ÿþ<!DOCTYPE html> <html> <head> <meta http-equiv="content-type" content="text/html; charset=utf-8" /> <meta http-equiv="X-UA-Compatible" content="chrome=1; IE=edge" /> <link rel="stylesheet" type="text/css" href="css/stylesheet.css" media="screen" /> <link href="favicon.ico" rel="shortcut icon" type="shortcut/ico" /> <script type="text/javascript" src="js/jquery.js"></script> <script type="text/javascript" src="https://www.google.com/jsapi?key=ABQIAAAAkXl_-j-xzVzGcWl2Lg7UKBQ-K-OforOyNU0nCV-_Q9Yms3tVeRSLbzvwxSFwnDUvWD1UJsFZidFLog"></script> <script type="text/javascript" src="js/scripts.js"></script> <title>Insightful Conversations With Industry Experts - Thomson Reuters</title> </head> <body> <div id="container"> <div id="main"> <h1>Insightful Conversations<br />With Industry Experts</h1> <div id="tabview"> <ul id="tabs"> <li class="active">Home</li> <li>Fundamental Research</li> <li>Quantitative Research</li> <li>Speaker Bios</li> </ul> <ul id="pages"> <li class="page active home"> <p>Keeping abreast of the latest trends in investment research is critical to success. To advance your knowledge, Thomson Reuters offers a wide variety of insightful presentations to clients and the global investment community.</p> <p>Many of our presentations qualify for Continuing Education credits from the CFA Institute and other leading organizations. We encourage you to explore the full range of research presentation offerings on this site.</p> <div id="call"> <p>To arrange for one our industry expert speakers to provide a complimentary live or online presentation for your organization or group, please contact us at <a href="mailto:IM_info@thomsonreuters.com">IM_info@thomsonreuters.com</a>.</p> </div> <div id="imagebox"> <div class="image"> <a href="http://alphanow.thomsonreuters.com/" target="_blank"><img src="images/alpha-now-promo-graphic.gif" alt="" width="285" height="205" /></a> <div id="feed"><h2>Headlines from Alpha Now</h2></div> </div> <div class="text"> <p style="margin-bottom:5px; color:#999"><strong>Featured Presentation:</strong></p> <h2>Following the Smart Money: When Does it Add Value?</h2> <p>How smart is it to follow the  smart money? We ll answer that question with the latest research findings from StarMine s quantitative research team.</p> <p>Director of Fundamental Research Tim Gaumer, CFA, will focus on three distinct signals from the smart money crowd  ownership data, insider transactions and short interest  and will share techniques on how to extract profitable investing strategies from this information.</p> </div> <div class="clear"></div> </div> </li> <li class="page"> <div id="call"> <p>To arrange for one our industry expert speakers to provide a complimentary live or online presentation for your organization or group, please contact us at <a href="mailto:IM_info@thomsonreuters.com">IM_info@thomsonreuters.com</a>.</p> </div> <p>Thomson Reuters provides a variety of presentations that offer insight into fundamental investment analysis.</p> <p>From keynotes, breakouts, panels and seminars to informal luncheons, Thomson Reuters connects you with leading researchers. Below is a list of topics that our industry experts can present to your group.</p> <h2>Systematic biases in analyst estimates and their impact on equity valuation</h2> <p>While it is widely accepted that sell-side analyst estimates tend to be overly optimistic. Research has identified specific patterns in the degree to which this optimism bias exists. These findings allow for an intelligent approach to adjusting for analysts systematic optimism bias, thereby reducing forecast errors and generating a more reliable stream of long-term earnings growth projections. In this presentation, we will demonstrate how improved accuracy in forecasting can be applied to derive more reliable estimates of intrinsic value. Also, we will contrast intrinsic valuation and relative valuation techniques, sharing several examples of where different approaches and underlying assumptions can lead to very different outcomes.</p> <h2>Applying earnings quality analysis to your process</h2> <p>Research in the area of earnings quality indicates that there are multiple sources of corporate earnings, all with varying levels of sustainability. This presentation provides an in-depth look at what these sources are and how they determine the degree to which reported earnings are both reliable and likely to persist. We will explore several recent case studies where impending earnings disappointments were precluded by clear signals that earnings quality was deteriorating. This vibrant discussion is geared toward defining how earnings quality analysis can be used to enhance portfolio returns.</p> <h2>Identifying and testing an investment thesis</h2> <p>Are you sure your screening criteria generates alpha? Many popular strategies don t. Join us for an insightful presentation focusing on helping you identify alpha-generating stock-selection criteria. In this presentation, see how to: examine macro-economic trends and introduce a sophisticated top-down analysis to your portfolio allocation decisions, test screening factors within your current research process, and combine and test alpha-generating factors to compliment your existing investment process.