PRESIDENT'S MESSAGE sacha imbert, president - Society

JUNE 2012 ISSUE
sacha imbert, president
PRESIDENT’S MESSAGE ..............1
CFA FORECAST DINNER ............2
FORECASTERS OF THE YEAR ......3
CHARTERHOLDER PROFILE ......4-5
EVENTS .......................................5
NEWS FROM THE
CFA INSTITUTE .............................6
EDUCATION CHAIR
REPORT ....................................7-8
TREASURER’S REPORT .................8
CFA OTTAWA ELECTIONS ...........9
PRESIDENT’S MESSAGE
With the warming weather and Stanley Cup finals - unfortunately without our
Senators - comes the end of CFA Ottawa’s fiscal year. This means that over the
next few weeks, we will be voting for a new Board for 2012-2013. Building on the
record breaking year we just had, I could not me more optimistic for the coming
year and the success of our Society.
In March, CFA Ottawa delivered a spectacular forecast dinner at the new Convention
Centre, where 420 attendees had a chance to listen to our elite panel of speakers
and network at the premier financial event of the year in Ottawa. We also hosted
two very successful luncheons on Infrastructure and Active versus Passive Management,
along with a networking event at the Mill Street Brew Pub.
However, our biggest success is undoubtedly the international recognition the Ottawa
Society received for its outstanding work. In May, CFA Ottawa Society won its
first global award for the Best Outreach and Awareness Campaign, in front of our
colleagues from around the world at the Annual Conference in Chicago. This is a
major honour and hopefully only the beginning for the Ottawa Society.
CFA Ottawa will be building on this success by drafting a strategic plan over the
summer to ensure that we can meet our member’s goals and meet the increasing
and growing list of strategic initiatives that the CFA Institute is implementing.
The results from the survey we sent you will be very helpful for us in this exercise
and we thank you for your participation.
Over the coming months, you will notice new branding coming from the CFA
Institute. This comes along with a focus on a bolder voice, broader mission and
bigger community. As the financial markets continue to gyrate, the CFA Institute
continues to evolve and grow.
Have a great and safe summer!
Sacha Imbert, CFA
President, CFA Ottawa Society

RECORD BREAKING SUPPORT
FOR 2012 ANNUAL FORECAST DINNER
Each year the CFA Ottawa Society hosts the premier
networking event for the local finance and investment
community. This year was no exception. On March 29th,
over 400 members and colleagues joined us for our largest
event yet at the new Ottawa Convention Centre. This
record attendance eclipsed our previous dinner by 56%
and was a key driver in our recognition and success at the
Global Society Excellence Awards in Chicago.
We were honored to have three compelling guest speakers
from three different areas of the profession. Focusing on
macroeconomic trends, we had Doug Porter, CFA, Managing
Director and Deputy Chief Economist of BMO Capital
Markets. Speaking directly to investment trends and regulatory
oversight, we had Eric Bushell, CFA, Chief Investment
Officer from Signature Global Advisors.
Finally, with fresh insights straight from the budget lockup
sessions, we had Jamie Golombek, Managing Director
of Tax and Estate Planning from CIBC Private Wealth
Management. Mr. Golombek spoke about new themes
from the budget and their implications for investors. The
evening was moderated by Naomi Ridout, CFA, from
Macquarie Private Wealth. Ms. Ridout is a past President
of the CFA Ottawa Society.
The CFA Ottawa Society would like to thank each of our
presenters and the moderator for their contributions as well
as each of our sponsors who helped make this event possible.
We hope to build on the incredible success of this event
next year and hope that our members will continue to push
us to grow and improve our program offerings in the future.

