INSIDE THIS ISSUE
THE
SPECIAL REPORTS
Editor’s Note pg. 2
Financial Analysts Seminar pg. 2-3
CFA Institute’s Executive
Compensation Manual pg. 3-4
Click on article title
to jump to that page.
CAREER MANAGEMENT
Savvy Networking pg. 8
Career Progress – Personal News
from the Workplace pg. 9
EFFICIENT FRONTIER
SOCIAL EVENTS
Cubs Game Outing pg. 4
C.F.A. EVENT
Chipping Through the
Grass Ceiling pg. 5
CFA Society of Chicago
EDUCATION
Continuing Education
Program Milestones pg. 9
LUNCHEON PROGRAMS
Jeffrey W. Ubben pg. 6
SAP AG pg. 6-7
Noel Archard, CFA pg. 7
ORGANIZATIONAL NEWS
Annual Meeting and Reception pg. 9
Background of Incoming
CFASC Officers and Directors pg. 10-11
Nominating Committee Seeks
Future Society Leaders pg. 11
Our New Manager of Operations –
Claire Peterson pg. 12
CANDIDATE SERVICES
CFA Post-Exam Party pg. 8
MEMBERSHIP
Welcome New Members pg.12
CFA Society of Chicago
134 N. LaSalle St. – Suite 1740
Chicago, IL 60602
312-251-1301
www.cfachicago.org
THE
EFFICIENT FRONTIER
SUMMER ISSUE 2008
Chairman’s Message:
Welcome to Fiscal 2009
Written by:
Joe Knecht, CFA
Over the past 83 years, we have originated the idea of a society of
investment analysts, joined forces with three other pioneer groups to
form the predecessor to the CFA Institute, hosted thousands of events
and grown our ranks to over 3600 members. Not bad for a group
that started with four practitioners of a new and not entirely respectable profession and which considered disbanding in the 1940s.
Your Board of Directors is already hard at work planning for the new
year, beginning with a Strategic Review Session on August 13. After
assessing our progress in implementing last year’s outreach initiatives, we chose to create a standing External Outreach Committee to
spearhead this important work in the future. Board volunteers will
also be examining Member Growth, Volunteer Development and our
Staffed Office as the year unfolds. We welcomed seven new members to the Board this year, extending our gratitude to the departing
class for a job very well done.
For all of you who are hoping to enhance the benefits derived from
your membership, I have one suggestion: Volunteer! Our recently
completed Volunteer Survey reported that an overwhelming 95 percent of respondents described the chance for direct involvement as
a valuable member benefit. Sure, we provide great lunch programs
and educational seminars and organize fine career, networking and
social events. But nothing compares to the opportunity to sit around
a table with some of the best and brightest of Chicago’s investment
community and bring one of those events to life.
Together, we will build on the great accomplishments of the CFA
Society of Chicago. So check out the website, give us a call, send
us an email or join the CFA Chicago Community online. We look
forward to hearing from you. 
SUMMER ISSUE 2008 I 1
SPECIAL REPORTS
THE
EFFICIENT FRONTIER
Editor’s
Note
Written by:
Greg Gocek, CFA
Like many organizations, our Society
starts its new year in the summer. That
beginning is reflected various ways in this
issue, starting with the opening welcome
from our new Chairman, Joe Knecht.
Continuity, of course, is also important. So
it’s great to report on an ongoing variety
of our excellent programs, delivering both
expert insights (at luncheons) and warm
conviviality (at social events).
Our tangible connections to our global
partner, CFA Institute, are evident from
its staff visiting to offer the latest guidance on executive compensation and our
Financial Analysts Seminar collaboration
to the longstanding participation of numerous members in the Institute’s Continuing
Education program.
And with the June test results just circulated, our congratulations to all candidates
passing at their levels, particularly the
newest charterholders. Unique among
them is Lisa Curran, an expectant mother
on the cusp of delivery as she took Level
III. Her son Eli Wyatt arrived 12 days
later on June 19 at 7 pounds, 1 ounce and
20 ¾”, with Lisa now free forevermore
to focus on birthday as opposed to exam
preparations!
