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DOUBLE ISSUE #6 DECEMBER 2015 – JANUARY 2016

THE CHARTERMONTHLY NEWSLETTER OF THE CFA SOCIETY SWITZERLAND

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TABLE OF CONTENTS

p04 Foreword: We are bringing you all the latest news from the Society to enjoy over the holidays!

p05 CFA Charter Award Ceremony: Two fabulous evenings of much-deserved recognition and celebration for our new Charterholders and successful Level 3 Candidates.

p12 Announcement of FINANZ’16: The larg-est financial markets fair in Switzerland takes place on 3rd and 4th of February 2016. Get a discount in your ticket as Member of CFA Society Switzerland!

p13 Regular Social Events for new Mem-bers: New and reactivated Members of the Society will be invited to this special get together three times per year.

p14 Networking Events in Geneva and Basel: Come join fellow Members and friends in one of our social events!

p14 Preparatory Events for Candidates: As part of our enlarged offer for Candidates, attend the new preparatory events for the CFA Program June 2016 exams.

p15 Forecast Dinner 2016: Book soon to at-tend the Number 1 social event in our annual calendar! Two high caliber key speakers will discuss “The Future of Asset Management in Switzerland”.

p17 Value Investing Conference of 29th October: Wrap up of the sold-out CFA Travelling Con-ference. Three renowned value investors shared with us their views and philosophy that have made them successful in this space.

p20 Interview with Guy Spier: Face-to-face conversation with one of the speakers in the Value In-vesting Conference, Zurich-based Managing Partner at Aquamarine Capital Management.

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TABLE OF CONTENTS

p23 PwC Annual Global Investor Survey: While CEOs focus on the societal impact of their busi-nesses, what is investors’ reaction to this redefinition of business success? Invitation to participate in a glo-bal survey.

p24 CFA Society Switzerland – Strength-ening and Growing our Presence!: Find out how the Society is benefiting from teaming up with Thom-son ReutersTM and what we’re getting up to in Lugano.

p25 A Sweet Finish – Level 1 Exam: Distribu-tion to hundreds of exhausted CFA Candidates.

p26 You made it! Congratulations to the 259 New Swiss CFA Charterholders.

p27 CFA Society Switzerland… in the Media! : Check out where the Society and / or Mem-bers are making their mark in the press.

p28 Calendar of upcoming CFA Society Switzerland Events: Stay up-to-date for our con-tinuing education and networking events.

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LOOKING FORWARD TO A HAPPY NEW YEAR

We are bringing you all the latest news from the Society to enjoy over the holidays!

In this December issue of The Charter, you will get to enjoy looking at lots of pictures capturing all the excitement from the CFA Charter Award Ceremonies (Zurich and Geneva), read an in-depth write up on the Society’s Value Investing Conference and get even more insight on this topic from a Q&A session with Guy Spier who presented at the Conference.  We also bring you news of more upcoming events, in particular the Annual Forecast Dinner 2016 – the No. 1 social event in the Society’s annual calendar! In addition, we’re excited to announce how the Society is broadening its offering to you, the Members, and finally, you will have opportunity to participate in PwC‘s Global Investor Survey.  And those are just the highlights!  

We wish you all the very best for a happy New Year!

Your Editorial Team,Leonor Vereda CFA, Alison Arthurs CFA and Heikki Luoma CFAeditors@cfaswitzerland.org

FOREWORD

2016

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IMPRESSIONS

At the end of November, the CFA Charter Award Cere-mony took place and welcomed the newest CFA Char-terholders and successful Level 3 Candidates to CFA Society Switzerland and CFA Society Liechtenstein. The joyous and well-deserved evenings took place in Zu-rich on 25th November and Geneva on 26th November and provided the opportunity to celebrate and network. Enjoy the collage of pictures taken throughout both evenings!

Also, take a moment to read here about the inspira-tional journey from one of the newest Charterholders.

Cover and Zurich pictures: © Carole FleischmannGeneva pictures: © Nevil De Tscharner

CFA CHARTER AWARD CEREMONY

Two fabulous evenings of much-deserved recognition and celebration for our new Charterholders and successful Level 3 Candidates.

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IMPRESSIONS CFA Charter Award Ceremony | Zurich 25th November

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IMPRESSIONS CFA Charter Award Ceremony | Zurich 25th November

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IMPRESSIONS CFA Charter Award Ceremony | Zurich 25th November

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IMPRESSIONS CFA Charter Award Ceremony | Geneva 26th November

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IMPRESSIONS CFA Charter Award Ceremony | Geneva 26th November

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IMPRESSIONS CFA Charter Award Ceremony | Geneva 26th November

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VOUCHER FOR TRADE FAIR

The result of the highly successful merger in 2015 of the former “Funds” and “Structured Products” trade fairs, FINANZ’16 comes together for the 18th time as Switzer-land’s largest financial trade fair.

