Modern Investment Theory &

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investment management program 2010

SACRS

public pension

Aug. 9-11, 2010

uC Berkeley  HAAs sCHool of Business

Modern InvestMent theory &

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PRogRAm

schedule

*

Much has changed in finance in the last 50 years; this three-day program will bring you to the frontier of current investment theory and practice. The program is presented on the beautiful and dynamic campus of U.C. Berkeley and taught by its world renowned Finance faculty.

SundAy, AuguSt 8, 2010

5:00 - 7:00 pm RegistRation & Welcome _{Reception at claRemont Hotel} mondAy, AuguSt 9, 2010

6:30 - 8:00 am bReakfast

Panorama Room, Claremont Hotel

7:45 am begin loading bus (in front of hotel)

8:00 am depaRt Hotel to uc beRkeley 8:15 - 8:30 am opening RemaRks

8:30 - 10:00 am public pension funds: Protecting Retirement Security

Executive Learning Classroom, S480

Dr. Kathleen Connell 10:00 am bReak

10:15 am - 12:00 pm RetuRn, Risk and diveRsification

Greg LaBlanc

12:00 - 1:00 pm luncH and gRoup pHoto

Wells Fargo Room, Haas School of Business

1:00 - 2:45 pm Risk, assets and liabilities

Greg LaBlanc 2:45 pm bReak

3:00 - 4:00 pm tHe total investment poRtfolio

Greg LaBlanc 4:00 - 5:00 pm pRactical use:

A wrap up of the day and how to put what you’ve learned to work at your System

Scott Whalen, Wurts & Associates Rumi Masih, JP Morgan 5:00 pm adjouRn

5:30 pm Reception at claRemont Hotel

Lanai 2, Claremont Hotel

tueSdAy, AuguSt 10, 2010 6:30 - 8:00 am bReakfast

8:00 am depaRt Hotel to uc beRkeley 8:30 - 10:00 am _{active and passive management}

Thomas Gilbert,

Graham Schmidt, EFI Actuaries 10:00 am bReak

10:15 - 11:45 am building tHe investment poRtfolio

Thomas Gilbert,

Graham Schmidt, EFI Actuaries 11:45 am - 12:45 pm luncH Women’s Faculty Club 12:45 - 2:15 pm oveRvieW of alteRnative

investments

Sam Olesky 2:15 pm bReak

2:30 - 4:00 pm pRivate investing and ventuRe capital

Ayako Yasudo 4:00 - 5:00 pm pRactical use:

A wrap up of the day and how to share the knowledge with your Board

Robert Schoen, Putnam Investments 5:00 pm adjouRn

5:30 pm Reception at claRemont Hotel

Lanai 2, Claremont Hotel

wedneSdAy, AuguSt 11, 2010 6:30 - 8:00 am bReakfast

8:00 am depaRt Hotel to uc beRkeley 8:30 - 10:00 am _{measuRing and assessing}

investment peRfoRmance

Thomas Gilbert 10:00 am bReak

10:15 - 11:45 am measuRing and assessing investment peRfoRmance: Advanced Topics

Thomas Gilbert 11:45 am - 12:45 pm luncH

Wells Fargo Room, Haas School of Business

12:45 - 2:15 pm _{beHavioRal finance} Investors’ Decision Making Biases

Brad Barber 2:15 pm bReak

2:30 - 4:00 pm beHavioRal finance: Implications for Trustees

Brad Barber 4:00 pm adjouRn *agenda subject to cHange

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sACrs is pleased to extend an official invitation to Trustees and staff in the public pension community for the sACrs Public Pension investment Management Program. sACrs has joined forces with uC Berkeley’s Haas school of Business to bring you an exciting three-day program

entitled Modern Investment Theory and Practice for Retirement Systems. The curriculum will be

presented to you by the world-renowned faculty of the Haas school of Business for trustees and staff who want to take their education “to the next level.”

sACrs is very excited about providing this opportunity to our community. We want you to know the subject matter will be truly valuable to you in your roles as fiduciaries. The Berkeley executive Development team is committed to the continual development and delivery of content that is current, innovative, results-driven, and responds to the needs of Public Pension Trustees & staff.

education is the cornerstone of sACrs’ mission. Participants in this program will not only gain new insight and knowledge, but will add to the core strengths of our organization; the diversity of expertise and perspective found in the public pension community.