This issue’s contributors were, alphabetically; James Allen, Shantal Alonso,
Donald Duncan, Greg Gocek, Jodie
Gunzberg, Jeff Kernagis, Arch King, Joe
Knecht, Cynthia McLaughlin, Alan Meder,
Claire Peterson, Joan Rockey, Rick Tauber
and Mark Toledo. 
2008 CFA Institute
Financial Analysts Seminar:
Pessimism Prevails
With Market Experts
Reported by:
Joan Rockey, CFA
Money managers from around the world gathered in St. Charles July 19th-July
24th for CFA Institute’s highly regarded Financial Analysts Seminar hosted by
CFA Society of Chicago. Twenty-five speakers led intensive discussions focused
on the global economic environment, portfolio management, risk management,
credit cycle & crisis, asset allocation, quantitative and fundamental research and
analysis, behavioral finance, and ethical leadership. As FAS proceeds in its fifth
decade, its interactive learning environment enabled sharing of truly global insights between 120 attendees from 25 countries.
Unsurprisingly, the speakers were in a dreary mood. With the credit crisis still
unfolding, the global economy slowing, and most world stock markets down 20+%
from their highs, the news on investment strategy and market conditions was
somber. David Jones remarked that money managers must recognize the U.S. is in
the midst of a “big” economic event stemming from past macroeconomic policymaking. Jeremy Grantham went one step further with his warning “I am officially
scared” and recommended holding cash. While Grantham is sometimes known as a
“perma-bear”, his downbeat sentiments were certainly reflected in other presentations.
The renowned FAS speakers were:
David Jones, President & CEO of DMJ Advisors, LLC
William Priest, CFA, CEO of Epoch Investment Partners, Inc.
William Sharpe, STANCO 25 Professor of Finance Emeritus of
Graduate School of Business at Stanford University
Martin Fridson, CFA, CEO of FridsonVision LLC
Steve Galbraith, Partner of Maverick Capital
Robert Parrino, CFA, Lamar Savings Centennial Professor of
Finance of University of Texas at Austin
Mario Gabelli, CFA, Chairman & CIO of GAMCO Investors Inc.
David Trainer, President of New Constructs, LLC
Yiorgos Allayannis, Associate Professor of Business Administration of Darden
Graduate School of Business Administration at University of Virginia
Keith Ambachtsheer, Director of Rotman School of Management at
the University of Toronto
Jeremy Grantham, Chairman and Co-Founder of Grantham, Mayo,
Van Otterloo & Company LLC
Doug Peebles, Executive VP, Co-CIO of Fixed Income &
Director of Global Fixed Income of AllianceBernstein
continued on next page.>
SUMMER ISSUE 2008 I 2
SPECIAL REPORTS
THE
EFFICIENT FRONTIER
Continued
2008 CFA Institute
Financial Analysts Seminar:
Pessimism Prevails
With Market Experts
continued from previous page.>
Christopher Malloy, Assistant Professor of Harvard Business School
Chris Brightman, CFA, CEO of University of Virginia Investment
Management Co.
Ellen Shuman, CFA, VP & CIO of Carnegie Corporation of
New York
Peter Stein, CFA, VP & CIO of University of Chicago
Lars Jaeger, CFA, Partner of Partners Group
Farouki Majeed, CFA, Senior Investment Officer of CalPERS
Jeppe Ladekari, Principal & Portfolio Manager of The World Bank
Peter Puccetti, CIO of Goodwood, Inc.
Marc Faber, Editor & Publisher of the Gloom, Boom & Doom
Report of Marc Faber Ltd.
Max Holmes, Founder & CIO of Plainfield Asset Management LLC
Peter Tertzakian, Chief Energy Economist & Managing Director of
ARC Financial Corp.
Nathaniel Dalton, Executive VP & COO of Affiliated
Managers Group, Inc.
Jim Ware, CFA, Founder of Focus Consulting Group, Inc.
Prestigious CFA Institute awards were bestowed upon two speakers.
Bill Sharpe received the 2007 Graham and Dodd Award. This award,
in memory of Benjamin Graham and David Dodd for their enduring
contributions to the field of financial analysis, recognizes excellence
in financial writing as demonstrated via a Financial Analysts Journal
article. Keith Ambachtsheer received the James R. Vertin Award. This
award, established in 1996 to honor James R. Vertin, CFA, for his outstanding leadership in promoting excellence and relevancy in research
and education, is presented periodically. It recognizes individuals who
have produced a body of research notable for its relevance and enduring value to investment professionals.
