schools have the opportunity to hear from the founding principal of one of the largest Cat bond hedge funds. Besides the unique information John and Chris provided, they also offered the students valuable career advice. It was a privilege to have them visit our students at Marquette.”

The First Madison-area Marquette AIM Program ‘Road Show’ Was a Resounding Success

2011-12-03T09:10:00.000-06:00

On a beautiful fall day, the AIM program headed west from Milwaukee to visit Madison, Wisconsin. Four AIM students, Dr. David Krause, and Charles Ries of Marquette University made the drive to American Family Insurance in Madison to present their most recent set of stock recommendations.

Dr. Krause, AIM program director said, “Friday’s visit to American Family is precisely why we take our students on the road to pitch stocks. We had an opportunity to meet and interact with eight investment professionals in their work setting, plus we were able to present before a group of aspiring middle and high school students interested in finance. I don’t think that the day could have gone any better. It was a resounding success.”

Dr. Krause continued, “We’d especially like to thank Richard White and Peter Gunder of American Family for allowing the AIM students and the Madison "Millionaires Club" to visit their amazing facility. Without a doubt we want to return each year with the newest class of AIM students. The professionals at American Family were exactly what we want from our audience during a road show. They asked direct and insightful questions – plus they were able to help with useful pointers about how the students could improve their analysis. It was a great learning environment.”

To access the December 2nd presentations delivered to the professionals at American Family Insurance in Madison, follow the link for the current equity write-ups: Link to student write-up (pdf). If you want to access all of the past student stock write-ups since the inception of the AIM program in 2005, follow this url: Link to View all past student write-ups

The AIM students presented the following stocks:

Patrick Keeley - Cloud Peak Energy, Inc. (CLD)
Kaili Wang - Autodesk, Inc. (ADSK)
Harrison Davis - Vanguard Health Systems (VHS)
Jonathan Schwerin - Johnson Outdoors Inc. (JOUT)

This concludes our AIM road shows for the fall semester. The American Family presentation was the 8th off-campus location and the 10th set of presentations during the semester. Krause said, "We’ll be back next semester with six road shows and three sets of presentations in the AIM Room on Marquette’s campus. The new AIM students in the Class of 2013 will make their first public presentations in April 2012. The full Spring 2012 presentation schedule will be published soon and will likely include road trips to Geneva Capital, 1492, R.W. Baird, and other Milwaukee area investment firms. Additionally, a Chicago road trip is in the works for early March 2012."

Robert Wynn, a Madison-based financial professional, organized the Millionaires Club visit to American Family. Bob has over twenty five years of experience in business and economic development – and he has a successful history of developing and promoting public policy initiatives that provide business development and financing resources to emerging businesses. Wynn is the founder and president of Asset Builders of America Inc. which is a financial education and wealth building nonprofit corporation that has developed a range of education and wealth building initiatives focusing on the challenging urban and youth populations. Mr. Wynn has been a prolific promoter of investment education and he is a national leader in the financial services industry.

The students in the Millionaires Club who attended the event were:

James Blilie - 8th Grade
T'Lovius Comer - 8th Grade
Lauren Tatus - 9th Grade
Joaquin Lara - 9th Grade

NYSSA Video on Effective Job Search Techniques

2011-12-01T07:12:00.000-06:00

The Finance Professionals’ Post (a publication of the New York Society of Security Analysts) today posted a short video on effective job search techniques. The YouTube link is at: http://youtu.be/Qljc-Vh8UYA

Dr. David Krause, AIM program director said, “I’ve been approached recently by prospective May 2012 graduates and asked various questions on career and professional development. I believe that this video offers solid advice --- which is to obtain referrals and to network. “

The first step to an effective job search is be to analyze the market. Amy Geffen, president and CEO of NYSSA, offer solid career advice on what entry level job seekers need to do to maximize their time spent on a job search and how to achieve results.

Geffen says, “It is a tough market, and it will be for the foreseeable future. Job seekers must be prepared to go up against other candidates that may be more qualified. There are several steps to an effective job search. Your first step must be to actually search.”

Dr. Krause stated, “It sounds simple, but here’s the process. Get good grades, demonstrate strong work ethic, show passion for your chosen field, communicate effectively, and network. That’s the key to landing a solid entry level position. That’s what we try to do in the AIM program and that’s why building a strong network is essential. This is also what our financial professionals tell our students each spring during our Ins and Outs of Wall Street event.”