With this year’s slogan “Expanding Horizons”, FINANZ’16 will uncover the myriad of challenges faced by the finan-cial industry at the moment. Many observers are talking of an investment crisis given the backdrop of persistently low interest rates. New approaches are needed to add value for clients and create capital appreciation without assuming excessive risks. Swiss financial market partici-pants are also grappling with new developments such as revised financial market legislation which will usher in cer-tain restrictions for some institutions. Other financial serv-ice providers are tackling the ever more pressing issue of digitization, an area that gives financial institutions new and different options for interacting with clients in a more straightforward and secure way and around the clock.

Given these challenges, many financial market players would benefit from expanded horizons. New ideas need to be conceived and brought to fruition. In some areas, a radical change in mindset is required. Those who desire to shape the future need to have a grasp on the past. And that’s exactly what you will find at FINANZ’16. A vibrant program which includes top speakers from Swit-zerland and abroad, panel discussions with high-caliber lecturers and keynote speakers speaking in plain language, numerous forums, and of course plenty of net working opportunities. So come and meet the key players in the financial industry!

Opening hours: Wednesday 3rd February, 10 am to 6 pm, Thursday 4th February, 10 am to 5 pm. Venue: Kongresshaus Zürich, Claridenstrasse 5, CH-8002 Zürich.Members of the CFA Society Switzerland can order an admission voucher for free! Write to  info@finanzmesse.ch  (note “invitation / CFA”).

FINANZ’16Switzerland’s largest financial trade fair – “Expanding Horizons” Zurich, 3rd and 4th February 2016

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We would like to announce a new social event starting next January. This regular get together will welcome new Members (including reactivated) into CFA Society Switzerland, and introduce them to the vast offerings of the Society as well as to networking opportunities. There will be three Welcome Events per year in Geneva and Zurich. They will be on invitation only for new Members or Members who have reactivated their membership after a break.

REGULAR WELCOME EVENTS FOR NEW MEMBERS

New and reactivated Members of the Society will be invited to this special get together three times per year.

The first Welcome Event of the year will take place on 28th January 2016 at the Bar of the Hotel N´vY, Rue de Richemont 18, Geneva from 18-19.30h.

It will be followed by another on Friday 29th January 2016 in the Bar of the Restaurant La Haute,Talstrasse 65, Zurich from 18-19.30h.

EVENTS

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PREPARATORY EVENTfor all Candidates Levels I-III

Candidates’ enrollment and success ensure the continued growth of CFA Society Switzerland. This was clearly recognized by our Society’s Board in the Annual General Meeting in October, when the Board’s President expressed the new objective of offering specific events and services in order to attract CFA candidates closer to our Society. CFA exam candidates are valued Members and the Society aims at enhancing the candidate membership category with specific services. Hence, as part of this offering, CFA Society Switzerland is organizing a preparatory event for all Candidates of the June 2016 exams, as well as for anyone interested in getting to know the CFA Program better.

The Preparatory Events will take place on Monday, 25th January 2016 in the Kulturhaus Helferei, Kirchstrasse 13, 8001 Zurich, and on Wednesday, 27th January 2016 in the Royal Hotel at Rue de Lausanne 41, Geneva, both from 17.30 -21h. Stay tuned for more specifics on the contents.

NETWORKING EVENTS for CFA Charterholders, Candidates and friends

Our volunteers organize regular networking events for the community of CFA charterholders, candidates and also friends! These are open, self-financing events for informal discussion. The last ones took place at Soleil Rouge in Geneva (3rd December) and at Campari bar in Basel (4th December). Make sure you join the next social gathering!

EVENTS

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FORECAST DINNER 2016The Future of Asset Management in Switzerland – Join your peers in Geneva and Zurich for the #1 social event in the Society’s annual calendar.

After the passionate case at our 2015 forecast dinner by Dr. Henri B. Meier, next year we will hear impulse presentations on the hotly debated topic of “The Future of Asset Management in Switzerland” by two speakers whose calls will make a dif-ference. Aris Prepoudis, CEO of Vescore (3 February in Zurich), and Fiona Frick, CEO of Unigestion (4 February in Geneva) will offer their views to kick-start the debate among diners.

Meet the lucky winners of the 10 shares of HBMN, offered by Dr. Meier for the best forecast of the share price. Register for both events if you want to get the full picture! The detailed agenda for both evenings will follow later, but make sure to register now as seats are strictly limited.