In addition to highly stimulating lectures, interactive discussions, case
study and informal gatherings, a FAS highlight was a mock trading session at the Chicago Mercantile Exchange. This entertaining and unique
experience gave attendees the chance to stand in a trading pit and test
their wits against seasoned pros. For many participants, it was their first
realistic experience with the inner workings of floor trading.
Continuing its traditions, the next FAS will be held at the University of
Chicago Gleacher Center in downtown Chicago July 19-24, 2009. 
August 7, 2008
CFA Institute Presentation
“Show Me the Money”–
Introducing CFA
Institute’s Executive
Compensation Manual
Reported by:
James Allen, CFA and Alan Meder, CFA
At a sold-out program, James Allen, CFA, Director of the
Capital Markets Policy Group for CFA Institute’s Centre
for Financial Integrity, provided guidance on the investment implications of executive compensation policies.
Questions regarding the form and amount of executive
compensation have bedeviled boards of directors since
public companies supplanted family dynasties a century
ago. Politicians have tried to inject their views, with
government intervention usually creating more problems.
Consequently, directors have had to “muddle through,”
as Jeffrey Gordon of Columbia Law School has said.
Meanwhile, shareholders suffer economically whenever
executives earn exorbitant payouts without delivering
improvements in company performance and value.
To protect their interests, investors need relevant information. This includes explanations of the compensation-setting process and assurances of compensation committee
independence. Prior compensation policies are relevant,
including the grants of stock options and post employment benefits. Investors require awareness of when the
independence of the board’s compensation consultants has
been impaired by other work with the company. Investors
also benefit from mechanisms enabling expression of their
perspectives on compensation decisions.
Upon acquiring such information, investors next need to
know how to use it. The CFA Institute Centre for Financial Market Integrity has created a manual to help. The
Compensation of Senior Executives at Listed Companies:
A Manual for Investors does not evaluate the merits of
potential compensation mechanisms, or the desirability of
specific compensation levels. Those are decisions boards
must make. But the manual is designed to aid shareowner
continued on next page.>
SUMMER ISSUE 2008 I 3
SPECIAL REPORTS & SOCIAL EVENTS
THE
EFFICIENT FRONTIER
Continued
August 7, 2008
CFA Institute Presentation
“Show Me the Money”–
Introducing CFA
Institute’s Executive
Compensation Manual
continued from previous page.>
costs/benefit assessment of board decisions and ultimately facilitates better
proxy and investment decisions. Copies
were distributed to all event attendees.
The executive compensation debate is not
confined to the U.S. Solutions to mitigate
the potential for pay excesses are being
attempted with varying degrees of intensity globally. Countervailing measures
include more “say-on-pay” within the
annual proxy process, calls for reduced
related-party transactions, and more board
independence.
Executive compensation excesses pose
potential risks for shareholders which are
structural in nature and will not simply
disappear. Boards must negotiate wisely
with executives during pay program
implementation. Investors must then
remain vigilant in measuring and holding
executives and directors accountable for
the results. Government officials, labor
representatives, business leaders, and
shareowners will be debating for many
years the social and fairness issues created
by widening pay disparities. And until
metrics are created to help boards determine appropriate pay scales, investors will
have to review and analyze boards’ pay
decisions to judge their functionality.
To learn more about Executive Compensation and to download material, visit http://
www.cfainstitute.org/centre/topics/compensation/. 
May 27,2008
Cubs Game Outing
A Cool Time at the
Friendly Confines
Reported by:
Jeff Kernagis, CFA
What a difference a day makes - 40-degree difference to be exact. In the hours
before our CFA Society of Chicago Sheffield Baseball Club rooftop outing, temperatures plummeted from 80 to 40 degrees with 30 m.p.h. wind gusts. Apparently
we needed the reinforcing object lesson that charterholders must be prepared for
all forms of volatility!
We weren’t alone, with a surprisingly crowded ballpark jammed with fans sporting
ski gaps and gloves to cope with the 30-degree wind-chill. Perhaps this was an unannounced rehearsal for the recently scheduled New Years Day 2009 NHL Winter
Classic between the Blackhawks and Redwings also at Clark and Addison.
