Re-thinking Modern Portfolio Theory: Exploring the Innovations Listen

Thursday, November 18, 2010 3:15 PM - 4:30 PM
Room: Grand Oaks Salon PQ

Tom Dodd CFA, FSA President, Stratford Advisory Group, Inc. Presenter View
James P. Hawley Professor, School of Economics and Business Administration; Director, Elfenworks Center for the Study of Fiduciary Capitalism, St. Mary's College Presenter View
Steven Lydenberg CFA Chief Investment Officer, Domini Social Investments Presenter View
Phil Kirshman CFA, CFP Financial Advisor and Portfolio Manager, The Leonard Social Investment Group, UBS Institutional Consulting Moderator View


This session will evaluate the past effectiveness and ongoing usefulness of Modern Portfolio Theory (MPT).   The panel will assess the concepts of asset class performance correlation, especially during periods of market stress, systemic risks that MPT may not properly account for, such as climate change, and whether any viable alternatives to MPT exist for investors.

Speaker Biographies

Thomas Dodd is President of Stratford Advisory Group, Inc., and serves as lead consultant and relationship manager for many Stratford clients.  He has primary responsibility for managing the delivery of strategic investment advice to Stratford clients, and is a member of Stratford's Investment Committee.  Mr. Dodd joined Stratford in 1994 and has been President since 2003.  Previously, Mr. Dodd was a Principal at William M. Mercer Investment Consulting, Inc.  He was also an independent futures trader at the Chicago Board of Trade, and a consulting actuary at The Wyatt Company and A.S. Hansen, Inc. He has 37 years of investment and actuarial experience.


James P. Hawley is Professor, School of Economics and Business Administration, and Director of the Elfenworks Center for the Study of Fiduciary Capitalism at Saint Mary's College. He co-authored The Rise of Fiduciary Capitalism: How Institutional Investors can make Corporations more Democratic. Forthcoming is Institutional Investors, Risk/Return Tradeoffs, and Corporate Governance Failures. He has written articles on a variety of topics, including corporate governance, sovereign wealth funds and responsible investment, the 2007-08 financial crisis, the international monetary and financial system, and environmental and sustainability issues, and numerous papers and reports. His current research focus is on corporate governance, financial crises and risk, and institutional investors.


  Steven Lydenberg is Chief Investment Officer for Domini Social Investments LLC.  He has been active in social investing for 30 years as Director of Corporate Accountability Research with the Council on Economic Priorities, Investment Associate with Franklin Research and Development Corporation (now Trillium Asset Management), and Director of Research with Kinder, Lydenberg, Domini & Co. (now KLD Research & Analytics, a part of MSCI).  Mr. Lydenberg is the co-author of Rating America's Corporate Conscience and Investing for Good, and co-editor of The Social Investment Almanac.  He is the author of Corporations and the Public Interest: Guiding the Invisible Hand.


Phil Kirshman, CFA, CFP, is a Financial Advisor and Portfolio Manager, The Leonard Social Investment Group at UBS Institutional Consulting.  Prior to UBS, he joined the Social Responsible Investing (SRI) community when he became Director of Business Development at Progressive Asset Management.  His responsibilities included product development, marketing and communications, asset management, and advisor compliance oversight.  Mr. Kirshman began his financial services career in 1992 as a Financial Advisor with Smith Barney.  Subsequently, he moved to Wachovia Securities where he was a Portfolio Manager and Associate Vice President, managing investment portfolios for high net worth clients and retirement plans.  


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