ZURICH – register here 3 February 2016 18.30 – 22.00 Park Hyatt Beethoven-Strasse 21, Zurich

GENEVA – register here4 February 201618.30 – 22.00Warwick Hotel14, rue de Lausanne,Geneva

EVENTS

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SPEAKER IN GENEVA: Fiona Frick CEO, Unigestion

Fiona Frick started at Unigestion in 1990, initially as a bond manager. In 1995, she pioneered the develop-ment of the company’s equity ap-proach based on the Minimum Vari-ance anomaly. Fiona became CEO in

2011. She remains involved in the equity activity as Chairman of the Equity Investment & Research Com-mittee. Fiona holds an MBA from ISG, a degree in Lit-erature from the University of Dijon and completed executive programs at the IMD.

SPEAKER IN ZURICH: Aris Prepoudis CEO, Vescore Ltd

Aris Prepoudis was a Member of the Executive Board and Head of the Ins-titutional Clients division at Notenstein Private Bank from December 2013 to June 2015. From 2000 to 2013 he was with Bank J. Safra Sarasin Ltd (formerly:

Bank Sarasin & Co. Ltd), and was named head of instituti-onal client business in 2008. From 1997-2000 he worked in the bank audit department of Ernst & Young. Aris Pre-poudis graduated in business studies from the School of Economics and Business Administration in Basel.

We look forward to seeing you in Geneva and Zurich!Forecast Dinner 2016 Speakers:

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WRAP-UP BY LEONOR VEREDA CFA

On 29th October we were honored by the presence of three very well-known and successful value investors: Vitaly Katsenelson CFA, CIO at Investment Management Associates; Guy Spier, Managing Partner, Aquamarine Capital Management; and Georg von Wyss, Partner, BWM AG. The event was moderated by Adrian Scherer CFA, CIO of Limmat Wealth.

In his introductory remarks, Adrian Scherer reviewed the basic literature on the topic of value investing. “Security Analysis” by Graham & Dodd, 1934, taught that value in-vesting meant identifying stocks with low price relative to intrinsic value, which was to be estimated based on fundamentals (price to earnings ratio, dividend history, sustainability of earnings etc.). In 1949 Benjamin Gra-ham introduced formally the idea of buying stocks at a discount to intrinsic value, i.e. with a “margin of safety”. In 1977 came the explanation of the value premium, after observing that the lowest quintile of low price-to-earn-ings stocks offered a risk-adjusted outperformance of 4.5% per annum. In 1993, Fama and French introduced

the 3-factor model, adding the size factor (market capi-talization of the firm) and the value factor (book to mar-ket ratio) to the equity market risk for a stock. Current practice encompasses macroeconomic factors and in-vestment factors like size, momentum and value. But, as Adrian concluded, if value investing is so simple, why don’t value investors push up the price of value stocks and thus eliminate the value premium?

Our first invited speaker Vitaly Katsenelson gave us his personal insights to the theories and rules that seem to govern the field of value investing. Value investing is not simply to “buy undervalued stocks”. That in fact is investing in “statistically inexpensive” stocks or “one di-mensional investing”. Vitaly finds that three broad lessons can be learned from Warren Buffett and Charles Munger, of value in-vestor Berkshire Hathaway. Firstly, Warren Buffett adds two other dimensions besides price to his analysis of investments: growth of the company and quality of its proposition. These factors must be considered – even if

VALUE INVESTING CONFERENCE on 29th October in Zurich

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the stock is not statistically cheap. Secondly, Buffett is often labeled as a “buy and hold investor”. This is correct, as he normally has a low-cost basis, owns large blocks of stock, and sometimes is bound by the promise made when he buys private companies to not sell them. How-ever, the lesson to extract here is that one should know when to sell: Buffett sells if he feels that he has to based on the company’s fundamental characteristics. If the company still has value based on the three dimensions (price, growth and quality) he keeps the stock. If not, he sells it. The third lesson from Buffett is that he does not really “ignore the macroeconomy”; he identifies struc-tural issues, the “climate changing issues”, those that go beyond the next six months and have the potential to change the economic or business landscape.

According to Vitaly, the real lessons to be extracted from the referenced literature are different from those gen-erally understood. Firstly, one buys a whole company and not a stock. Secondly, the risk is not the volatility of the investment, but the permanent loss of capital. And thirdly, the margin of safety is a varying figure that will depend on the growth and quality dimensions.

As for Vitaly’s particular way of analyzing a company, he applies models that are very tailored to the subject and then “tries to kill” the company. He models its value in the worst case scenario, reasoning that news is already priced in and if the company still has good value in the worst case scenario, then it will be a good buy in the rest of cases. How do successful value investors manage

the risk of getting lost in the complexity of their own re-search? Vitaly solves it creatively by applying two mod-els for each analysed company: “the tablecloth model” which can be huge and complicated, and “the napkin model” which is simple and shows the economics of the company at a glimpse. If he cannot summarize the case in a napkin model, he does not buy the stock.

