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Fed's Fisher says economy strengthening as payrolls rise
Bloomberg
The U.S. economy is “moving in the right direction” and “getting stronger” as private-sector payrolls increase, said Richard Fisher, president of the Federal Reserve Bank of Dallas. Employers added 288,000 jobs in April, the biggest monthly gain in two years, the Labor Department reported May 2. At the same time, more than 800,000 people abandoned the labor force and the share of working-age Americans in a job or looking for one fell to a 36-year low.
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A relaxed approach to networking
CFA Chicago
On Wednesday, May 14 from 11:45 a.m. to 1:30 p.m., CFA Chicago is hosting a progressive networking luncheon at Petterino's on North Dearborn Street. This event provides ample networking opportunities for members and student members — the luncheon features a three-course meal, and attendees will switch tables after each course. Register now, because space is limited.
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Stress test: How Timothy Geithner kept calm during America's financial crisis
CFA Chicago
Timoth Geithner and Henry Paulson, former secretaries of the United States Department of the Treasury, have more than just a job title in common: Both have served during our country's darker financial times. Join the CFA Chicago Council on Global Affairs and CFA Chicago on Wednesday, May 28 at 5 p.m. for an event you wont want to miss. Henry Paulson will interview Timothy Geithner about his most recent book, and the two will discuss financial crises and the factors shaping our economic future.
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Rob Arnott — Research Affilliates' thriving theorist
CFA Chicago
Besides boasting a successful 30-year career in portfolio management, Rob Arnott has made a name for himself in the financial landscape for reasons other than tenure — Arnott has continued to impress his colleagues as "one of the world's most provocative practitioners." On Thursday, June 19 at 12 p.m., Arnott will share his respected theories and intriguing analysis with those who attend the Distinguished Speaker Series at the Metropolitan Club in Willis Tower. This is a must-attend event, so register now to secure a spot.
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The predictive power of utility stocks
CFA Institute's Enterprising Investor
Technical analysis, which looks to forecast the future direction of asset prices by exploiting past market data, has been the subject of extensive research and rigorous debate over the years. And there is no shortage of skeptics when it comes to the efficacy of the investing discipline. Warren Buffett once said, “I realized technical analysis didn’t work when I turned the charts upside down and didn’t get a different answer.” But investing anomalies like the Halloween Indicator, popularized by the adage, “Sell in May and go away,” suggest that there are some technical strategies that may confer an advantage to their adherents.
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CME makes a new bet on the future
Crain's Chicago Business
Futures exchange operator CME Group Inc., as much a technology as a trading company today, is on the prowl for tech startups. Like other Chicago-based companies such as rival CBOE Holdings Inc. and Motorola Solutions Inc., CME is looking to develop a pipeline to technology trends that could spark new businesses. The idea is to provide mentoring and inject between $500,000 and $5 million in each new venture.
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Silicon Valley accelerator looks to Chicago for tech startups
Crain's Chicago Business
Silicon Valley accelerator Plug and Play is recruiting Chicago startups for its next class. Like Boulder, Colorado-based TechStars, which last year joined forces with Chicago's Excelerate Labs, Plug and Play has been eyeing Chicago for a while. It teamed up with Steve Olechowski, who co-founded Chicago-based Feedburner, and Michael Marasco, who runs the entrepreneurship program at Northwestern University's McCormick School of Engineering.
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Fed cuts monthly asset purchases to $45 billion at April meeting
Forbes
On April 30, the FOMC announced a fourth $10 billion reduction to its quantitative easing program, reducing its monthly bond purchases to $45 billion and keeping pace with earlier guidance. The Fed will cut monthly mortgage bond purchases to $20 billion from $25 billion. Treasury purchases will drop to $25 billion a month from $30 billion. The stock market didn’t make any big moves following the release coming off of mixed signals leading up to the 2 p.m. release.
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Rob Arnott reveals: What's really smart about smart beta
ThinkAdvisor
A lot of ink has been spilled on smart beta, the purportedly improved version of the beta an investor gets from investing in passive index funds, which are typically weighted by market capitalization. So in making the trek down to Rob Arnott’s Research Affiliates headquarters in Newport Beach, California, Gil Weinreich is hoping that a personal interview might lend that extra measure of insight. And right at the get-go, Weinreich's first big break comes as his eyes fall on a display case in the reception area housing an original two-volume first edition of Adam Smith’s 1776 classic work "The Wealth of Nations."
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Regional US banks ramp up corporate lending, alarming bigger rivals
Reuters via Chicago Tribune
Regional banks including U.S. Bancorp and PNC Financial Services Group Inc are making more business loans at rates that are starting to alarm bigger U.S. banks like JPMorgan Chase & Co, executives said. The market does not appear overheated yet, and many banks are still reluctant to lend to smaller companies with little credit history, analysts say. But there are early signs of banks loosening the terms at which they lend, by demanding less interest, and in some cases making longer-term loans and bigger loans than they would last year or the year before.
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Fed's Fisher says economy strengthening as payrolls rise
Bloomberg
The U.S. economy is “moving in the right direction” and “getting stronger” as private-sector payrolls increase, said Richard Fisher, president of the Federal Reserve Bank of Dallas. Employers added 288,000 jobs in April, the biggest monthly gain in two years, the Labor Department reported May 2.

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What if retirement advice is completely backwards?
MarketWatch
Financial advisers for decades have urged people to load up on equities early in their careers and gradually reduce those holdings by the time they leave the workforce. Sounds logical. When you’re in your 20s, you have plenty of time to bounce back from stock market losses while a big equity allocation gives you the growth you’ll need to build retirement wealth.

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Killing dark pools is CME chairman's fix for stock market
Bloomberg Businessweek
Terrence Duffy, who as executive chairman of CME Group Inc. oversees the world’s largest futures exchange, has a solution for those seeking to fix the U.S. stock market: kill dark pools. While all futures trades happen on exchanges such CME Group’s, only about 60 percent of American equity volume does.

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Loans that avoid banks? Maybe not
The New York Times
It was that rare thing, scarcely seen in the financial world since the debut of the A.T.M. or microfinancing: an innovation to help regular people. When peer-to-peer, or P2P, lending began in the middle of the last decade, it offered an easy way for people to lend money to each other over the Internet. By cutting banks out of the process, borrowers typically got a lower interest rate than they would have paid on a credit card or a loan without collateral. And individual lenders earned higher returns — averaging in the high single digits — than they would have received by parking their money in a savings account or a certificate of deposit.
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Meet the franchisor launching a fundraising platform for potential franchisees
Entrepreneur
When he opened Forever Yogurt, the first self-serve yogurt franchise in the Chicago area, Mandy Calara realized that a lot of enthusiastic, would-be business owners were being left in the dust because they didn't meet strict net-worth requirements. "Over 90 percent of the leads we get do not financially qualify. We require $125,000 or $150,000 liquid capital and the ability to get a loan for $250,000. So in total, a net worth or collateral of $400,000," he says. "We hate throwing away leads for people who have saved $50,000 or $100,000, but we know they can't get bank financing. I know other franchisors are in the same boat."
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    What if retirement advice is completely backwards? (MarketWatch)
Killing dark pools is CME chairman's fix for stock market (Bloomberg Businessweek)
Treasuries irresistible to America's banks awash in cash (Bloomberg)
Chicago talks pension reform while waiting for governor (The Bond Buyer)
A very powerful antidote — multiple expansion premised on Fed-induced liquidity (CFA Chicago)


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