ONE-DAY SEMINAR UNIQUE APPLICABLE UNDERSTANDABLE EXECUTIVE EDUCATION BME PALACIO DE LA BOLSA. MADRID. 27 DE NOVIEMBRE DE 2018

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1 BME PALACIO DE LA BOLSA. MADRID. 27 DE NOVIEMBRE DE UNIQUE APPLICABLE UNDERSTANDABLE EXECUTIVE EDUCATION BME MADRID STOCK EXCHANGE PALACE NOVIEMBER 27, ADAPTIVE ASSET MANAGEMENT ONE-DAY SEMINAR Page: 1 1

2 ADAPTIVE ASSET MANAGEMENT SURVIVING THE ASSET MANAGEMENT (R)EVOLUTION SEMINAR DESCRIPTION What are the characteristics of a modern, competitive interpretation of multi-asset and risk management? Based on applied behavioral finance insight, the third generation of asset allocation principles (3GEN) is currently gaining ground. Those principles are academically validated and empirically sound. Their advantage: they break with the basic assumptions of previous generations. Concepts like asset allocation, diversification and risk are redefined. A (r)evolution. Nudging, Choice Architecture and Heuristics Management became success factors for professional investors in an increasingly competitive asset management industry. An investors survival probability is either increased through a) size b) digitalization or c) specialization. For most asset managers, specialization remains the only way forward. In this intense one-day seminar, participants will first learn about how to differentiate between the asset allocation generations in interactive workshops. Subsequently, the principles of the third generation (i.e. risk factor diversification, causality analysis, etc.) are introduced. Participants will learn how to avoid typical irrationalities of investors based on cognitive dissonances. Practical choice architectures and nudging techniques for teams and individuals are introduced, intending to balance the use of qualitative optimization techniques in combination with latest technologies. All together, participants get empowered through practical asset allocation tools that can be applied back at their desk to further specialize their profiles. TRUSTS FAMILY OFFICES WEALTH MANAGERS INVESTMENT COMPANIES PRIVATE - UND REGIONAL BANKS TARGET GROUPS Page: 2

3 DETAILED SEMINAR CURRICULUM Mag. MARKUS SCHULLER, MBA, MScFE LECTURER LEARNING OBJECTIVES A critical appraisal of traditional asset allocation techniques, followed by principles of a new generation of asset allocation, indicate a survival strategy in the current (r)evolution of the asset management industry. As part of those principles you will learn how to effectively incentivize investment teams and individuals to make more rational investment decisions by proactively managing cognitive biases. MORNING / PART ONE WORKSHOP INTRODUCTION We start with a critical appraisal of traditional asset allocation techniques like the Modern Portfolio Theory and other first and second generation representatives. SINGLE AND MULTI-FACTOR MODELS Examples: VaR / Risk Parity and other Second Generation (Multi-Factor/Multi-Period Models). 8 TRADITIONAL ASSET ALLOCATION MYTHS A NEW DEFINITION OF RISK Basic assumptions of the third asset allocation generation are introduced, distinguishing it from the previous ones. MORNING / PART TWO THIRD GENERATION ASSET ALLOCATION Understanding the logic and evolution of a new generation of asset allocation principles Introduction to Adaptive Markets Policy Portfolio and Strategic Asset Allocation reloaded EXERCISE ONE: YOUR GLOBAL CAPITAL STOCK POSITIONING About Market Timing FROM ASSET CLASS TO RISK FACTOR DIVERSIFICATION Changing from diversifying asset class to risk factors Maximizing diversification with risk factor management Causality-based risk factor analysis How differs factor-based investing from risk factor diversification AFTERNOON / PART ONE HIGH PERFORMANCE INVESTMENT TEAMS Utilizing bounded rationality for most rational investment decisions Behavioral Finance, Neuroscience & Animal Spirits Management How do we take decisions? Proactive heuristics management The knowing-doing gap in behavioral finance DEBIASING TECHNIQUES IN PROACTIVE HEURISTICS MANAGEMENT 3 practical debiasing techniques AFTERNOON / PART TWO AGNOSTIC PRODUCT SELECTION How to perform a due diligence and selection process of financial instruments most rationally? Hedge Funds / Alternative UCITS / Mutual Funds / Exchange-Traded Funds Active versus passive investing EXERCISE TWO: FIND DUE DILIGENCE RED FLAGS - REAL CASE EVIDENCE-DRIVEN, RULE-BASED DSAA Managing multi-asset portfolios Best practice 1: Yale Endowment Plan Best practice 2: Bridgewater Associates EXERCISE THREE: DIVERSIFY MACRO & MICRO RISK FACTORS Page: 3

4 SEMINAR COOPERATIONS SEMINAR COOPERATIONS Page: 4

5 PARTICIPANTS STOCK EXCHANGE SEMINARS Page: 5

6 300+ PUBLICATIONS RENOWNED MEDIA Page: 6

7 PANTHERA SOLUTIONS LECTURER Mag. MARKUS SCHULLER, MBA, MscFE Markus Schuller has 18 years experience in trading, structuring and managing standard and alternative investment products. Prior to Panthera Solutions, Markus worked in executive roles for a Long/Short Equity Hedge Fund for which he developed the trading algorithm. Markus started his career by working for renowned banks as Equity/Derivatives Trader and Macro Analyst. Markus founded Panthera Solutions in 2010 in the Principality of Monaco, using his extensive sell-side know how for now advising professional investors. He is a regular speaker at international investment conferences on Asset Allocation and Risk Management topics. Markus acts as a regular commentary contributor to European quality media as financial markets expert. His co-authored book "Portfoliomanagement in Unternehmen" (Springer Verlag, 2014) received strong review scores beyond the investment community. His OECD Insights articles are regularly cited in international publications. Since 2009 Markus teaches the courses like Asset Allocation for Practitioners and Investment Banking at the International University of Monaco. Page: 7

8 Panthera Solutions is a Monacobased consultancy, specialized in optimizing the investment decision architecture for professional investors. APPLIED BEHAVIORAL FINANCE As independent applied behavioral finance experts, our consulting and training empowers professional investors to make more rational investment decisions within an aligned choice architecture. PROPRIETARY RESEARCH Our sound proprietary research and methodologies contain applicable solutions for balancing heuristics management and quantitative techniques. BESPOKE SOLUTIONS FOR EMPOWERMENT Our bespoke contribution results in a more skilled investment decision, empowering the decision maker toreach defined investment objectives and to develop a competitive edge. INNOVATION LEADER We are a team of internationally renowned specialists in different asset management fields. Our assignments and publications have proven us to be innovation leaders in Europe. ABOUT PANTHERA SOLUTIONS Page: 8

9 CONTACT US 49, Avenue Hector Otto MC Monaco Company ID 09P07550 DISCLAIMER This material is for your information only and is not intended to be used by anyone other than you. It is directed at professional clients and eligible counterparties only and is not intended for retail clients. The information contained herein should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial products, including an interest in a fund, or an official confirmation of any transaction. Any such offer or solicitation will be made to qualified investors only by means of an offering memorandum. The material is intended only to facilitate your discussions with Panthera Solutions as to the opportunities available to our clients. The given material is subject to change and, although based upon information which we consider reliable, it is not guaranteed as to accuracy or completeness and it should not be relied upon as such. The material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations. Past performance is not a guide to future performance. Future returns are not guaranteed and a loss of principal money may occur. Panthera Solutions. All rights reserved. Page: 9