U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 520 S. Grand Ave., Ste. 370 ■ Los Angeles, CA 90071 ■ Phone: 213.613.1503 ■ Fax: 213.613.1233 ■ www.cfala.org

June 2011 CFALA's 80th Annual Meeting of the Members Thursday, June 9th, 2011 The Annenberg Community Beach House Event Chair: Daniel Wong Join us for an evening of ocean breezes and networking at the beach.

In accordance with the Bylaws, notice of the Annual Meeting of the Members of CFA Society of Los Angeles, Inc. to be held 5:30 PM PDT on Thursday, June 9th, 2011, at The Annenberg Community Beach House, Santa Monica, CA is hereby given. The purpose of the meeting is to elect officers and members of the Board of Governors and to transact such other business that properly comes before the meeting. The meeting is open to all members of the Society and all non-retired members are eligible to vote.

Agenda:

5:30pm - 6:30pm cocktail reception (wine, beer, soft drinks and appetizers) 6:30pm - buffet dinner 7:15pm - annual meeting

Bar service and buffet available until 8:30pm.

Registration is required: CFALA Members are hosted (click here for registration link) Non-Members- $75 (click here for registration link)

Dress Code: Business Casual

Location: Annenberg Community Beach House 415 Pacific Coast Highway Santa Monica, CA 90402 *Parking is hosted. For directions, please click here

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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 520 S. Grand Ave., Ste. 370 ■ Los Angeles, CA 90071 ■ Phone: 213.613.1503 ■ Fax: 213.613.1233 ■ www.cfala.org

So You Want to become a CFA Charterholder - June 11th & June 28th (two dates to choose from) CFA Program Information Session

Date: Saturday, June 11, 2011 & Tuesday, June 28, 2011 Time: Saturday Session: 9:30am - 11:00am Tuesday Session: 5:00pm - 6:30pm Cost Members: $00 Cost Non-Members: $00 Location: University of Southern California - Classroom TBD Parking: University Parking Structures TBD, street parking is available. Learn more about:

* The value of the CFA Charter to your professional development and career * Strategies for successfully completing the CFA Program * Enrolling in the CFA Program * Information on study guides and CFA Level I Curriculum * USC/CFALA CFA Review Program * Learn about CFA Institute and CFA Society of Los Angeles, Inc. Open to all CFA Candidates and others interested in learning more about the CFA Program. Register Here If you are an existing member/non-member with user ID and password, please use your username and password to login. If you do not have a login click here to create a login and register. For further information please contact 213-613-1503, x 701 or email cfareview@cfala.org

Predicting Market Prices with Sentiment Analysis of Social Media (*Teleconferenced to the Santa Barbara Club) Tuesday, June 21st, 2011 12:00 pm - 1:30 pm

Featured Speaker: Richard L. Peterson, MD MarketPsych Data Chair: Dan Pomerantz, CFA This event is sponsored by the Applied Behavioral Finance Group (ABFG). The mission of ABFG Los Angeles is "To identify, evaluate, and disseminate information and activities in the field of behavioral finance. Our objective is to enhance collaboration between research and practitioners in order to produce practical applications of value for investor and professionals who serve them."

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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 520 S. Grand Ave., Ste. 370 ■ Los Angeles, CA 90071 ■ Phone: 213.613.1503 ■ Fax: 213.613.1233 ■ www.cfala.org

With the advent of the internet, it is now possible to gather and measure the impact of online news and social media on stock prices. Over the past seven years MarketPsych built a software architecture to monitor and analyze those sentiments known to be predictive of financial risk-taking behavior. For example, sentiments such as fear and joy, tones such as uncertainty and urgency, and topics such as earnings and product releases have been quantified by our software for all U.S. stocks and ETFs over the past 13 years. We analyzed the impact of such sentiments on market price volatility and direction, and for over two years used them to guide investments at the outperforming MarketPsy Long-Short Fund LP. In this talk Richard L. Peterson, M.D. will discuss the findings of our sentiment research. Contrarian investment models will be discussed, including the optimal timing of "buying on fear" and "selling on greed" strategies. In addition, a tool developed to identify the presence of speculative bubbles, and timing their demise, will be discussed as it relates to today's market.

