T H E H O U S T O N S O C I E T Y O F F I N A N C I A L A N A LY S T S
Charter News
The
September 2004
HSFA: History in the Making by John F. Gualy, CFA
I
t is with great honor that I address
you for the first time as president
of the Houston Society of Financial
Analysts.
Our strong organization
of more than 700 members places
HSFA within the 25 largest societies
worldwide. In having the opportunity
to network and exchange ideas from the
leaders of other CFA Institute societies
from around the world, I am confident
to say (and I know all current and past
HSFA leadership will agree with me) that
the HSFA is special and unique in many
ways. We have accomplished much in
the last two years in transitioning the
HSFA into the 21st century and we are
running full steam ahead. We are not
complacent and are ever striving to
serve members better.
Your society is now offering more
quality educational programs, luncheons,
social events and member benefits than
ever before. We will not stop here.
We continue to look for better ways
to serve all of our stakeholders. As
part of our continued implementation
of our strategic plan, of which you will
be hearing more in the spring, not only
will the HSFA continue offering first tier
services to our membership but you will
begin to see our society become more
involved and proactive in the issues of
today in our industry.
Even as we look at the big picture it is
individuals that make our organization
run. I want to thank every one of
our current and past volunteers for
their unselfish willingness to serve. As
we look at the upcoming year, let me
touch upon a few of the exciting things
happening around HSFA:
50th Anniversary
HSFA celebrates its 50th Birthday in 2005.
of our industry and HSFA. As a past
scholarship recipient, I can personally
vouch for its importance. You have
been so faithful in your giving in the past
and I am confident you will continue to
do so. See scholarship insert to send in
your contributions. (Contributions are
now tax-deductible.)
John F. Gualy, CFA, President, Houston Society
We are in the planning stages of three
great events in the spring. The goal is
to commemorate HSFA as a rock in an
ever shifting and changing landscape in
the investment management industry in
Houston and the people with the vision
to lead us these past 50 years. Leah
Friday and her committee are hard at
work on these events and I call upon
and urge our industry’s leaders and
firms to support this historic event for
our society. More to come on this.
Member Survey
Many of you participated in our programs
survey this past spring and the message
was clear; you like the lunches at the
Briar Club and want more of them at that
location. Although the Houston Club
will continue to be our core meeting
place we will be increasing our number
of lunch programs at satellite locations
like the Briar Club. See the exciting fall
programs list on page three.
Scholarship Fund
Our scholarship fund is one of just
a few offered by all CFA Institute
societies and it is special in many ways.
Not only are we helping fund the
education of area college students but
we are reaching out to future leaders
Inside This Issue...
Volunteers
If you are looking to see where you
can plug into HSFA, please contact
Dana Croswhite, our volunteer
coordinator. Our volunteers are the
cornerstone to making our organization
function and we are always in need.
HSFA members: Join us and get involved
this year as the HSFA makes history. I
am very excited about this upcoming
year. As always, I believe in open
communication and encourage you
to share with me and other members
of the board your suggestions and
comments.
HSFA Joins Professional Development Program .......... 3
HSFA Leadership............................................................. 4
HSFA CFA® Review Course ........................................... 4
History in the Making...................................................... 1
Forecast Dinner a Success .............................................. 2
Scholarship Program Contibutors .................................. 2
Upcoming Events ............................................................ 3
www.hsfa.org
Website
One of the most significant changes we
have made in the past year is to move
to a website-centric communication
model. This was not only necessary
from a financial standpoint but from a
technological standpoint to move HSFA
forward. Website services include:
Meeting reservations, a calendar of
programs, job postings, a member
directory, scholarship information
and donation facilitation, HSFA’s
CFA education program information,
member and sponsor recognitions, and
special programs information. Our
website has facilitated HSFA’s transition
into maximizing member services. Your
feedback is always appreciated.
HSFA
The Charter News
September 2004
1
2nd Annual Forecast Dinner a Success
HFSA Thanks the 2003
Contributors to the
Scholarship Fund
Our second annual forecast dinner held on May 6th, 2004 at the
Doubletree Hotel-Post Oak was a smashing success. Close to
300 people enjoyed this social, fun, and informative event. I would
like to again thank our two underwriters, Standard & Poor’s and
Barclays Global Investors. In addition, thank you to all of you who
made this night possible, including our table sponsors:
President’s Circle ($5,000)
Sterling Bank
Director’s Club ($2,500)
Fayez Sarofim & Co
Wedge Equities Corporation
Visionary ($1,000)
AIM Investments
Advocate ($500)
Chuck Hill, Richard Bernstein, Kathleen Camilli and Sam
Stovall conducted a lively panel discussion that dealt with
oil prices, economic forecasts and the inflation outlook.
Patrick Lyn
Vaughan, Nelson, Scarborough & McCullough LP
Partner ($100-$250)
AIM Investments, AIM Private Asset Management, Andrews Kurth
LLP, Banc One Capital Markets, Davis Hamilton Jackson, Deloitte
& Touche LLP, Eagle Global Advisors, King Investment Advisors,
Keefe Bruyette & Woods, Merrill Lynch, Parson Consulting,
Stanford Group Company, Sterling Bank, TD Waterhouse, UBS
Financial Services, Weller Anderson & Co., and Woodway Financial
Advisors.
