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Bloomberg
Optimism is higher than ever on a group of stocks that have specialized in disappointment.
Already in November, the value of American financial firms has been inflated by more than $300 billion, the most ever for the group as it benefits from optimism over Donald Trump’s presidential plans. Dealers are charging next to nothing for protective options and short sales are being covered in droves — all for stocks that have punished bulls every time comparable bouts of euphoria took hold since 1990.
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CFA Society Chicago
What's measured can be managed. Explicit trading costs — fees, commission and spreads — are readily quantified, but how does an investment manager minimize the hidden costs, like market impact, opportunity cost, execution delay and price slippage? The inability to fully capture the value of an investment decision may be the greatest execution cost of all.
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CFA Society Chicago
Daniel Clifton is a Partner and Head of Policy Research for Strategas Research Partners. In this capacity, Mr. Clifton evaluates government policies impact on the global economy, stocks, and bond markets for institutional investors. Clifton also oversees the firm's policy-related stock portfolios, including the widely watched Strategas Policy Opportunities Portfolio, which has doubled the S&P 500 over the past 10 years. Clifton and his team have been recognized by Institutional Investor magazine in their annual survey of best Wall Street analysts for the past seven years.
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The Cybersecurity and Financial Markets Forum will bring together members of the Chicago financial community, practitioners in the cybersecurity field, and academics to discuss issues of cyber threats to the integrity of financial market information technology systems and to identify the needs in preparing for these serious threats. Register today.
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Personalized, Connected, Secure Cloud
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A modern cloud platform. What if your cloud was truly personalized to your business? What if it seamlessly connected your entire organization from anywhere and from any device? What if you were confident that your cloud data was more secure than ever? It can be with Oracle’s modern cloud.
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CFA Society Chicago
Build a fully integrated financial statement projection model with income statement projections, a self-balancing balance sheet, an automated cash flow statement, and the balancing cash flow sweep/debt schedule. While knowledge of advanced accounting concepts is not required for this course, you should possess knowledge of basic accounting ratios and a basic understanding of how the major financial statements are inter-related.
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CFA Institute's Enterprising Investor
In mid-2015, Lars van de Loo, CFA, jumped at the chance to participate in a newly formed mentoring program offered by CFA Society Netherlands. He had just returned from a four-month sabbatical from his job as a strategy analyst at a clearing bank in Amsterdam and wanted to consider his next career steps.
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Chicago Tribune
Even with interest rates edging up lately, it still isn't easy to pocket much income from traditional stocks and bonds. But high-paying preferred stocks offer a bit of both worlds. Here's what you need to know.
What are preferred stocks?
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Reuters
Chicago will maintain its low-investment grade rating with its fiscal 2017 budget that reduces a chronic deficit, but the city still faces pressures on its credit quality due to pensions and other expenses, S&P Global Ratings said.
The spending plan for the fiscal year that begins Jan. 1 reduces Chicago's structural deficit to $137 million, the lowest gap since 2011, S&P said in a report.
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Chicago Business Journals
Should insurance and securities brokerages have to act in retirees’ best interests? A group of lawyers are arguing that the Labor Department’s new fiduciary rule restricts Wall Street’s right to free speech.
The fiduciary rule would require brokers to give retirement advice in their clients' best interest.
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Reuters via Crain's Chicago Business
Illinois owes a handful of financial consortia more than $118 million under an obscure program intended to speed up overdue payments to vendors, an analysis of state records shows.
Political feuding between Republican Gov. Bruce Rauner and Democrats who control the General Assembly has kept Illinois without a full operating budget since July 2015, contributing to a doubling of the unpaid-bills backlog.
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Pensions & Investments
Yields on 10-year U.S. Treasuries hit a 2016 high in the days following the U.S. presidential election, but asset owners won't be boosting bond allocations just yet. Their reasoning: It's unclear whether higher yields are here to stay.
The 10-year U.S. Treasury yields surged 40 basis points in the week ended Nov. 18 to 2.3 percent, rising to close at 2.35 percent on Nov. 23, the highest level this year, as markets evaluated the impact of U.S. President-elect Donald J. Trump's upset and expectations of rising interest rates and inflation.
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