So in spite of the winter-like game time conditions, our Social Advisory Group
event definitely supplied great warmth to all participating CFASC members and
guests.
First, the red-hot division-leading Cubs rallied with 3 runs in the seventh inning
to beat the L.A. Dodgers 3-1. Cubs pitcher Sean Gallagher threw seven strong innings and All-star Aramis Ramirez batted in the winning run.
Next, the fabulous setting just outside the “Friendly Confines” helped cut the
chill for us. Along with unlimited food and beverages, the venue provided a
comfortable, enclosed climate to watch the game. Some hardy attendees periodically ventured outside into the grandstand seating area to savor the full game-day
experience.
Finally, our usual CFASC member camaraderie made the frigid atmosphere seem
warm. The weather provided great motivation for extended social networking. As
usual, the Cubs rooftop outing proved to be a winner on many dimensions. 
SUMMER ISSUE 2008 I 4
Cultivating Female Ambition
THE
EFFICIENT FRONTIER
Putting
practice at
the C.F.A.
event.
June 12, 2008
C.F.A. Event
Chipping Through
the Grass Ceiling
Reported by:
Jodie Gunzberg, CFA
Despite severe storm and tornado warnings with super-blustery conditions, over 25 members and friends gathered to network and improve
their games tutored by seasoned golf pros at a clinic hosted by the CFA
Society of Chicago’s Cultivating Female Ambition (C.F.A.) Advisory
Group.
The group practices their golf swing.
Participants enjoyed the scenic views at Harborside International Golf
Center, a suburban-like oasis on the south side of Chicago. The beautiful course is regarded as one of the area’s best. It has been voted as one
of Chicagoland’s “Top Public Courses,” rated “Five Stars” by readers of
Chicagoland Golf, rated “Third Best Municipal Golf Course” by Golf
Week, and listed as “among the top daily-fee courses nationwide” by
Golf & Travel.
In the spirit of advancing C.F.A.’ community service aspect, male and
female members arrived with used golf equipment and tons of new and
lightly used balls to donate to the Aurora, IL chapter of The First Tee.
The First Tee is a non-profit organization that aims to impact the lives of
young people of all backgrounds. Its learning facilities and educational
programs promote character development and life-enhancing values
through the game of golf. (www.thefirstteeaurora.org.)
Our players were split into appropriate skill-level groups (beginner,
intermediate, and advanced), in which they practiced everything from
putting to driving with Harborside’s talented instructors. After an hourlong lesson, all were invited to join a cocktail networking reception.
Betsy Jacobson Young, CFA and Lisa Davenport,
CFA network after golf.
The clubhouse provided a cool shelter from the pre-storm heat with an
elegant array of tasty hors d’oeuvres and refreshing drinks. A good time
was had by all! 
SUMMER ISSUE 2008 I 5
LUNCHEON PROGRAMS
THE
EFFICIENT FRONTIER
May 20, 2008
Distinguished Speaker Series –
Jeffrey W. Ubben
Bringing Risk Capital to the Board Room
Reported by:
Mark Toledo, CFA
David Watkins, CFA, CFA Chicago Program volunteer, introduced his long-time
friend and Chicago-area native Jeffrey W. Ubben, Founder, CEO and Chief Investment Officer of ValueAct Capital (VA). VA is a San Francisco-based investment
partnership with $6+ billion in assets under management. Mr. Ubben discussed his
experiences as an activist investor.
The objective of VA’s investment approach is to solve the “Agency Problem”,
summarized by this quote from Adam Smith’s classic, The Wealth of Nations
(published 1776):
“The directors of joint stock companies, however, being the
managers rather of other peoples money than of their own, it
cannot well be expected, that they should watch over it with
the same anxious vigilance as owners. Negligence and profusion,
therefore, must always prevail, more of less, in the management
of the affairs of such a company.”
Theoretically, shareholders select the Board of Directors, who determine the compensation plan for management. In realty, executive management proposes board
members and compensation plans. The goal of active shareholders like VA is to
gain a board presence and attain effective capital management by the right executive team with the right compensation plan.