Alan Brochstein
Burnham Securities
Capstone Asset Management Company
Dabney Investment Consulting Associates Inc
David J. Matthews
Davis Hamilton Jackson & Associates LP
Eagle Global Advisors LLC
Jeff New
Jeffrey E. Curtiss
John & Nora McGowan
John Knapp
King Investment Advisors
Mark McMeans
McGinnis Investments
S.D. Turman
Woodway Financial Advisors
We enjoyed the wisdom of our four panelists, Richard Bernstein
(Chief U.S. Strategist, Merrill Lynch), Kathleen Camilli (Senior
Economist), Chuck Hill, CFA, and Sam Stovall (Chief Investment
Strategist, Standard & Poor’s) together with the wit of our twotime moderator,Vincent (“Cousin Vinny”) Catalano, CFA (President,
iView Research).
We hope to continue to build this event into a staple event in
Houston, one where not only our members, but the community
looks forward to each year. Our strategic plan calls for continuing
increases in attendance and importance for our Annual Forecast
Dinner. We can only accomplish this with the continued support
of our member firms. Save the Date for our Third Annual Forecast
Dinner on May 5, 2005.
Friend (Up to $99)
Dana Croswhite
Donna Anderson
Elizabeth Williams
I.C. Kerridge
J.H. Freeman
Jack Lippincott
James A. Jackson
Lynn Detrick
Michael Durham
Myra L. Mayer
Nitin Vaidya
Richard L. Brooks
Richard Lichtman
Ron Stapleton
Susan Gumbiner
HSFA Second Annual Forecast Dinner at Doubletree
Hotel in Houston.
2
The Charter News
September 2004
HSFA
www.hsfa.org
Upcoming HSFA Events
* Wednesday, September 8
Henry McVey, Chief US Investment Strategist, Morgan Stanley
Bonfire of the Insanities
* Wednesday, October 27
Tom Kowalski, President, Texas Healthcare & Bioscience Institute
An Overview of the Texas Life Science Industry
* Wednesday, September 15
Nancy B. Rapoport, Dean and Professor of Law
University of Houston Law Center
Lawyering in the Age of Sarbane Oxley
* Thursday, November 4
Felicia Kantor, Gaming Analyst, Lehman Brothers
The Status of the Gaming Industry
Wednesday, November 10
SOCIAL & CFA Charter Awards Ceremony
Watch for details
* Wednesday, September 22
Dr. Arthur B. Laffer,
Laffer Associates, Inc.
Economic Outlook
* Wednesday, November 17
Gordon Massie, AIG
High-yield bonds
* Wednesday, September 29
Walter (Bud) Haslett, CFA, President, Chief Investment Officer,
Write Capital Management, LLC.
Options for Enhancing Returns
* Wednesday, December 1
Bill Baker, Principal, GARP Research
Trends in Independent Research
* Wednesday, October 6
Hugh Wright, Associate District Administrator – Office of
Examinations, SEC
Building an Effective Compliance Program
Wednesday, December 8
Sysco Corporation
Executive Company presentation
* Wednesday, October 13
Greg Valliere, Schwab Washington Research Group
Investment Implications of the Election
* Wednesday, December 15
To Be Announced
* Wednesday, October 20
Ron Daino, Managing Director/Senior Global Technical Market
Strategist, Citigroup Smith Barney
Technical View of the Markets
*
As a participant in the CFA Institute ApprovedProvider Program, HSFA has determined that
this event qualifies for credit for the CFA
Institute Professional Development Program.
Eligible for 1 credit hour.
HSFA Joins Professional Development Approved Provider Program
Beginning on 1 January 2003, CFA Institute started offering
an enhanced 20-hour Professional Development Program
(formerly the Continuing Education Program). Participation
is open to all CFA Institute members who wish to earn
recognition for their professional development efforts. As
of September 2004, HSFA is proud to announce that we
are a provider-approved society and thus will offer this
program to our members on a volunteer basis.
If you chose to participate, simply register at http://www.
CFA Institutenstitute.org/pdprogram/about_pd_diary.html.
The majority of HSFA’s weekly programs will count towards
your goal of having 20 PD credits per year. Programs
that qualify will be noted by a “PD” logo on the weekly
announcements and the website events calendar. CFA
Institute has structured the program so that participation
is simple and convenient for its members. Once you attend
a qualifying meeting, CFA Institute will automatically credit
your dairy (once you are enrolled) for those hours at HSFA’s
request.You will not need to sign any papers at the meeting
www.hsfa.org
itself nor will you need to manually update anything on the
CFA Institute website.
Again, the program is being offered on a strictly volunteer
basis. For those who complete the 20 hours per year,
recognition is given. To acknowledge these members’
commitment to professional development, their names
will be listed on CFA Institute’s website sorted by years
of consecutive participation and by CFA Institute Society.
In addition, members who have reached the milestones of
5, 10, 15, and 20 years of successive participation receive a
formal certificate from CFA Institute.