Richard L. Peterson MD has spent his career working at the intersection of mind and markets. His firm MarketPsych Data (www.marketpsychdata.com) identifies predictive sentiments for U.S. stocks and ETFs through textual analysis of financial social media, news, and earnings conference calls. He co-founded MarketPsych LLC (www.marketpsych.com) which trains financial professionals in the use of psychological insights to improve their investment decisions and strengthen client relationships. He is a registered investment adviser and was previously managing director of MarketPsy Capital LLC, a psychology-based asset management firm (www.marketpsy.com) from 2008-2010. His financial psychology research has been published in leading academic journals, textbooks, and profiled in the financial media including CNBC, the Wall Street Journal, the Financial Times, and the BBC.

His book, “Inside the Investor’s Brain” (Wiley, 2007), was praised as “outstanding” in Barrons. Dr. Peterson is an associate editor of the Journal of Behavioral Finance and has published academic research widely. He earned cum laude degrees in electrical engineering, arts, and medicine (MD) from the University of Texas, performed post-graduate neuroeconomics research at Stanford University, and is Board-certified in psychiatry. He lives in Los Angeles. Registration Links CFALA Members: $20.00 (place cursor on amount for link) Non-members: $40.00 (place cursor on amount for link) Time: 12:00 pm - 1:30 pm, Lunch Location: Omni Los Angeles 251 South Olive Street Los Angeles, CA 90071 For directions call hotel: (213) 617-3300 Event parking at the Omni $12.00 Dress Code: Business Casual

*Santa Barbara Teleconference - Lunch Registration (must register to attend-seating is limited): CFALA Members: Free (link) Non-Members: $10.00 (link)

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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 520 S. Grand Ave., Ste. 370 ■ Los Angeles, CA 90071 ■ Phone: 213.613.1503 ■ Fax: 213.613.1233 ■ www.cfala.org

Location: Santa Barbara Club 1105 Chapala Street Santa Barbara, CA 93101 Tel: (805) 965-6547

Market Signals for Tactical Asset Allocation Decisions Thursday, July 14th, 2011 12:00 pm - 1:30 pm

Featured Speaker: David Ranson President and Head of Research H. C. Wainwright & Co. Economics Inc. Chair: Laurence Brody Capital migrates from one country to another, one industry to another, and one form of investment to another. It is motivated in large part by economic risk. In the investment universe, two distinct dimensions of risk stand out. 1. Financial risk. When the financial climate is perceived to be shaky, capital flows tend to boost the performance of stable but unproductive investments relative to productive but more volatile asset classes. This is a drag on economic growth. During financial crises and recessions, returns from safe haven investments such as bonds and gold benefit at the expense of economically profitable assets such as stocks and commodities. 2. Currency risk. When central government is perceived to be dangerously indebted, capital flows tend to boost the performance of physical relative to securitized forms of investment. This is a drag on the market value and purchasing power of the national currency. Amid fear of depreciation and inflation, returns from tangible investments such as gold and commodities prosper at the expense of paper securities such as bonds and stocks. These insights point to a systematic approach to tactical asset allocation driven by "market signals" of risk. The paramount market signal of currency risk is the price of gold. So a rise (or a fall) in gold is a warning to tilt away from (or toward) stocks and bonds. The paramount market signal of financial risk is the level of spreads in the corporate bond market. So a widening (or a contraction) of spreads is a warning to tilt away from (or toward) stocks and commodities. The same logic can guide the allocation of portfolios among stock-market styles, among asset-market sectors, among countries, and among commodity groups. Empirical tests show that, with a time horizon of about one year, portfolio management along these lines can be very profitable. Biography Mr. Ranson is the president of H.C. Wainwright & Co. Economics Inc., an investment research firm near Boston. Prior to becoming a general partner of Wainwright, he taught economics at the University of Chicago Graduate School of Business. Mr. Ranson was an assistant to then-Treasury Secretary William E. Simon and a member of George P. Shultz‘s personal staff at the Office of Management and Budget. Prior to his service in Washington, he was a member of the Boston Consulting Group. Mr. Ranson has addressed audiences and published articles on a wide range of economic and investment topics, and he has provided testimony to a number of Congressional committees. His work has also appeared in the Wall Street Journal, New York Times, Christian Science Monitor, and other publications. Ranson holds a

