Diane Garnick , Chief Income Strategist, TIAA “Mental Accounting in Retirement: Retire Using Buckets of Money!”
Mark Kritzman, CEO of Windham Capital Management, LLC, “Asset Allocation: Fallacies, Challenges and Solutions“
Link for full event details: http://newyork.qwafafew.org/event/aug22/
Venue: Bourbon Street Bar and Grill, 346 W 46th Street, between 8th and 9th Avenues, New York, NY 10036, Upstairs Private Room on Restaurant Row
RSVP to firstname.lastname@example.org In text body, please provide the name, phone number, email, and membership/affiliation status for each attendee.
5:30- 6:00 Registration, Networking, and Refreshments
6:00 – 6:05 Chapter Business – Mike Carty, New Millennium Advisors
6:05 – 6:45 Diane Garnick , Chief Income Strategist, TIAA “Mental Accounting in Retirement: Retire Using Buckets of Money”
Mental Accounting comes naturally to all of us. We allocate each paycheck to many different buckets; 25% to housing, 25% to food, 25% to loans and, of course, another 50% to entertainment. As you can see, we are not necessarily the best mathematicians. If we make a mistake when we are young, we have plenty of opportunities to recoup.
Mental Accounting in Retirement involves a key change in mindset. Time is no longer on our side and (hopefully) our level of wealth is higher. Rather than allocate some funds to many buckets we propose fully funding one bucket before moving on to the next.
This one simple change creates a framework that enables people to answer the age old question; How much guaranteed lifetime income do I need?
6:45 – 7:00 Refreshment and Networking Brea k
7:00 – 7:45 Mark Kritzman, CEO, Windham Capital Management,
Asset Allocation: Fallacies, Challenges and Solutions
Academics and practitioners have made great strides in applying modern portfolio theory to structure efficient, real-world portfolios. Yet many crucial challenges still remain. Mark Kritzman will share insights from his new book with Will Kinlaw and David Turkington, “A Practitioner’s Guide to Asset Allocation.”
First, he will discuss a collection of stubbornly persistent fallacies including the notion that asset allocation explains more than 90 percent of performance, that time diversifies risk, that optimization is hypersensitive to estimation error, and that factors provide greater diversification than assets.
Second, he will show how to construct palatable portfolios without resorting to arbitrary constraints, how to deal with estimation error, and how to use regime forecasts to dynamically adjust allocations.
Diane Garnick is Managing Director and Chief Income Strategist at TIAA – the leading financial services provider for the not-for-profit market offering a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services.
An industry thought leader with two decades of experience structuring retirement and investment solutions, Ms. Garnick is responsible for advancing the strategy, development, and modernization of TIAA’s lifetime income solutions across the firm’s portfolio of products and services. In this role she is also charged with helping to simplify the complexities surrounding lifetime income products for the thousands of institutions and millions of individuals TIAA serves.
Prior to joining TIAA, Ms. Garnick served as a global investment strategist at State Street Global Advisors and Invesco. She was also a member of the top-ranked Institutional Investor Equity Derivatives research team at Merrill Lynch. Ms. Garnick serves on the board of the CFA Institute Research Foundation, is a member of the Editorial Board for the Journal of Retirement, volunteers for Habitat for Humanity, and chaired the CHRISTUS Healthcare Investment Committee. Ms. Garnick earned a bachelor’s degree in accounting from Hofstra University, and a master’s degree in finance & strategy from the University of Chicago Booth School of Business.
She is a Certified Public Accountant.
Mark Kritzman, CFA, CEO, Windham Capital Management
Mark Kritzman is CEO of Windham Capital Management, LLC and the Chairman of Windham’s investment committee. He is responsible for managing research activities and investment advisory services. He is also a Founding Partner of State Street Associates, and he teaches a graduate finance course at the Massachusetts Institute of Technology. Mark served as a Founding Director of the International Securities Exchange and has served on several boards, including the Institute for Quantitative Research in Finance, The Investment Fund for Foundations, and State Street Associates.
Mark is also a member of several advisory and editorial boards, including the Center for Asset Management at Boston College, the Advisory Board of the MIT Sloan Finance Group, the Consortium for Systemic Risk Analytics, the Emerging Markets Review, the Financial Analysts Journal, the Journal of Alternative Investments, the Journal of Derivatives, the Journal of Investment Management, where he is Book Review Editor, and The Journal of Portfolio Management.
Mark has written numerous articles for academic and professional journals and is the author of six books including Puzzles of Finance and The Portable Financial Analyst. Mark won Graham and Dodd scrolls in 1993 and 2002, the Research Prize from the Institute for Quantitative Investment Research in 1997, the Bernstein Fabozzi/Jacobs Levy Award in 2003, 2006, 2011, and 2013, the Roger F. Murray Prize from the Q-Group in 2012, and the Peter L. Bernstein Award in 2013 for Best Paper in an Institutional Investor Journal. In 2004, Mark was elected a Batten Fellow at the Darden Graduate School of Business Administration, University of Virginia. Mark has a BS in economics from St. John’s University, an MBA with distinction from New York University, and a CFA designation.