The 10th annual University of Virginia Investing Conference (UVIC) took place at UVA’s Darden School of Business, 9-10 November 2017. The conference provided a forum for the insights of financial analysts, portfolio managers, economists, and industry executives and attracted professional investment managers, financial officers, academics, students and private investors as they sought to identify and analyze the way forward in asset management.The conference was hosted by the Richard A. Mayo Center for Asset Management, one of Darden’s 10 research Centers of Excellence. The center works to advance the study and practice of asset management through top-quality research, regular conferences and activities, support for the MBA student club Darden Capital Management, and the development of educational programs.See the 10th annual University of Virginia Investing Conference press release, video highlights and conference synopsis. Menu Overview Speakers Travel & Logistics Sponsors Past Events The 10th Annual University of Virginia Investing Conference:Explored the current economic and political landscape and discussed the history of economic booms and market collapsesIdentified opportunities in a changing active-passive setting and explored alternative asset classes such as real estate and hedge fundsBuilt on a record-setting year in 2016 by hosting the full Darden@Virginia Investing Challenge, providing all registrants an opportunity to attend and observe live pitches and judges’ questionsProvided an opportunity to hear from Darden School Foundation Board of Trustees Chair, Elizabeth Weymouth (MBA ‘94) and President and CEO of Investure, Alice Handy, at a leading women in investing Friday morning breakfastCONFERENCE HIGHLIGHTS:Thursday, 9 November6th Annual Darden @ Virginia Investing Challenge Conference Welcome and DVIC ReceptionFriday, 10 November‘Women in Investing’ Breakfast Panel with Darden School Foundation Board of Trustees Chair, Elizabeth Weymouth (MBA ‘94) and President and CEO of Investure, Alice Handy Pedro Matos, Academic Director of the Richard A. Mayo Center for Asset Management & Associate Professor of Business Administration, UVA Darden SchoolTed Seides, Managing Partner, Hidden Brook Investments LLCMichael Mauboussin, Director of Research, BlueMountain Capital ManagementKate Moore, Chief Equity Strategist, BlackRockJames Shinn, CEO, PredataSonny Kalsi, Founder & Partner, GreenOak Real EstateDiscussion with Bob Bruner, Dean Emeritus, UVA Darden School Friday conference series included discussion on the following topics:Hedge funds Artificial intelligence Family office investing Endowments Real estate Global equity markets The active-passive investing question The history of systemic risk, booms and busts 2017 University of Virginia Investing Conference Speakers Scott Beardsley Scott Beardsley is the ninth dean of the University of Virginia Darden School of Business. He joined the Darden School as dean and Charles C. Abbott Professor of Business Administration 1 August 2015 after 26 years at McKinsey & Co., during which he held numerous senior roles including as an elected member of McKinsey’s global board of directors. He was based in the firm’s Brussels, Belgium, office for 24 years. Beardsley was drawn to the Darden School’s global focus, its unparalleled education experience and the University of Virginia’s Jeffersonian tradition of excellence. A frequent author, speaker and media commentator, he has presented at venues such as the World Economic Forum at Davos. Beardsley holds an executive doctorate in higher education management from the University of Pennsylvania, an MBA from the Massachusetts Institute of Technology’s Sloan School of Management and a bachelor of science in electrical engineering from Tufts University. He has also served on a number of boards, including eight years as chair of the board of directors of the American Chamber of Commerce in Belgium. He is a citizen of France and the United States and is bilingual in English and French. He resides in Charlottesville, Virginia, on the Lawn at the center of the University of Virginia’s Academical Village, a UNESCO World Heritage site. He and his wife, Claire Dufournet of Annecy, France, have three sons. Bob Bruner Bob Bruner is a University Professor at the University of Virginia, Distinguished Professor of Business Administration and Dean Emeritus of the Darden School of Business. A faculty member since 1982 and winner of leading teaching awards at the University of Virginia and within the Commonwealth of Virginia, he teaches and conducts research in finance and management. Bruner's current research interests