Too often, institutional investors holding shares are also conflicted in the quest to
achieve the best interest of shareholders. This tension could result from a desire
to administer the companies 401(K) plan, potentially dampening motivation to
effectuate a change in management or the compensation plan. VA’s role is to identify the mis-management of a good core business and then work towards change
uncovering shareholder value.
VA’s experience with the Gartner Group illustrates its methods. Acquiring 10%
of Gartner’s shares in 2001, VA assessed the company as the share price stayed
flat for the next two years. In 2003, VA catalyzed a management change. The new
team implemented reforms anticipated to be negative short-term but with expected
long-term benefits. The stock price subsequently declined almost 40% before
beginning a 225% advance after the restructuring benefits developed.
Ultimately, Mr. Ubben believes his firm can add value for shareholders of publicly traded companies through good corporate governance flowing from a high
concentration of shares in an active owner’s hands. On attaining this influence, VA
works to establish the virtuous circle of proper management incentives increasing
the return on capital. 
June 18, 2008 CompanySponsored Presentation –
SAP AG
Reported by:
Alan Meder, CFA
For the latest popular addition to our
active program calendar, our Society
recently staged for members the second
company sponsored presentation of 2008.
It featured SAP AG, the German-based
global provider of software systems.
SAP spokesperson Ms. Friederike Edelmann in her corporate overview described
its integrated software products. These
applications enable client relationship
tracking, sales lead follow-up, inventory
management , resource planning, and
keeping business managers and accounting systems up-to-date. Though government entities use SAP software solutions,
businesses of all sizes are the primary
customers.
Based on revenue, SAP is the world’s
largest business software supplier with
over 47,000 customers in 120+ countries.
It has approximately 1/3 of the revenuebased market share for productivity-seeking enterprise software. This market dominance is impressive given the category’s
competitive landscape, with leading rivals
being savvy firms like Oracle, Microsoft,
and IBM.
By increasingly embracing a growth-byacquisition strategy and an expansion of
partnering programs, SAP seeks to speed
innovation and to broaden the audience
for internet-based systems solutions. This
allows SAP’s delivery of timely information to mobile devices such as Blackberry
smart phones.
SAP is tasking its management with
continued on next page.>
SUMMER ISSUE 2008 I 6
LUNCHEON PROGRAMS
THE
EFFICIENT FRONTIER
Continued
June 18, 2008
Company-Sponsored
Presentation –
SAP
AG
continued from previous
page.>
acquisition issues as it
becomes more aggressive in
expanding market share and
seeking near-term benefits
from recent investments.
Thereby, SAP learns the
same lesson its Enterprise
Resource Planning (ERP)
customers inevitably realize- a successful implementation is a key ingredient
for profiting from software
investments.
The results of these expansion efforts have been
mixed. First quarter 2008
profits declined 22%,
primarily due to costs of
recent acquisitions and
currency effects. However,
global revenue growth in
major regions has exceeded
20%, with 50% of the sales
increase from licensed
customers via brand new relationships. Future revenue
growth is expected from
the current customer base
(additional licenses and
maintenance services) and
through innovation (new
application ideas). 
June 27,2008
Distinguished Speaker Luncheon –
Noel Archard, CFA
Navigating the ETF Landscape
Reported by:
Cynthia McLaughlin
Use of alternative assets to complement portfolios has been gaining popularity with both
professional money managers and individual investors. Within that asset class are Exchange
Traded Funds (ETF), having features of both stocks and traditional open-end mutual funds.
Noel Archard, CFA, Head of Product Research & Development, U.S. iShares and Principal,
Barclays Global Investor Services navigated us through ETF terrain to discuss related history,
applications, trends and selection criteria.
Exchange traded products were introduced in 1971 with the creation of the first index strategy.
The ETF vehicle made its 1990 debut on the Toronto Stock Exchange. Today, the majority of
ETF offerings are index-based performers, tracking a specific index, sector, or industry via a
passive strategy. ETFs offer broad appeal by acting like a single instrument, allowing investors
to create long or short index exposure to create a portfolio with one trade.
Mr. Archard noted ETF’s liquidity and accessibility, providing flexibility of use to manage risk
in an overall portfolio with either a hands-on or passive approach. With over 600 available
ETF, correct selection can be challenging. Success can result from following “tried and true”
guidelines of 1.) understanding what you own, 2.) considering spreads and liquidity, 3.) asset
allocation and 4.) tax structure.