New AIM Students in the Class of 2013 to Complete Bloomberg Essentials Training

2011-11-30T08:36:00.000-06:00

AIM Room, 4th Floor, Straz Hall

Dr. David Krause, the AIM program director at Marquette University, said, "Since the total number of Bloomberg terminals in the AIM Research Room has grown to four, it is now possible to accommodate the newest group of AIM students (Class of 2013) and allow them to complete their Bloomberg Essentials online training program before the spring semester. The introduction to the Bloomberg Professional Service will familiarize them with its basic functionality. Learning how to use Bloomberg effectively has put our students on the path to becoming comfortable with using this advanced technology in the workplace. I think that adding the Bloomberg certificate to their resume will continue to demonstrate to prospective employers that the AIM students are ready to hit the ground running."

To view previous AIM blog stories about Bloomberg training follow these links: AIM_Bloomberg1 and this AIM_Bloomberg2.

The Applied Investment Management room (located on the fourth floor of Straz Hall on the Marquette University campus) provides AIM students access to Bloomberg Professional. The Bloomberg Essentials Online Training program is designed to provide users with an introduction to Bloomberg Professional Service. Four core videos provide users with the basic Bloomberg functionality and supplemental market sector videos provide users with an introduction to the major market fundamentals.

General information for AIM students to complete the training program follows:

Program enrollment: To sign up for the Bloomberg program the students must register for their own unique username.
Prerequisite/requirements: Participation or enrollment in the AIM program or a declared finance major.
Charge: This program is free of charge to MU students.
AIM Room Hours: The same as those of the Marquette University College of Business Administration hours. Be sure to check over spring and summer breaks for the hours that Straz Hall (COBA building) will be open.
Duration of program: Students can work on the program at their own pace; however, AIM students in the Class of 2013 have until the third week in January 2012 to complete their training. Users of a Bloomberg terminal can can book one 1 hour session per day - otherwise the terminals are available on a first come - first serve basis. Note: The Raynor Library now has two Bloomberg terminals available to the entire Marquette student body.

Bloomberg User ID: Students must create their own Bloomberg user ID and login. To do so from the Bloomberg terminal type in UREG. Students will then speak with Bloomberg Customer service during this process to validate their user name and ID.
Equipment: Students are encouraged to bring and use their own head set.

Bloomberg Essential Classes

This is an eight course program in which five courses must be completed in order to receive the Acknowledgement of Completion (4 Core Courses and 1 course in any one of the four asset class designations).
There are four Bloomberg Core Videos (Getting Started, Bloomberg News, Market Monitors and Launch Pad and API - Bloomberg Data in Excel) and four Bloomberg Market Sector Videos (Equity Essentials, Fixed Income Essentials, FX Essentials and Commodity Essentials).
In order to earn an Acknowledgement of Completion, users must take the Core Exam along with any one of the Market Sector Exams and earn a grade of 75% or better on each of the exams.
Users can complete all 5 (1 Core and 4 Market Sector) exams if they would like to receive an acknowledgment document for each of the four Market Sectors.
Class videos are viewed from the Bloomberg terminal located in the AIM Room and the Raynor Library through the function BESS.

Downloading Video and Documents:

Before a student starts a class video, they are encouraged to download the documents for the class by typing CHEAT.
The course documents are under this function (CHEAT).
To download the document for the first Core course: Click on 1) Getting Started. Click on 2) A Booklet: Getting Started on Bloomberg. This booklet provides an introduction to the Bloomberg terminal's navigation and functionality.
Download and save the PDF to the Bloomberg document for later viewing and/or printing.

Type in BESS and choose the class that you want to view. Courses are progressive and should be taken in order. Clicking on the course name will start the video.
To start the first core video click on: 2) Getting Started (Under Bloomberg Core Videos).
To access the FAQs on the Bloomberg Essentials Program, click on 1) Questions, at the top of the Bloomberg Essentials Home Page. The FAQs provide information on the videos and on the exams.