span subjects such as corporate finance, financial crises and panics, business history, the future of higher education and the leadership attributes of U.S. presidents. He is best known for his research on mergers and acquisitions, corporate finance and financial panics. His books, Deals from Hell and Applied Mergers and Acquisitions, have helped numerous practitioners and students toward successful transactions. His book published in 2008, The Panic of 1907: Lessons Learned From the Market's Perfect Storm, with Sean D. Carr, attracted wide attention for its discussion of the underpinnings of financial crises. Drawing lessons from the Panic of 2008, his article, “Crises, Financial Leadership, and the Six Stretches for Financial Education,” was published earlier this year. The eighth edition of his Case Studies in Finance, co-authored with Kenneth Eades and Michael Schill, will be published this fall. He comments on life, business and current events in his blog. He also tweets regularly on his Twitter account. As dean of the Darden School from 2005 to 2015, Bruner chartered or led a series of successful initiatives that prompted In Poets & Quants and CNNMoney/ Fortune to name him " Dean of the Year" in 2012. He has served on the boards of various for-profit and non-profit organizations. A native of Chicago, Bruner received a B.A. from Yale University in 1971 and MBA and DBA degrees from Harvard University in 1974 and 1982, respectively. Bruner and his wife have two sons. For more information and copies of his papers and essays, visit his website. Alice Handy Alice Handy founded Investure in December 2003 where she currently serves as President and CEO. Investure serves as the investment office to non-profits where building a high quality investment staff in-house is not economical or preferable. Investure provides a comprehensive, full-service solution for managing an investment portfolio across all asset classes to 15 colleges and foundations totaling approximately $13 billion. Prior to founding Investure, Alice spent 29 years managing the Endowment of the University of Virginia. She started as the first Investment Officer, later became Treasurer, and finally President of the University of Virginia Investment Management Company. Alice began her career as a Bond Portfolio Manager and Assistant Vice President at the Travelers Insurance Company. She also served as State Treasurer for the Commonwealth of Virginia from October 1988 to January 1990. Alice currently serves on the Boards of Bessemer Securities Corporation and MSCI, Inc. and the Governing Council of the Miller Center at the University of Virginia. She also serves on the investment committees of the Smithsonian Institution, the National Trust for Historic Preservation, the Thomas Jefferson Foundation, and the Charlottesville Area Community Foundation. Alice earned her BA, cum laude from Connecticut College and took graduate courses in economics at the University of Virginia. Sonny Kalsi Sonny Kalsi is a Founder and Partner of GreenOak Real Estate, an independent, partner-owned real estate principal investing firm that seeks to create long-term value for its investors and clients. Formed in 2010, GreenOak Real Estate is a highly focused global platform with an experienced and cohesive senior team that possesses a long and successful track record investing in and managing real estate. The firm has offices in New York, Los Angeles, London, Madrid, Tokyo and Seoul with dedicated teams that possess local knowledge, experience and extensive networks in each market. Since inception, GreenOak has raised $6b of equity to invest in targeted strategies and assets and acquired approximately $9bn of real estate assets globally. Sonny was previously the Global Co-Head of Morgan Stanley’s Real Estate Investing business and President of the Morgan Stanley Real Estate Funds until early 2009. At its peak, the MSREI platform had approximately $100 billion of AUM in 33 countries. From 1997 through 2006, Sonny and his team led the formation of Morgan Stanley’s property business in Asia and built the leading real estate platform in the region. Sonny was recently named by PERE as one of the 100 most influential people in private real estate from the past decade. Sonny is a graduate of Georgetown University with a degree in Business Administration and is a member of the Georgetown’s Board of Regents. Lawrence Kochard Lawrence Kochard, CFA, is the chief executive officer and chief investment officer of UVIMCO. As CEO, Larry provides leadership for all aspects of UVIMCO’s operations and serves as UVIMCO’s primary representative to the University, related