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NYSSA PODCASTS
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Did you know that NYSSA has podcasts and webcasts of its events? NYSSA members can log-in to view them for free. Click here to view our latest webcast, Free Cash Flow: Seeing Through the Accounting Fog Machine to Find Great Stocks.
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Letter from the President
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| Nanci D. Morris, CFA |
As we begin NYSSA’s 2010 fiscal year, the staff and volunteers who bring all of our programs and events to life are continuing their work to provide you with the high caliber offerings you have come to expect from NYSSA. In fiscal year 2009, NYSSA hosted nearly 280 programs and events, 127 of which were member-only or free to members. Of these, an increasing number (41 in total) were career development programs designed to address the growing interest in this topic. |
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Career Center sponsored by 
Beat the Resume-Screen Algorithm
by Amy Rauch Neilson
It's one thing to learn the employer offered someone else the job you were hot for. It's another to learn you never even made the cut … because a purveyor of "artificial intelligence" screened out your resume.
In a world where seas of resumes are initially sorted by screening software, it's still possible to outsmart the machine on your way to the top of the heap. It just means a little more … well, thinking, on your part. |
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Impact Investing—The Next Big Wave in Socially Responsible Investing
by Susan Arterian Chang
Impact investing, an emerging subset of socially responsible investing, offers a channel outside of formal public equity markets for investors seeking not only financial returns but social and environmental value. Impact investors are not necessarily targeting companies that engage in the best sustainable business practices in any given sector. Instead they seek out ventures in developing countries or inner city neighborhoods that provide solutions to urgent environmental and social challenges ranging from water and food scarcity to education, clean energy, affordable housing, resource depletion, and health care. IGNIA Partners, a new impact investment venture capital firm co-founded by Michael Chu, a former Kohlberg Kravis Roberts and Pegasus Capital partner, calls it “investing in the base of the pyramid.” |
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Outlook for Healthcare Reform and Healthcare Stocks
by Damien Conover, CFA, Morningstar Equities Strategist and Editor of Morningstar Healthcare Observer
U.S. Healthcare Spending Appears Unsustainable
The U.S. spends twice the average of most other developed nations on health care for only comparable care, which has led many to question the efficiency of the U.S. health-care system. Further, the high health-care spending represents approximately 17% of U.S. GDP and has grown faster than GDP over several decades. These high costs––along with the desire for universal health-care coverage and the U.S. government's dwindling resources for funding health-care programs––are driving the calls for major health-care reform. |
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Islamic Finance
A Student's Review of the New NYSSA Course
by Caroline M. Owen, CFA
Michael McMillen’s recent course on Islamic Finance was more than just an introduction to this niche market of structured finance—it was a colorful exploration of Islamic history and culture, which included a memorable overview of the anatomy of camels. Despite the lack of industry news coverage in the U.S. as compared to Europe and Asia Pacific, I was amazed to learn that there have been hundreds of Islamic financings done in the U.S. In fact, as McMillen pointed out, the U.S. is the easiest place in the world to structure such transactions and while it is still a niche market, demand for these products continues to grow. |
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New Member Benefit
Invitation to SumZero: An exclusive online networking/idea generation site for buyside analysts
NYSSA has partnered with SumZero, an invitation-only online networking site designed to link buy-side analysts. SumZero currently consists of more than 2,300 analysts/PMs and membership is by invitation-only. Almost every well-known hedge fund, private equity fund, and mutual fund is represented in the user base. |
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Committee Spotlight
Derivatives Committee
The Derivatives Committee provides a forum for investment professionals to learn more about the use and intricacies of derivatives. It offers content to both specialists in the derivatives markets and those professionals who are not currently involved but who wish to learn more. The Derivatives Committee seeks to educate and keep its membership informed on all aspects of derivatives and derivatives markets. As the use and importance of derivatives is increasing, the Committee is committed to educating and making derivatives markets more accessible to those with little or no direct experience. |
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NYSSA Welcomes FTSE to Leadership Circle
 NYSSA is proud to welcome FTSE into the Leadership Circle as a Silver Sponsor.
FTSE is a world leader in the creation and management of indexes. With offices in Milan, Beijing, London, Frankfurt, Hong Kong, Madrid, New York, Paris, San Francisco, Sydney, Shanghai and Tokyo, FTSE works with investors in 77 countries globally. |
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Entrepreneurial Tip Corner
It’s High Time for Time Management
by Michael Herz, CPA, MBA
In this high-tech age we live in, where we are often subjected to information overload, it is crucial to learn new techniques for managing our time, which I would argue is our most scarce resource. How many of us have said to ourselves or coworkers, “there’s just not enough time in the day”, or “I wish the week had eight days”? What’s the best way to deal with all of the voicemails, e-mails, snail-mail, phone calls and endless meetings we are summoned to? During my 30-year career, I have seen many changes in technology, almost all for the better. However, one downside is that customers, clients and colleagues are all looking for faster responses, turnaround times and almost instant gratification. There are many techniques for managing your time more effectively and I would like to share some that have worked for me. |
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Book Review
by William A. Hayes
 A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers
by Lawrence G. McDonald with Patrick Robinson. Crown Business. 2009.
As a partner in a New York Stock Exchange specialist firm, I became very focused on how to manage a market maker trading firm, not only to make money but also to avoid going over the edge into oblivion. The basics were simple—accurate inventory valuation, liquidity of inventory, ample and reserve capital, constant vigilance, and a commitment to risk management at all levels of the firm. As one of my co-managing partners put it: “We are in the risk management business.” Thus I have been astonished to find out how some of the now gone top Wall Street firms were mismanaged by senior types who received enormous compensation despite ignoring the basics. |
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NYSSA Seeks Volunteers to Help with Student Programs
NYSSA is currently seeking member volunteers to help with our student programs that begin this Fall. As you know, NYSSA has a long tradition of nurturing professional competence, ethics and excellence, providing a foundation for the personal and professional growth of college students and the investment industry of tomorrow. |
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NYSSA Announces CFA Scholarship Winners
NYSSA and CFA Institute have awarded scholarships to five candidates taking the December exam. Scholarship winners are a select group that meets strict criteria that take into consideration a number of factors, including experience and interest in the investment profession, adherence to ethical standards, financial need and commitment to NYSSA and CFA Institute. Scholarship recipients received awards valuing more than $2,000. NYSSA provided free registration and materials for the Weekly Review, and CFA Institute waived the CFA exam program fees (less a $220 administrative fee). |
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New Members
Welcome NYSSA's newest members! |
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FEATURED EVENT
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4th Annual Investing in Construction and Materials Conference
The construction sector is beginning to show signs of revival as the U.S. government’s record $787 billion economic stimulus package is dispersed. However, stock performance within the group has been off significantly––the Dow Jones Construction & Materials Titans 30 Index is down over 24% from the same time last year. If you want to know about the future of the sector, come listen to executives from the following companies:
Granite Construction Incorporated (NYSE: GVA)
KHD Humbolt Wedag International Ltd (NYSE: KHD)
Martin Marietta Materials (NYSE: MLM)
Polaris Minerals Corporation (TSX: PLS)
Simpson Manufacturing Co. (NYSE: SSD)
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