Sponsors
thank you
to our
reception sponsor
gold sponsors
silver sponsors
CARLETON UNIVERSITY
in kind sponsors
FORECASTERS OF THE YEAR 2011
Past President of the CFA Ottawa Society, Andrew Baechler, did an
entertaining presentation of the annual Forecaster of the Year award. It
is also important to note that Andrew was the winner of the 2010 award.
Participants were asked to predict the year-end values for the TSX,
S&P500, Oil, USD/CAD, and the price of Tim Horton’s stock.
For the TSX, the group average over-predicted the change in value
by 18% as bullish sentiments reigned among the participants. For
the S&P500, the group average was a little more respectable with a
variance of 13.1%. For oil, the predicted change varied by 7% when
compared to the actual Year End closing price of $99.00. For the
USD/CAD, the group over-predicted the increase in the CAD with
an average estimate of $1.04 vs. the actual Year End value of $0.98.
And for the price of Tim Horton’s, the group average estimated price
was 5% off the mark.
The average variance was slightly higher this year, when compared to last.
Congratulations to our top forecaster Ian Sterling, who, on average, came
within 6.5% of the targets. We commend Ian on his predictive prowess.
Congratulations to runners up Ian Taylor and Graham Mayes for
their accurate predictions. A special thanks to Andrew for the
entertaining presentation.
Category winners:
FORECASTER
Ian Sterling 6.5%
Ian Taylor 7.1%
Graham Mayes 8.0%
CATEGORY
TSX Paul Gasperetti
S&P 500 Craig Lueck
Oil
USD/CAD exchange rate
Tim Horton’s Stock Price (THI)
Overall Winner
VARIANCE
FORECASTER
Pascal Bruneau
David Stewart
James King
Ian Sterling
We would like to thank everyone for participating. Will performance
persist? Attend next year’s Forecast Dinner to find out!

CHARTERHOLDER PROFILE
brian cook, ca, cfa
Brian has over 20 years of experience in the finance
industry and is currently VP Finance at Brookfield
Renewable Energy Group, and has been with
Brookfield in this and other capacities for four years.
Prior to this, he worked at MD Management in
various finance and investment positions. Brian is
also a former CFA Ottawa Society President.
WE ASKED MR. COOK ABOUT HIS CAREER AS
A CFA CHARTERHOLDER
after completing the ca designation, what attracted you to
a career in finance and why did you decide to pursue the cfa
designation?
Obtaining a CA designation and holding a CFA charter was not part of a
grand plan. I initially completed a B.Comm in Hotel Management from
the University of Guelph and worked for several years in the hotel business
in Bermuda, where I was born and raised. I wanted to do something else
after the Commerce degree, and met with people at Coopers and Lybrand
(now PriceWaterhouseCoopers) and it was from these meetings that I
began working on my CA designation. I did not have many of the required
accounting and tax courses so I also spent several months in ‘the grind’ of
summer school in Dalhousie University to obtain all the required courses.
During my articling years at Coopers and Lybrand I worked on several
company audits in the hotel, insurance, and investment industries.
It was during this time that I worked on an audit of a Bermuda based investment
management company that managed several retail mutual funds,
and venture capital pools with investments in the United States and Asia,
and clients who were based in Bermuda and Germany. This was my first
real exposure to the investment industry and with an element of ‘global
investing’. The principal owner was a great guy and a seasoned investor in
stocks. He followed a value style of investing, held a contrarian view, with a
long term horizon, all of which I found really interesting. During each year
of that audit, I learned and appreciated more about the investment business.
After I left Coopers and Lybrand I took a job as Controller of a hotel on
the island. While I enjoyed the work, I got a call one day from the principal
owner of that same investment company. He was looking for a Controller/
Treasurer and that was it, I began to work in the investment industry.
I completed the CFA Level 1 examination in Bermuda, and completed
Levels 2 and 3 here, after my move to Ottawa. I like the portable nature
of the CFA designation and the fact that it is globally recognized.
what has holding a cfa charter meant for your career as an
investment professional?
From a management perspective, the CFA Charter has broadened my skill
set and provided me with more tools in the tool kit. I like having both an
investment lens and an accounting lens that I can use and apply to different
opportunities and situations in the workplace.
Working through the requirements for a CFA charter has given me a sound
knowledge of the different types of investments, the importance of a well
balanced portfolio construct, and how to more effectively understand and
communicate the risks and returns. I think the CFA Institute does a fine
job with respect to ongoing professional development and seminars – and
this is great material to have access to as needed.
This investment knowledge is beneficial both in the work place and for volunteer
work. I find it rewarding to be able to provide investment input and
direction as part of an Investment Committee of a national foundation.
Continued on next page