Thank you. We look forward to your participation. sincerely,

Rich White

Sulema H. Peterson

rich White sulema H. Peterson

sACrs President sACrs Administrator

orange County

Join uS foR SACRS

public pension

investment management program 2010

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BRAd m. BARBeR

Brad m. Barber is a Professor of finance at the uC Davis, graduate school

of Management. His recent research focuses on analyst recommendations and investor psychology. His research has been covered extensively in the popular press, including Business Week, Time, The Wall street Journal, ABC news, nBC nightly news, Cnn, Cnnfn, and CnBC.

Professor Barber has written numerous scholarly articles, which have appeared in many publications including the Journal of finance, Journal of financial economics, review of financial studies, Journal of Political economy, Quarterly Journal of economics, American sociological review, Journal of financial and Quantitative Analysis, and the financial Analyst Journal. He is a regular speaker at academic and practitioner conferences. Professor Barber received his Ph.D. in finance from the university of Chicago in 1991. He also received an MBA from the university of Chicago and a Bs in economics from the university of illinois. At uC-Davis, he teaches courses in investment analysis and corporate financial policy.

dR. KAthleen Connell

the honorable dr. Kathleen Connell has twenty five years of experience

in finance, investment banking, government, journalism and graduate business school education. Dr. Connell is presently the executive Director of the uC retirement security institute and a Professor, Berkeley Columbia executive MBA program at Berkeley Haas graduate school of Business, teaching classes in international finance and Corporate Board leadership. Dr. Connell is the founding Director of the Corporate Directors enterprise Center at Haas Berkeley graduate Business school.

elected twice as California state Controller, Dr. Connell served from 1995-2003 as the Chief financial officer for the state of California, the sixth largest global economy, managing a $100 billion budget; monthly cash flow of $10-12 billion; payroll and retirement payments for nearly 400,000 employees; all state accounting functions; and audit responsibilities for all state programs, local schools, local governments and federally supported programs. Dr. Connell was a Trustee for both CalPers and CalsTrs retirement funds, the largest pool of investment capital in the world and the Chair of the California franchise Tax Board with authority for state tax policy. Dr. Connell served on 57 policy Boards, including six state Debt Boards, issuing billions of dollars of municipal securities.

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thomAS gilBeRt

thomas gilbert graduated from the finance Ph.D. Program at the Haas

school of Business in May 2008. Thomas is currently an Assistant Professor of finance and Business economics at the Michael g. foster school of Business, university of Washington. His research lies in the area of information aggregation and the role of macroeconomic announcements on stock prices. since 2003, he has taught parts of the Certified investment Management

Analyst program (CiMA®_{) and the Berkeley finance series within the finance}

executive Programs at the Haas school of Business. He has also taught in the undergraduate, full-Time MBA, and evening & Weekend MBA programs at Haas, for which he won the Best graduate student instructor Award in 2005, 2006, and 2007. He holds a Masters in finance from u.C. Berkeley and a Masters in Physics from imperial College (united kingdom).

Dr. Connell’s extensive media experience includes national television, radio

and print. Dr. Connell was the weekly finance columnist for Moneywise

in 2008-9 in the Christian science Monitor, writing on topics including retirement finances, investment options, benefit rich jobs, college financing, working until 70, pension fund management, credit card debt and state/ local tax burdens. Dr. Connell’s national television and radio appearances include frequent guest discussions on CnBC, Cnn and fox. Dr. Connell has contributed numerous guest editorials in major newspapers.

