the most influential investors in global macro - IIR

Forum 

The world’s first event to convene financial market thought-leaders 

and geopolitical experts to manage the key fiscal, monetary, policy and 

economic issues causing today’s market disruptions 

October 18th – 19th, 2010 

Plus 

The Investor Summit 

Clear direction from leading investors and global macro hedge funds 

on how to manage the risk and profit from global dislocations 

October 20th, 2010 

Sheraton New York Hotel & Towers, 

NEW YORK, NY 

www.globalmacrorisk.com 

Kenneth S. 

Rogoff 

Thomas D Cabot 

Professor of 

Public Policy, 

Department 

of Economics, 

HARVARD 

UNIVERSITY 

Dr. Willem 

Buiter 

Managing 

Director and 

Chief Economist, 

CITI 

Michael 

Novogratz 

Principal and 

Director, 

FORTRESS 

INVESTMENT 

GROUP LLC 

John Taylor 

Chairman, 

Chief Executive 

Officer, & 

Founder, 

FX CONCEPTS 

Hari N. 

Hariharan 

Chairman & Chief 

Executive Officer, 

NWI 

MANAGEMENT 

LP 

David 

Gerstenhaber 

President, 

ARGONAUT 

CAPITAL 

MANAGEMENT 

Randall S. 

Kroszner 

Norman R. 

Bobins Professor 

of Economics, 

UNIVERSITY OF 

CHICAGO 

Dr. Richard 

Clarida 

Executive Vice 

President, & 

Global Strategic 

Advisor, 

PIMCO 

Charles E. 

Cook, Jr. 

Publisher, 

THE COOK 

POLITICAL 

REPORT, 

Jagadeesh 

Gokhale 

Senior Fellow, 

CATO INSTITUTE 

From the Producers of 

Marquee Sponsor

FINANCIAL MARKET THOUGHT 

LEADERS 

Amitabh Arora, Managing Director and Head of US 

Rates Strategy, CITI 

J Kyle Bass, Managing Member & Principal, 

HAYMAN ADVISORS LP 

Charles E. Cook, Jr., Publisher, 

THE COOK POLITICAL REPOR, 

Jose Luis Daza, Founder and CIO, 

QFR CAPITAL MANAGEMENT, L.P. 

Steven Englander, Director & Global Head of G10 

Strategy, CITI 

Jeff Feig, Managing Director & Global Head of 

Foreign Exchange, CITI 

John Floyd, Chairman, FLOYD CURRENCY TRADING, LLC 

David Gerstenhaber, President, 

ARGONAUT CAPITAL MANAGEMENT 

Jeremy Hale, Managing Director & Head of Global 

Macro Strategy, CITI 

Paul Harrison, Head of Global Markets Strategies 

Group Research Team, BLACKROCK 

Kevin Harrington, Managing Director, 

CLARIUM CAPITAL 

Renée Haugerud, Managing Principal & CIO, 

GALTERE LTD. 

George Hoguet, Global Investment Strategist, 

Senior Portfolio Manager, 

STATE STREET GLOBAL ADVISORS 

Ben Hunt, IRIDIAN ASSET MANAGEMENT 

Marcel Kasumovich, WOODBINE CAPITAL MANAGER 

Howard Kurz, Managing Partner, CIO & Founder, 

LILY POND CAPITAL MANAGEMENT LLC 

Dori Levanoni, Partner, Co-Director of Global Macro, 

FIRST QUADRANT, L.P. 

Pawel Lewicki, Head of Research, 

BLUECREST CAPITAL MANAGEMENT LTD. 

David Lubin, Managing Director & Head of 

Emerging Markets Economics, CITI 

Marc H. Malek, Managing Partner, 

CONQUEST CAPITAL GROUP LLC 

Dr. Richard Clarida, Executive VP, & Global Strategic 

Advisor, PIMCO 

Edward Morse, Managing Director, Head of Global 

Commodities Research, 

CREDIT SUISSE SECURITIES 

Anu Murgai, General Partner and Portfolio Manager, 

SURANYA CAPITAL PARTNERS, LLC 

Robert E. Murray, Member of Investment Committee 

and Chief Operating Officer, 

GRAHAM CAPITAL MANAGEMENT 

Roy Niederhoffer, President, 

R. G. NIEDERHOFFER CAPITAL MANAGEMENT, INC 

Paul Podolsky, Senior Portfolio Strategist, 

BRIDGEWATER ASSOCIATES 

Bluford Putnam President and Director of Research, 

EQA PARTNERS L.P. 

James G. Rickards, Senior Managing Director for 

Market Intelligence, OMNIS, INC. 

Randy Slifka, Managing Principal, 

SLIFKA ASSET MANAGEMENT LLC 

Inder Sohdi, Managing Director, DOSHI CAPITAL 

Menachem Sternberg, Chairman of the Board and 

CEO, EAGLE TRADING SYSTEMS, INC. 

John Taylor, Chairman, CEO & Founder, FX CONCEPTS 

Paulo Vieira da Cunha, Head of Emerging Markets 

Research, TANDEM GLOBAL PARTNERS 

Sri “Wije” Wijegoonaratna, CEO & CIO, 

GALLE GLOBAL MACRO (“GGM”) 

2 

Danny Yang,CIO, DYMON ASIA 

Global Macro Investing 

& Geopolitical Risk 

Forum 

The world’s first event to convene financial 

market thought-leaders and geopolitical 

experts to manage the key fiscal, monetary, 

policy and economic issues causing today’s 

market disruptions 

Dear Investor, 

Sovereign debt crises, uncertainty in global currency markets, fiscal debt at 

unprecedented levels, regulatory risk and geopolitical hot spots offer a potent 

cocktail of both risk and opportunity to the institutional portfolio. 

As the first global meeting, Global Macro Investing & Geopolitical Risk Forum has 

assembled the best informed and most brilliant thinkers to help you navigate 

successfully both the risks and opportunities of 2010 and beyond. 

You will hear fresh intelligence on the most important issues impacting financial 

markets today: 

• Prospects for a global economic recovery 

• Fiscal sustainability of the developed world 

• Investment impact of central bank policy 

• Prospect for Yuan appreciation or devaluation 

• Outcome of regulatory reform on markets and global 

capital flows 

• Tension between inflationary and deflationary pressures 

• Outcome of the midterm elections 

• How fiscal tensions will be managed within the Eurozone 

• Who is winning the war to secure their own energy supplies for the remainder of 

the 21st century 

• Prospects for war in the Middle East 

• Growth of state capitalism 

All will be addressed by carefully selected global thought-leaders (see pages 9-13) 

* Research was conducted with over two hundred (200) sophisticated investors from all over the world, including senior officials from 

US State plans, private pension funds, sovereign wealth funds, global asset allocators, investment managers and other leading financial 

institutions in the spring of 2010 by The Institute for International Research. 

© 2010 Institute for International Research, 

Inc. All rights reserved

Protect Your Portfolio Through The 

Sage Counsel Of The Best Informed 

Thinkers From Academia, Leading 

Think–Tanks And Global Macro 

Investing 

One Of The Most Highly Acclaimed Economists 

Of Our Time 

Ken Rogoff, drawing on the theme of his highly 

acclaimed book, “This Time Is Different,” “quite 

simply the best empirical investigation of financial 

crises ever published,” 

(Niall Ferguson,) will open the event examining what 

went wrong in our most recent crisis to illuminate 

our understanding of current market volatility and 

provide a roadmap of how things are likely to pan 

out in the years to come. The fiscal sustainability 

of the developed world, how fiscal imbalances will 

unwind and unfold, the risks of global inflation, 

the outlook for global productivity growth and the 

primacy of the dollar going forward; all these issues 

and more will be examined by one of the true sages 

of today’s financial markets. 

The Global Macro Debate - Inflation Or Deflation? 

Never, in modern times, has the disparity between 

forecasts of inflation or deflation been wider. The 

eventual outcome of these competing forces will 

drive the performance of multiple asset classes, 

globally. It is of paramount importance for asset 

allocators to base their investment decisions on 

a correct evaluation of this issue or they run the 

risk of compromised investment decision making 

regardless of the asset class they might select. 

Two prominent figures in this debate, Kevin 

Harrington, Managing Director, CLARIUM 

Best of Breed Hedge Fund Managers 

and Investors at The Investor 

Summit, October 20th, 2010 

Clear Direction From Leading Investors And 

Global Macro Hedge Funds On How To Manage 

The Risk And Profit From Global Dislocations 

To help answer the question, “as an investor, what 

can I do or what should I do to position my portfolio 

to successfully ride out and profit from these 

disruptive events?” we have assembled only the 

most experienced investors in global macro at the 

special “Investor Summit,” on October 20th. 

CAPITAL and Paolo Pellegrini, President, PSQR 

MANAGEMENT LLC (invited), will share the rationale 

behind their current positions, clarifying the key 

issues in this investment dichotomy. 

The Geopolitical Keynote Address 

The international financial crisis is remaking 

the geopolitical landscape, generating risks and 

opportunities for global markets from unexpected 

directions. Where are market-moving threats to 

stability most likely to emerge? What are their 

most serious implications for companies, investors, 

and policymakers? How is the global economic 

meltdown shifting the balance of international 

political and economic power? In the geopolitical 

address 

David F. Gordon, Head of Research, Director, 

Global Macro Analysis, EURASIA GROUP, formerly 

director of policy planning under Secretary of State 

Condoleezza Rice, will illustrate the rise of state 

capitalism and details its long-term challenge to 

relations among nations and the future of the global 

economy. 

Plus in the “the Legends of Macro” interview 

Jeff Feig, Managing Director & Global Head of 

Foreign Exchange, CITI will interview Michael 

Novogratz, Principal & Director, FORTRESS 

INVESTMENT GROUP 

And these are just some of the highlights from the 

landmark event taking place on October 18th-19th. 

To ensure the most candid discussions and protect 

the confidentiality of all attendees the event will be 

closed to reporting press, and no recordings of the 

event will be released after the event, so the only 

way to hear from the outstanding faculty is to be 

there in person. 

Experienced investors will discuss in detail their 

different approaches to constructing a global macro 

portfolio and you will benefit from hearing directly 

from the most illustrious line ups of independently 

selected hedge funds, handpicked for their 

outstanding performance and willingness to educate 

investors on the key opportunities as well as 

challenges of investing in this dynamic space. 

As well as presenting the case for the inclusion of 

macro in an investor’s portfolio, the summit will 

focus on the practical ways in which an investor 

can construct a macro portfolio, gain diversification, 

evaluate managers, discern alpha and evaluate risk. 