Bloomberg Courses

Bloomberg Core Courses
Course name	Approximate Viewing Time
Getting Started	18 minutes
Bloomberg News	18 minutes
Market Monitors and Launch Pad	18 minutes
API (Bloomberg Data in Excel)	30 minutes
Bloomberg Market Sector Courses
Course Name	Approximate Viewing Time
Equity Essentials	30 minutes
Fixed Income Essentials	30 minutes
FX Essentials	30 minutes
Commodity Essentials	30 minutes

Exams

After completing the four Core courses (Getting Started, Bloomberg News, Market Monitors and Launch Pad and API - Bloomberg Data in Excel), users will need to take an exam. Users will also need to take an exam after completing one of the Market Sector courses (Equity Essentials, Fixed Income Essentials, FX Essentials or Commodity Essentials).
Each student will need to pass each exam with a 75% passing grade in order to receive the Acknowledgement of Completion. You may complete each of the Market Sector courses and take an exam for each Market Sector course to receive an Acknowledgment of Completion for each asset class.
Each exam contains about 30 questions.
In order to access the exams, type 6) off of the Bloomberg Essentials Home Page and request that you get enabled for the Core, Equity, Fixed Income, Commodity or FX exam. Once enabled, go back to the Bloomberg Essentials Home Page and type 7) to access the exams.
The student's exam grade will immediately appear upon completion of the exam.
Exam retakes will not be offered.
Bloomberg will not authorized access to exams unless you view the class.
If you start an exam and are unable to finish it during your session, the exam will be saved under your login, but it is recommended that you complete it within 24 hours.

Acknowledgment Documents

To request the Acknowledgment Document, type 6) off of the Bloomberg Essentials menu and provide your name and your email address and specify the Market Sector course that you completed.
An Acknowledgment Document will be issued upon completion of the four Course courses and one of the Market Sector courses.
Acknowledgment Documents will be emailed within 2 weeks of the request by Bloomberg.

Dr. Krause said, "I am very pleased that all of the students in the AIM Class of 2013 will have successfully completed the Bloomberg Essentials training by the time classes start in the spring semester. The ability to use Bloomberg is seen as an important skill - almost as essential as being able to effectively model using Excel. This was the first semester that students were required to complete the training and I believe it will pay significant dividends for them down the road."

AIM students take their equity presentations on the road to American Family Insurance in Madison. Hopefully Marquette’s basketball team will also take it to Bucky in Madison on Saturday!

2011-11-30T07:26:00.001-06:00

Dr. David Krause, AIM program director said, "Four AIM students in the Class of 2012 will be pitching stocks at American Family Insurance in Madison on Friday, December 2nd. The following day Buzz Williams and the Marquette basketball team will visit Madison to take on UW-Madison - we're hoping for a strong showing for both in Madison!"

To access the December 2nd presentations to the professionals at American Family Insurance in Madison, follow this link for the current equity write-ups: Link to student write-up (pdf).

And if you want to access all of the past student stock write-ups since the inception of the AIM program in 2005, follow this url: Link to View all past student write-ups

The order of presentations to be delivered at American Family are listed on the table below. Our thanks to Richard White, Peter Gunder, and the team at American Family for their hospitality and support of the AIM program. We are looking forward to our first Madison-based ‘road show’ (which is the 10^th set of presentations this semester --- and the 8^th in an off-campus location) .

Student Name	Equity	Ticker
Patrick Keeley	Cloud Peak Energy, Inc.	CLD
Kaili Wang	Autodesk, Inc.	ADSK
Harrison Davis	Vanguard Health Systems	VHS
Jonathan Schwerin	Johnson Outdoors Inc.	JOUT

John DeCaro and Chris Cebula of Elementum Advisors will visit campus on Friday

2011-11-29T22:28:00.000-06:00

On Friday, December 2,John DeCaro and Chris Cebula (AIM ’09) of Elementum Advisors will visit Dr. Krause’s Fixed Income course and the AIM program. This will be the second year that the pair addresses Krause’s students. They will be discussing catastrophe (CAT) bonds and other structured products.

Elementum Advisors is an independent alternative investment manager specializing in collateralized natural event reinsurance investments (Risk-Linked Investments). The Latin word "Elementum" means element or "first principle" and was chosen to emphasize the firm’s focus on natural catastrophe event exposed investment strategies and dedication to its clients. Elementum and its principals and associates possess a lengthy track record of alpha generation and experience managing portfolios across a range of RLI investment mandates-from liquid catastrophe bond to high-alpha collateralized reinsurance investments.

Chicago-based Elementum was launched in December 2009 by Founding Principals John DeCaro and Tony Rettino, and Principal and COO, Mike France. The two Founding Principals have worked together in the Risk-Linked Investment arena since 1995. Their RLI expertise was developed through senior roles held at Aon Capital Markets from 1997 through 2001 and enhanced by their time spent in various investment management positions beginning in 2002.