foundations and the public. As CIO, Larry is responsible for the investment management of UVIMCO’s Long Term Pool, overseeing the asset allocation, portfolio management, risk management and manager selection activities of the investment staff. Prior to joining UVIMCO, Larry served as CIO at Georgetown University. From 2001 to 2004, he was managing director of equity and hedge fund investments for the Virginia Retirement System. From 1997 to 2004, he taught in the McIntire School of Commerce at the University of Virginia, first as an adjunct and later as a full-time assistant professor. Larry received his B.A. in economics from the College of William & Mary, an M.B.A. degree in finance and accounting from the University of Rochester, and an M.A. and Ph.D. in economics from the University of Virginia. He is a CFA charterholder. On August 31, 2017, UVIMCO announced that Larry will be stepping down later this year as the CEO/CIO of UVIMCO to pursue opportunities in the private investment management sector. Read the details here. Michael Mauboussin Michael Mauboussin is Director of Research at BlueMountain Capital Management. Based in New York, he provides thought leadership based on his research and writing in areas including capital markets, valuation, competitive strategy, and decision making. Prior to joining BlueMountain, he was Head of Global Ginancial Strategies at Credit Suisse and Chief Investment Strategist at Legg Mason Capital Management. Mr. Mauboussin originally joined Credit Suisse in 1992 as a packaged food industry analyst and was Chief U.S. Investment Strategist from 1999-2004. He is a former president of the Consumer Analyst Group of New York and was repeatedly named to Institutional Investor's All-America Research Team and The Wall Street Journal All-Star survey in the food industry group. Mr. Mauboussin is the author of three books: The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, Think Twice: Harnessing the Power of Counterintuition, and More Than You Know: Finding Financial Wisdom in Unconventional Places-Updated and Expanded. He is also coauthor, with Alfred Rappaport, of Expectations Investing: Reading Stock Prices for Better Returns. Mr. Mauboussin has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham and Dodd Investing. He has received the dean’s award for teaching excellence multiple times. Mr. Mauboussin earned an AB from Georgetown University. He is also chairman of the board of trustees of the Santa Fe Institute, a leading research institute for the multidisciplinary study of the fundamental principles of complex adaptive systems. Pedro Matos Pedro Matos is an Associate Professor of Finance and the Academic Director of Richard A. Mayo Center for Asset Management at the University of Virginia, Darden School of Business. His research focuses on international corporate governance and the growing importance of institutional investors in financial markets worldwide. His work has been published in leading academic journals (such as the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies) and has been featured also in the press, including in The Economist, Financial Times, New York Times , Washington Post, Fortune and Forbes. His work has received numerous research grants and awards, including the Wells Fargo Award for Outstanding Research Publication and the Darden Multiyear Publications Award. He is a Research Associate at the European Corporate Governance Institute (ECGI). At Darden, he has published numerous case studies and won twice the Wells Fargo Award for Excellence in Course Material Development. He previously taught at the University of Southern California, Marshall School of Business where he received a Golden Apple teaching award. He holds a B.A. in Economics from Nova University in Lisbon (Portugal) and a Ph.D. in Finance from INSEAD in Fontainebleau (France). Prior to his Ph.D., he worked with the Portuguese Ministry of Finance and consulted for the World Bank. Kate Moore Kate Moore, Managing Director, is Chief Equity Strategist for BlackRock and is a member of the BlackRock Investment Institute (BII). She is responsible for developing global equity market insights and actionable investment advice, as well as representing BlackRock’s market views for Equities - America across all channels. Prior to joining BlackRock, Ms. Moore was the Chief Investment Strategist for the Private Bank at J.P. Morgan and a member of the Global Investment Committee. In this role she set asset allocation and investment strategy for US discretionary multi-asset portfolios and managed a macro equity strategy for private clients. Before joining J.P. Morgan, Ms. Moore