Global Macro Investing & Geopolitical Risk Forum is a unique think-tank, bringing together the world’s most 

progressive minds to debate, discuss and offer fresh intelligence on the key fiscal, monetary, geopolitical, 

policy and economic issues informing the success of your every investment decision. 

To be a part of this landmark event simply: Call 888.670.8200, Email register@iirusa.com or visit 

the web at www.globalmacrorisk.com 

Sincerely, 

Amanda Rodrigues-Cheung 

Event Director 

KEYNOTE SPEAKERS 

Dr. Willem Buiter, Managing Director and Chief 

Economist, CITI 

Michael Novogratz, Principal and Director, 

FORTRESS INVESTMENT GROUP LLC 

Kenneth S. Rogoff, Thomas D Cabot Professor of 

Public Policy, Department of Economics, 

HARVARD UNIVERSITY 

Hari N. Hariharan, Chairman and Chief Executive 

Officer, NWI MANAGEMENT LP 

THE MOST INFLUENTIAL 

INVESTORS IN GLOBAL MACRO 

Timothy Crowe, CEO, ANCHOR POINT CAPITAL, LLC 

Mark Enman, Head of Global Macro, 

MAN INVESTMENTS 

Tony Gannon, Founder & Chief Executive Officer, 

ABBEY CAPITAL 

Ziad Hindo, Vice President-Global Opportunities- 

Tactical Asset Allocation Department, 

ONTARIO TEACHERS’ PENSION PLAN 

Sami Robbana, Head of Global Macro Strategy, 

CREDIT SUISSE 

Kenneth Shewer, Founder, 

KENMAR GLOBAL INVESTMENT 

Maxime Tessier, Head of Foreign Exchange, 

CAISSE DE DEPOST ET PLACEMENT DU QUEBEC 

Mark van der Zwan, CFA, Executive Director, 

MORGAN STANLEY INVESTMENT MANAGEMENT 

GLOBAL POLICY EXPERTISE 

FROM LEADING THINK TANKS & 

ACADEMIC INSTITUTIONS 

Rear Adm. (Ret.) Stephen H. Baker, USN, 

Geopolitical/Defense Analyst, Senior National 

Security and Defense Consultant, 

WASHINGTON RESEARCH GROUP 

Donald J. Boyd, Senior Fellow, 

ROCKEFELLER INSTITUTE OF GOVERNMENT 

Guy Caruso, Senior Adviser for Energy and 

National Security, CENTER FOR STRATEGIC AND 

INTERNATIONAL STUDIES (CSIS) 

Patrick Clawson, Deputy Director for Research, THE 

WASHINGTON INSTITUTE FOR NEAR EAST POLICY 

Robert Dekle, Professor of Economics, 

UNIVERSITY OF SOUTHERN CALIFORNIA 

Dr Charles Ebinger, Director, Energy Security 

Initiative, The Stephen and Barbara Friedman Senior 

Fellow, THE BROOKINGS INSTITUTION 

Steven Emerson, Executive Director, 

THE INVESTIGATIVE PROJECT ON TERRORISM 

Jagadeesh Gokhale, Senior Fellow, CATO INSTITUTE 

David F. Gordon, Head of Research, Director, Global 

Macro Analysis, EURASIA GROUP 

Trevor Houser, Visiting Fellow PETERSON INSTITUTE 

FOR INTERNATIONAL ECONOMICS, Partner & 

Director of Energy and Climate Practice, RHODIUM 

GROUP (RHG) 

Randall S. Kroszner, Norman R. Bobins Professor of 

Economics, UNIVERSITY OF CHICAGO 

Hung Tran, Deputy Managing Director and 

Counsellor, INSTITUTE OF INTERNATIONAL FINANCE 

Chris Varvares, President, MACROECONOMIC 

ADVISERS, LLC, Immediate Past President, 

NATIONAL ASSOCIATION FOR BUSINESS 

ECONOMICS

Monday , October 18th, 2010 – Day 1 

FORUM 

7.30 am 

Registration & refreshments 

8.00 am 

Opening remarks from the Chairman 

Jeremy Hale, Managing Director & Head of Global Macro Strategy, CITI 

8.15 am KEYNOTE PRESENTATION 

Global Growth and Reflation in the Aftermath of the Financial Crisis 

Drawing on the theme of his highly acclaimed book, “This Time Is 

Different,” Ken Rogoff examines what went wrong in our most recent crisis 

to illuminate our understanding of current market volatility and provide a 

roadmap of how things are likely to pan out in the years to come. The fiscal 

sustainability of the developed world, how fiscal imbalances will unwind and 

unfold, the risks of global inflation, the outlook for global productivity growth 

and the primacy of the dollar going forward; all these issues and more will 

be examined by one of the true sages of today’s financial markets. 

Kenneth S. Rogoff, Thomas D Cabot Professor of Public Policy, Department of 

Economics, HARVARD UNIVERSITY 

9.00 am 

Monetary Accommodations & Monetary Exits, Gold and Inflation 

Expectations – Determining the Investment Impact of Central Bank 

Policy 

Sri “Wije” Wijegoonaratna, CEO & CIO, GALLE GLOBAL MACRO (“GGM”) 

Jose Luis Daza, Founder and CIO, QFR CAPITAL MANAGEMENT, L.P. 


Moderated by: Amitabh Arora, Managing Director and Head of US Rates 

Strategy, CITI 

9.45 am 

Implications of China’s Currency Status on Global Financial Assets 

and Capital Movements – Managing the Risks and Exploiting the 

Investment Opportunities 

The impact of the recent Greek crisis on global markets, showed only too 

clearly the potential for comprehensive disruption of both developed and 

emerging market currencies. 

The connections between China, Europe the US and other global markets, 

and the resultant complexity of capital flows, creates both investment 

opportunity and an unusual element of risk that cannot be readily predicted, 

measured or modeled. 

This session will examine the impact of China’s currency status, whether 

‘dirty peg’ or a later iteration, on the financial assets and trade patterns of 

the rest of the world. It will also consider how financial market participants 

can both take advantage of and manage the risks of a Chinese revaluation. 

David Gerstenhaber, President, ARGONAUT CAPITAL MANAGEMENT 

Dori Levanoni, Partner, Co-Director of Global Macro, FIRST QUADRANT, L.P. 

Bluford Putnam President and Director of Research, EQA PARTNERS, L.P. 

Moderated by: Michael J. Woolfolk, Managing Director and Senior Currency 

Strategist, Global Markets Division, THE BANK OF NEW YORK MELLON 

10.30 am 

Morning networking break 

11.00 am 

Current Thinking at the Fed, the Short to Medium Term Outlook for 

Global Monetary Policy and its Impact on the Position of the Dollar 

In this presentation Professor Kroszner, former Governor of the Federal 

Reserve System (2006 until 2009,) will share his insights into current 

thinking at the Fed, its commitment to combating deflation and the degree 

to which it will be able to manage anticipated inflationary pressures in 

2011/12. Professor Kroszner will examine how complications in the fiscal 

arena will likely limit monetary policy in the short to medium term. 

Reflecting on the latest international growth and productivity data, the 

presentation will also provide insight into the policies of central banks 

globally and implications for the 10 year rate, ability for the US to borrow 

and position of the US currency to remain as the reserve currency of choice. 

Randall S. Kroszner, Norman R. Bobins Professor of Economics, UNIVERSITY 

OF CHICAGO 

11.40 am 

The Global Macro Debate – Inflation or Deflation 

Never, in modern times, has the disparity between forecasts of inflation or 

deflation been wider. The eventual outcome of these competing forces will 

drive the performance of multiple asset classes, globally. It is of paramount 

importance for asset allocators to base their investment decisions on 

a correct evaluation of this issue or they run the risk of compromised 

investment decision making regardless of the asset class they might select. 

Two prominent figures in this debate will share the rationale behind their 

current positions, clarifying the key issues in this investment dichotomy. 

Paolo Pellegrini, President,ÊPSQR MANAGEMENT LLC (Invited) 

Kevin Harrington, Managing Director, CLARIUM CAPITAL 

Introduced by: 

John Brynjolfsson, CFA, Chief Investment Officer, ARMORED WOLF, LLC 

12.30 pm – 2.00pm VIP LUNCH TABLES 

Lunch for all attendees 

Signup in advance to sit with some of the most brilliant thinkers in financial 

markets and geopolitics today. Take this opportunity to exchange business 

cards and get your questions answered by emailing arodrigues@iirusa.com 

Check www.globalmacrorisk.com for updates on table hosts. 

2.00 pm THE GEOPOLITICAL ADDRESS 

The Rise of State Capitalism, its Impact on the Global Balance of 

Power and Future of the Global Economy 

The international financial crisis is remaking the geopolitical landscape, 

generating risks and opportunities for global markets from unexpected 

directions. Where are market-moving threats to stability most likely to 

emerge? What are their most serious implications for companies, investors, 

and policymakers? How is the global economic meltdown shifting the 

balance of international political and economic power? 

One thing’s for sure: a generation after communism’s collapse, public 

wealth, public investment, and public ownership have made a stunning 

comeback. Certain that command economies are doomed to fail but afraid 

that truly free markets will spin beyond their control, the political leadership 

in China, Russia, the Arab monarchies of the Persian Gulf and other 

authoritarian states have invented a new system: state capitalism. Even 

beyond these countries, state capitalist ideas are impacting public policy, 

especially in the energy and natural resource sector. 

© 2010 Institute for International Research, Inc. All rights reserved 

4 To Register, Call 888.670.8200 Email register@iirusa.com

The world’s first event to convene financial market thought-leaders and geopolitical experts to 

manage the key fiscal, monetary, policy and economic issues causing today’s market disruptions 

In this speech, David Gordon illustrates the rise of state capitalism and 

details its long-term challenge to relations among nations and the future of 

the global economy. At this presentation audiences will learn about: 

• Geopolitical implications of the financial crisis 

• The rise of state capitalism 

• Longer-term trends in the global balance of power 

David F. Gordon, Head of Research, Director, Global Macro Analysis, 

EURASIA GROUP 

2.30 pm 

Why Has EM Asia Outperformed, how will Growth Trends In the 

Developed World Impact EM In the Future and Vice Versa? 

George Hoguet, Global Investment Strategist, Senior Portfolio Manager, 

STATE STREET GLOBAL ADVISORS 

Ziad Hindo, Vice President-Global Opportunities-Tactical Asset Allocation 

Department, ONTARIO TEACHERS’ PENSION PLAN 

Paulo Vieira da Cunha, Head of Emerging Markets Research, TANDEM 

GLOBAL PARTNERS 

Moderated by: David Lubin, Managing Director & Head of Emerging Markets 

Economics, CITI 

3.15 pm 

Afternoon networking break 

INTEGRATING GEOPOLITICAL RISK AND THE CAPITAL MARKETS 

3.45 pm 

Energy Security – Who is Winning the War for Long-Term Energy 

supplies and What are the Implications on Future Commodity and 

Alternative Energy Investment? 

