NYSSA NEWS

The Intelligent Individual Investor by Dennis Butler, Centre Street Cambridge Corporation The publication of Warren Buffett’s “Buy American. I Am.” was not surprising. Like the “Panic Birds” of Old Wall Street long before him, financial calamities have always prompted Mr. Buffett to action. Also in keeping with past practice, the investment community gave his arguments mixed reviews and, judging by the market response, paid them scant heed.		Book Review by William A. Hayes Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis by Mark Zandi. FT Press. 2008. Mark Zandi takes the reader step-by-step through the subprime crisis in Financial Shock. Like many of us, he foresaw problems coming out of these loans, but not the ultimate scale and impact. Starting with low quality mortgages, a financial virus spread across the global capital markets, threatening to shut it down. Now governments and central banks are pumping vast amounts of liquidity into these markets, which may itself create future massive problems that are not now evident.

Second Annual Asian Financial Forum Schedule Announced The January 19-20, 2009 Asian Financial Forum (AFF), taking place in Hong Kong, will be addressing some of the key issues affecting China and the Asia region today. This two-day program will feature more than 25 speakers from around the region discussing topics pertinent to today’s economic environment.		CFA Institute Launches The Global Financial Crisis Roundtable On December 4, 2008 CFA Institute will launch the Global Financial Crisis Roundtable at Thomson \| Reuters in New York City. This roundtable is being offered in response to the current market crisis being experienced around the world.

4th Annual Value Investing Congress West The 4th Annual Value Investing Congress West––taking place May 5 & 6, 2009 in Pasadenam CA––is more than 5 months away but already half of the available seats have been taken. Don’t miss your opportunity to attend this invaluable event––reserve your seat today and save!		Who's News Find out what moves NYSSA members are making.

New Members Welcome and congratulations to NYSSA's newest members.

NYSSA CFA Exam Prep	Professional Development Courses	Conferences	Presentations	Members-Only
CFA® Level I Weekly Review (Session A—Tuesdays) CFA® Level I Weekly Review (Session B—Wednesdays) CFA® Level II Weekly Review (Session A—Mondays) CFA® Level II Weekly Review (Session B—Wednesdays) CFA® Level III Weekly Review Financial Statement Analysis - 2009 CFA® Level I 5-Week Saturday Condensed Review CFA® Level II 5-Week Saturday Condensed Review Schweser 3-Day Intensive Review—Level I Schweser 3-Day Intensive Review—Level II Schweser 3-Day Intensive Review—Level III	NEW! Discounted Cash Flow Analysis NEW! Option Strategies and Applications: Directional Strategies NEW! Collateralized Debt Obligations Coming Soon! How to Analyze a 10(k) Corporate Valuation Methodologies Financial Modeling Using Excel Financial Modeling with the Monte Carlo Simulation Commodities Credit Derivatives Research Report Writing Real Estate Investment and Income Analysis Securitization and Mortgage-Backed Securities Covered Call Writing: Advanced Strategies New, advanced topics! Advanced Financial Modeling: Core Model Advanced Excel for Data Analysis Linking Strategy to Valuation Investing in Distressed and Defaulted Debt New, in-depth, full-day format! Credit Analysis and Credit Risk Management New! Asset Management with Technical Analysis New! Managing Portfolios with Exchange Traded Funds M&A Deal Structuring and Merger Modeling Basics Basic Leveraged Buyout Modeling Hedge Funds	12th Annual Water Utility Conference Pensions at Risk: A Meeting of Fiduciary and Financial Minds	Alternative Analysts’ Forum - Nontraditional Investing in Entertainment and the Arts Margin of Safety and Growth Stocks: A Conversation with Bruce Greenwald Career Chat: Sell-Side Research Firms That Are Hiring Market Forecast: Investment Challenges in Times of Change Author Series: Bad Bosses, Crazy Coworkers, & Other Office Idiots Changes to 2008 Financial Statements: What Analysts Need to Know Career Chat: Mid-Career Career Changes American Gas Association: Outlook for the Natural Gas Industry Once in a Lifetime Opportunity: A Discussion with Author and former Columbia University Prof. Michael van Biema Trends in Endowment Asset Allocation	Holiday Party Toastmasters

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S&P WHITE PAPERS

Standard & Poor's Indices Versus Active Funds Scorecard
After a 15-month hiatus, Standard & Poor's is pleased to reintroduce SPIVA––the popular and widely respected scorecard of the active versus passive debate. The new SPIVA has broader asset class coverage across domestic and international stock and bonds funds, and draws its underlying data from University of Chicago's CRSP Survivor-Bias-Free U.S. Mutual Fund Database. While the hiatus has been long, the story has remained the same––across longer time horizons a majority of active managers are outperformed by benchmarks, and nearly one in four funds dies in five years.
Click here to read the concept paper.

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