Week 2 - 2011 - FINA 4370 701 Advanced Investment...

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Unformatted text preview: FINA 4370 701 Advanced Investment Management, Ethics and Society Christopher K. Merker, CFA Adjunct Professor, Marquette University College of Business, Department of Finance AIM Program Week 2 - January 26, 2011 Christopher K. Merker 2009 Agenda Lecture A Brief History of Finance Ascent of Money Announcements Sign-up sheet for Schweser materials Christopher K. Merker 2009 Module 1: A Brief Survey of the History of Finance and Financial Crises Topic 2: A Brief History of Finance Christopher K. Merker, CFA Adjunct Professor, Marquette University College of Business, Department of Finance AIM Program Week 2 - January 2, 2011 Christopher K. Merker 2009 Review from Last Week Christopher K. Merker 2009 Debt-fueled booms all too often provide false affirmation of a governments policies, a financial institutions ability to make outsized profits, or a country's standard of living. -Reinhart and Rogoff, This Time is Different, Eight Centuries of Financial Folly Review from Last Week Christopher K. Merker 2009 When the capital development of a country becomes the by-product of the activities of a casino, the job is likely ill-done. - John Maynard Keynes Transition / The Future Christopher K. Merker 2009 Being somewhat more cautious in the short run doesnt diminish our enthusiasm for stocks over the long term, or our optimism about the future. Worldwide hundreds of millions of people have escaped poverty over the past few decades, many diseases wiped out or reduced. Global incomes have grown dramatically. Within five years or so we should see nearly five billion connected either through cell phones or the Internet. The collaboration and commerce opportunities this brings could be staggeringWe continue to feel strongly that as long as the government doesnt kill the goose (business) that lays the golden eggs, firms will adapt to whatever is happening, both here and abroad. This is the beauty of equity investing compared to buying conventional bonds. -Fidiuciary Management Investment Strategy Outlook All Cap Equity, December 31, 2009 Clip http://www.youtube.com/watch?v=JFKz-OsUUoY Christopher K. Merker 2009 Question Christopher K. Merker 2009 What distinguishes the thousand years of history from what we think of as modern times? The answer goes way beyond the progress of science, technology, capitalism and democracy. - Peter Bernstein, Against the Gods: The Remarkable Story of Risk Answer Christopher K. Merker 2009 The revolutionary idea that defines the boundary between modern times and the past is the mastery of risk: the notion that the future is more than a whim of the gods and that men and women are not passive before nature. - Peter Bernstein, Against the Gods: The Remarkable Story of Risk Answer Christopher K. Merker 2009 By showing the world how to understand risk, measure it, and weigh its consequences, they converted risk-taking into one of the prime catalysts that drives modern Western...
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Week 2 - 2011 - FINA 4370 701 Advanced Investment...

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