Prior to launching Elementum, John DeCaro co-managed the Reinsurance and Risk-Linked Investments team at Stark Investments from September 2005 through November 2009. John has over 15 years investment experience managing a variety of reinsurance and risk-linked investment strategies. John earned a B.S. in Finance from the University of South Carolina and an M.S. in Financial Markets and Trading from the Illinois Institute of Technology, and received the Chartered Financial Analyst designation in 1997.

Christopher J. Cebula, CAIA joined Elementum as an Analyst in June 2010. Prior to Elementum he worked in an Operations/Trading Assistant role at Phalanx Capital Management, an asset management company based in Chicago. Chris graduated magna cum laude from Marquette University’s Applied Investment Management Program in June 2009. He is a member of the Chartered Alternative Investment Analyst Association and has passed Level III of the CFA examination.

Yesterday's AIM/FMA ‘Open House’ Well Attended

2011-11-29T10:49:00.000-06:00

Dr. David Krause, AIM program director said, “Yesterday’s AIM/FMA open house was very successful. The event was held in the AIM Room and attracted over 35 freshmen and sophomores interested in studying finance at Marquette. Additionally, there were 5 finance faculty and staff; 15 AIM juniors and seniors; and 8 AIM alumni who attended the open house. I was very pleased with the turnout given that we had to contend with the Thanksgiving break and a Marquette basketball game. We learned a lot from our first freshmen/sophomore open house and we intend to schedule at least one each semester going forward. Thanks for attending.”

Michelle Picard of Geneva Capital Management Will Visit the AIM Program on Wednesday, November 30

2011-11-27T20:57:00.001-06:00

On Wednesday, November 30, Michelle Picard, CFA, Executive Vice President & Portfolio Manager of Geneva Capital Management is going to visit the AIM program. Ms. Picard will talk with the students in the AIM program about Geneva Capital's history, investment philosophy, strategy, process, performance, etc.

Michelle Picard received her CFA charter in 2009. She joined Geneva Capital Management in 1999 as Director of Marketing, was promoted to the position of Research Analyst in 2002, then Vice President & Portfolio Manager in 2005. Michelle became a Principal of the firm in 2006 and an Executive Vice President & Portfolio Manager in 2010.

Geneva Capital invests in high-quality, stocks with a proven and consistent record of growth. Geneva’s goal is to outperform the relevant index over a five year period, while maintaining a risk profile at or below the index's level. The firm’s philosophy focuses on the search for relatively undiscovered high-quality companies with superior management, leadership positions within their industries, and healthy historical and projected earnings growth. Geneva's objective is to find those companies which perform so well, the portfolio can hold the stocks for long periods of time, occasionally trimming the size of the position to take profits and maintain diversification. The Investment Strategy Group establishes extensive management and analyst contacts, and uses a proprietary valuation model that adds discipline to the investment process.

Dr. Krause, AIM program director said, "I am pleased that Michelle is going to visit the AIM program. The AIM students in the Class of 2011 had the opportunity this past year to pitch stocks at a ‘road show’ hosted by Geneva. It is our pleasure to host Michelle on Wednesday – we look forward to continuing to build on a solid long-term relationship with Geneva and the AIM program.”

Excellent CFA Investment Career Guide Available at: www.bit.ly/CFA_CareerGuide2011

2011-11-24T08:08:00.000-06:00

The CFA Institute has produced an excellent finance career guide.

Dr. David Krause, AIM program director at Marquette University said, "The descriptions of the various functional areas and the career insights into the investment industry are outstanding. Whether you are a graduating senior or an underclassman studying finance, this is definitely worth viewing. I know that our alumni that conduct the annual "Ins and Outs of Wall Street" will find this very useful."

Dr. Krause continued, "The CFA Institute produces some marvelous material. As a CFA Program Partner our students at Marquette have had the benefit of receiving many important educational pieces from the CFA Institute the past several years. I particularly like this guide because it is useful for all finance students - not just those studying for the CFA exam. I believe that all students majoring in finance should take a look this career guide: www.bit.ly/CFA_CareerGuide2011."

Finance 'Open House' today from 4-5pm in the AIM Room (DS 488)

2011-11-23T21:26:00.001-06:00

Final November Consumer Sentiment and Personnel Savings Rates Released

2011-11-23T21:21:00.000-06:00

The November University of Michigan consumer sentiment index increased to 64.1 from the October reading of 60.9, and up from 55.7 in August.