With China aggressively trying to secure natural resources in Latin America 

and Africa and the US militarily engaged in both Afghanistan and Iraq close 

to the resources of the Middle East, the battle to secure energy for the 

next part of the 21st century and beyond has never been more intense. 

Considering both the push to extend fossil fuel supplies and the huge 

increase in spend on renewables, this session will consider the energy 

security from the following key perspectives: 

• Current US energy demand and the domestic resources we can 

viably access 

• Analysis of the current generational capacity of transitional energy, 

(natural gas, clean applications of fossil fuels and nuclear energy,) as well 

as the current viability of alternative energy supplies and the timeline for 

greater levels of supply to come to fruition 

• Longer term global demand for fossil fuels given demographic trends in 

China and India taking into account our position in the economic cycle 

Guy Caruso, Senior Adviser for Energy and National Security, CENTER FOR 

STRATEGIC AND INTERNATIONAL STUDIES (CSIS) 

Dr Charles Ebinger, Director, Energy Security Initiative, The Stephen and 

Barbara Friedman Senior Fellow, THE BROOKINGS INSTITUTION 

Trevor Houser, Visiting Fellow PETERSON INSTITUTE FOR INTERNATIONAL 

ECONOMICS, Partner & Director of Energy and Climate Practice, RHODIUM 

GROUP (RHG) 

Moderated by: Edward Morse, Managing Director, Head of Global Commodities 

Research, CREDIT SUISSE SECURITIES 

4.30 pm 

Iran & the Middle East – Prospects for War, Timing 

& Market Impact 

This session will bring together leading experts on the evolving situation to 

address critical issues including: 

• Energy security and how it relates to conflicts in the Middle East 

• Where Iran is in terms of uranium enrichment and weaponisation 

• Assessment of the Iranian domestic situation, the IRC its ideology and 

relations with Hamas and Hezbollah 

• Israeli military strength, ability to go it alone and the likelihood of being 

able to accomplish its military objectives 

• U.S. administration’s view and anticipated U.S. Military response in the 

event of an Israeli strike 

• Anticipated impact of conflict in the region, including the possibility of 

closure of the straits of Hormuth 

Rear Adm. (Ret.) Stephen H. Baker, USN, Geopolitical/Defense Analyst, Senior 

National Security and Defense Consultant, WASHINGTON RESEARCH GROUP 

Patrick Clawson, Deputy Director for Research, THE WASHINGTON INSTITUTE 

FOR NEAR EAST POLICY 

Moderated by: Randy Slifka, Managing Principal, SLIFKA ASSET 

MANAGEMENT LLC 

5.15 pm 

Terrorism, Geopolitics and Global Capital Markets 

While small scale terrorism is an almost daily occurrence, large scale 

terrorism of the kind seen in 9/11, the Madrid train bombings and the 

London subway bombings has fortunately been absent outside the Middle 

East and Afghanistan for most of the past five years. However, recent urban 

attacks in Russia, the “underwear” plane bomber and the spread of “home 

grown” terrorism in incidents like the Fort Hood massacre suggest that 

terrorism may be on the rise in new and decentralized forms. 

What is the potential for a significant increase in terrorism in the West and 

what would be the impact on capital markets of another “spectacular” 

attack of the kind seen on 9/11?. This session will bring to bear the talents 

and experience of leading counter-terrorist experts to explore the following: 

• Is Al Qaeda central still a potential threat or has the torch been passed to 

local affiliates? 

• Is the primary threat from abroad or will home grown terrorists take 

the lead? 

• How have threats and targets evolved? Transportation? Critical 

infrastructure? Internet? Power grid? 

• How likely are cyber-, bio-, chem- and radiological threats? 

• Are capital markets accustomed to major attacks or does the potential 

for a crack in the markets still exist? 

• What are the boundaries between terrorism and acts of war? 

• Does terrorism require violence? What about cyber-terrorism? Financial 

terrorism? Psychological terror? 

• Has the alphabet soup of DNI, NCTC and DHS really improved the U.S.’s 

anti-terrorism capability? 

• What markets are most vulnerable and how are they affected? 

Steven Emerson, Executive Director, THE INVESTIGATIVE PROJECT ON 

TERRORISM 

James G. Rickards, Senior Managing Director for Market Intelligence, 

OMNIS, INC. 

6.00 pm 

Drinks Reception 

WWW.GLOBALMACRORISK.COM COM 5

Tuesday , October 19th, 2010 – Day 2 

FORUM 

8.00 am 

Morning refreshments 

8.30 am 



THE GLOBAL OUTLOOK - RECOVERY OR SOVEREIGN DEBT CRISES? 

8.45 am THE KEYNOTE ECONOMIC FORECAST 

Dr. Willem Buiter, Managing Director and Chief Economist, CITI 

12.15 pm – 2:00 VIP LUNCH TABLES 

Lunch for all attendees 

Signup in advance to sit with some of the most brilliant thinkers in financial 

markets and geopolitics today. Take this opportunity to exchange business 

cards and get your questions answered by emailing arodrigues@iirusa.com 

Check www.globalmacrorisk.com for updates on table hosts 

1.00 pm 

The “LEGENDS OF MACRO” interview 

Michael Novogratz, Principal and Director, FORTRESS INVESTMENT GROUP LLC 

Interviewed by: Jeff Feig, Global Head of Foreign Exchange, CITI 

9.30 am 

The New Dynamic between Emerging Markets and the Developed 

World: Balance Sheets, Stress Factors and the Implications for 

Global Asset Allocation 

In this keynote address Hari will explain why the stark divergence between 

the fiscal health of developed and emerging markets presents a new, 

secular investment thesis, which is markedly absent from global institutional 

portfolios, particularly in global indices. 

Arguing that traditional concepts of investment risk require a rethink, 

Hari will examine the investment implications across asset classes, with 

a particular focus on local currency sovereign bonds, corporate debt and 

currencies of fiscally responsible emerging markets. 

Hari N. Hariharan, Chairman and Chief Executive Officer, NWI MANAGEMENT LP 

10.15 am 


10.45 am 

The Outlook for the Eurozone 

This session will examine the true nature of the crisis in the Eurozone and 

what changes will need to be made to its monetary framework to ensure 

its survival in the longer term. Consideration will be given to the monetary 

policy of the ECB, the implications of Germany’s role in the bailout of 

fiscal offenders, and the possibility of a more federal structure for Europe 

in the future. 

J Kyle Bass, Managing Member & Principal, HAYMAN ADVISORS LP 

11.30 am 

Japan – In the Face of Debt Sustainability Issues and Current 

Economic Weakness, can Japan Ever Succeed? 

This session will consider the critical determinants of Japan’s economic 

performance and inflation outlook, including the key short-term and 

medium-term trends in monetary policy, public debt, and taxation, and the 

degree to which a global recovery will improve Japan’s economic prospects 

Robert Dekle, Professor of Economics, UNIVERSITY OF SOUTHERN 

CALIFORNIA 

SPOTLIGHT ON THE US – GROWTH PROJECTIONS, SOVEREIGN DEBT 

& FISCAL CRISES 

2.00 pm 

A Granular Investigation of US Growth – Given the End to Fiscal 

Stimulus and with the Largest Boost from Stock-Building Behind 

us, where is US Growth coming from? Linking the Macro View with 

a Bottom up Fundamental Analysis. 

• Evaluating whether continued gradual (if uneven) improvement in 

financial conditions and typical cyclical dynamics will support firming 

aggregate demand 

• Predicting the degree to which consumer spending will continue to 

outperform consensus expectations 

• Assessing if business spending on equipment and software will continue 

its solid growth and internal financing offset credit tightness 

• Can low mortgage rates and stabilizing prices support continued 

recovery in housing and how will the flood of foreclosures impact the 

potential for renewed house price declines? 

• Analyzing the fresh challenges to the expansion presented by the 

evolving European sovereign debt crisis 

• Determining the impact commercial real estate slump will have on GDP 

growth and how State and Local sector weakness impact the expansion 

• Projecting the timing of the removal of accommodation and the future 

direction of unemployment and inflation 

Chris Varvares, President, MACROECONOMIC ADVISERS, LLC, President, 

NATIONAL ASSOCIATION FOR BUSINESS ECONOMICS 

2.30 pm 

Examining the Full Implications of Explicit and Implicit US Debt and 

the Market Implications of a Failure to Find a Timely Resolution to 

Government Spending 

This session will examine in detail the extent of explicit US debt and the 

size of non-contractual commitments that are accruing under social 

security, government health insurance coverage, and other government 

programs. The speaker will point out reasons for believing that government 

reports severely underestimate the size of US explicit plus implicit debt; 

discuss effects of alternative policy changes; and discuss broader market 

and financial implications of failing to resolve government spending 

commitments in a timely manner. 

Jagadeesh Gokhale, Senior Fellow, CATO INSTITUTE, Author of, “Social 

Security: A Fresh Look at Policy Alternatives,” (University of Chicago 

Press, 2010) 



The world’s first event to convene financial market thought-leaders and geopolitical experts to 

manage the key fiscal, monetary, policy and economic issues causing today’s market disruptions 

3.00 pm 

Examining the Fiscal Situation of US States and Municipalities 

The worst recession since the 1930s has caused the steepest decline in 

state tax receipts on record. As a result, even after making very deep cuts, 

states continue to face large budget gaps. New shortfalls have opened up 

in the budgets of at least 41 states for the current fiscal year. In addition, 

initial indications are that states will face shortfalls as big as or bigger than 

they faced this year in the upcoming 2011 fiscal year. This presentation 

will examine the shortfalls still to emerge given the loss of federal stimulus 

and anticipated tax changes, the implications of 2010-11 budgets and the 

anticipated outcome of the midterm elections 

Donald J. Boyd, Senior Fellow, ROCKEFELLER INSTITUTE OF GOVERNMENT 

3.30 pm 


4.00 pm 

THE NEW POLITICAL AGENDA & REGULATORY PARADIGM 

Regulatory Risk & Global Capital Flows – Examining the Key Risk Factors 

of Global Regulatory Reform, the Uncertainties of the Process, Anticipated 

Outcomes and the Consequences for the Global Banking Sector 

With particular attention to the Basel Committee proposed changes, the US 

financial sector reform bill and the European Union measures, this session will 

examine their cumulative impact on the global banking sector and supply of 

credit and on economic activities. Speakers will analyze the changes in the 

pattern of bank lending within countries, cross-border especially to emerging 

markets in response to regulatory changes and other market uncertainties. 