</p> <h2>Following the smart money: when does it add value?</h2> <p>How smart is it to follow the  smart money? We will help answer that question with the latest research findings from the quantitative research team at Thomson Reuters. The presentation will focus on three distinct signals from the smart money crowd  ownership data, insider transactions and short interest  and will share techniques on how to extract profitable investing strategies from this information. The audience will also learn when following the  smart money doesn t work.</p> </li> <li class="page"> <div id="call"> <p>To arrange for one our industry expert speakers to provide a complimentary live or online presentation for your organization or group, please contact us at <a href="mailto:IM_info@thomsonreuters.com">IM_info@thomsonreuters.com</a>.</p> </div> <p>Thomson Reuters provides a variety of presentations that offer insight into quantitative investment analysis.</p> <p>From keynotes, breakouts, panels and seminars to informal luncheons, Thomson Reuters connects you with leading researchers. Below is a list of topics that our industry experts can present to your group.</p> <h2>Monitoring and adapting to quant factor rotation</h2> <p>Quant factor performance volatility has increased dramatically over the past few years, making it more important to monitor what factors are working now, as well as what factors are starting to come into favor. The StarMine Quantitative Research Team has developed several approaches to staying on top of the ever-shifting quant landscape:</p> <ul> <li>A brand new global stock selection model that intelligently sorts stocks based on expected future increases in institutional ownership, by reverse engineering each fund manager's purchasing profile and tracking changes in style preferences to determine how well aligned each company's fundamentals are with what is coming into favor.</li> <li>A recent factor timing study that ranks US quant factors on a monthly basis using macro-economic variables to forecast future factor returns. This factor-timing approach performs extremely well during the more recent turbulent times.</li> <li>A new research platform that accelerates the process of loading and testing new, uncorrelated data sets and quant factors, as well as adapting trading strategies to different local market and macroeconomic conditions.</li> </ul> <h2>Finding Alpha in Ownership Data</h2> <p>Extensive research has found that merely relying on the levels of current institutional investment fund holdings as they are reported to regulatory agencies produces little value. Recent research from StarMine revealed that a model must be predictive of which stocks will be bought or sold by fund managers over the upcoming quarter. This research is the basis of StarMine Smart Holdings, a new model for investors that goes beyond popular methods and uncovers a new behavior anomaly that can be exploited to generate statistically significant returns: fund managers exhibit herding behavior into different investing styles at different times. This presentation discusses the StarMine Smart Holdings model, which focuses on where the crowd is headed, rather than where they have been.</p> <!--<h2>Backtesting Without Bias</h2> <p>Spyros Mesomeris, European Head of Global Equity Quantitative Strategy at Deutsche Bank, discusses his recent report, "Backtesting without Bias." Learn how lag assumptions skew the results of backtests, how the market reacts to restatements, and how moving to a point-in-time paradigm generates more accurate analyses.</p>--> <h2>Finding Alpha in Short Interest Data</h2> <p>Short interest is an important measure of buy-side sentiment, both positive and negative, and is an uncorrelated predictor of future price performance. However, some short interest can be attributed to arbitrage and not directional bets, and the act of shorting can expose investors to short squeezes. We will discuss how the StarMine Short Interest model removes the short interest due to arbitrage and measures the risk of a short squeeze, and how the model can be used as a stand-alone trading strategy or combined with your existing quantitative factors.</p> <h2>An Innovative Look at Credit Risk</h2> <p>The importance of unbiased, timely and predictive models of credit risk was highlighted in the recent financial crisis and continues to be at the top of investor's minds today. In this presentation, we will show how incorporating a multitude of data sources and analytical methods, some traditional and some highly novel and unique, provides powerful assessments of credit risk unlike any offering in existence.