For the second speaker of the event, we welcomed Guy Spier (who we feature in an interview also in this issue of The Charter). Guy started off by questioning the name given to this discipline. As it is generally un-derstood, shouldn’t “value investing” rather be called “cheapness investing”? He points to human values like trust, social contribution or the search for true value. He pointed out to the audience that the last financial crisis brought strong criticism to our profession, and that in-vestment managers should show leadership in the move toward a greater presence of social values in our deci-sions. For him the real meaning of value investing should be becoming a person with real values. Guy presented himself as a passionate advocate of Zurich as a center of excellence in value investing, supported by a culture of trust and of solid financial analysis. He finds much in-tellectual creativity outside the two large banks and, as he dislikes group decisions in investing, he invited the audience to look for a nurturing environment outside of institutional funds and big investment houses.

Regarding his views of the practicalities of the profes-sion, Guy’s main challenge, also shared with Georg von

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Wyss, is not being able to find value stocks. Guy argues that markets have become more efficient and better at pricing stocks near their intrinsic values. The index that value investors must beat nowadays is much harder to beat than the index of some decades ago when the great investors started. How does he deal with that pressure? The answer lies with behavioral rules. One: he uses others’ research, he does not try to always pro-duce original thoughts. Instead he observes what others have bought and reverse-engineers why they did that. Two: Because Guy cannot sell for two years, he must on the one hand analyse thoroughly before investing and on the other create a “safe environment” for himself that removes the psychological pressure to sell when prices fall. Three: He shuts off the stock monitor for weeks at a go in order to avoid the distraction and the pressure of daily market moves. He gives orders only after the markets have closed and he puts himself on “off-news diets”. If news about an investment is important, it will find its way to him.

Our last value investor of the day was Georg von Wyss, who described the investment process at his company. It is characterised by intensive research, a focus on nor-malised earnings and multiples, discipline, and patience. The research done for each subject company is very detailed and, contrary to Vitaly, follows a totally stand-ardised template. This analysis might take Georg and his team from a few weeks to a few months. The cost of eq-uity is set at a fixed 10%. Intrinsic value is assumed to be reached in 3 years as this allows the analyst to look

beyond current problems. As they have no annual per-formance reviews, there is no pressure to sell.

Then, they apply decision rules to help them stay objec-tive and rational and to facilitate buy and sell decisions. One: a minimum margin of safety of 40% is required. Two: they sell only to switch to a better idea or because the price has reached 90% of intrinsic value and the posi-tion is too large. Three: all decisions are taken independ-ently of the asset manager’s own history with that stock. Georg and his team invest in 20–30 names located in geographical areas whose culture they understand (ac-counting rules, corporate governance and legal system). Economic risk is managed by avoiding excessive con-centration on the factors driving investments.

We saw that every successful value investor shares a similar approach, be it in terms of discipline, patience, or quantitative filters, but that each one has his own way of analyzing companies and focusing on the particular “values” that are most meaningful to him or her. In sum-mary, it was no wonder that our conference in Zurich was sold out. This event was sponsored by CFA Institute as a “CFA Travelling Conference” and so two of the speak-ers travelled to further conferences on the same topic in Frankfurt and London.

For further details please check the video of the Zurich conference and the short biographies of the four speakers.

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BY HEIKKI LUOMA CFA

The CFA Society Switzerland hosted a Value Investing Conference on October 29th in Zurich. One of the speak-ers at this event was Guy Spier, the founder and manag-ing partner of Aquamarine Capital. He has managed the Aquamarine Fund since 1997 in accordance with the in-vestment principles that he learned from studying War-ren Buffett. In 2007, Mr. Spier and fellow investor, Mohnish Pabrai, met their role model when they bid $650,100 for a charity lunch with Warren Buffett. Mr. Spier is also the author of a book, The Education of a Value Investor, which was published in 2014.

HL: Has moving to Switzerland from New York helped you as an investor and if yes, how?

GS: I think it has helped me as an investor, because there are far fewer distractions around here. I also don’t think that I would have written the book if I had stayed in New York, as being in Zurich meant that I had the time to think

about it and write it. Zurich has advantages in terms of thinking, but there are also disadvantages to living in here. For example you have to work a little harder to meet people and I need to travel more to network.

HL: You had studied Warren Buffett closely before meet-ing him in person, was there anything surprising that you discovered during the lunch?