Ben Hunt, IRIDIAN ASSET MANAGEMENT 

Hung Tran, Deputy Managing Director and Counsellor, INTERNATIONAL 

INSTITUTE OF FINANCE 

4.45 pm 

Midterm Elections Update 

Legendary pollster Charlie Cook will present the latest news on the 

forthcoming elections. Predicting the number of seats the Republicans might 

take back, he will assess where the balance of power in the House is likely to 

reside and what that means for the Administration’s agenda in 2011 

going forward. 

Charles E. Cook, Jr., Publisher, THE COOK POLITICAL REPORT, & Political 

Analyst, NATIONAL JOURNAL GROUP 

5.30 pm 

Close of Main Conference Day Two 

Drinks Reception 

About The Organizers of Global Macro Investing & Geopolitical Risk Forum 

Global Macro Investing & Geopolitical Risk Forum, 

together with GAIM are brands of our holding 

company The Informa Group. 

http://www.informa.com/. Informa is the largest publicly-owned organizer 

of conferences and courses in the world with an output of over 8,500 

events annually. 

With events in the US, Europe and Asia, GAIM has become renowned 

within the alternative investment industry for delivering programs where 

leading minds share a sophisticated exchange of ideas, offer unique 

insights into the best investment opportunities in the year ahead and gain 

timely updates on important changes impacting the investment industry. 

Our flagship event in the US, “GAIM USA – The Leading Gathering 

Of Hedge Funds And Their Investors,” has been running for over 10 

years and, since 2004, has attracted between 500 and 900 attendees 

representing key decision makers at many of the most influential 

investment institutions in the world. 

Global Macro Investing & Geopolitical Risk Forum is the direct result of 

feedback from our flagship hedge fund event GAIM USA. 

GLOBAL MACRO INVESTING & GEOPOLITICAL RISK FORUM 

was produced with the invaluable help, support and advice of the event Advisory Board: 

Alan Andreini, Chief Executive Officer, ARMORED WOLF, LLC 

Paulo Vieira da Cunha, Head of Emerging Markets Research, 

TANDEM GLOBAL PARTNERS 

Theodore Economou, General Manager, CERN PENSION FUND 

Martin J. Gross, Founder and President, SANDALWOOD SECURITIES, INC & 

PRESIDENT, OF THE WASHINGTON INSTITUTE FOR NEAR EAST POLICY 

Duncan Hennes, Co-Founder and Partner, ATREVIDA PARTNERS, LLC 

Anu Murgai, General Partner and Portfolio Manager, SURANYA CAPITAL 

PARTNERS, LLC 


OMNIS, INC. 

Ilya Zaides, CIO, KIER GLOBAL 

Randy Slifka, Managing Principal, SLIFKA ASSET MANAGEMENT LLC 

Scott Silver, Head of the External Managers Program, 

Foreign Exchange, CITI 

Michael Woolfolk, Senior Currency Strategist and Vice President Global Markets 

Division, BANK OF NEW YORK MELLON 


Wednesday , October 20th, 2010 – Day 3 

THE INVESTOR SUMMIT 

THE INVESTOR SUMMIT 

10.30 am 


7.30 am 

Registration & refreshments 

8.00 am 


THE BIG PICTURE – OPPORTUNITIES AND THE MACRO UNIVERSE 

8.15 am 

The Case for Global Macro – Why Should Global Macro be in An 

Investor’s Portfolio? 

Paul Podolsky, Senior Portfolio Strategist, BRIDGEWATER 

Howard Kurz, Managing Partner, CIO & Founder, LILY POND CAPITAL 



Moderated by: Sami Robbana, Head of Global Macro Strategy, CREDIT SUISSE 

9.00 am 

Outlook for FX In Today’s Volatile Markets and its Unique Position 

Within an Institutional Portfolio to Both Express Global Macro 

Positions and be used as a Critical Portfolio Hedge 


John Taylor, Chairman, CEO & Founder, FX CONCEPTS 

Maxime Tessier, Head of Foreign Exchange, CAISSE DE DEPOST ET 

PLACEMENT DU QUEBEC 

Dr. Richard Clarida, Executive Vice President, & Global Strategic Advisor, 

PIMCO 

Moderated by: Steven Englander, Director & Global Head of G10 Strategy, CITI 

9.45 am 

Global Macro Defined – a 30,000 Foot Level Overview of the 

Strategies Available to Investors, the Key Differences in Styles 

of Global Macro Investing and Potential Challenges Inherent in 

Portfolio Construction 

Global macro strategies are all too frequently ill-defined and misunderstood 

by investors, demonized by the popular press, and discredited by many 

consultants as an unreliable “have a hunch, bet a bunch” approach to 

investing. The panelists at this session will challenge such views by 

explaining how they successfully and repeatedly extract alpha from the 

markets by executing a disciplined, risk-managed investment process. 

This session will provide the investor a conceptual framework to use to 

better understand global macro investing – the opportunities, the risks, the 

rewards – by examining various investment methodologies used to capture 

alpha in equity, fixed income, currency and commodity global markets, and 

discussing why and how global macro strategies should and can be used 

safely and effectively as part of a well balanced investment portfolio. 

Roy Niederhoffer, President, R.G. NIEDERHOFFER CAPITAL 

MANAGEMENT, INC 


PARTNERS, LLC 

Renée Haugerud, Managing Principal & CIO of GALTERE LTD. 

Moderated by: Timothy Crowe, CEO, ANCHOR POINT CAPITAL, LLC 

GLOBAL MACRO PORTFOLIO CONSTRUCTION – 

Contrasting different approaches and the degrees of diversification they 

offer to investors 

11.00 am 

Improving Multi-Manager Global Macro Portfolio Performance 

Through Sub-Strategy Diversification 

Global macro strategies can employ a variety of approaches (e.g. systematic 

versus discretionary approach), inputs (e.g. fundamental versus technical) 

and time horizons (e.g. long-term versus short-term trading). This session 

explores the potential diversification benefits (and rationale therein) of a 

portfolio that explicitly seeks to diversify across managers employing a 

variety of styles. 

Pawel Lewicki, Head of Research, BLUECREST CAPITAL MANAGEMENT LTD. 

Paul Harrison, Head of Global Markets Strategies Group Research Team, 

BLACKROCK 

Moderated by: Mark van der Zwan, CFA, Executive Director, MORGAN 

STANLEY INVESTMENT MANAGEMENT 

11.45 am 

Building an All-Weather Portfolio that Performs through Market 

Dislocations, Times of Market Stress and Upheaval 

This session will examine the practicalities of combining systematic and 

discretionary managers, including identifying and treating key elements 

and trading approaches. Special attention will be paid to managing the 

concentration of risk, the pros and cons of including option sellers, how 

liquidity considerations can impact equity beta and portfolio construction. 

Robert E. Murray, Member of Investment Committee and Chief Operating 

Officer, GRAHAM CAPITAL MANAGEMENT 

Marc H. Malek, Managing Partner, CONQUEST CAPITAL GROUP LLC 

Menachem Sternberg, Chairman of the Board and Chief Executive Officer, 

EAGLE TRADING SYSTEMS, INC. 

Moderated by: Tony Gannon, Founder & Chief Executive Officer, 

ABBEY CAPITAL 

12.30 pm 

Lunch for attendees of the Investor Summit 

2.00 pm 

Creating a Thematic Driven Portfolio of Macro Traders 

Danny Yang, CIO,ÊDYMON ASIA 


Moderated by: Kenneth Shewer, Founder, KENMAR GLOBAL INVESTMENT 

INVESTING IN MACRO – ALPHA CREATION & RISK MANAGEMENT 

2.45 pm 

Review of the Available Futures and Options Exchanges – How Liquid 

is the Market, What Instruments are Available and How Transparent 

Is The Pricing? 

If you are interested in taking part in this session please contact Sarene 

Yablonsky at 646 895 7474 or syablonsky@iirusa.com 



Clear direction from leading investors and global macro hedge funds on 

how to manage the risk and profit from global dislocations 

3.30 pm 


4.00 pm 

How to Evaluate a Global Macro Manager – How is Alpha Created? 

Flexibility and tactical asset allocation; top-down investment style and 

macroeconomic focus; global opportunity set; aversion to less liquid credit 

and other non liquid investments; and low “participation risk” in crowded 

trades. All of these factors have been attributed to the creation of alpha in the 

global macro strategy. But how can an investor discern the source of alpha 

attributable to a specific manager? This session draws on the expertise of 

experienced investors to answer this very question. 

Mark Enman, Head of Global Macro,ÊMAN INVESTMENTS 

Christopher Vogt, Portfolio Manager, Hedge Funds, ALLSTATE INSURANCE 

CORPORATION 

4.45 pm 

Risk Management in a Global Macro Portfolio 

This session will focus on the key challenges inherent in managing the 

risk within and across global macro portfolios with particular focus on the 

practicalities of integrating the top down views consistently, measuring and 

monitoring the use of leverage and counterparty risk and evaluating the 

independence of the risk management function. 

5.30 pm 

Close of Global Macro Investing Summit 

KEYNOTE SPEAKERS 

Dr. Willem Buiter, Managing Director and Chief Economist, CITI 

Willem Buiter CBE, FBA, is Chief Economist of Citi since January 2010. His 

previous appointment was Professor of Political Economy at the LSE. He has a BA 

from Cambridge and a Ph. D. from Yale. He has held academic appointments at 

Princeton, the University of Bristol, the LSE, Yale and Cambridge. He has published on 

macroeconomics, monetary and exchange rate management, financial markets and 

institutions, fiscal policy, social security reform, economic development, emerging 

markets and transition economics. He was a member of the Monetary Policy 

Committee of the Bank of England from 1997 till 2000 and Chief Economist and 

Special Counselor to the President at the EBRD from 2000 till 2005. He has been an 

advisor to the IMF, the World Bank, other multilateral institutions, national governments 

and central banks. He has been a Senior Advisor to Goldman Sachs International and a 

member of the Academic Advisory Board of APG Investments. He wrote Maverecon, an 

economics blog, for the Financial Times. 


Michael E. Novogratz is a principal and has been a member of the Board of Directors 

of Fortress Investment Group LLC since November 2006. Mr. Novogratz has been a 

member of the Management Committee of Fortress since March 2002. Mr. Novogratz is 

responsible for the liquid hedge fund business, which includes running the Drawbridge 

Global Macro Funds. Prior to joining Fortress in March 2002, Mr. Novogratz spent 

eleven years at Goldman, Sachs & Co., where he became a partner in 1998. Mr. 

Novogratz held the positions of President of Goldman Sachs Latin America and the 

head of Fixed Income, Currencies and Commodities Risk in Asia, where he lived from 

1992 to 1999. Mr. Novogratz received a B.A. from Princeton University, and served as 

a helicopter pilot in the U.S. Army. 