was the Senior Global Equity Strategist at BofA Merrill Lynch Global Research. In this role, she was responsible for publishing and marketing macro equity strategy, asset allocation and thematic investment advice for both institutional and individual investors. Prior to BofA ML, Ms. Moore was an Emerging Markets Strategist for Moore Capital Management, where she conducted macro research and developed trade ideas in equity, credit and commodity markets. Prior to Moore Capital, Ms. Moore was a member of the Global Strategy team at Morgan Stanley Investment Management (MSIM), a team which managed several asset allocation funds and published investment research. Ms. Moore began her career as a strategy consultant for both Mitchell Madison Group and Silver Oak Partners. Ms. Moore holds a B.A. in Political and Social Thought from the University of Virginia, and an M.A. in Political Economy from the University of Chicago. Ted Seides Ted Seides, CFA is the Managing Partner of Hidden Brook Investments, LLC, an advisory and private investment firm that works with portfolio managers and allocators across investment strategy, business strategy, and team development. He is the host of Capital Allocators, a podcast available on iTunes and all other podcast platforms. In February 2016 Ted released his first book, So You Want to Start a Hedge Fund: Lessons for Managers and Allocators (Wiley). The publication brought him on Bloomberg TV and Invest Like the Best podcast, and received reviews in Institutional Investor, Forbes, Seeking Alpha, and Market Folly. From 2002 to 2015, Ted was a founder of Protégé Partners LLC and served as President and Co-Chief Investment Officer. Protégé is a leading multibillion dollar alternative investment firm that invests in small and specialized hedge funds on an arms-length and seed basis. Ted built the firm’s investment process and managed the sourcing, research, and due diligence of its portfolios. He worked actively with each of Protégé’s 40 seed investments. In 2010, Larry Kochard and Cathleen Ritterheiser profiled Ted in the book “Top Hedge Fund Investors: Stories, Strategies, and Advice.” Ted began his career in 1992 under the tutelage of David Swensen at the Yale University Investments Office. During his five years at Yale, Ted focused on external public equity managers and internal fixed-income portfolio management. Following business school, he spent two years investing directly at Stonebridge Partners and J.H. Whitney & Company. With aspirations to demonstrate the salutary benefits of hedge funds on institutional portfolios to a broad audience, Ted made a non-profitable wager with Warren Buffett that pitted the 10-year performance of the S&P 500 against a selection of five hedge fund of funds from 2008-2017. Ted writes extensively on the industry. His work includes a blog for the CFA Institute’s Enterprising Investor and publications for the late Peter L. Bernstein’s “Economics and Portfolio Strategy,” Harvard Business School Publishing, and Institutional Investor. Ted is a Trustee and member of the investment committee at the Wenner-Gren Foundation, serves on the Board of Technoacademy, and is a Decade Rider of Cycle for Survival. He previously served on the Board of Trustees of the Greenwich Roundtable and was a Board member of Citizen Schools-New York. Ted holds a BA in economics and political science, Cum Laude, from Yale University and an MBA with honors from Harvard Business School. James Shinn James Shinn is CEO of Predata, a New York-based software firm that transforms social and collaborative media into risk indices and asset price predictions (www.predata.com). In the 1970’s and 80’s, Jim was a manager and then entrepreneur in Silicon Valley, first at Advanced Micro Devices, a Sunnyvale, California-based integrated circuit producer, and then at Dialogic, a Parsippany, New Jersey-based digital signal processing software firm, which he co-founded. In the public sector, after posts in the U.S. Department of State, he served as the National Intelligence Officer for East Asia at the Central Intelligence Agency and then in the Office of the Director of National Intelligence. After the CIA he became Assistant Secretary of Defense for Asia at the Pentagon from 2006 – 2008, where his area of policy responsibility ranged from Herat to Honolulu and included, notably, the War in Afghanistan. Jim serves on the board of CQS, a London-based hedge fund, and the advisory board of Kenshō Financial, a data analytics firm in Cambridge, Massachusetts. He has a BA from Princeton, MBA from Harvard, and PhD from Princeton. Elizabeth Weymouth Elizabeth Weymouth (Darden ’94) is chair of the Darden School Foundation Board of Trustees. Previously, she served as vice chair of the board and chair of its Investment and Engagement committees. A trustee since 2007, she is the first woman in the board’s history to serve as a chair. Weymouth was a partner at Riverstone Holdings, LLC for 10 years from 2007–17 and was responsible for limited partner relations and capital raising. Riverstone is a $34 billion private investment firm focused on growth capital investments in the energy and power industry. Over the past decade, Weymouth led the firm’s efforts to raise over $25 billion of incremental capital. Weymouth also served on the board of directors of two Riverstone portfolio companies, Pattern Energy Group and Dynamic Offshore Holdings. Prior to joining Riverstone, Weymouth served as managing director and head of investments at J.P. Morgan Private Bank for the U.S. Northeast region, overseeing more than $80 billion in client assets and generating revenues of over $350 million annually. During her 13 years at J.P. Morgan, Weymouth served on the bank’s U.S. operating committee, global investment leadership team and fiduciary oversight committee. Before joining J.P. Morgan, she worked in London for Willis Corroon, PLC in the oil and gas division, where she was responsible for negotiating insurance coverage for Fortune 50 energy companies with underwriters primarily in Lloyd’s of London. Weymouth earned a bachelor of arts from the University of Virginia in 1989 as a Dean’s List scholar and an MBA from Darden in 1994. She has served on the Darden School Foundation Board of Trustees since 2007 and was a member of the Darden Corporate Advisory Board from 2001–07. At Darden, she has mentored students in Darden Capital Management, teaches in the MBA classroom as a visiting executive lecturer, and was a featured speaker at both the Darden Private Equity Conference and the University of Virginia Investing Conference. Weymouth was inducted into UVA’s Raven Society in 2008. Weymouth is a life member of the Council for Foreign Relations. She has been a member of Fortune’s Most Powerful Women community since 2011. In 2014, she became a member of Dialog, a group of 150 global leaders founded by Peter Thiel and Auren Hoffman. She has been featured in articles in The Wall Street Journal, The New York Times, Financial Times, LEADERS magazine and Crain’s. She resides in New York City with her husband, Philip B. Weymouth III, and their three sons. To make your travel plans to the Darden School of Business for the University of Virginia Investing Conference, please consult the following information, which includes driving directions, parking information, maps and hotel accommodations.Directions to Darden From University of Virginia (Main Grounds) From University Avenue (US-250 Business) turn right onto North Emmet Street (US-29 Business). Continue on North Emmet Street for .4 miles and turn left onto Massie Road at the first stoplight. Follow Massie Road for .6 miles and at the second stoplight turn right to continue on Massie Road. The entrance to the Darden School of Business will be on the left at Duffy Boulevard. Estimated time: 7 minutes.From Charlottesville Albemarle Airport (CHO) Follow Airport Road straight out of the airport to U.S. Route 29 South. When U.S. Route 29 passes under the U.S. 250 Bypass in Charlottesville, it becomes Emmet Street and passes the Barracks Road Shopping Center on the right. Beyond the shopping center, turn right at the traffic signal for Arlington Boulevard. Turn left when Arlington Boulevard ends at Massie Road. The Darden School's entrance is on the right, just past the Law School. Estimated time: 15 minutes.From Richmond International Airport (RIC) Travel Interstate 64 West to Charlottesville and take Exit 118B onto U.S. Route 29 North. Stay on the Route 29 Bypass and take the Leonard Sandridge Road exit. Turn left at the traffic light at the end of the ramp. The Darden School's entrance is on the left, just past the North Grounds Recreation Center. Estimated travel time: 1.5 hours.From Washington Dulles International Airport (IAD) At the first exit after leaving the airport, take State Route 28 South to Centerville and then take Interstate 66 West to U.S. Route 29 South at the Gainesville/Warrenton exit. Follow Route 29 South to Charlottesville. When U.S. 29 passes under the U.S. 250 Bypass in Charlottesville, it becomes Emmet Street and passes the Barracks Road Shopping Center on the right. Beyond the shopping center, turn right at the traffic signal for Arlington Boulevard. Turn left when Arlington Boulevard ends at Massie Road. The Darden