GS: The least pleasant surprise was the clear evidence that he is in so many ways far smarter than I am – and I did not want that evidence. I wanted to come away think-ing that he is a very smart guy but I am just as smart, but I just don’t think that’s the case. It was a good humil-ity lesson to have and it was not something that I was prepared for.The other thing that always comes up for me is his ex-traordinary generosity and spirit to deliver value to others. He was there for as long as the lunch would take and he

INTERVIEW WITH GUY SPIER Face-to-face conversation with the Zurich-based Managing Partner at Aquamarine Capital Management.

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fully expected that it would be three to four hours. It was not just that he was there, but that he was enthusiastic and so happy to meet us. He was interested in what we had to say and was leaning forward the whole time. People ask me if the lunch was worth it, but I can still remember the feeling that I had and it was both unnerving and incredible at the same time. It motivates me to be-have in a similar way when I meet other people. It is easier to give that feeling once you have received it.

HL: Given that this interview is held in your library, which investment and non-investment related books have helped you the most as an investor?

GS: I don’t necessarily think that the readers of The Char-ter should get my book recommendations; they should get their own book recommendations. The key is to pick up lots of books and articles, but drop them quickly if they’re not speaking to you in that moment. Because if they’re not speaking to you, then what’s the point in read-ing them.

I would recommend Journey to the Ants, which is about learning from ants and introduces new ideas about eco-nomic models. It helped me see economics as a part of biology and as a complex adaptive system that cannot be easily described with a few charts and that there may not be an equilibrium, but instead a continuously developing and evolving system. Another book that I think is really powerful is Adam Grant’s Give and Take. It teaches that people with better networks

have better information flows. Therefore networking is very important for becoming successful as an investor and in other things. Another book that taught me about relationships and how to build them is How to Win Friends and Influence People. European readers should take into consideration that although the book is written for Ameri-cans, it also contains lessons for Europeans and the chal-lenge of it is to pick up those lessons while retaining your European mindset.On the investing side, I would recommend the publication called The Manual of Ideas from John Mihaljevic [ > ] who is a CFA Charterholder. I think he has done an extraordi-nary service and there are some really incredible people that subscribe to it. John is a highly intelligent person who made an interesting decision to not want to be an inves-tor but instead to be someone who helps other investors.

Another really useful stimulant to action is The Art of Thinking Clearly by a Rolf Dobelli from Zurich. He has stud-ied some great thinkers and summarised their methods really well.

HL: What did you learn about yourself when writing the book and will you write more books in the future?

GS: I think that if I wrote another book right now, it would be a disappointment because I don’t think that I would have anything significant to say. Writing the book was one of the most difficult, if not the most difficult thing I’ve ever done. I had to overcome massive amounts of self-loath-ing. It also required a huge amount of discipline and time.

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That being said, I think that it is a really valuable exercise to go through and I would encourage the readers of The Charter to start writing a book. If you find it extraordinar-ily difficult, then that is just about how it should be as far as I can tell.

During the process, I learned that I need to spend more time thinking and less time doing. Not necessarily think-ing about investing, but thinking to be a better person. There is so much heartache and wasted effort that I can save myself by just carefully thinking through stuff.

HL: What are some of the most important qualities to be a value investor and can these be learned by anyone or is it something you are born with?

GS: You should not concern yourself too much with the as-pects you are born with as you cannot do anything about them. What you have in Warren Buffett is an extraordi-nary confluence of innate characteristics plus learned attitudes, environmental attributes which combine to create this extraordinary result. You needed to have every one of those things in place: his personality, his innate traits, his nature and how he was nurtured. His success also wouldn’t have been possible without his desire. We cannot work on nature, but we can work on how we are in the environment. There we can make enormous changes.

More important than becoming a great value investor is becoming a better version of ourselves. The key is not to try to become a great investor, as it is more important to

become a better version of yourself. This might not in-volve becoming a great value investor, but don’t deprive the world of what makes you special and what makes you who you are, for the sake of becoming some version of Warren Buffett.

HL: Are you constantly thinking about investing, or are you able to switch off at home or on holidays?

GS: I think in a certain way I am almost too switched off and I should switch on a little more to the portfolio. After doing it for so long, there would be some kind of a burn-out if I didn’t get engaged in other things. That is valuable for me. A lot of your thinking happens sub-consciously so it is good to take a break and for example go for a walk occasionally. A lot of thinking happens below the sur-face, so sometimes the best way to think is not to think.

HL: Where do you get your investment ideas from?

GS: Look high and low. You get better at looking for things over time with experience but it is a never-ending process. The specific source for an investment idea is not as relevant. What is important is the process of how you got to that source and that you are constantly looking for new sources and ideas. It is smart to study what great in-vestors are doing. It is good to follow the masters’ moves, but also understand at the same time that they are not infallible. The key is to look everywhere, intelligently and to con-stantly learn about the environment.