Kenneth S. Rogoff, Thomas D Cabot Professor of Public Policy, Department of 

Economics, HARVARD UNIVERSITY 

Kenneth Rogoff is Thomas D. Cabot Professor of Public Policy and Professor of 

Economics at Harvard University. From 2001-2003, Rogoff served as Chief Economist 

and Director of Research at the International Monetary Fund. He is also a former 

Director of the Center for International Development at Harvard. Rogoff’s treatise 

Foundations of International Macroeconomics (joint with Maurice Obstfeld) is the 

standard graduate text in the field worldwide, and his monthly syndicated column 

on global economic issues is published regularly in over 50 countries. He is on the 

Economic Advisory Panel of the Federal Reserve Bank of New York and the Central 

Bank of Sweden. His recent book with Carmen Reinhart, This Time is Different: Eight 

Centuries of Financial Folly (Princeton University Press), builds on a massive new data 

set covering 66 countries and 800 years. The book (a New York Times and international 

bestseller) shows the remarkable quantitative similarities across time and countries in 

both the run-up to, and the aftermath of, severe financial crises. 

Hari N. Hariharan, Chairman and Chief Executive Officer, 

NWI MANAGEMENT LP 

Mr. Hari N. Hariharan is the Chairman & CEO of NWI Management LP. NWI is a New 

York based hedge fund group with a long and consistent track record of investing in 

emerging markets fixed income and global macro themes. This includes a global macro 

fund, an emerging market fixed income fund and a special credit situations fund. The 

group originally started as Santander New World Investments Group in 1993 and was 

spun off in April 1999. NWI presently manages assets around $1.5 billion. Until May 

1993, Mr. Hariharan was a senior executive at Citibank N.A. where his last role was 

as a Senior Managing Director and Division Executive of the International Corporate 

Finance Division which specialized in emerging economies. In 1994 and 1995, he 

was selected by Global Finance Magazine as one of the 100 Superstars in Emerging 

Markets Globally. Crain’s New York Business Magazine chose him as one of New York’s 

best and brightest “under 40” executives in 1993. 

THE MOST INFLUENTIAL INVESTORS IN GLOBAL MACRO 

Timothy Crowe, CFA, CEO, ANCHOR POINT CAPITAL, LLC 

Timothy Crowe, CFA Partner and Chief Executive Officer Timothy J. Crowe is a principal 

and chief executive officer of Anchor Point Capital, LLC. The firm, founded in 2005, 

designs, constructs and manages multi-manager hedge funds for private and public 

institutions, family offices and wealthy individuals. The firm is headquartered in Coral 

Gables, Florida. 

Mark Enman, Head of Global Macro, MAN INVESTMENTS 

Mark Enman is Head of Global Macro for Man Investments’ multi-manager business 

and is based in New York City, New York, USA. Prior to joining Man in 2008, Mark 

worked at Arden Asset Management, a New York-based fund of hedge funds. 

Previously, Mark was Global Head of USD Rates trading at Dresdner Kleinwort. Mark 

also spent 14 years in senior trading roles at Merrill Lynch and began his career in 

fixed income trading at Chemical Bank. 

Tony Gannon, Founder & Chief Executive Officer, ABBEY CAPITAL 

Tony Gannon is the Founder and CEO of Abbey Capital, a leading alternative investment 

firm focused on managed futures and foreign exchange. Founded in 2000, Dublin 

based Abbey Capital allocates over $2.5 billion to the Commodity Trading Advisor 

(CTA) sector through its multi-manager, managed accounts platform. Through its ACL 

Alternative and Global Macro programs, Abbey Capital provides portfolio construction 

and risk management services to pension funds, foundations, endowments, major 

private banks, multifamily offices and charities, across Europe, the U.S. and Asia. 


The world’s first event to convene financial market 

monetary, policy and economic 

Ziad Hindo, Vice President-Global Opportunities-Tactical Asset Allocation 

Department, ONTARIO TEACHERS’ PENSION PLAN 

Ziad Hindo is responsible for foreign exchange execution, commodity indexing 

and a value added program focused on discretionary Global Macro strategies. Mr. 

Hindo joined Teachers’ in 2000 and was most recently Director, Foreign Exchange & 

Commodities. A CFA charterholder, he earned an M.Sc. from the University of Warwick 

and a B.Sc. from the University of York. 

Sami Robbana, Head of Global Macro Research and Selection, CREDIT SUISSE 

Mr. Robbana is responsible for the monitoring and selection of Global Macro hedge 

funds for the Alpha Strategies Group in Liquid Alternatives at Credit Suisse. He also 

has managed the Sapic Global Macro Fund portfolio since its inception, in addition to a 

customized tactical trading portfolio for an established European-based pension plan 

and a short-term traders portfolio for Credit Suisse’s Multi-Asset Class Solutions Group 

in Zurich. 

Kenneth A. Shewer, Chairman , Co-CEO, Co-CIO, KENMAR GROUP. 

Mr. Kenneth Shewer is the Chairman, co-Chief Executive Officer and co-Chief 

Investment Officer of the Kenmar Group. Prior to founding the Kenmar Group with Mr. 

Goodman in 1983, Mr. Shewer was a Vice President and Director of Pasternak, Baum 

and Co., Inc., a global dealer of cash commodities, where he was largely responsible 

for creating and managing its Grain Logistics and Administration Department and 

creating its Domestic Corn and Soybean Trading Department. Mr. Shewer is a founding 

Member and member of the Board of the Greenwich Roundtable. 

Maxime Tessier, Head of Foreign Exchange, CAISSE DE DEPOST ET 

PLACEMENT DU QUEBEC 

Mark van der Zwan, CFA, Executive Director, MORGAN STANLEY INVESTMENT 

MANAGEMENT 

Mark is a portfolio manager for Alternative Investment Partners Fund of Hedge Funds, 

focusing on global macro, multi-strategy, convertible bond arbitrage and quantitative 

strategies; he is also a member of the AIP Fund of Hedge Funds Investment Committee. 

He joined AIP in 2004 and has 14 years of relevant industry experience. Prior to his 

current role, Mark was an investment analyst. Before joining the firm, Mark was a 

senior consultant for Alan D. Biller & Associates, an institutional investment consulting 

firm, where he was responsible for hedge fund manager selection. 

FINANCIAL MARKET THOUGHT LEADERS 

Amitabh Arora, Managing Director and Head of US Rates Strategy, CITI 

Amitabh Arora joined Citigroup in October 2009 to head up the US Rates strategy team. 

The rates strategy team covers the US Treasury, interest rate derivatives, agency debt 

and agency MBS markets. The team puts out a weekly publication The US Rate and 

MBS Strategy Weekly as well as focus pieces on specific market developments; the 

team recently put out a report predicting that LIBOR rates would spike sharply due to 

concerns around the creditworthiness of the larger financial institutions. Mr. Arora held 

a similar position at Lehman Brothers from 2004 to 2008. His team was consistently 

ranked as the top strategy team by Institutional Investor magazine. Prior to working in 

the Rates area, Mr. Arora headed the mortgage modeling team at Lehman Brothers. 

Prior to joining Citigroup, Mr. Arora worked in the Monetary and Capital Markets 

Division at the IMF. 

J Kyle Bass, Managing Member & Principal, HAYMAN ADVISORS LP 

J Kyle Bass, Portfolio Manager: Mr. Bass is the managing member and principal 

of Hayman Advisors LP’s general partner which was formed in December 2005. 

Hayman Advisors serves as the investment manager to the Hayman Capital Master 

Fund LP and is a member of Hayman Municipal Strategies LLC and Hayman Woods 

LLC. In September 2007, Mr. Bass testified as an expert witness before the House of 

Representatives Financial Services Capital Markets Subcommittee. In January 2010, 

Mr. Bass testified as a Financial Market Participant before the Financial Crisis Inquiry 

Commission, a bi-partisan 10-member panel established by Congress to examine the 

causes of the financial crisis. 

John Brynjolfsson, CFA, Chief Investment Officer, ARMORED WOLF, LLC 

Mr. Brynjolfsson oversees all investment activity at Armored Wolf, LLC. He is an 

expert in the area of managing alternative real assets; and his experience includes 

commodities, global inflation-linked bonds, event-linked catastrophe bonds, 

asset allocation and risk management. Mr. Brynjolfsson is co-author of Inflation- 

Protection Bonds and co-editor of The Handbook of Inflation-Indexed Bonds. During 

Mr. Brynjolfsson’s 19-year tenure at PIMCO, he launched and grew the Real Return 

platform from $0 to $80 billion in third-party assets, including launching and managing 

PIMCO’s second, third, and fourth largest public funds. He provided leadership for asset 

allocation, risk management and consulting functions. 

Charles E. Cook, Jr., Publisher, THE COOK POLITICAL REPORT, & Political 

Analyst, NATIONAL JOURNAL GROUP 

Charlie Cook is the Publisher of The Cook Political Report, and political analyst for 

the National Journal Group, where he writes weekly for National Journal magazine 

and CongressDailyAM . He also writes a regular column for the Washington Quarterly, 

published by the Center for Strategic and International Studies, and is a political analyst 

for NBC News. Widely regarded as one of the nation’s leading authorities on U.S. 

elections and political trends, Charlie has appeared on the ABC, CBS and NBC evening 

news programs, as well as on “Good Morning America,” the “Today Show,” “Nightline,” 

“Meet the Press with Tim Russert,” and “This Week…”. He has also appeared on 

MSNBC, C-Span, CNN and National Public Radio. 

Jose Luis Daza, Founder and CIO, QFR CAPITAL MANAGEMENT, L.P. 

José Luis Daza is the Founder and CIO of QFR Capital Management, L.P. Before 

founding QFR, Mr. Daza was a Managing Director of Integrated Finance Limited, a 

financial advisory and asset management firm based in New York. From 2001-2003, 

Mr. Daza was the Global Head of Emerging Markets Strategy at Deutsche Bank, 

responsible for research on Asia, Europe, and Latin America From 1992-2001, Mr. 

Daza was a Managing Director and Head of Emerging Markets Research at JP Morgan 

also responsible for Asia, Europe, and Latin America. For a period of time, Mr. Daza was 

also Head Global Strategist of Credit. 

Steven Englander, Director & Global Head of G10 Strategy, CITI 

Steven Englander is a Director and Global Head of G10 Strategy. Prior to rejoining Citi, 

Steve was Chief Foreign Exchange Strategist for the Americas at Barclays Capital. 