CHARTERHOLDER PROFILE
CONTINUED
what gives you the most satisfaction
in your role as vice-president, finance
at brookfield renewable energy group?
I have the opportunity to work with a great
company, in a growing industry and with
a fine group of business professionals. This
is a rare combination of factors to find in
the work place. We have been in business
for over 100 years and operate one of the
largest publicly-traded, renewable power
platforms globally with annual revenues
of $1.4 billion. The portfolio is primarily
hydroelectric with over 170 power generating
assets across 67 river systems in Canada,
the United States and Brazil.
The portfolio generates enough electricity
from renewable resources to power over
two million homes each and every day. We
are listed on the TSX, and have filed in the
United States in anticipation of a listing on
the NYSE later this year.
Given this background, what gives me the
most satisfaction is providing people on the
team with the opportunity to work to their
full potential, and seeing them do well.
specific to a new cfa charter-holder
who wants to live and work in ottawa,
what career advice would you offer?
Some people tend to under-estimate Ottawa.
The city has a lot to offer with a wide range
of businesses that operate in the area, together
with the benefits a good life style close by. I
cycle along the Ottawa river every day to and
from work, and the Gatineau hills are close by.
From a career perspective, I would humbly
offer the following advice i) accept that
there will be moments of failure, we are
only human, so learn from the mistakes and
move on, ii) stay positive – celebrate when
you win, iii) accept imperfection and don’t
try to make perfect decisions. As Warren
Buffet says “the best that you can do as a
leader is to gather all the information that
you can (in a timely manner), do a costbenefit
analysis of the potential options, use
your best judgment – and then go for it”.
CFA OTTAWA LUNCHEON SERIES RECAP
The Luncheon Series continued its stellar participation record from
2010/2011, with two well received events in the early part of 2012.
The topics featured and speakers included:
• February 2012: Infrastructure - Eric Bonnor – Senior Vice-President,
Brookfield Asset Management
• May 2012: Searching for Alpha - Harry Marmer – Executive Vice-
President, Institutional Investment Services, Hillsdale Investments
• June 2012: Diversification & Beyond: The Risk Factor Approach to
Asset Allocation – Sebastien Page – Executive Vice-President & Head
of Client Analytics, PIMCO
As a reminder, the Luncheon Series is focused on the professional development
of members and candidates of the CFA Ottawa Society. Each
luncheon is eligible for 1 credit hour of CFA Professional Development.
We would like to extend our thanks to all who took some time out of
their busy schedules to attend, and to the speakers that were gracious
enough to share their knowledge.
Should you have any future luncheon topic ideas or speaker suggestions,
we would be glad to hear from you.
CFA OTTAWA SOCIALS RECAP
In 2011/2012, CFA Ottawa also brought to you three social events.
These social events featured:
• December 2012: Wine & Cheese at the Royal Ottawa Golf and
Country Club
• May 2012: “5 à 7” at the Mill Street Brewpub
• June 2012: Post exam cocktails at Oliver’s
These events are great to help facilitate dialogue with the local society’s
volunteers and executives. It also offers a great networking opportunity
to current and aspiring Charterholders.
CFA OTTAWA WEBSITE
Please regularly visit the newly improved CFA Ottawa Society website
(www.cfaottawa.ca) for additional information on upcoming events
and relevant developments in Ottawa’s financial analysis community.