The gauge of consumer sentiment reached the highest reading since June. A preliminary reading for November pegged the gauge at 64.2.

Calculated Risk - a finance and economics daily blog - reported that consumer sentiment is usually impacted by employment (and the unemployment rate) and gasoline prices. But right now the European financial crisis is probably also impacting sentiment. Although sentiment is up from October, this is still a very weak level.

The personal saving rate was also released today. It was a reported 3.5% in October. Personal saving -- Disposable Personal Income less personal outlays -- was $400.2 billion in October 2011, compared with $376.9 billion in September. Personal saving as a percentage of disposable personal income was 3.5 percent in October, compared with 3.3 percent in September.

In October, income increased faster than spending - reversing a recent trend - and the saving rate increased slightly; however the saving rate has declined sharply over the last few months. Personal income was slightly better than expected, and spending a little lower than expectations.

Heartland Funds' Investment Professional - Will Nasgovitz - Spoke to the AIM Program Today

2011-11-21T19:07:00.000-06:00

Will Nasgovitz appeared today in Marquette University's Applied Investment Management program where he presented to the students about Heartland Fund's investment process.

Mr. Nasgovitz is the Portfolio Manager of the Select Value Fund and is a member of the Value Fund's investment team. Prior to joining Heartland, he was a Senior Research Associate with Cambridge Associates, LLC in Washington D.C.

Dr. David Krause, AIM program director said, "It was a privilege to have Will present in class today. As a portfolio manager - and especially during these challenging times - it was an honor to have him visit the AIM program. He has appeared in numerous interviews on Bloomberg TV, Marketwatch, TheStreet.com and CNBC, where he discusses individual stocks, sectors and Heartland’s value investing approach. It was an outstanding opportunity for our students to hear directly from a true investment professional."

"We are very thankful for Will's efforts to help our students understand the intricates of value investing," Dr. Krause added. "We talked about the benefits of Heartland's disciplined process during the afternoon. I know he made a very positive impact on the students and they were very impressed with the 10-point system employed by Will and his colleagues. We talked about employing a similar disciplined approach to our student evaluations. It was truly one of the strongest AIM classroom presentations the students have had the opportunity to hear."

NASGOVITZ's Recent video appearances:

· CNBC's Market Watch - Will November be Good for Investors? 10/31/11

· Small-Caps Following Bear Markets, November 2011

· Do Dividend-Payers Help Mitigate Volatility? October 2011

· Wealth can be Earned when Times are Tough, August 2011

· Emotions Getting in the way of Efficient Investing? May 2011

· How Can Our Multi-Cap Fund Benefit You? April 2011

· Inflation's Effect on Stock Valuations, March 2011

· Market Corrections, February 2011

Eurozone debt web: Who owes what to whom? An interactive view from the BBC

2011-11-21T17:53:00.001-06:00

The following interactive view of Eurozone debt is from the BBC site: http://www.bbc.co.uk/news/business-15748696

The circle below shows the gross external, or foreign, debt of some of the main players in the eurozone as well as other big world economies. The arrows show how much money is owed by each country to banks in other nations. The arrows point from the debtor to the creditor and are proportional to the money owed as of the end of June 2011. The colors attributed to countries are a rough guide to how much trouble each economy is in.

Click here to make the chart below interactive.

Link

Will Nasgovitz of Heartland Funds Visits the AIM Program

2011-11-20T19:56:00.001-06:00

On Monday, November 21, Will Nasgovitz of Heartland Funds will visit the students in the AIM Class of 2012. Will joined Heartland as a research associate in 2003 and was promoted to Portfolio Manager in 2006, becoming the fourth member of the Select Value Fund investment team. In 2009, Will joined the Value Fund's investment team. Prior to Heartland, Will was a Senior Research Associate with Cambridge Associates, LLC in Washington D.C.

As a portfolio manager, Will has appeared in numerous interviews on Bloomberg TV, Marketwatch, TheStreet.com and CNBC, discussing individual stocks, sectors and Heartland’s value investing approach. Will graduated from the University of Wisconsin – Madison with a BBA in Finance. He currently sits on the board of the Urban Ecology Center, an environmental education and nonprofit community center located along the Milwaukee River. Will is a genuine Milwaukee Eastsider who enjoys biking and golfing and admits to being a novice fly fisherman.