Previously he spent eight years with Citibank/Salomon Smith Barney where he was 

Global Currency Economist based in London. Citi was ranked #1 in currency economics 

and long-term strategy every year that he occupied that position. Before moving to the 

private sector, he spent four years at the Organization for Economic Cooperation and 

Development as the Principal Economist in the Economic Prospects Division covering 

preparations for European Monetary Union among other assignments. Steve’s career 

also includes the Federal Reserve Bank of New York, where he was Senior Research 

Officer and Head of the Domestic Research Department. 

Jeff Feig, Managing Director & Global Head of Foreign Exchange, CITI 

Jeff Feig is a Managing Director and Global Head of Foreign Exchange within Citi’s 

Institutional Clients Group. He is responsible for all foreign exchange sales and trading 

in the developed markets. During his career at Citi, he has held several foreign 

exchange management positions in North America and Europe. He was appointed to his 

current position in February 2004. He currently serves as Chair of the FX Committee, 

an advisory committee, of the New York Federal Reserve. Jeff also serves on the 

Canadian Foreign Exchange Committee and was on the Board of Directors of EBS until 

their sale to ICAP. 


John Floyd is a principal in his own investment firm specializing in currency trading 

that utilizes a macro discretionary approach. Prior to forming his own fund in 2007 

he was a Senior Managing Director for Harbert Management Corporation, managing a 

currency and macro portfolio. 

David Gerstenhaber, President, ARGONAUT CAPITAL MANAGEMENT 

Mr. Gerstenhaber has been involved in the analysis of the relationship between 

international macroeconomic performance and market behavior throughout his entire 

professional career and academic training. He is widely recognized as one of the 



thought-leaders and geopolitical experts to manage the key fiscal, 

issues causing today’s market disruptions 

foremost macroeconomic strategists and hedge fund managers. Prior to forming 

Argonaut, Mr. Gerstenhaber was a Managing Director of Tiger Management Corporation 

in New York from January 1991 to June 1993. At Tiger, Mr. Gerstenhaber created 

and led the firm’s highly successful “macro” investment group, which focused on 

leveraged investments in fixed income securities, currencies, financially engineered 

derivative structures and developing country debt instruments. Before joining Tiger, 

Mr. Gerstenhaber was a Principal and Senior Economist at Morgan Stanley & Co. with 

international postings in Tokyo, Hong Kong and London from 1985 until 1991. 


Jeremy Hale joined Citi in October 2005 as Managing Director of a new Global Macro 

Strategy Product aimed at macro hedge funds and other leveraged or macro oriented 

investors capable of cross market positioning. Jeremy’s group offers regular Global 

Macro Strategy Trade Ideas, Market Commentary and Weekly Views and Trade Ideas 

notes and irregular and more detailed Focus pieces. These develop broad macro 

themes and consider investment opportunities across asset classes, including fixed 

income, forex, equities, credit, EM and commodities. More recently, Jeremy’s Global 

Macro Strategy Group has been given responsibility for the production and coordination 

of Citi’s foreign exchange forecasts and commodity price forecasts working in 

conjunction with other strategists and economists in the firm. Jeremy Hale has around 

27 years of experience working in financial markets as a macro-economist, trader 

and strategist. 

Paul Harrison, Head of Global Markets Strategies Group Research Team, 

BLACKROCK 

Paul Harrison heads the research team in BlackRock’s Global Markets Strategies Group. 

The team is responsible for the investment insights in the firm’s global macro, global 

tactical asset allocation, active currency, active commodity, and emerging market 

global macro products. Before heading the research team, Harrison directed the equity 

and fixedincome sub-strategies. Previously, he headed the Capital Markets Research 

Group at the Federal Reserve Board of Governors where he was responsible for 

developing research and valuation-models related to corporate securities markets. 

Kevin Harrington, Managing Director, CLARIUM CAPITAL 

Mr. Harrington directs the Manager’s research and analysis and is a member of the 

Investment Committee. Prior to joining Clarium in the spring of 2003, Mr. Harrington 

was a PhD candidate in physics at Stanford University, consulted for Stanford’s 

CISAC/Institute for International Studies on fissile materials protection and national 

infrastructure security, conducted mathematics research for the Department of 

Defense, and received a BS in mathematics and physics from the University of Idaho. 

Renée Haugerud, Managing Principal & CIO, GALTERE LTD. 

Renee Haugerud is the Founder, Chief Investment Officer and Managing Principal of 

Galtere Ltd., a registered investment advisor that manages in excess of $1 billion 

across several commodity‐focused products. Its flagship commodity‐based global 

macro strategy draws upon an array of markets and instruments to express real‐assetdriven 

themes, using fundamental analysis for portfolio composition and proprietary 

technical value zones for trade implementation. Ms. Haugerud is noted for her profile 

and theme investment strategy as well as her disciplined approach to macro investing. 

George Hoguet, CFA , FRM Global Investment Strategist, Senior Portfolio 

Manager, STATE STREET GLOBAL ADVISORS 

George is a Managing Director, Senior Portfolio Manager and Global Investment 

Strategist specializing in emerging markets at SSgA. He has been involved with the 

firm’s Active Emerging Markets Strategy over the past twelve years and is a member of 

the firm’s Senior Management Group. 

W. Ben Hunt, Ph.D., Managing Director, IRIDIAN ASSET MANAGEMENT 

W. BEN HUNT, Ph.D., Managing Director, is a portfolio manager for the Iridian 

Opportunity Fund. Prior to joining Iridian in January 2006, he was an investment banker 

with Southport Partners LP. Previously, he was managing director of HSG Partners 

LLC, a venture capital pledge fund, and a co-founder of SmartEquip, Inc., a software 

company. In addition, from 1991 to 2000, he was a professor of political science at 

New York University and Southern Methodist University (tenured). 


Howard Kurz, Managing Partner, CIO & Founder, LILY POND CAPITAL 


Howard Kurz is the Chairman, Founder and Chief Investment Officer of Lily Pond Capital 

Management LLC. Mr. Kurz was most recently a Managing Director and Head of North 

American Financial Markets at The Royal Bank of Scotland Plc. Prior to that Mr. Kurz 

was a Managing Director of Natwest responsible globally for the Foreign Exchange, 

Emerging Markets, and the Proprietary Trading groups. Mr. Kurz was a senior member 

of the division’s Executive Committee. Prior to Natwest, Mr. Kurz was a Managing 

Director at Lehman Brothers where he headed the Multi-Markets Proprietary Trading 

unit attached to the fixed income division. 

Dori Levanoni, Partner, Co-Director of Global Macro, FIRST QUADRANT, L.P. 

DORI LEVANONI is a First Quadrant partner co-heading the firm’s global macro research 

function. He is involved in all aspects of product development: model building, risk 

measurement, risk allocation, and portfolio optimization. On joining the investment 

research team, Dori was initially focused on tactical asset allocation, currency, and 

global macro strategies. Mr. Levanoni first joined First Quadrant in 1991 as an intern 

while studying physics at California Institute of Technology. 

Pawel Lewicki, Head of Research, BLUECREST CAPITAL MANAGEMENT LTD. 

Pawel Lewicki joined BlueCrest in January 2010 as Head of Research from BarCap 

where, as a Managing Director, he acted as Global Head of Quantitative Analytics for 

three years. Prior to that, Pawel was a Managing Director in JP Morgan, where he 

worked for 12 years in the Derivatives Research and Strategy Group. 

David Lubin, Managing Director & Head of Emerging Markets Economics, CITI 

David Lubin is Managing Director and Head of Emerging Markets Economics at Citi. His 

career in banking started with the HSBC Group in the early 1990s, where he initially 

helped to represent Midland Bank in sovereign debt restructuring negotiations under 

the Brady Initiative with a number of developing countries including Argentina, Brazil 

and Bulgaria. He moved subsequently into emerging markets research, and worked 

alongside HSBC’s head of emerging markets fx trading to identify opportunities during 

the era of emerging markets crises in the 1990s. He joined Citi in September 2006 

to head the firm’s economic research on Central and Eastern Europe, Middle East 

and Africa, and took on his current role in early 2009. He was educated at Oxford 

University. 

Marc H. Malek, Managing Partner, CONQUEST CAPITAL GROUP LLC 

Mr. Malek began his career in 1992 at Salomon Brothers in New York as a financial 

analyst in the Financial Strategy Group. Following Salomon, he worked at a $400 

million hedge fund and financial advisory firm designing trading systems and trading 

currency options. Mr. Malek joined UBS in 1995, where he held various senior level 

positions within the foreign exchange department at UBS in New York, London, and 

Tokyo. He was the worldwide head of the Exotic FX Derivatives Group, and by the 

time he left the bank in 1998, he held the post of Executive Director in charge of FX 

Proprietary Trading in Europe. 

Dr. Richard Clarida, Executive Vice President, & Global Strategic Advisor, 

PIMCO 

Dr. Clarida is an executive vice president in the New York office and PIMCO’s global 

strategic advisor. Since 2008, Dr. Clarida has also been co-head of PIMCO’s official 

institutions channel, which oversees coverage of the firm’s central bank and sovereign 

wealth fund clients. Prior to joining PIMCO in 2006, he gained extensive experience in 

Washington as assistant Treasury secretary, in academia as chairman of the economics 

department at Columbia University, and in the financial markets at Credit Suisse and 

Grossman Asset Management. 

Edward Morse, Managing Director, Head of Global Commodities Research, 

CREDIT SUISSE SECURITIES 


The world’s first event to convene financial market 

monetary, policy and economic 


PARTNERS, LLC 

Prior to launching the Investment Manager, Ms. Murgai was a Managing Director at 

Shumway Capital Partners, where she managed the macro portfolio from 2004 to 2007. 

From 2001 to 2003, Ms. Murgai was an analyst at Ulysses Partners LLC, responsible 

for developing trade ideas, structuring trades, and managing risk. In 2000, Ms. Murgai 

managed a directional proprietary trading book at JP Morgan. Ms. Murgai was a 

member of the macro team at Tiger Management from 1998-99, where she did both 

trading and analysis. 

Robert E. Murray, Member of Investment Committee and Chief Operating 

Officer, GRAHAM CAPITAL MANAGEMENT 

Roy Niederhoffer, President, R.G. NIEDERHOFFER CAPITAL 

MANAGEMENT, INC 

Roy Niederhoffer founded R. G. Niederhoffer Capital Management, Inc. in 1993. His 

responsibilities at RGNCM include general management and overall strategy. He is 

a member of RGNCM’s investment management, risk management and information 

technology teams. From 1987 to 1992, Mr. Niederhoffer traded proprietary money in 

the cash and futures markets at NCZ Commodities, Inc., a commodity trading advisor. 

While at NCZ Commodities, Mr. Niederhoffer designed, developed and implemented 

computerized trading, research, portfolio management and back office software. 

