As a portfolio manager, I am primarily involved in making decisions on various investment opportunities. As a part of team, I have been excelling at providing insights on each steps of making investment decisions. During the negotiations for numerous mining projects mergers and acquisitions, I was responsible for communicating with stakeholders to gather the information on counterparts that were mostly major supranational companies in mining industry. Shares of those companies are listed in major stock exchanges including Toronto, Hong Kong, London, and Sydney. Additionally, I have analyzed media reports and certain proprietary database records to track the history of mining projects as a prospective target for the investment. To identify mispriced securities, I also analyzed the governance structure of the company and shareholding structure which might suppress the offered selling price. The fact that companies in deals are mostly multinationals helps me familiarize with foreign stock exchanges to use appropriate tools to research or investigate up-to-date developments. Skills that I used for pooling mortgage data to produce the bidding price for prospective Non-performing Loans auctioned by financial institutions have been the one of the great assets for me to utilize DCF valuation modeling. Also, those skills are indispensable for the valuation of carbon price that is mostly affected by political issues rather than simply by supply and demand dynamics. Renewable energy market is also emerging by the fact that environmental issues are not a just economic issues but also geopolitical issues. Insights that are coming from diverse perspectives have opened my eyes on behavioral economics to look at issues from different minds. All the confusing factors and non-explicable dynamics involving in investments persuaded me to never stop to teach myself so that I pursued egregiously to seek the knowledge which can be found in CFA program. I have finally become a CFA Chaterholder last year and never have regretted the efforts and times put in.
Chris DeMuth Jr. is the founder of Rangeley Capital LLC. Rangeley is an investment firm that focuses on event driven, value-oriented investment opportunities. Rangeley Capital and his value investing forum, Sifting the World (StW), search the world for misplaced bets. Rangeley exploits them for its investors and then Mr. DeMuth writes about them on StW.
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O. Young Kwon, NYU Ph.D. in Economics had worked in securities industry for ten years as a Registered Investment Adviser. He taught Macroeconomics and Statistics. Prior to his academic career, he was an Economist/Bank Supervisor at the Bank of Korea (the Fed's counterpart). In 2009 he set up the TANER System in order to synthesize performances and relative strengths of 20 ETFs and 40 equities thoroughly. (“Go TANER: The Market Primer”) The System captures dynamics of momentum changes of individual securities on the daily basis. The System also builds successfully their momentum trends over time.
He is a conservative investor, targeting on a reasonable investment goal (inflation plus 3%). His investment preference is a relatively long-term (three to twelve months) long-only strategy. He allocates his assets as an auto-pilot portfolio: 85% in six mutual funds (currently three bond, two equity, and one international) and 15% in two trading accounts. As the title of his portfolio indicates, any short-term frequent portfolio adjustment is not needed. He adjusts his portfolio gradually several times a quarter, based upon TANER Momentums (TMs), inflation expectations, money supply, and various asset valuations.
The significantly increased market volatility induced mainly by more frequent online trading pattern with ETFs in the recent years, however, forces investors towards somewhat aggressive trading to gain more and lose less. It is a very serious challenge to conservative investors like him. He has traded daily, based on TMs, provided by the TANER System. The investment returns turn out to be incredibly high. (“The Tiger Rule:”).
He has been posting TMs on his Instablog daily to share the ins and outs of the TANER System. TMs are a summary of the results of the Sythesized Performance and Relative Strength (SPARS) daily. ("Daily TANER Momentums (DTMs)")
In the1970s, he was a visiting Economist (sent by the Bank of Korea) at the NY Fed and the Bank of NY to research long-range planning. After earning his M.A. in Economics at U-Conn, he studied at NYU under Oskar Morgenstern (Economic History, Game Theory), Wassily Leotief (Input-Output Theory), Fritz Machlup (International Finance and Trade), William J. Baumol (Economic Theory and Operations Analysis), M. Isaq Nadiri (Macroeconomic Theory), and Edward Wolff (Econometric Modelling). He workd on various research projects: The input-Output Framework of the U.S. Economy (Leontief), U.S. Productivity Measurements (Nadiri), Knowledge Distribution (Machlup), Firms, Games, Decisions (Baumol), and U.S. Household Spending and Saving Behavior (Wolff).
His Doctoral Thesis under Machlup (1980): Theory of Foreign Exchange and Economic Policy. In the early 1980s .He, as a Research Associate, researched with Geoffery H. Moore at the Center for International Business Cycle Research (CIBCR) on business cycles, growth cycles, international indicators, composite indexing, and forecast of business conditions and inflation.