</p> </li> <li class="page bios"> <div id="call"> <p>To arrange for one our industry expert speakers to provide a complimentary live or online presentation for your organization or group, please contact us at <a href="mailto:IM_info@thomsonreuters.com">IM_info@thomsonreuters.com</a>.</p> </div> <div class="bio" style="background-image:url(images/photo-george.jpg)"> <h2>George Bonne, PhD, PRM</h2> <p><strong>Director of Quantitative Research, Thomson Reuters</strong></p> <p>George Bonne, PhD, PRM, is Director of Quantitative Research at Thomson Reuters StarMine where one of his primary research areas is leading a team to create a new credit risk model that incorporates data and analytical approaches from both novel and traditional sources. Additional current research interests include predicting deals  IPOs and M&As  and creating more accurate macroeconomic forecasts.</p> <p>Previously he was a Senior Quantitative Research Analyst at StarMine where he helped create equity selection models involving valuation, analyst revisions and momentum. He came to StarMine from KLA-Tencor and Applied Materials, where he analyzed large data sets to develop mathematical models of the performance of semiconductor equipment. George holds a Ph.D. and M.S. in Physical Chemistry from Harvard University and a B.S. in Chemistry from UC Irvine.</p> </div> <div class="bio" style="background-image:url(images/photo-tim.jpg)"> <h2 class="name">Tim Gaumer, CFA</h2> <p><strong>Director of Fundamental Research, Thomson Reuters</strong></p> <p>Tim is the Global Director of Fundamental Research at Thomson Reuters. He held the same position at StarMine, a company acquired by Thomson Reuters in 2008.</p> <p>With more than 17 years of experience conducting fundamental analysis, Tim is widely regarded as an expert helping fundamental investors apply StarMine's innovative quantitative research in their investment process. Tim previously worked at several buy-side firms, most recently at Transamerica Investment Management as an equity analyst and portfolio manager.</p> <p>Tim is a much sought after speaker regularly presenting at global CFA Societies and industry conferences. He is a Chartered Financial Analyst and holds an undergraduate degree in Electrical Engineering and graduate degree in Business Administration.</p> </div> <div class="bio" style="background-image:url(images/photo-stephen.jpg)"> <h2 class="name">Stephen Malinak, Ph.D</h2> <p><strong>Global Head Of Quantitative Research, Thomson Reuters</strong></p> <p>Dr. Stephen Malinak is Global Head of Quantitative Research for Thomson Reuters, serving Investment and Advisory customers in all of the world s major financial centers. His team builds a wide variety of innovative analytics, quant factors, and quant models based on the vast range of Thomson Reuters content sets. He was Director of Quantitative Research for StarMine prior to its acquisition by Thomson Reuters. Previously, he worked as a litigation consultant at LECG, valuing businesses and intellectual property in the telecommunications, high tech, and pharmaceuticals industries. As a strategy consultant for Strategic Decisions Group, he constructed detailed probabilistic cash flow forecasts for portfolios of new products and new business ventures. He built a practice area around commodity price forecasting and risk management, based on fundamental supply/demand analysis as well as stochastic process models.</p> <p>Stephen has a Ph.D. and M.S. from Stanford in Engineering-Economic Systems. He also has an S.B. in Electrical Engineering and Computer Science from MIT, where he studied acoustics under Dr. Bose.</p> </div> <div class="bio" style="background-image:url(images/photo-jessica.jpg);"> <h2 class="name">Jessica Stauth, PhD</h2> <p><strong>Director of Quant Product Strategy, Thomson Reuters</strong></p> <p>Ms. Stauth has a strong background in quantitative finance research and quantitative investment management workflow. In her role as Director of Quant Product Strategy, Ms. Stauth has been a key influence on product strategy for QA Studio and has worked closely with strategic partners such as Palantir Technologies as well as overseeing the pilot engagement model for new clients.</p> <p>Prior to moving to a product role, Ms. Stauth spent three years as a quant researcher in the StarMine Quant Research team building stock selection factors and models, and was pivotal in creating the StarMine Short Interest Model. Ms. Stauth holds a PhD in biophysics from UC Berkeley where she applied computational data analytic techniques to neuroscience research.</p> </div> </li> </ul> </div> </div> <div id="footer"> <ul> <li><a target="_blank" href="http://thomsonreuters.com/content/footer/privacy_policy/">Privacy Policy</a></li> <li><a target="_blank" href="http://thomsonreuters.com/content/footer/terms_of_use/">Terms of use</a></li> <li><a target="_blank" href="http://financial.thomsonreuters.com/emergingmarkets">Contact us</a></li> </ul> <address>&copy; 2011 Thomson Reuters - a CFA Institute Approved Program Provider</address> </div> </div> </body> </html>