Paul Podolsky, Senior Portfolio Strategist, BRIDGEWATER ASSOCIATES 

Paul Podolsky is a Portfolio Strategist at Bridgewater Associates. He is a senior member 

of the research group with expertise in portfolio structuring and the foreign exchange, 

interest rate, commodity, and equity markets. Paul is a contributor to Bridgewater’s 

Daily Observations. He also works with Bridgewater’s clients to develop investment 

strategies that meet their objectives and to provide insight into the research group’s 

thinking on global markets and economic conditions. 

Bluford Putnam President and Director of Research, EQA PARTNERS L.P. 

Bluford (Blu) Putnam is the President and Managing Partner of Bayesian Edge 

Technology & Solutions, Ltd., a consulting company he founded in 2000. Bayesian Edge 

is a financial risk management and economic advisory service, specializing in financial 

market research utilizing Bayesian statistical techniques integrated with the disciplined 

application of economic theory, and tempered by over 30 years of market experience. 

EQA Partners is a boutique currency and global macro investment manager, founded 

in October 2006 and based in Stamford, CT. Prior to forming Bayesian Edge, Blu was 

President of CDC Investment Management Corporation. 


OMNIS, INC. 

James G. Rickards is Senior Managing Director of Omnis, Inc., a research and 

consulting firm in McLean, VA. He also serves as Principal of Global-I Advisors, LLC, 

an investment banking firm specializing in the intersection of capital markets and 

geopolitics. Mr. Rickards is a seasoned counselor, investment banker and risk manager 

with over thirty years experience in capital markets including all aspects of portfolio 

management, risk management, financing, regulation and operations. He has held 

senior executive positions at Citibank, RBS Greenwich Capital Markets, Long-Term 

Capital Management and Caxton Associates and has directed the successful launch of 

several hedge funds and fund-of-funds. 

Randy Slifka, Managing Principal, SLIFKA ASSET MANAGEMENT LLC 

Randy Slifka is the managing principal of Slifka Asset Management LLC, an asset 

management firm located in New York City. Mr. Slifka is the Chief Investment Officer 

and Managing Principal of Geovol LLC, a geopolitical hedge fund focusing on volatility 

in the Middle East. Mr. Slifka is also the Chief Investment Officer of 3 “state of the art” 

fund of funds. Mr. Slifka specializes in portfolio construction, asset allocation, and hedge 

fund manager analysis. He has been a principal investor and analyst of alternative 

investments for 18 years. Mr. Slifka started his career at E.M. Warburg Pincus & Co. 

where for five years he made principal investments, conducted due diligence, and 

sourced investment opportunities. Mr. Slifka was a senior portfolio professional, 

principal, and portfolio manager at Halcyon. Partnerships from 1989 through 1997. 

At Halcyon, he was primarily responsible for the firm’s distressed debt and special 

situations effort and created and managed an event driven multi-manager fund. 


Menachem Sternberg, Chairman of the Board and Chief Executive Officer, 

EAGLE TRADING SYSTEMS, INC. 

Menachem Sternberg is the Chairman of the Board and Chief Executive Officer of 

Eagle Trading Systems, Inc. and is a member of the NFA. Eagle provides a unique and 

innovative approach to global macro markets analysis and trading. Its trading programs 

are designed to systematically capitalize on opportunities in a wide range of global 

futures markets: currencies, commodities, energies, fixed income and stock indices. 

Prior to joining Eagle in January 1997, Mr. Sternberg was a Senior Vice President and 

senior trader at Caxton Corporation, (“Caxton”) since August 1992, and since July 1995, 

also was a principal of Caxton Associates L.L.C. Caxton is a New York based money 

management firm investing in the foreign exchange, global financial, and commodities 

markets. 

John R. Taylor, Jr., Chairman and CEO, FX CONCEPTS 

In 1981, John Taylor founded FX Concepts, Inc., a multi-faceted investment 

management company, which today manages $8 billion in assets. Over 95% of those 

assets are managed in a series of absolute return strategies with the remainder in 

currency overlays. FX Concepts is known around the world as an innovative and 

highly successful manager of foreign exchange assets as well as a leader in the field 

of foreign exchange risk management. John is recognized as an expert in the analysis 

of global financial markets and was a pioneer in the study of the cyclicality of foreign 

exchange and interest rates. 

Paulo Vieira da Cunha, Head of Emerging Markets Research, TANDEM GLOBAL 

PARTNERS 

Paulo Vieira da Cunha is head of emerging markets research at Tandem Global Partners, 

a consultant to the International Monetary Fund and a visiting scholar at Columbia 

University. He was a Deputy Governor of the Central Bank of Brazil and a representative 

to the G20 until January 2008. He serves on various boards, including the Board of 

Directors of the Brazilian American Chamber of Commerce. For nearly a decade, he 

produced and managed research on Latin America for the global securities industry, 

first at Lehman Brothers and later at HSBC where he managed research teams in 

Buenos Aires, Mexico City, New York and São Paulo. Before that, he worked 12 years in 

research, policy and management at the World Bank including as deputy director and 

lead economist for the Mexico program. 

Sri “Wije” Wijegoonaratna, CEO & CIO, GALLE GLOBAL MACRO (“GGM”) 

Wije has 15 years of experience as a global macro investor. Prior to starting GGM in 

2010, Wije was at Fortress Investment Group LLC as a partner and a member of the 

Executive Committee since January 2005. Prior to joining Fortress, Wije was a partner 

and co-CIO/CEO for Banyan Fund Management from 1997 - 2004. Banyan was the test 

case for the “Tiger Cub” model within Tiger Management. Prior to joining Banyan, Wije 

was the portfolio manager of ASEAN Investment from 1994 - 1997, a global macro fund 

started by Hari Hariharan at NWI Management. 

Danny Yang,CIO, DYMON ASIA 

GLOBAL POLICY EXPERTISE FROM LEADING THINK TANKS 

& ACADEMIC INSTITUTIONS 

Rear Adm. (Ret.) Stephen H. Baker, USN, Geopolitical/Defense Analyst, 

WASHINGTON RESEARCH GROUP 

Rear Admiral Baker is the Senior National Security and Defense Consultant for the 

Washington Research Group, which provides political, economic and industry research 

for institutional and corporate investors. He has been an independent senior executive 

consultant for the aerospace industry, primarily involved in the ongoing geo-political/ 

military events of today, specifically the Middle East region. Additionally he has been a 

senior fellow at the Center for Defense Information - a non-partisan, non-profit thinktank 

organization committed to independent research on the social, economic, political, 

military, and cyber components of global security. Rear Admiral Baker served 30 years 

as a Naval Flight Officer accumulating over 4000 flight hours and 1000 carrier landings. 



thought-leaders and geopolitical experts to manage the key fiscal, 

issues causing today’s market disruptions 

Admiral Baker’s last flag officer assignment was as the Commander, Operational 

Test and Evaluation Force. For his service as the head tester for the Navy he was 

awarded the military’s highest peacetime award - the Distinguished Service Medal 

by President Clinton. The Admiral’s military decorations include the Distinguished 

Service Medal, Legion of Merit with one Gold Star, the Bronze Star for Operation Desert 

Storm, Meritorious Service Medal with two Gold Stars, Navy Commendation medal, 

Navy Achievement Medal, Joint Meritorious Unit Award with one Oak Leaf, Navy 

Unit Commendation with two Bronze Stars, Meritorious Unit Commendation, Navy 

Expeditionary Medal with one Bronze Star and various campaign and unit ribbons. 

Donald J. Boyd, Senior Fellow, ROCKEFELLER INSTITUTE OF GOVERNMENT 

Donald J. Boyd is a senior fellow and the former director of State and Local Government 

Finance research group. Boyd has over two decades of experience analyzing state and 

local fiscal issues, and has written or co-authored many of the program’s reports on the 

fiscal climate in the 50 states. His previous positions include director of the economic 

and revenue staff for the New York State Division of the Budget and director of the tax 

staff for the New York State Assembly Ways and Means Committee. Boyd holds a Ph.D. 

in managerial economics from Rensselaer Polytechnic Institute in Troy, New York. 

Guy Caruso, Senior Adviser for Energy and National Security, CENTER FOR 

STRATEGIC AND INTERNATIONAL STUDIES (CSIS) 

Guy F. Caruso is a senior adviser in the Energy and National Security Program at CSIS, 

having served as executive director of the CSIS Strategic Energy Initiative from 1998 

to 2000. Prior to rejoining CSIS he served as administrator of the Energy Information 

Administration (EIA). Before leading EIA. Caruso had acquired over 30 years of energy 

experience, with particular emphasis on topics relating to energy markets, policy, and 

security. Prior to joining DOE, Caruso worked at the Central Intelligence Agency (CIA) as 

an international energy economist in the Office of Economic Research. 

Patrick Clawson, Deputy Director for Research, THE WASHINGTON INSTITUTE 

FOR NEAR EAST POLICY 

Patrick Clawson is deputy director for research at The Washington Institute, where 

he also directs the Iran Security Initiative. A widely published writer and media 

commentator, he has authored more than seventy articles about the Middle East and 

international economics as well as twelve books or studies on Iran. 

Dr. Clawson appears frequently on television and radio, and has published op-ed 

articles in major newspapers including the New York Times, Wall Street Journal, and 

Washington Post. He has also testified before congressional committees more than 

twenty times and has served as an expert witness in more than a dozen federal cases. 

Robert Dekle, Professor of Economics, UNIVERSITY OF SOUTHERN 

CALIFORNIA 

Dr Charles Ebinger, Director, Energy Security Initiative, The Stephen and 

Barbara Friedman Senior Fellow, THE BROOKINGS INSTITUTION 

Charles Ebinger specializes in international and domestic energy markets (oil, gas, coal 

and nuclear), the geopolitics of energy with a particular focus on the Middle East, South 

Asia and Africa. Ebinger has served as an energy policy advisor to over 50 governments 

Steven Emerson, Executive Director, THE INVESTIGATIVE PROJECT ON 

TERRORISM 

Steven Emerson is considered one of the leading authorities on Islamic extremist 

networks, financing and operations. He serves as the Executive Director of The 

Investigative Project on Terrorism, a non-profit organization that serves one of the 

world’s largest storehouses of archival data and intelligence on Islamic and Middle 

Eastern terrorist groups. Emerson and his staff frequently provide briefings to U.S. 

government and law enforcement agencies, members of Congress and congressional 

committees, and print and electronic media on terrorist financing and operational 

networks of Al Qaeda, Hamas, Hezbollah, Islamic Jihad, and the rest of the worldwide 

Islamic militant spectrum. Since 9-11, Emerson has been interviewed frequently on 

all the major television networks and in the national and international print media. 