Dr. David Krause, AIM program director said, “Heartland Funds have been supportive of the AIM program the past several years. They have provided valuable internships for our students and we’ve had two AIM ‘road shows’ in the past. We’re looking forward to Will Nasgovitz’s visit to the AIM program and we’re hopeful that our students will be presenting at a ‘road show’ at Heartland in the spring.”

The various fund managers at Heartland provide written and video market notes and commentary. Below you will find the most recent version of “Nasgovitz Notes” for November 2011.

VIDEO TRANSCRIPT: TIME FOR SMALL-CAP STOCKS TO OUTPERFORM?

“Hi, I’m Will Nasgovitz, Portfolio Manager here at Heartland Advisors. Thanks for tuning in to the November, 2011 edition of the Nasgovitz Notes. Before we jump into our topic, I want to thank everyone for submitting ideas for us to discuss in these videos. We got a lot of great ideas, so thank you very much, but we are looking for more, so feel free to submit topics for us by emailing us at shareholderservices@heartlandfunds.com.

With that, I want to jump into our topic. One of our shareholders asked for some additional perspective on the equity markets in the third quarter of 2011. It was a very difficult one for equity investors, particularly for small cap stocks in the third quarter. The Russell 2000 was down 21.9% versus a loss of 13.9% for the S&P 500. Importantly though, our investor was curious how this performance of small cap stocks compared to other down quarters and how small cap stocks have gone on to historically perform in the subsequent quarter and one year out time period.

Interestingly, the third quarter of 2011 for small cap stocks was the fourth worst on record for the Russell 2000. And as you can see in this particular chart, small cap stocks have gone on to post positive returns, on average, in the subsequent quarter and the one year out time period.

1/1/1940 - 9/30/2011 Source: Credit Suisse Small & Mid Cap US Equity Strategy, Bloomberg. *Forward Year Returns represent the annualized return on year after the respective worst quarter above.

Clearly though, there are periods where small cap stocks do continue to decline, but these instances are less frequent than when the small cap stocks have gone on to post positive returns in the subsequent periods.

Why is this important to you as a Heartland shareholder or prospective customer? Well, all of our Funds at Heartland have exposure to small cap stocks, and, historically, small cap stocks have gone on to outperform large cap stocks following a bear market. And we believe this could occur again as we close out 2011 and enter 2012. So, thanks for watching and Happy Thanksgiving.”

Will Students in the Class of 2012 Find Employment After Graduation?

2011-11-20T09:03:00.002-06:00

Dr. David Krause, AIM program director at Marquette University said, "The job market for college graduates in the U.S. remains very fragile. Many seniors are concerned about whether they will have a job ready for them when they graduate from college in May 2012. Obviously, students who selected a major that is more marketable are likely to have a better chance of landing a job, but there are other skills that students must possess."

The Georgetown University Center on Education and the Workforce used U.S. Census Bureau statistics to tease out the employment rates for 173 college majors. The following represent the majors with the highest and lowest unemployment rates. (Note: finance majors ranked 18^th with the lowest unemployment rates at 4.5%).

College majors with the highest unemployment

1. Clinical psychology 19.5%

2. Miscellaneous fine arts 16.2%

3. United States history 15.1%

4. Library science 15.0%

5. (tie) Military technologies; educational psychology 10.9%

6. Architecture 10.6%

7. Industrial & organizational psychology 10.4%

8. Miscellaneous psychology 10.3%

9. Linguistics & comparative literature 10.2%

10. (tie) Visual & performing arts; engineering & industrial management 9.2%

College majors with lowest unemployment rates

1. Medical technology technician 1.4%

2. Nursing 2.2%

3. Treatment therapy professions 2.6%

4. Medical assisting services 2.9%

5. Agriculture production & management 3.0%

6. Industrial production technologies 3.1%

7. Pharmacy 3.2%

8. Communications & disorders sciences 3.3%

9. Elementary education 3.6%

10. Special needs education 3.6%

Dr. Krause continued, "What can a student do to increase the odds of landing a job upon graduation in May 2012 – even if they won’t have one of the ‘in demand’ majors?" An employer survey conducted by the National Association of Colleges and Employers indicates that employers most value these three skills that you are usually more likely to find with a liberal arts education:

Communication skills
Analytic skills
Teamwork skills

Dr. David Krause, AIM program director added, “I would also add a fourth skill - critical thinking. I believe that employers want more than a 'plug and chug' approach to problem soling. They want graduates who can think on their feet. The bottom line for me is that graduating students need to possess and demonstrate to prospective employers the skills listed above - and be good critical thinkers. Can you communicate well? Do you have good math skills? And can you work well with others and be adaptive to changing situations? These in my mind are the key attributes to landing a job upon graduation.”