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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 520 S. Grand Ave., Ste. 370 ■ Los Angeles, CA 90071 ■ Phone: 213.613.1503 ■ Fax: 213.613.1233 ■ www.cfala.org

PhD in business economics and an MBA in finance from the University of Chicago and an MA and a BSc from Queen‘s College, Oxford. Registration Links (directly below): CFALA Members: $20.00 Non-members: $40.00 Time: 12:00 pm - 1:30 pm, Lunch

Location: Omni Los Angeles 251 South Olive Street Los Angeles, CA 90071 For directions call hotel: (213) 617-3300 Event parking at the Omni $12.00

First Annual CFALA Golf Tournament Monday, July 18th 2011 Friendly Hills Country Club (Private)

Come join the CFALA for a day of golf, networking, and dinner at Friendly Hills Country Club on July 18th. Friendly Hills is an exclusive country club that has hosted regional qualifying events for the U.S. Open and U.S. Amateur. Participation in the event includes golf, dinner, range balls prior to the round, and a complimentary tee prizes. We will have prizes for the top 3 teams. Activities will include a putting contest, closest-to-the-pin competition on par 3’s, and longest/straightest drive competition for both men and women. Following a cocktail reception dinner will be served where the prizes will be awarded and the raffle will take place. For individual participants signing up we will be randomly paring your 4-some on the day of the competition.

For Sponsor Information and Registration, please click here. Please click here for Golf Tournament Brochure.

Format - 4-person scramble (Must use at least 1 drive per player each side) Scramble format details: All players tee-off. The most ideal drive is selected by the group. Each player then hits a second shot from the most ideal first shot, with the best second shot being selected by the group. This process is repeated until the hole is completed. Prizes/Activities - Top 3 teams awarded prizes Closest-to-the-pin for men and women (Prize will be awarded) Longest and straightest drives for men and women (Prize will be awarded) Par-3 Bulls-eye competition

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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 520 S. Grand Ave., Ste. 370 ■ Los Angeles, CA 90071 ■ Phone: 213.613.1503 ■ Fax: 213.613.1233 ■ www.cfala.org

Mulligans will be available for purchase (Maximum of 3 per player) For further information, please contact Eric Souders at esouders@payden-rygel.com Location – Friendly Hills Country Club (Private) 8500 S. Villaverde Drive Whittier, CA 90605-1342 Phone: (562) 698 -0331 Please visit the link below for location details: www.friendlyhillscc.com/ Date & Times - Monday, July 18th 2011 Registration begins 11:30am Putting Contest begins 12:00pm Tee-Off 1:05pm Cocktail reception 6:00pm (registration for non-competitors) Dinner at 7:00pm *Dinner and post-golf networking/activities are available for those who can’t attend the golf tournament Registration (Links): CFALA members $95 (place cursor on amount for link) Non-Members $115 *Dinner price only - $30

**No refunds given after 7/1/2011

Fall 2011 Level I CFA Review Program USC/CFALA CFA® Review Program Preparing CFA Candidates for the December 2011 CFA Exam Since 1984, CFA Society of Los Angeles, Inc.(CFALA), in partnership with the University of Southern California, Marshall School of Business (USC), has offered its Chartered Financial Analyst® (CFA®) Review Program to candidates studying for all three CFA examination levels. In the spring, we offer courses for Level I, II and III candidates. For candidates preparing to take the Level I examination in December, we offer a Saturday review course in the fall. While live instruction is the cornerstone of our program, we also provide candidates with supplemental study tools including a full-length practice examination, access to recorded classroom lectures, and Schweser Notes and Pro Question Bank. The Saturday review course provides candidates with a structured classroom based approach to preparing for the various CFA examinations. Our faculty base their materials and handouts on the CFA Program Curriculum. Their presentations are designed to assist candidates with mastering the CFA Program Candidate Body of Knowledge.