School's entrance is on the right, just past the Law School. Estimated travel time: 2 hours.From Washington National Airport (DCA) Follow signs to Interstate 66 West and continue to U.S. Route 29 South at the Gainesville/Warrenton exit. (This will be the second U.S. 29 exit.) Follow Route 29 South to Charlottesville. When U.S. 29 passes under the U.S. 250 Bypass in Charlottesville, it becomes Emmet Street, and passes the Barracks Road Shopping Center on the right. Beyond the shopping center, turn right at the traffic signal for Arlington Boulevard. Turn left when Arlington Boulevard ends at Massie Road. The Darden School's entrance is on the right, just past the Law School. Estimated travel time: 2.5 hours.Maps & Parking Information on ParkingFree parking permits will be available on the day of your visit from the receptionist in the Gatehouse. The Gatehouse will be on your right after you turn into Darden off of Massie Road. Please watch for signs. Parking spots will be available on the road leading to the school as well as in Darden’s parking garage.Darden & Area Maps Our Directions & Transportation page offers a variety of maps, including a map of Darden Grounds and an interactive Google Map view.Hotel Information Inn at Darden100 Darden Boulevard+1-434-243-5000Reservations in advance are recommended as space is limited.Other hotels in the area:Hyatt Place CharlottesvilleOmni Charlottesville Hotel235 West Main Street+1-434-971-5500Courtyard Charlottesville North638 Hillside Drive+1-434-973-7100Hampton Inn & Suites900 West Main Street+1-434-923-8600DoubleTree by Hilton Hotel CharlottesvilleRt. 29+1-434-973-2121Comfort Inn Monticello2097 Inn Drive+1-434-977-3300 Best Western Inn & SuitesRt. 29 near Charlottesville Airport+1-434-982-1855Best Western Inn & SuitesExit 136 off I-64+1-540-832-1700Cavalier Inn105 N. Emmet Street (Route 29)+1-434-296-8111Boar's Head InnRoute 250 West+1-434-296-2181 The University of Virginia Conference Executive Committee would like to thank the following generous and loyal sponsors for their support of the University of Virginia Investing Conference.To become a University of Virginia Investing Conference sponsor or learn more about available sponsorship opportunities, please contact Kristen Fisher at FisherK@darden.virginia.edu or +1-434-982-2915. 2017 Sponsors UVIC 2016A single question dominated the ninth annual University of Virginia Investing Conference: Now what? After an unprecedented U.S. presidential election produced Donald Trump as president-elect, conference speakers and audience members alike wanted to know what’s next for the U.S. economy, global markets and equity investments.2016 Highlights included a Darden @Virginia Investing Challenge that welcomed a record 18 schools and the first-ever Darden Capital Management (and Darden school) Facebook Live streaming interviews, and interviews with speakers conducted by students. For those who missed the conference, some recap appeared across different channels:Broad conference overview, featuring video interviews with Steve Rattner and Jerome Booth available HEREA WSJ podcast featuring an interview with the winning team at the Darden @ Virginia Investing ChallengeAn in-depth ‘Ideas to Action’ Piece recaps some of the broader global geopolitical panel takeawaysFacebook Live interviews with Darden Capital Management students now on the school’s FB pageThe Role of the Active Investor Ideas to Action piece. UVIC 2015The 8th annual University of Virginia Investing Conference (UVIC) focused on investing in a low-return world. Financial analysts, portfolio managers, economists, academics, students, private investors and industry executives joined together to hear from knowledgable speakers and panelists with diverse insights and backgrounds.Read more about UVIC 2015.UVIC 2014The 7th annual University of Virginia Investing Conference (UVIC) focused on the ideas needed to invest successfully in the innovation economy. As disruptive innovation shakes up industries at an accelerating pace, investors must excel at identifying true innovation and understanding its investment implications. At UVIC, Darden's top-ranked faculty convened global thought leaders and hundreds of professional asset managers and discussed the following questions: What factors will drive future growth?What do the answers imply for the classic tasks of investors: asset selection, portfolio allocation and risk management?Which new products will truly revolutionize an industry?What's ahead in digital health care, cybersecurity, energy, technology and monetary policy? Read about what the experts had to say and why they have optimistic outlooks.