Her personal finance book, entitled “Moving Up To Millions: A Life Calculator

Guide to Wealth” with its patented comprehensive financial calculator, was published by John Wiley Publication in fall, 2007.

Previous positions include serving as President of an los Angeles based seC/nAsD registered investment banking firm, Vice President and Director of a new york headquartered money center bank, and Chair of the Center for finance and real estate and Professor at uClA Anderson graduate school of Management..

Dr. Connell complements her academic vitae, capped with a uClA Ph.D. dissertation on “Timing the Markets”, with five security licenses. Dr. Connell was named as one of 25 smartest investors by smart Money magazine in 2002.

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SAm oleSKy

Sam olesky is the Managing Member of olesky Capital Management, llC,

an independent investment advisory firm that conducts principal investing and trading, manages a hedge fund, and separately managed accounts for trusts, partnerships, individuals, endowments, and foundations. sam is a lecturer in finance at u.C. Berkeley’s Haas school of Business. He teaches Portfolio Management and financial institutions and Markets in the MBA program. He is an affiliate of the Center for innovative financial Technology (CifT) at the Haas school of Business. His research interests include dynamic global asset allocation, synthetic index investing, statistical trading systems, and volatility based trading.

John o’BRien

John o’Brien is the executive Director of the Master’s in financial

engineering (Mfe) program at uC Berkeley, Haas school of Business. He assisted in developing the Mfe program, and became its first executive Director in July 2000. The Haas Mfe is ranked number one in the world. Mr. o’Brien also is adjunct professor of finance at Haas; he created and teaches the Mfe course in financial innovation. Professor o’Brien is the Haas faculty director for the investment Management Consultants Association’s preparatory course for its Certified investment Management Advisor designation.

Prior to joining Haas, Mr. o’Brien was a managing director at Credit suisse Asset Management in new york. At Credit suisse, Mr. o’Brien had a series of responsibilities: creating and managing the performance measurement and risk management function, the client service function and the e-com-merce effort.

gRegoRy lABlAnC

gregory laBlanc has been a lecturer at uC Berkeley since 2004, teaching

courses in finance, Accounting, law, and strategy in the Haas school, the law school (Boalt Hall) and the department of economics. Prior to joining the Berkeley faculty, he studied economics, Business, and law at the Wharton school of the university of Pennsylvania, george Mason university law school, Duke law school, and Berkeley law (Boalt Hall). He has previously taught finance, Management, law and economics at the Wharton school, Duke university and the university of Virginia and has been a consultant in the fields of iP litigation and competitive intelligence. His research focuses on the impact of tax policy on organizational design, capital formation, and innovation. He has received several teaching awards and has previously been involved in executive education programs at the Wharton school and Darden school.

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AyAKo yASudA

Ayako yasuda is an Assistant Professor of Management at the graduate

school of Management, university of California, Davis. she was previously a faculty member in the finance department at the Wharton school of the university of Pennsylvania. Dr. yasuda received a B.A. and Ph.D. in economics from stanford university. she has been awarded numerous

professional awards and has been published in the Journal of Finance,

Journal of Financial Economics, and the review of Financial Studies. Her

research has also been featured in the media, including The Wall Street

Journal, Financial Times, Reuters, and Bloomberg, among others. she

recently co-authored an MBA course textbook Venture Capital and the

Finance of Innovation (second edition), which will be published by Wiley & sons in the fall of 2010.

Prior to Credit suisse, Mr. o’Brien was co-founder, Chairman and Ceo of leland o’Brien rubinstein (lor) Associates, and Chairman of the Capital Market fund, and the s&P 500 superTrust – the first exchange traded fund (eTf). lor is credited with a series of financial market innovations and product offerings – a process that now is called “financial engineering”. Mr. o’Brien co-founded Wilshire Associates (originally operated as o’Brien Associates), and co-developed the Wilshire 5000 common stock index (originally named and published as the o’Brien 5000 index).