Date: 7/30/11 (1st class in a series of 13) Time: 9:00am - 4:00pm

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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 520 S. Grand Ave., Ste. 370 ■ Los Angeles, CA 90071 ■ Phone: 213.613.1503 ■ Fax: 213.613.1233 ■ www.cfala.org

Cost Members: Early registration by 07/11/2011: $1049.00 (after 07/11/2011 - $1349.00) Cost Non-Members: Early registration by 07/11/2011: $1199.00 (after 07/11/2011 - $1499.00)

Location: University of Southern California - Building and Room TBD Parking: Parking is not included in your enrollment fee. Fall 2011 CFA® Review Program

• Live Classroom Instruction • Full length practice exam • Mentor Program • Web based recordings of the classroom instruction (accessed via the CFALA website) • Schweser Study Notes - 6 volumes • SchweserPro Online Question Bank • CFALA Lab (bi-monthly tutoring sessions)

Click here to register

Program Pledge: The USC/CFALA CFA Review Program is committed to helping candidates master the Candidate Body of Knowledge and become CFA Charterholders. If you take our ReviewProgram, and fail the CFA Exam, you may retake our review program for $700 (within a 12-month period). We will rebate 100% of your 2nd registration fee after you have retaken the CFA Exam. Schweser Notes and Pro will not be included with the repeat level.

To use the program pledge you must complete the following steps: 1. Submit a completed program pledge form to the CFALA office 2. Submit failed exam results to the CFALA office (verifying you sat for the exam) 3. Contact the CFALA office for a special registration link to receive the $700 price 4. Sit for the exam 5. Submit your 2nd exam results within 30 days of their release

CFA Review Program Cancellation: Cancellations must be received in writing, please email cfareview@cfala.org . There is a $600 non-refundable deposit, and you will be charged $100 per Saturday class or $50 per study session that has been taught up to the day your written cancellation is received. There will be no refunds after September 12, 2011. All class times and locations are subject to change.

CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by the USC/CFALA CFA® Review Program. CFA Institute, CFA® and Charter Financial Analysts® are trademarks owned by CFA Institute.

Follows CFA Institute Prep Provider Guidelines

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U P C O M I N G P R O G R A M SCFA Society of Los Angeles, Inc. ■ 520 S. Grand Ave., Ste. 370 ■ Los Angeles, CA 90071 ■ Phone: 213.613.1503 ■ Fax: 213.613.1233 ■ www.cfala.org

Education Registration Policies

INFORMATION Specific questions on course content should be directed to the course coordinator and education chair. General questions should be directed to Laura Carney at the CFALA administration office at 213-341-1164 x701 or e-mail: info@cfala.org.

CONFIRMATIONS The Society will only send confirmations of enrollment by e-mail. You will be notified if a course has been oversubscribed or canceled. If applicable: grades and/or certificates of completion will be made available only if requested from the course coordinator or instructor at the conclusion of the course.

CANCELLATIONS Cancellations must be made in writing and received at least 5 business days before the first day of class. Please fax or e-mail cancellations to: (213) 341-1164 or info@cfala.org. All cancellations will incur a $30.00 processing fee. If canceled after the 5-day deadline, a 50% cancellation fee will be charged. The Society reserves the right to cancel any course for any reason. Society cancellation will usually occur because of insufficient preliminary enrollment. The Society will call registrants to notify them of any course cancellations. All prepaid fees will be refunded. The Society also reserves the right to change the location, date and/or time of a course, in which case prior notification will be given to students. PAYMENTS Make all checks payable and send to: CFA Society of Los Angeles, Inc., 350 S. Grand, Ste 1680, Los Angeles, CA 90071. Returned checks will incur a $35 returned check fee. You may also pay by credit card through our online registration at: http://www.cfala.org/cfmfiles/cal/eventlist1.cfm?t=g

Event Registration Policies CFALA MEMBER REGISTRATION GUIDELINES All reservations must be made via website. In order to assure quality and service to our members, please make reservations in advance. Please make your reservation online. Reservation deadline: 12 noon, two business days prior to an event. Limited space may be available after this deadline. No confirmations are made. You will only be contacted at the phone number provided on your RSVP if space is not available. CANCELLATIONS Cancellations must be received in writing by 9:00 am the day prior to the event. No phone cancellations are accepted. Please fax to the CFALA office at (213) 341-1164 or e-mail info@cfala.org. Member “no-shows” will be billed at $40 unless otherwise noted. CFALA members will be billed the additional $20 to meet the $40 "no-show" fee requirement. GUESTS Guest fees are $50 for CFALA events unless otherwise noted. Payment must be received prior to the event. Returned checks will incur a $35 charge.

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