One concern in the ETF landscape is launch timing. Given legal requirements and extended
new product approvals, related delays may ensue reducing product effectiveness. Despite this
obstacle, there was a recent launch explosion with 294 new products in 2007 and 73 in the
first four months of 2008. 55% of the 2008 launches are from providers with less than $750M
in ETF assets, raising survivability questions. New filing rules aim to cut the SEC backlog,
shortening launch times and increasing competition by lowering entry barriers. With increased
competition, product sustainability may become problematic with weaker ETF as acquisition
targets.
A key developing change is the actively managed ETF. It will eliminate benchmarks and allow
greater universe selection. The major bottlenecks here are the SEC’s concerns regarding pricing and disclosure of holdings. Another trend is the introduction of strategy based products to
capture a specific attribute, such as a fund having a small cap value flavor.
Mr. Archard’s presentation underscored ETF as innovative and growing, characteristics expected to continue as bright spots in today’s environment. 
SUMMER ISSUE 2008 I 7
CANDIDATE SERVICES & CAREER MANAGEMENT
THE
EFFICIENT FRONTIER
June 7, 2008
CFA
Post-Exam
Party
May 15, 2008
Savvy Networking to
Grow Your Practice
Andrea R. Nierenberg
Reported by:
Shantal Alonso
Reported by:
Rick Tauber, CFA
After a grueling summer day of examinations, more than 200 candidates relaxed
and unwound at the CFA post-exam party
at the McCormick Center co-sponsored
by the CFA Society of Chicago and
Stalla.
Networking is a commonly used term. But how best to develop and utilize
our networks? Andrea Nierenberg, award-winning author of three networking
books, provided a dynamic, highly interactive workshop on these issues at this
Career Management event. Centered on a framework for networking’s 5 basic
steps, proceedings at UBS Tower downtown began with attendees asked to drop
business cards into a hat for a drawing. Eight lucky winners received signed
copies of her books.
Glazed eyes and weary faces were
quickly transformed by a welcome dose
of excitement in a festive environment.
Affected by a mixture of nervous anticipation and profound relief, candidates
shared their experiences with one another
while indulging in gourmet treats, drinks
and professional neck massages. This
event marked the fifth post-exam party
hosted by the Society and Stalla.
June Exam Stats
• 2354 people registered to sit for the
exam in Chicago
• 304 were CFASC members
Finally, CFA Institute has just announced
the overall global June pass rates (annual
comps follow):
Level I Level II
Level III
2008
35% 46% 53% 2007
40%
40%
50%
We hope this signals the start for subsequent celebrations as candidates receive
their personal notifications about passing
the CFA exam- congratulations to all
local successful candidates! 
Step One of five is Meet People. Ms. Nierenberg asked, “What do most people
do in an elevator?” The most common answer was “look straight ahead”.
Instead, why not use this opportunity to share your 30-second “elevator speech”
and develop a new contact? Suggestions were also offered on how to meet people at conferences including positioning and looking for openings in a group.
Step Two is Listen and Learn. You must be “silent” to be a good listener. Do
not try to multi-task, such as e-mailing and talking on the phone, as neither effort will be effective. Actions speak louder than words, which was highlighted
via a small exercise. While putting her hand on her cheek, Ms, Nierenberg told
everyone to put their hand on their chin. Almost all put hands to cheeks!
Step Three is Create a “Center of Influence”. A good networker creates credibility by assisting other people and making timely referrals. Regarding internet
forums, such as our CFA Chicago Community, keeping your content professional and letting only trusted people into your network is important.
Step Four is Follow-up With a Plan of Action. Your networking will be more
effective if it uses your contact’s preferred method of communication, be it telephone or e-mail. Hand-written thank you notes can be particularly successful.
Step Five is Stay in Touch Creatively with your networking contact. Think
about relevant news articles that can be forwarded or use birthdays or anniversaries as occasions to touch base with people appropriately.
The event concluded with everyone invited to draw a business card out of the
hat and follow-up with the selected persons. If all participated, each individual
would increase their networks with 2 new contacts. With that, let the networking begin! 
