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General Body Meeting 09.01.11
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Agenda
Introduction to MICC How to Get Involved Future Events Macro Update Portfolio Update
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MICC Organization
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Introduction to MICC
$50,000 Mutual Fund Dates back to 1998 Created through merger in Spring 2010
between two largest investment clubs at the time
Focus on Membership Education
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General Body Meetings
Every Thursday 5:15PM – 7:15PM (Malott 251) 5:15PM – 6:15PM: Education Series 6:15PM – 7:15PM: General Body
Meeting Club announcements News updates Investment pitches and decisions
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Executive Board Introduction President – John Yoshida Vice President – Miles Moen Portfolio Manager – Terence Hu VP of Public Relations – David Kim Senior Analysts
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Sector Groups
Consumer – Andrew Schrichte Energy – Mihir Patel Financials – John Troncoso Healthcare – Eric Hoffman Industrials – Peter Cui Macro – Zach Peskin Media & Telecom – Dan Han Quant – Ali Yazdi Real Estate – Derek Creadore Technology – Aleks Zvorinji
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How to Get Involved?
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Opportunities for Members
Junior Analyst Program Newsletter Team Education Series MICC Events
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Junior Analyst Program
Description Work closely with senior analysts in
covering a sector Pitches to enhance our portfolio Pay close attention to news within your
sector
Apply online: cornell-micc.com/jobs/ Notifications will be made early next
week
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Newsletter Team
Description Write about a topic relevant to financial
markets or investing that you’re interested in
Be published in a newsletter that is distributed throughout campus (or even internationally!)
Write blog posts for our website
Talk to David Kim (sk852)
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Education Series
Primary vehicle of learning basic concepts of investing and financial analysis
Selected Topics What is a stock? Presentation skills Introduction to modeling
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Future Events
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Future Events
Cornell Undergraduate Stock Competition
NYSSA Investment Research Challenge Various Recruiting Events
NYC Trip Social Event: Poker?
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1st Annual CUSC
Intercollegiate stock competition Competition dates: 9/20 – 9/21 First Prize: $3,000. Second Prize: $1,500
Cornell internal competition 9/10 Presentation Send email to
[email protected] by 9/2 Include name, major and year
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CFA Institute Investment Research Challenge
International research competition Written report + Presentation
Team-based First round: Mid-late January Workshops throughout the Fall
Semester
Contact John Yoshida (njy3) if interested
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Macro Update
Zach Peskin
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Global Macro Update
Fed plans to keep interest rates low until 2013
Growth stalls in the U.S. Debt Ceiling debate/downgrade/super-
committee Fiscal stalemate Europe debt/growth crisis Austerity in Europe Consumer confidence at lowest levels
since Carter administration
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Global Macro Update
Global fixed income rally Yield on 10yr US Treasury notes dropped
below 2% Negative real rates
Sell-off in global equity markets Gold rally (bubble?) Continued weakness in housing and
financial industry Sharp pullback in Oil (WTI/BRENT
divergence) Dramatic increases in volatility
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Portfolio Review
Terence Hu
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Post Summer Portfolio Review
Comparison of past three month returns • MICC return: -5.37%• Dow Jones return: -8.02%• S&P 500 return: -9.83%
MICC’s performance over the summer was affected by the macro economic environment
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CYB (Chinese Yuan ETF) Investment
Thesis Diversification benefits Chinese Yuan definitely undervalued;
momentum of appreciation Political pressure to appreciate Yuan
due to instability caused by inflation Stable store of value; no downside risk Chance of one-off Yuan appreciation
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CYB Summer Performance
Return: 0.3%
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Reasons to sell CYB
Although original thesis holds true, Chinese government likely to maintain slow and steady appreciation
Poor tracking performance High opportunity cost
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VXX (VIX ETF) Investment Thesis
Convenient hedge against volatility Markets not entirely stable; several
risks on horizon: Euro crisis Oil; middle east unrest Inflation in emerging markets US credit worries
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VIX at lowest point since 0726
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VXX Summer Performance
Return: 68.2%
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Reasons to sell VXX
Markets have stabilized Sell when up to realize profits Perhaps invest in VXX during a period
of low volatility in the future
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Thanks for coming by!
Junior Analyst Applications Newsletter Team
Next Week: Portfolio Review