For more information on the program, log on to: http://
www.CFA Institutenstitute.org/pdprogram/. In addition,
Houston is proud to have two members on the international
Professional Development Committee: Joe Dabney, who
is the committee’s Chairman, and Pat Swanson, a 2-year
committee member. They are also available to visit about
the benefits of the program..
HSFA
The Charter News
September 2004
3
HSFA
The Houston Society of Financial Analysts, Inc.
PO Box 56283
Houston, Texas 77256
HSFA 50th Anniversary
Be a part of the Celebration in 2005!
Watch for Details!
HSFA Leadership
2004-2005
DIRECTORS
Cynthia R. Brien, CFA
Dana B. Croswhite, CFA
Leah R. Friday, CFA
John F. Gualy, CFA
W. Scott Hill, CFA
Christopher W. Jones, CFA
Stephen C. Raffaele, CFA
OFFICERS
John F. Gualy, CFA
Eagle Global Advisors, LLC
President
Leah R. Friday, CFA
King Investment Advisors, Inc.
Vice President
Cynthia R. Brien, CFA
AIM Investments
Treasurer
W. Scott Hill, CFA
Kanaly Trust Company
Secretary
COMMITTEE CHAIRS
John F. Gualy, CFA
Eagle Global Advisors LLC
AIMR Liaison / Advocacy / Public
Awareness
William C. Artzberger
Kanaly Trust Company
Communications
4
The Charter News
Patrick Lyn, CFA
WestLB Asset Management
Co-Chair - Education Committee
Patrick Oakes
Sterling Bank
Co-Chair - Education Committee
Ronald J. Stapleton, CFA
Partners Investment Advisors
External Relations
Pat H. Swanson, CFA
King Investment Advisors, Inc.
External Relations
Donna F. Anderson, CFA
AIM Investments
Membership
Leah R. Friday, CFA
King Investment Advisors, Inc.
Programs
Jack C. Lippincott, CFA
City of Houston
Scholarships
W. Scott Hill, CFA
Kanaly Trust Company
Social
Stephen C. Raffaele, CFA
Sterling Bank
Strategic Planning
Dana B. Croswhite, CFA
Volunteer
September 2004
HFSA CFA® Review Course
The HSFA’s Fall CFA® Review course to help candidates prepare of the
December Level I exam started August 19 and will run for 14 weeks
through November. This comes on the heels of a successful Spring
program which offered courses for Levels I, II and II.
These courses are held in conjunction with the Bauer College of
Business at the University of Houston. Courses include instructor-led
classroom sessions and Schweser Study Notes. Candidates who use
Schweser Study Notes tend to have pass rates that are well above
the national average. The goal of the UH/HSFA review and study
program is to complement the Schweser Study Notes by providing a
structured study course with knowledgeable instructors to equip
CFA® candidates with the core knowledge and exam techniques
necessary to pass each level in order to obtain the CFA® designation.
We believe this course can significantly increase a candidate’s chances
of passing each level. UH/HSFA has received positive feedback from past
participants especially in regards to the programs ability to help candidates
structure a disciplined study process to direct and focus their efforts. The
use of seasoned classroom faculty from UH and Rice University as well as a
high percentage of instructors with CFA® charters is also viewed as a plus.
The HSFA, through its Education Committee, is responsible for syllabus
preparation, liaison with Schweser, instructor recruitment and candidate
marketing. UH provides the facilities for the program as well as program
administration including processing class registrations and colleting the
program fees. The HSFA Education Committee is currently co-chaired by
Patrick Lyn and Patrick Oakes with past chair Leah Friday as advisor. The
committee will begin planning work for the Spring 2005 program (with
classes starting in January, 2005) in September of this year. Interested HSFA
members can contact either of the co-chairs find out more or to volunteer.
Additional information on the review program can be found at www.hsfa.
org and at UH’s website, www.bauer.uh.edu./ced/cfa/cfareview.htm.
HSFA
www.hsfa.org
HSFA SCHOLARSHIP CONTRIBUTION FORM
Name/Company __________________________________________________________________
Address ________________________________________Phone ___________________________
City _______________________________________ State_________ Zip __________________
Email Address ____________________________________________________________________
President’s Circle $5,000 ______
Director’s Club $2,500 ______
Visionary $1,000 ______
Advocate $500 ______
Partner $100-$250 ______
Friend (up to $99) ______
Contributions by credit card: fax to 713.572.3089
Check one: ❏ American Express ❏ Discover ❏ Visa
❏ MasterCard
❏ Diners
Card #: ____________________________________________ Exp. Date: __________________
Name (as it appears on the card): ____________________________________________________
Signature: _______________________________________________________________________
Contributions by mail with a check: Make checks payable to HSFA Scholarship Fund and mail to:
HSFA, PO Box 56283, Houston, TX 77256.
Please indicate your contribution level and return this form with your HSFA Scholarship Fund
contribution.
For questions, contact the HSFA Scholarship Chair,
Jack Lippincott, CFA at JackL6@hotmail.com.
For tax reporting purposes, contributions need to be received by HSFA by December 30, 2004.