The website of the Investigative Project on Terrorism, which was started in September 

2007, is now considered one of the top counter-terrorism websites in the world and 

can be accessed at www.investigativeproject.org. 

Jagadeesh Gokhale, Senior Fellow, CATO INSTITUTE 

Cato senior fellow Jagadeesh Gokhale is recognized internationally as an expert on 

entitlement reform, labor productivity and compensation, U.S. fiscal policy and the 

impact of fiscal policy on future generations. He works with Cato’s Project on Social 

Security Choice to develop reforms for programs such as Social Security and Medicare. 

His recent analysis of European economies’ fiscal condition attracted considerable 

media attention with the increase in sovereign default risk among Eurozone nations. 

Gokhale’s most recent book Social Security: A Fresh Look at Reform Alternatives, 

published by the University of Chicago Press (2010), challenges received notions about 

that program’s financial future and explores the implications of alternative reforms for 

the program as a whole and for today’s and future generations of Americans. 

Gokhale holds a Ph.D. in economics from Boston University and is currently a member 

of the Social Security Advisory Board. 

David F. Gordon, Head of Research, Director, Global Macro Analysis, 

EURASIA GROUP 

Before joining Eurasia Group, David spent more than ten years working at the 

highest levels of US foreign and national security policy processes. From June 2007 

to January 2009, David served as the director of policy planning under Secretary of 

State Condoleezza Rice. He played a leading role in developing policy ideas for Rice on 

issues ranging from Afghanistan and Pakistan to US engagement in East Asia to the 

multilateral response to the international financial crisis. He also led the department’s 

strategic policy dialogues with more than 20 countries around the globe. David’s 

latest book is Managing Strategic Surprise: Lessons from Risk Management and Risk 

Assessment, co-edited with Ian Bremmer and Paul Bracken (Cambridge University 

Press, 2007). 

Trevor Houser, Visiting Fellow, PETERSON INSTITUTE FOR INTERNATIONAL 

ECONOMICS, Partner & Director of Energy and Climate Practice, RHODIUM 

GROUP (RHG) 

Trevor Houser, visiting fellow at the Peterson Institute for International Economics, is 

partner at the Rhodium Group (RHG) and director of its Energy and Climate Practice. 

During 2009 he served as senior advisor to the US Special Envoy on Climate Change. 

Randall S. Kroszner, Norman R. Bobins Professor of Economics, UNIVERSITY 

OF CHICAGO 

Randall S. Kroszner served as a Governor of the Federal Reserve System from March 

2006 until January 2009. During his time as a member of the Federal Reserve Board, 

he chaired the committee on Supervision and Regulation of Banking Institutions and 

the committee on Consumer and Community Affairs. He represented the Federal 

Reserve Board on the Financial Stability Forum (now called the Financial Stability 

Board), the Basel Committee on Banking Supervision, and the Central Bank Governors 

of the American Continent (CEMLA). Dr. Kroszner chaired the working party of the 

Organization for Economic Cooperation and Development (OECD), composed of deputy 

central bank governors and finance ministers, on Policies for the Promotion of Better 

International Payments Equilibrium. Dr. Kroszner was a member of the President’s 

Council of Economic Advisers (CEA) from 2001 to 2003. 

Hung Tran, Deputy Managing Director and Counsellor, INTERNATIONAL 

INSTITUTE OF FINANCE 

Chris Varvares, President, MACROECONOMIC ADVISERS, LLC, Immediate Past 

President, NATIONAL ASSOCIATION FOR BUSINESS ECONOMICS 

Chris Varvares is President of Macroeconomic Advisers, a company he co-founded 

with Joel Prakken and Laurence Meyer as Laurence H. Meyer & Associates in 1982. 

Mr. Varvares has over 20 years of experience in macroeconomic forecasting and policy 

analysis, both as a principal of Macroeconomic Advisers (1982 to present) and as a 

member of the staff of the President’s Council of Economic Advisers (1981-1982). 


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decision-makers? Why not consider sponsoring a luncheon, cocktail party or refreshment break? Maybe 

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center. For more information on sponsorship, please contact Sarene Yablonsky at +1 646 895 7474 or 

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For exhibit opportunities please contact Jeffrey Dubs +1 646 895 7477 or email: jdubs@ iirusa.com. 


ADMINISTRATIVE DETAILS 

3 EASY WAYS TO REGISTER: 

Internet: www.globalmacrorisk.com 

Email: register@iirusa.com 

Phone: (888) 670-8200 or 

internationally at (941) 951-7885 

Global Macro Pricing 

Conference Only (Oct 18th + 19th) Register by 8/20/2010 Register by 9/17/10 Register after 9/17/10 

Investors $595 $695 $795 

Standard $2,195 $2,395 $2,595 

Conference Plus Summit (Oct 18th,19th + 20th) 

Investors* $990 $1,090 $1,190 

Standard $3,190 $3,390 $3,590 

* Organizations that are solely investing on their own behalf and do not sell any products or services to clients, including; sovereign wealth funds, pension funds, endowments, 

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Group Discounts Available 

Please contact Jeffrey Leschen at 

+1 646.895.7427 for details. No two discounts can be combined. 

Fee 

The standard fee for attending IIR’s Global Macro Investing & Geopolitical Risk 

Forum is outlined on the registration form. This includes the luncheon and 

refreshments, and the conference documentation and materials submitted by 

the speakers. You may enclose payment with your registration or we will send 

an invoice. Payment is due within 30 days of registering. If registering within 

30 days of the event, payment is due immediately. Payments can be made by 

check, Visa, MasterCard, Discover, Diners Club or American Express. Please 

make all checks payable to the “Institute for International Research, Inc.” and 

write the name of the delegate(s) on the face of the check, as well as our 

reference code: U2531. If payment has not been received prior to registration 

the morning of the conference, a credit card hold will be required. 

Dates and Venue 

October 18-20, 2010 

Sheraton New York Hotel & Towers 

811 Seventh Avenue @ 53rd Street, New York, NY 10019 

Accommodations 

A block of rooms will be held for a limited period of time at Sheraton New 

York Hotel & Towers. All reservations can be made directly with the hotel’s 

reservation department by calling (888) 627-7067 and referencing Global 

Macro & Geopolitics. 

Cancellation Policy 

If you need to make any changes or have any questions, please feel free to 

contact us via email at register@iirusa.com. Cancellations must be in writing 

and must be received by IIR prior to 10 business days before the start of 

the event. Upon receipt of a timely cancellation notice, IIR will issue a credit 

voucher for the full amount of your payment, which may be applied towards 

registration fees at any future IIR event held within 6 months after issuance 

(the “Expiration Date”). All credit vouchers shall automatically expire on the 

Expiration Date and shall thereupon become void. In lieu of issuance of a credit 

voucher, at your request, IIR will issue a refund less a $795 processing fee per 

registration. Registrants are advised that no credit vouchers or refunds will 

be issued for cancellations received less than ten business days prior to start 

of the event, including cancellations due to weather or other causes beyond 

the Registrant’s control. IIR therefore recommends that registrants allow for 

unexpected delays in making travel plans. Substitutions are welcome at any 

time. If for any reason IIR decides to cancel this conference, IIR accepts no 

responsibility for covering airfare, hotel or other costs incurred by registrants, 

including delegates, sponsors, speakers and guests. 

Due to unforeseen circumstances, the program may change and IIR reserves 

the right to alter the venue and/or speakers. 

Documentation Order 

If you are unable to attend the program, or would simply like to order additional 

sets of documentation for your colleagues, they are available for $395 per set, 

including taxes, postage and shipping in the U.S. Please fill out the order form 

on the back of the brochure. The documentation is available two weeks after 

the conference takes place. 

CREDIT CARD PAYMENT ONLY. 

Auxiliary Aid 

Any disabled individual desiring an auxiliary aid for this conference 

should notify IIR at least 3 weeks prior to the conference in writing 

by faxing +1 (212) 661-6045. 

Complaint Resolution Policy 

For more information regarding administrative policies such as complaint and 

refund, please contact our offices at (888) 670-8200 or +1 (941) 951-7885. 

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Please keep in mind that amendments can take up to 6 weeks. 

U2531 


Institute for International Research 

708 Third Avenue 

New York, NY 10017 

October 18th – 20th, 2010 

Sheraton New York Hotel & Towers, NEW YORK, NY 

Forum 

The world’s first event to convene financial market thought-leaders 

and geopolitical experts to manage the key fiscal, monetary, policy and 

economic issues causing today’s market disruptions 

FEATURED SPEAKERS: Dr. Willem Buiter, Managing Director and Chief Economist, CITI • Michael Novogratz, Principal and Director, FORTRESS 

INVESTMENT GROUP LLC • Kenneth S. Rogoff, Thomas D Cabot Professor of Public Policy, Department of Economics, HARVARD UNIVERSITY • 

Hari N. Hariharan, Chairman and Chief Executive Officer, NWI MANAGEMENT LP 

WITH THE PARTICIPATION OF FINANCIAL MARKET THOUGHT LEADERS & GEOPOLITICAL EXPERTS 

Anchor Point Capital, LLC • Man Investments • Abbey Capital •Ontario Teachers’ Pension Plan • Credit Suisse • Kenmar Global Investment • Caisse De 

Depost Et Placement Du Quebec • Morgan Stanley Investment Management • Citi • Fortress Investment Group LLC • NWI Management LP • Hayman 

Advisors LP • The Cook Political Report, • QFR Capital Management, L.P. • Floyd Currency Trading, LLC • Argonaut Capital Management • Blackrock 

Clarium Capital • Galtere Ltd. • State Street Global Advisors • Iridian Asset Management • Woodbine Capital Manager • Lily Pond Capital Management 

LLC • First Quadrant, L.P. • Bluecrest Capital Management Ltd. • Conquest Capital Group LLC • PIMCO • Credit Suisse Securities • Suranya Capital 

Partners, LLC • Graham Capital Management • R. G. Niederhoffer Capital Management, Inc • Bridgewater Associates • EQA Partners L.P. • Omnis, Inc. 

Doshi Capital • Eagle Trading Systems, Inc. • FX Concepts • Tandem Global Partners • Galle Global Macro Partners • Slifka Asset Management 

Armored Wolf, LLC • Dymon Asia • Washington Research Group • Rockefeller Institute Of Government • Center For Strategic And International Studies 

(CSIS) • The Washington Institute For Near East Policy • University Of Southern California • The Brookings Institution • The Investigative Project 

On Terrorism • Cato Institute • Eurasia Group • Peterson Institute For International Economics • Rhodium Group (RHG) • University Of Chicago • 

International Institute Of Finance • National Association For Business Economics 

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