CFA Society Chicago Events
Vault Series: CoreCommodity Management
Program Description: Investors who survived the 2008 credit crisis learned many lessons, but the most important was that traditional asset allocation did not provide enough diversification. In times of market stress, stocks and bonds can become more highly correlated and can move down together. Commodity investments, however offer the potential to profit when markets are down and offer assets not correlated to stocks and bonds, helping provide the diversification investors need. Hear from Bob Greer dubbed by the Chicago Mercantile Exchange, "the godfather of commodity investing." Bob will present a high level discussion of why commodities are a necessary component of portfolio construction; diversification; liquidity and valuation. He will also discuss his current view on commodities as well as the pros and cons of the different ways to access the market such as futures, ETFS, and public equity.
CFA Institute Qualified Activity: Eligible for 1 credit hour
Attire: Business Casual
Menu: Refreshments & Light Snacks
Hosted by: Distinguished Speaker Series Advisory Group
Robert Greer, Senior Advisor at CoreCommodity Management, is the first person to define an investable commodity index and is a pioneer in explaining why commodity indexes are an asset class distinct from stocks and bonds. He developed one of the two common methods of explaining sources of commodity index returns and has spoken on this asset class on national television, at industry conferences and trade meetings globally, and at college lectures at Yale, Oxford, Columbia, Princeton and elsewhere. Greer spent eight years managing the commodity index businesses at Daiwa Securities, Chase Manhattan Bank, and JPMorgan before joining PIMCO in 2002 to build their inflation products business. Under his 13 years of leadership PIMCO's commodity business grew from a single pilot account to become the world's largest commodity investment management business, at one time responsible for $35 billion in accounts. During this time the other inflation strategies for which Greer had business responsibility (inflation-linked bonds, real estate, and certain multi-asset strategies) also grew so that his lines of business included over $100 billion in assets under management.
Prior to building the commodity and inflation business for PIMCO and others, Greer spent a decade in the commercial real estate industry, and also spent many years in corporate finance and computer systems development. But for more than two decades his primary interest has been the business of commodity investment; so much so that the Chicago Mercantile Exchange has referred to him as "the godfather of commodity investing." He has also published articles on the subject in The Journal of Portfolio Management, The Journal of Derivatives, The Journal of Alternative Investments, and Pensions & Investments. He has consulted on the subject of commodities to the CIA, the Bank of England and the New York Fed, and participated in the CFTC's Agricultural Roundtable in April 2008. Greer wrote The Handbook of Inflation Hedging Investments (2005), oriented to the institutional investment community, and co-authored Intelligent Commodity Indexing (2012). Among other interests since retiring from PIMCO, Greer serves as a scholar-in-residence at the JPMorgan Center for Commodities, part of the University of Colorado Graduate School of Business. He is also a Senior Advisor for CoreCommodities, LLC. Greer received a bachelor degree in mathematics and economics from Southern Methodist University and earned an MBA from the Stanford Graduate School of Business.
*Special Notes Regarding Fees:
CFA Institute CE Qualified Activity
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