CFA BRANDING
The CFA Institute has created a new logo (below) in an effort
to further promote the CFA Charter. The new logo was created
within the context of a new branding strategy. The branding
strategy is built bottom-up from the brand pillars, through the
tone of voice, to finally the brand positioning. The brand pillars
are identified as the following:
• Professional excellence to raise standards in industry
• Champion for ethical behavior in investment markets
• A respected source of knowledge in investment markets
• Strong global community of investment professionals
• Serving interest of investors and of society
The tone of voice represents the manner and style in which we
speak about ourselves. It shapes how we look, feel and sound and
should be reflected across all communications. Our tone of voice,
within this strategy, has been defined as being; insightful, approachable,
premium and vibrant. This finally leads to our brand
positioning, which is defined as “Shaping and investment industry
that serves the greater good.”
Lastly, the new logo symbolizes the collective identity of our
global community of investment professionals centered on a core
of ethical best practice. The CFA Institute is updating the brand
to better highlight our identity as a dynamic and growing global
organization committed to actively building fair and effective
financial markets.
BRAND POSITIONING
SHAPING AN INVESTMENT INDUSTRY THAT SERVES THE GREATER GOOD
INSIGHTFUL
Professional
excellence
to raise
standards in
the industry
TONE OF VOICE
APPROACHABLE PREMIUM VIBRANT
Champion
for ethical
behaviour
in investment
markets
BRAND PILLARS
Respected
source of
knowledge
in investment
markets
NEWS FROM THE CFA INSTITUTE
Strong, global
community
of investment
professionals
Serving the
interests of
investors and
of society
JUNE EXAM
On June 2nd 2012, the CFA Institute administered
the CFA exams with a record number of
registered candidates totaling nearly 150,000
for all three levels of the exam. Good luck to
those who wrote!
CFA INSTITUTE MARKS
50TH ANNIVERSARY OF
THE CFA PROGRAM
CFA Institute, celebrated 50 years of the Chartered
Financial Analyst Program by opening
Toronto Stock Exchange (TSX) and hosting
ceremonies in 23 other financial centers around
the world on Tuesday, May 29, 2012. The global
market ceremonies represented the greatest
number of stock exchanges worldwide opened
or closed by one organization on a single day.
CFA OTTAWA
SURVEY RESULTS
Thank you to members who responded to the
2012 CFA Ottawa Member Survey. The response
rate was excellent and the feedback was helpful.
The Society was encouraged as the survey highlighted
many things members believe we are
doing well. The survey also pointed to potential
areas of improvement; we will focus on these in
the coming year.
Following are some interesting points to note
from the survey results:
• 49% of members consider themselves to not
be active members of the society;
• The majority of members are satisfied (or above)
with the quality of service CFA Ottawa is offering;
• Members place significant value on Programming
& Education, along with Career & Job related ads;
• The Society should be concentrating efforts on
promoting the CFA charter to local employers;
• Most members attend 3 to 5 events per year
and the main reason for attending is the topic
of the event;
• The forecast dinner was considered engaging
and satisfying.
Note that we welcome feedback at any time;
please contact us directly at admin@cfaottawa.ca

CANDIDATE EXAM SUPPORT
EDUCATION CHAIR REPORT
As in years past, the CFA Ottawa Society undertook many activities leading up to the June exam to support local candidates in
their efforts. These activities are outlined bellow;
1. BSAS practice exam was distributed to 13 individuals this year. This was in addition to the approximately 20 students
who signed up online for the practice exam and test bank.
2. On May 12th, a study group session was held, with the help of Professor Yuriy Zabolotnyuk. This event was brought on by
the suggestion of a candidate and will surely be implemented again next year. However, this will be done earlier in the study
cycle to facilitate candidate success.
3. On May 19th, a Schweser mock exam was held at Carleton University for all three levels of the CFA exam. This was an
opportunity for candidates to experience a trial run of the exam day, a few weeks prior to the actual exam. 19 candidates
signed up for the event, with some positive feedback from the participants after the fact. A special thank you to Anna
Evstafyeva and Stevan Dostanic for making this event a success.
4. The deadline for applications to the December 2012 exam scholarship is August 15th 2012. Scholarship application forms
are available on the CFA Ottawa Society website.
Please note, that candidates who sat for the June 2012 exam can provide feedback on exam questions and the administration
of the exam via the CFA Institute website.
CFA AND THE TELFER SCHOOL
OF BUSINESS
June marked the completion of the inaugural class of the
Telfer Capital Market Mentorship Program. The program’s
aim is to provide students with the knowledge,
skills and experience to compete for and attain finance
related positions of their choice.
The program was led by Brian Carrière, Relationship
Manager at the University of Ottawa, and included the
participation of five local CFA Charterholders who volunteered with
the program. Please contact Brian (bcarriere@telfer.uottawa.ca) if
you are interested in becoming involved with this program in the
upcoming year.
The CFA Ottawa Society also contributed to the 2012 First Avenue
Advisory of Raymond James Capital Markets Competition, held at
the Telfer School of Business, by donating the second prize for the
first runner-up in the competition.