Mr. o’Brien has received various awards, including the financial Analyst’s graham and Dodd scroll Award, the Matthew r. McArthur Award from the investment Management Consultants Association for lifetime contributions to investment consulting. Mr. o’Brien was named among fortune Magazine’s ten Businessmen of the year in 1987. Mr. o’Brien holds a s.B. in economics from MiT, and an M.s. in operations research from uClA. He served as a lieutenant in the united states Air force.

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gRAhAm SChmidt

graham Schmidt (Associate - soA, Member - AAA, fellow – CCA) has served

as the Vice President of efi Actuaries for the past seven years. graham is a frequent speaker at public employer conferences, on topics including financial economics, Asset-liability Management and gAsB45/oPeB issues. in recent years, he has spoken at national meetings sponsored by nCPers, the society of Actuaries, the Academy of Actuaries and other regional organizations, such as sACrs and CAlAPrs. graham is a member of the Academy of Actuaries Public Plans subcommittee and the Conference of Consulting Actuaries Public Plans Committee, the primary actuarial committees dealing with public sector retirement issues in the us. graham also serves on the society’s retirement Plans experience Committee (rPeC).

RoBeRt J. SChoen

Robert Schoen is a Managing Director and Portfolio Manager on global

Asset Allocation. He is a Portfolio Manager of Putnam Absolute return 500 fund, Putnam Absolute return 700 fund, Putnam Asset Allocation funds (growth, Balanced, and Conservative), Putnam income strategies fund, Putnam retirementready funds, Putnam College Advantage funds, and the Total return strategy. His primary responsibilities are u.s. stock selection and portfolio strategy. Mr. schoen, who joined Putnam in 1997, has been in the investment industry since 1989.

Rumi mASih

Rumi masih, managing director, is the head of the strategic investment

Advisory group (siAg). An employee since 2007, rumi previously spent 10 years at goldman sachs, most recently at goldman sachs Asset Management. rumi was the global econometrician for both the global economics research group and the Quantitative equity strategy group, where he was responsible for developing various quantitative models and supporting goldman sachs trading and strategy research. He also developed tailor-made products and performed bespoke services for key quantitative institutional equity and fixed income clients. Prior to joining goldman sachs, rumi worked in several government research departments in Australia for over a decade. He holds a B.econ. in economics, econometrics and mathematical statistics from Australian national university, and an M.Phil. in economics/econometrics and a Ph.D. in econometrics from the university of Cambridge.

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mR. SCott J. whAlen

mr. whalen, executive Vice President and senior Consultant, serves

primar-ily to provide high quality strategic investment advice and ensure his clients meet their long-term investment objectives. in addition, Mr. Whalen is a key member of the Wurts & Associates leadership team; he sits on the Manage-ment Committee and oversees the los Angeles consulting staff. Prior to joining Wurts & Associates, Mr. Whalen built a distinguished career in man-agement consulting with Mckinsey & Company and ernst & young, where he led corporate and public sector institutions to increase efficiency and im-prove operational performance. Through his vast experience working with multiple stakeholders across industries, Mr. Whalen has honed his ability to drive effective decision-making, often in challenging environments.

Mr. Whalen is a recognized speaker at industry conferences, where he has pre-sented on a broad range of investment topics including asset allocation, alter-native investing, investment manager oversight, attaining operational efficien-cies in investment programs, the challenges and potential benefits of dynamic asset allocation, and the importance of maintaining a long-term perspective. Mr. Whalen received a Bachelor of Arts degree in economics from Wake for-est university and a Masters in Business Administration from the university of southern California.

“

Good content, worth your time.

”

—Ben lazarus, The Clifton group

“Yes, I feel that all staff and board members should

take advantage of this course. This course has been

a refresher and update on many of the concepts

used at board meeting level.”

—sharon naramore, Contra Costa County employees retirement Association.

“Good program will get better yet.

”

—Annette kerber, san Bernardino County

“A ‘must attend.’ This type of program allows all

members of the community to be exposed to the

‘school hour’ view of topics. A great experience.”