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SURVEY

Every year, PwC surveys CEOs around the world to get their views on current business issues, and explores what CEOs expect to be the issues of tomorrow. This year the survey explores the impacts of Trust, Techno-logy and Transformation. New political, economic and social models are prompting new ways of doing busi-ness across the world, causing CEOs to rethink their businesses‘ corporate purpose to include the broader, societal impact they have.

Do investors agree with this change in focus? This year and for the first time, PwC asks investors for their views and compares them with its global CEO survey. PwC’s

2015 Global Investor Survey will test how businesses‘ change in focus from shareholder value to societal is-sues is reshaping investors‘ definition of business suc-cess for the companies they invest in or follow, inclu-ding differences by region and sector.

If you are a user of company reporting and would like to give your opinion, please complete the survey.

In case of questions please contact Hilary Eastman CFA at hilary.s.eastman@uk.pwc.com.

Deadline 15th January, 2016.

PWC’S 2015 GLOBAL INVESTOR SURVEY

Redefining business success in a changing worldDeadline 15th January, 2016

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ANNOUNCEMENT

THOMSON REUTERS TM

By teaming up with Thomson Reuters TM, the Society will be able to benefit from their hosting of our events in Zurich and Geneva and their supporting of our events in Lausanne.

LUGANOWe’re building up our presence in Lugano! We are planning on increasing the number of events that we host in the region. And we are very pleased to already have a number of local volunteers: Purnur Agiacai Schneider CFA, Reinhard Furchner CFA, Jacqueline Ruedin Rüsch CFA and Helen Tschümperlin Moggi CFA.

If you are lucky enough to live in the area and would be interested in volunteering – get in touch!We are always keen to add to the team.

STRENGTHENING AND GROWING OUR PRESENCE!

The CFA Society Switzerland is pleased to announce two new developments which will further broaden our offering to Members and Charterholders.

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A SWEET FINISH

On Saturday, 5th December, CFA Level 1 Candidates took the Level 1 exam. Those Candidates sitting in Zurich were treated to a bit of something a little sweeter after their grueling day…

Jesse Ng CFA (picture) and Chris Dreyer CFA distribut-ed sweets courtesy of Source ETF and a brochure de-scribing the Society’s offerings to those hundreds of exhausted CFA Candidates.

LEVEL 1 EXAM

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Ueli Abderhalden CFA | Samuel Josef Affentranger CFA | Eloana Aichbichler CFA | John Martin Aked CFA | Arcadie Albul CFA | Petri-Mikael Alder CFA | Hannes Landry Allaouidine CFA | Pascal Steven Anderegg CFA | Philippe David Andermatt CFA | Sonja Angehrn CFA | Juan Andrés Araujo CFA | Rene Arnold CFA | Geoffrey René Marcel Aspeele CFA | Thomas Auböck CFA | Remy Auclaire CFA | Patrick Bachmann CFA | Gerrit Bahlo CFA | Samir Bazi CFA | Thierry Luc Bernet CFA | Emanuele Angelo Biaggini CFA | Simon Guy Bigot CFA | Benedikt Billmann CFA | Mauro Binaghi CFA | Christian Jürg Bischofberger CFA | Christoph Bischofberger CFA | Valentin Bissat CFA | Andreas Blank CFA | Philippe René Blaser CFA | Constantin Carl Werner Bolz CFA | Christoph Alexander Borucki CFA | Giorgio Bossi CFA | Jamil Adlane Bouallai CFA | Timo Samuel Brauchle CFA | Sandro Braun CFA | Katharina Brilausk CFA | Marc Peter Brockhaus CFA | Ryan Ashley Brown CFA | Tobias Othmar Bruehwiler CFA

| Manuel Hansruedi Otto Theodor Brun CFA | Svetlana Brusda CFA | Philippe Michael Brändle CFA | Matthias Bueler CFA | Pieter W. Busscher CFA | Lydia Bänziger CFA | Miguel Caballero Fontes CFA | Sandro Caluori CFA | Federico Canè CFA | Wilson Jorge Carvalho CFA | Andre Chamoun CFA | John Yin Chow CFA | Dionysios Christopoulos CFA | Claudio Alexander Cina CFA | Jean-Eudes Clot CFA | Emilie Coia CFA | Gengis Guido Armando Colombo CFA | Nicolas Compard CFA | Yasmina Dahlin CFA | Mario Fred Dal Col CFA | Jonas Nils David CFA | Alesia Dawidowicz CFA | Filip De Haes CFA | Giovanni Filippo De Luigi CFA | Theodore Basil Deden CFA | Olivier Defay CFA | Fabien André Delessert CFA | Julien Ducommun CFA | Martin Dudler CFA | Christoph Kurt Egger CFA | Faiza El Asri CFA | Steve Moustapha El-Osta CFA | Eloïse Elsig CFA | Dennis Nicolas Essrich