Mark Ziehr of Frontier Partners Visits the AIM Program

2011-11-19T19:55:00.000-06:00

Mark Ziehr, Director of Business Development at Frontier Partners, was the guest speaker in the AIM program on Friday in the AIM Room. Mark is a regular visitor to the AIM program – and he again talked about the investment industry and the current financial markets. The students appreciate Mark’s experiences and views of the industry.

Mark attended the University of Wisconsin and received his BBA-Finance and has his MBA from DePaul University. He has been with Frontier Partners since 2005. Prior to this he was at Mercer Investment Consulting (2002-2005) and Northern Trust Company (1996-2002).

Dr. David Krause, AIM program director said, "It was great to have Mark Ziehr back into the classroom. He brings a very balanced perspective. His firm represents a variety of firms in the domestic and international equities markets, including Timpani Capital Management.

Frontier Partners is located in Chicago. They develop highly customized marketing and business development programs for institutional investment managers. Frontier Partners' serves a global network of consultants, plan sponsors, educational institutions, state and local governments and other organizations with significant assets to invest.

Frontier Partners limits the number of their manager relationships in order to devote considerable time and attention to each one. They view their client managers as partners, and in many cases enter into long-term financial arrangements to align their interests.

Currently, Frontier Partners represents five specialist institutional investment management firms:

HEXAM Capital Partners LLP

London, England

Mastholm Asset Management, LLC

Seattle, Washington

Independent Franchise Partners, LLP

London, England

Sky Investment Counsel, Inc.

Toronto, Ontario

Timpani Capital Management, LLC
Milwaukee, Wisconsin

Investment Objective

The Frontegra Timpani Small Cap Growth Fund's goal, also referred to its investment objective, is capital appreciation.

Principal Investment Strategy
The Fund invests, under normal conditions, at least 80% of its assets in equity securities of small capitalization companies that Timpani believes have sound growth potential. Timpani uses fundamental research, focusing on companies with superior management and whose business models have a high potential for profitability. Timpani forms an investment decision based on this research and an assessment of the market’s perception of these companies.

Timpani defines a small capitalization company as any company with a market capitalization of less than or equal to the total market capitalization of the largest company included in the Russell 2000 Growth Index. The Fund may also invest up to 25% of its total assets in equity securities issued by foreign companies such as ADRs.

Equity securities in which the Fund may invest include common stocks, preferred stocks, warrants to purchase common stocks or preferred stocks and securities convertible into common or preferred stocks, such as convertible bonds and debentures rated Baa or higher by Moody’s Investors Service or BBB or higher by Standard & Poors or Fitch Ratings.

Marquette University AIM / FMA Open House for Freshmen and Sophomores Scheduled for Monday, November 28th at 4 pm in the AIM Room

2011-11-18T19:59:00.000-06:00

On Monday, November 28th at 4 pm in the AIM Room, an AIM / FMA 'Open House' will be held for freshmen and sophomores students interested in studying finance at Marquette University. The purpose of the gathering will be to inform students about various opportunities within the finance major - including the AIM program and student clubs (Financial Management Association and Investment Club).

Students will have an opportunity to meet Dr. David Krause (AIM program director) and other finance faculty who will be present at the gathering. Recent finance alumni and current upperclassmen (including seniors and juniors in the AIM program) will also be present to talk about their experiences.

We look forward to seeing you in the AIM Room (DS 488) on Monday, November 28th.

On Bloomberg Surveillance today Jim Bianco said that the European sovereign debt crisis will continue to hurt the US economy

2011-11-17T20:51:00.000-06:00

Nov. 17 (Bloomberg) — Jim Bianco (Marquette graduate and president of Bianco Research in Chicago) said that the sovereign debt crisis in Europe “will hurt our economy and disrupt our markets.” Bianco talked today with Bloomberg’s Ken Prewitt and Tom Keene on Bloomberg Radio’s “Bloomberg Surveillance.”

To hear the interview go to: http://media.bloomberg.com/bb/avfile/News/Surveillance/vcpjNT4IuUCc.mp3

CFA Institute Investment Research Challenge Teams Met With The Marcus Corporation Today

2011-11-15T21:54:00.000-06:00

The CFA Institute Investment Research Challenge teams today met with the CFO of The Marcus Corporation.