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The strength of the Haas school of

Busi-ness is expressed in their philosophy

“leading through innovation”. successful

retirement Plan Managers recognize

inno-vation as an opportunity to maximize the

creation of value. This program focuses on

individual, team, and organizational levels

of innovative potential.

The Public Pension retirement

Manage-ment Program is carefully designed to give

participants access to the tools, the

knowl-edge and the networks they need to master

their particular challenges. Participants will

bring a strategic challenge from their own

retirement Plans to the program. They will

have the opportunity to further define and

develop their knowledge and objectives

under faculty guidance.

The programs are taught by the very same

top faculty who teach in the uC Berkeley’s

Business Program–ranked number 1 in the

world. outstanding faculty includes the top

names of classical finance, Thomas gilbert,

and of behavioral finance, Brad Barber. The

programs are on the absolute cutting edge

of today’s research.

participants will bring a

strategic challenge from

their own retirement

plans to the program.

they will have the

opportunity to further

define and develop their

knowledge and objectives

under faculty guidance.

We’Ve ADDeD A “WrAP uP” session AT THe enD of eACH DAy.

Based on the feedback we received from prior graduates of the program, sACrs

and uC Berkeley moved forward with introducing a new “Practical use” session.

The new session will be taught by sACrs Affiliate investment Managers. The team

will offer you practical day-to-day solutions on how to put what you’ve learned

to work at your system. you’ll have an opportunity to ask questions on topics

dis-cussed throughout the day. The added bonus - each team member will be

attend-ing class with you! That’s right, they’ll be participatattend-ing right along with you in class.

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ConfeRenCe

registration

AuguSt 9, 10 And 11, 2010

All conference activities will take place on the campus of uC Berkeley at the haas School of

Business. The host hotel is the Claremont Re-sort and Spa. Both locations are tucked away

in the beautiful Berkeley hillside. Price for the

session is $2500.00*_{per person. (Price includes}

registration, training materials, food and bev-erage and daily transportation to and from the Claremont Hotel/uC Berkeley.)

PRogRAm loCAtion

uC Berkeley Center for executive Development uC Berkeley, Haas school of Business

2220 Piedmont Ave, Berkeley, CA 94720-1900 in order to receive a refund, you must cancel your registration by June 25, 2010. After June 25, 2010 no refunds will be permitted. Please call or fax slgs at (916) 1850 or fax (916) 441-6178 to make any changes to your registration.

*_{A 5% convenience fee will be added to all credit card}

transactions.

hotel

reservations

Claremont Resort and Spa

41 Tunnel road, Berkeley, California 94705 Tel: (510) 843-3000

Accommodations will be made for confirmed attendees at the Claremont Resort and Spa located just minutes away from uC Berkeley in the beautiful Berkeley Hills. shuttle service between the hotel and uC Berkeley will be provided. SACRS room rate is $189 per room

(not including tax). overnight parking is

avail-able at $18.00 per day per vehicle. Addition-ally, the hotel charges guests a $10.00 (plus tax) resort fee per room/per day. This fee is to cover use of the computers and internet in the Business Center, High speed internet ac-cess in guest room, acac-cess to the Private Club & fitness Center and all fitness classes, local calls, newspaper delivery and in-room coffee. Cancellation with no penalties is 72 hours prior to arrival. All hotel reservations will be made

through SACRS. Please do not call the hotel directly to make reservations! To reserve your

hotel accommodations, contact sulema H. Pe-terson, sACrs Administrator at the following: sulema@slgs.org or (916) 441-1850.

PARTICIPATIon IS lIMITeD. RegISTeR eARly By vISITIng WWW.SACRS.oRg To SUBMIT yoUR RegISTRATIon, CoMPleTe The enCloSeD FoRM AnD

mAil to: e-mAil to: SACRS sulema@slgs.org

C/o SUleMA PeTeRSon

1415 l street, suite 200 oR viSit www.SACRS.oRg

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