CFA | Alexandre Evéquoz CFA | Amr Fahmy CFA | Golo Feige CFA | Daniele Fiasco CFA | Jens Rüdiger Finke CFA | Philippe Francois Flamand CFA | Ramon Flückiger CFA | Alexandre Fontana CFA | Ludovic Rolf Claudius Georges Fontana CFA | Alexander John Foster CFA | Ioannis Fotiou CFA | Andreas Freihofer CFA | Stefan Lukas Fries CFA | Wilhelm Daniel Fritsche CFA | Jan Furrer CFA | Oliver Fässler CFA | Stefano Michael Gagliardi CFA | Frederic Ganner CFA | Stefan Gartler CFA | Dario Gatti CFA | Claudio Gaugler CFA | Alexei John Geoghegan CFA | Alexander Hans Gmuender

CFA | Raffael Goldenberger CFA | Simon Gomez CFA | Roman Graf CFA | Thomas Gratl CFA | Marcel Gremlich CFA | Bertan Gueler CFA | Amaya Gutiérrez Fernandez de Casadevante CFA | Silvan Gämperli CFA | Tayfun Gürbostan CFA | Teemu Tapio Haapamäki CFA | Karin Hager CFA | Marius Gabriel Haibel CFA | Andrew James Halsey CFA | Jouni Aleksanteri Harjunmaa CFA | Philipp Fabian Haverkamp CFA | David Stephan Haynal CFA |

Nadja Heini CFA | Uwe Heller CFA | Tobias Christoph Hochstrasser CFA | Alexander Hoffmann CFA | Simone Petra Hollenwäger CFA | Lisa Katharina Ruth Hopfmueller CFA | Sebastien Nicolas Hoyez CFA | Ondrej Hrdlicka CFA | Reto Thomas Huber CFA | Dominik Hug CFA | Daniel Wilhelm Hördemann CFA | Andrea Ifanger CFA | Philipp Emanuel Inderbitzin CFA | Anna Irodova CFA | Cédric Jacque CFA | Christian Jergen CFA | Raphael Stephan Maria Joos CFA | Christoph Emanuel Jorns CFA | Ismail Karabas CFA | Michael Keller CFA | Stanislav Borisovich Khait Vasilieva CFA | Raphael Joseph Kirschstein-Baruch CFA | Carmen Kissling CFA | Juho Kaarlo Kivioja CFA | Ruben Johannes Knitter CFA | Matthias Koenig CFA | Reto Hermann Koller CFA | Stephan Thomas Kolz CFA | Thomas Conradin Kraemer CFA | Stefan Michael Krentel CFA | Sholpan Krüsi CFA | Christian Kürsteiner CFA | Dominique Pierre Elie Lachal CFA | István Lajtai CFA | Benjamin Nicolas Lament CFA | Yat Lung Stella Lee CFA | Guillaume Legendre CFA | Alberto Leon Fondon CFA | Philipp Kaspar Lienhardt CFA | Per Fredrik Lindblom CFA | Luzio Andri CFA | Vincent Nicolas Lüscher CFA | Jaroslav Machalicky CFA | Alexander Dikran Magdassian CFA | Patrick Joseph Maier CFA | Denis Augusto Maillat CFA | Adrian Lajos Sergio Antal Major CFA | Flavio Mancino CFA | Mauro Giovanni Manzoni CFA | Cláudia Alexandra Marques Fernandes CFA | Philip Christopher Marshall CFA | Patrick Meier CFA | Jacob Adam Messina CFA | Cyrille Metzger CFA | Simon Adrian Michel CFA | Daniel Moreno Tejedor CFA | Andreas Martin Moser CFA | Maxim Moshek CFA | Jennifer Müller CFA | Maximilian Münch CFA | Nicod Thomas CFA | Tom Hendrikus Petronella Niemans CFA | Andrey Marcel Nousiainen Sampaio Aguiar CFA | Simon Oberholzer CFA | Simon Edwin Öhri CFA | Marc Giorgio Lorenzo Oliveri CFA | Silvia Oppliger CFA | Tomasz Orpiszewski CFA | Ravish Patil CFA | Saverio Pavan CFA | Marko Pavic CFA | Santiago Enrique Ricardo Pazur CFA | Jonathan Jacob Jacques Perez CFA | Emmanuel Perrin CFA | Hannes Stefan Pfammatter CFA | Daniel Pfister CFA | Pascal Philippi CFA | Jiri Pik CFA | Jean-Romain Thibaut Alain Potin CFA | Piotr Potocki CFA | Juraj Povec CFA | Thomas Julien Prevedello CFA | Robert Pruksa CFA | James M. Purcell CFA | Marco J. Rateitschak CFA | Thomas Georg Rauh CFA | Antoine Reau CFA | Andreas Rehrauer CFA | Ramona Reinert CFA | Hugo Reyneri CFA | Martina Richards CFA | Gregers Bussenius Richter CFA | Javier Rivas Gozalo CFA | Frédéric Mathieu Rochat CFA | Thomas Philip Rosenberger CFA | Omar Rossi CFA | Fabrice Roy CFA | Remo Peter Ruckstuhl CFA | Christian Gunter Rössner CFA | Marcelo Savoia CFA | Thomas Schandlong CFA | Christine Scheib CFA | Jan Lennart Scheiber CFA | Lorenz Paul Scheiwiller CFA | Linus Roman Scherrer CFA | Marc Pascal Schiesser CFA | Guido Robert Schmid CFA | Philipp Schmid CFA | Peter Schmidhauser CFA, CIPM | Adrian Schneider CFA | Andreas Schranz CFA | Robert Manfred Jürgen Schuchna CFA | Naoual Serbi CFA | Oliver Marc Seyfried CFA | Preksha Shah CFA | Yankai Shao CFA | Stefan Siegrist CFA | Katerina Sommer CFA | Lorenzo Gregory Sormani CFA | Christoph Raphael Spinner CFA | Richard Starmer CFA | Katrin Stauber CFA | Eric P. Stoecklin CFA | Mila Holle Dorothy Stoessel CFA | Sönke Thiedemann CFA | Alexander Tristan Tobler CFA | Lachlan Towart CFA | Jérôme Tremblay CFA | Sven Matthias Tyrchan CFA | Damla Ueskuep CFA | Marc van Heems CFA | Viktoras Vatinas CFA | Mirza Vodopić CFA | Ludmila Volkova CFA | Gerhard Heinrich Herbert von Stockum CFA | Fridolin Samson Walch CFA | Patrik Weibel CFA | Simon Tobias Weiss CFA | Martin Andre Welti CFA | Flavio Witschi CFA | Jan Will Witt CFA | Michael Peter Wohlfender CFA | Guoshen Yu CFA | Moritz Zander CFA | Silvan Zehnder CFA | Ron Zeltzer CFA | Xuan Zhang CFA | Dandan Zhao CFA