oary macdonald
TREASURER UPDATE
UNIVERSITY OF OTTAWA FINANCE
SOCIETY CFA AMBASSADOR
Roary Macdonald is currently entering his 4th year in the Telfer
School of Management at the University of Ottawa. Through a
partnership with the Finance Society, he will represent the school
and act as an ambassador for the CFA Institute for the upcoming
year. The first role of its kind for the CFA Institute, its main
responsibility will be to facilitate the student body in actively
pursuing their CFA designation upon completing their bachelor’s
degree. Through actively communicating with his peers, and establishing
a network of current CFA Charterholders, his goal is to
increase the level of commitment to this designation by bridging
these two worlds.
Name: Roary Macdonald
Age: 21
Hometown: Kingston, Ontario
School: University of Ottawa, 4th year
Program: Commerce, w/ Co-Op
E-Mail: roary.macdonald@financesociety.ca
CFA Ottawa Society 2011/2012 fiscal year-to-date results have tracked according to plan. At January 2012 our cash and equivalents
balance stood at over $165,000. Having a strong surplus at this time is important given the cash outlays associated with hosting
several spring lunches and the annual forecast dinner in March. The forecast dinner was a resounding success financially, bringing
in a record number of table sponsorships. The Society’s revenues remain a function of regular CFA Institute funding, membership
dues, employment postings, and cost-neutral programming. CFA Institute funding was down slightly year over year due
to a new funding formula; this has not impacted our cash position materially.
In 2011/2012 we continued to follow a treasury management policy for CFA Ottawa that was approved at the board level in
2010. This provides clear guidelines and policies regarding deployment and management of surplus funds going forward as
well as the cadence and mechanics of reporting to the board. We continue to seek ways to streamline the payment process for
events, and we believe the Paypal and Eventbrite platforms help streamline the payment flows into the society and make cash
management easier.
Our goal is to continue to find ways to effectively deploy our capital and bring value added events and programming, and use
society funding to help keep costs to members down.
We welcome any questions or feedback on the current fiscal position. Have a great summer!
Robert Pelletier, Treasurer
CFA Ottawa Society

UPCOMING ELECTIONS FOR CFA OTTAWA BOARD
In the coming weeks, you will receive an email to solicit your votes for the 2012/2013 CFA Ottawa Society Board of Directors. The
email will include a link that will allow you to vote by proxy. You will also have the option to vote in person at the Annual Meeting, to
be held in July of 2012 (exact date and location TBA). Full bios of the nominated individuals will be in the proxy form.
CFA OTTAWA SOCIETY
c/o Trevor Mulligan
174 Bank Street • P.O. Box 71047
Ottawa, Ontario K2P 1W0
Email: admin@cfaottawa.ca
Ottawa CFA Society Volunteers & Leadership
Sacha Imbert, CFA ..................................................................................................President
Trevor Carson, CFA ................................................................................................Vice-President
Pierre Barber, CFA ..................................................................................................Secretary
Robert Ernest Pelletier, CFA ....................................................................................Treasurer
Julian M. Deschatelets, CFA ...................................................................................Past President
Andrew Baechler, CFA ............................................................................................Board Member at Large
Paul Baron, CFA .....................................................................................................Education Chair
Trevor J. Mulligan ...................................................................................................Administrative Support
Roger Soler, CFA ....................................................................................................Membership Committee Chair
Rebecca Tam, CFA ..................................................................................................Program Chair
Adwaite Tiwary ......................................................................................................Technology Chair
Stevan Dostanic ......................................................................................................Newsletter Editor
Wesley Blight, CFA .................................................................................................Programming