Students from the following schools, who are participating in the CFA Society of Madison Research Challenge, met at the Hilton Milwaukee City Center:

Carroll University
Marquette University
Milwaukee School of Engineering (MSOE)
UW-La Crosse
UW-Milwaukee

The students from these teams had an opportunity to receive an investor presentation from Douglas A. Neis, Chief Financial Officer and Treasurer of the Marcus Corporation.

Headquartered in Milwaukee, Wisconsin, the Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. The Marcus Corporation's movie theatre division, Marcus Theatres, currently owns or manages 684 screens at 55 locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota and Ohio. The company's lodging division, Marcus Hotels & Resorts, owns or manages 18 hotels, resorts and other properties in nine states. For more information, visit the company's Web site at: http://www.marcuscorp.com.

The CFA Institute Research Challenge offers students the unique opportunity to learn from leading industry experts and compete with peers from the world’s top finance programs. This annual educational initiative promotes best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.

The CFA Research Challenge is different from a “stock-picking” competition. Students conduct in-depth analysis on a single company and produce a full equity research report. The winning team is chosen based on the thoroughness of its analysis and knowledge of one company rather than whether their predictions of the stock price are correct.

Each team works directly with a publicly traded company (i.e. Marcus Corporation) while preparing their research. This involvement included today’s company management presentation to the teams and the Q&A session that followed Neis’ talk.

Each team is paired with an investment professional who mentors the team throughout the research process and reviews and critiques the report. The teams are responsible for writing a professional quality research report. Each team produces an initiation of coverage report on its chosen company and the report is reviewed and scored by a group of judges.

Each team has an opportunity to present their research to a panel of experts from top financial institutions. The team with the highest combined report and presentation score is the winner. Year after year, the students participating in the Challenge indicate that the research presentation to the panel of industry experts is one of the most important parts of the project.

The winners of the local Challenges advance to compete against teams from within their geographic region, culminating in a global finale. One of the teams will have the opportunity of advancing to the Regional and Global Finals (held in New York City).

AIM Students Work with Milwaukee Repertory Theatre's Investment Committee

2011-11-14T08:38:00.000-06:00

Dr. David Krause is a member of the Milwaukee Repertory Theatre’s Investment Committee. During the October meeting it was agreed by the committee that a group of Marquette’s AIM students would conduct an independent evaluation of the foundation’s investment policy statement and portfolio holdings.

Five AIM students (Ted Linn, Rupali Varma, Tom Kelly, Harrison Davis, and Vincent Ong), along with Brady Endl (Dr. Krause’s graduate assistant), have completed the first phase of the review and will be presenting their findings to the Rep’s Investment Committee on Monday, November 14^th. The investment review process includes the following steps:

· Review the Investment Policy Statement (including a survey of the committee members)

· Conduct an Asset Allocation Review

· Perform a Portfolio Performance Review

· Evaluate Individual Managers

· Produce a Summary Report

The students have completed surveying the investment committee members regarding their risk tolerance and preferences for asset mix rebalancing and disbursement – as well as asset classes they wish to consider or avoid. The results, which were compiled and analyzed by Harrison Davis, will be presented to the committee this evening. Additionally, Ted Linn and Rupali Varma will review the existing investment policy statement and will be presenting their observations and recommendations at the meeting.

The asset allocation review was conducted using historical asset returns, volatility, and other risk measures for the major asset classes from 1991-September 2011 (utilizing Morningstar Direct). An efficient frontier analysis indicated that the current MRT portfolio was close to an optimal asset mix for the underlying risk tolerance of the committee. Two ‘efficient’ portfolios with the same and less risk were evaluated and a recommended asset allocation (with proxy indexes, target %, and ranges) will be presented.

The next steps following today’s meeting will include specific recommended changes to the investment policy statement, a thorough portfolio review of the individual managers, and suggestions for the frequency of portfolio rebalancing.

“This project has been highly rewarding for the students involved – and is another example of the ‘applied’ learning experiences that students receive in the AIM program,” Dr. Krause stated. “While the Rep project is not yet compete, other students in the AIM program are interested in similar opportunities to engage in exercises like this next semester with other local foundations.”

Dr. Krause added, “This has been an excellent learning experience. The students have had an opportunity to put the concepts they have been studying in the classroom into practice. The ability to work with current data, high powered models, and investment committee members has been valuable. I know the students appreciate this opportunity and I hope we have a chance to do similar work for other organizations.”