November 2015 | www.cfaswitzerland.org Find out more about the CFA Program at www.cfainstitute.orgYOU MADE IT!

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CFA SOCIETY SWITZERLAND… IN THE MEDIA!

Here we provide links to the most notable appearances of the Society and/or Mem-bers in the press during the past month:

Back to the FutureChristian Dreyer CFA, CEO of CFA Society Switzerland, in Finanz und Wirtschaft

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UPCOMING SOCIETY EVENTS

25 Jan in Zurich | 27 Jan in Geneva: Preparatory events for Candidates in CFA Exam June 2016, part of our strengthened offerings for Candidates. Anyone interested in learning more about the CFA Program is welcome too.

26 Jan 2016 in Zurich: „Introduction to Impact Investing“ by Andreas Ernst, Head, Impact Investing, UBS Wealth Management. A new generation of entrepreneurs is launching sustainable and profitable ventures that address both commercial and social opportunities. What are the challenges for investors in realising impact investing objectives? Where are the emerging opportunities? Continuing education event hosted by Thompson Reuters in Zurich.

28 Jan in Geneva | 29 Jan in Zurich: Member Welcome Events, social gathering of new and reactivated Members, by invitation only.

3 Feb in Zurich | 4 Feb 2016 in Geneva: CFA Society Switzerland Forecast dinners 2016 „The Future of Asset Management in Switzerland“. The Number 1 social event in the Society‘s annual calendar. 3 Feb in Zu-rich with Aris Prepoudis, CEO of Vescore. 4 Feb in Geneva with Fiona Frick, CEO of Unigestion.

3 and 4 Feb 2016: FINANZ’16 – „Expanding Horizons“. Largest Swiss finance fair. Third party event in Zurich.

15 Feb in Geneva | 17 Feb in Zurich: „What are the sources of equity returns?“ by Dr. Ralf Seiz, Lecturer University of St.Gallen (HSG), CEO Finreon Ltd. Update on the latest research about the factors and the rebalancing premium driving equity return.