SUMMER ISSUE 2008 I 8
EDUCATION, career management & organizational news
THE
EFFICIENT FRONTIER
2007
Continuing
Education
Program
Milestones
Member Name
Milestone Year
Richard P. Bail, CFA
5
Aaron C. Balsam, CFA
5
Jason Matthew Carver, CFA
5
Daniel L. Chertok, CFA
5
Amit Dugar, CFA
5
Donald D. Duncan, CFA
5
Walid M. Fikri, CFA
5
Jeremy James Heer, CFA
5
Melanie S. Hummer, CFA
5
Edward M. Kemper, CFA
5
Jonathan N. Kingsepp, CFA
5
Alan M. Meder, CFA
5
Tom Scholz, CFA
5
Shalini Sharma, CFA
5
Brian D. Singer, CFA
5
Steven John Tonhaiser, CFA
5
Kenneth R. Weigand, CFA
5
Wei Wu, CFA
5
Peter M. Young, CFA
5
Thaddeus J. Madaj, CFA
10
John Patrick Miller, CFA
15
Based on the latest annual data (2007)
from CFA Institute, these members have
attained anniversary milestones (5 year
increments) in their ongoing participation
in the Continuing Education program. Details on that program are available at
CFAI’s website, http://www.cfainstitute.
org/memresources/ceprogram/index.html.
CFA Chicago congratulates their dedicated
commitment to lifelong learning! 
June 25, 2008 CFA Chicago
Annual Meeting
and Reception
Reported by:
Donald Duncan, CFA
Chairman Arch King called the annual
meeting to order at the UBS Tower.
It was the first staging of a new, early
evening format. The slate for the 200809 board nominees had been previously
distributed via CFA Society of Chicago’s website. All members present
voted unanimously to approve the slate.
An interesting complement to the electoral ratification of the leadership team
was Arch’s valedictory summary of the
priorities directing board efforts. The
strategic initiatives include:
1. Changing organizational focus from
the internal to the external.
2. Making the CFA charter more valuable to our members.
3. Reaching out to universities and the
educational community
Arch concluded the meeting and his
term by recognizing incoming board
members and thanking their outgoing
counterparts for their contributions.
The meeting then adjourned for an
elegant cocktail with hors d’oeuvres
reception enjoyed by all. 
Career Progress –
Personal News
from the Workplace
Reported by:
Greg Gocek. CFA
Have you – been promoted? changed
firms? started a new business? shifted
to a new job function? retired? received
a professional award? made a public
talk related to your job? been quoted in
the media? published an article/monograph/book?
If you’ve recently experienced these
(or other relevant) work-related possibilities, feel free to let us know at
communication@cfachicago.org. We’d
be happy to provide a brief update for
everyone in future columns. And for
writers/speakers, your content may be
featured in a subsequent newsletter following review of a submitted abstract.
Here’s our latest installment –
congratulations on career progress!
Job Moves:
Robert Conrardy, CFA has joined
Harris my CFO as its Director of
Investment Advisory Services.
Awards:
Alexander Paris, Jr., CFA, at
Barrington Research ranked as #1
analyst of the Specialty Retailers &
Services sector in the Wall Street
Journal’s “Best on the Street: 2008
Analysts Survey”. 
SUMMER ISSUE 2008 I 9
ORGANIZATIONAL NEWS
THE
EFFICIENT FRONTIER
Background of incoming
CFASC Officers and Directors
Reported by:
Greg Gocek, CFA
At the June 25 Annual Meeting, among the approved slate of officers and directors are several persons new to the board as of July 1.
Brief descriptions of their experiences follow:
NEW INCOMING OFFICERS
Daniela Mardarovici, CFA, Vice PresidentMembership Development/Secretary is a Principal and Fixed Income Portfolio Manager at Harris Investment Management. She has chaired the
C.F.A.- Cultivating Female Ambition Advisory
Group She is a graduate with a BS in Finance/
Economics from the University of Nebraska at
Omaha and studied at the Academy of Economic Studies in Bucharest, Romania.
NEW INCOMING DIRECTORS
Gautam Dhingra, CFA is the
founder/CEO of High Pointe
Capital Management. He
previously worked at Hewitt
Investment Group. He serves
on the Board of Regents for
CFA Institute’s Financial
Analysts Seminar and was VPEducation for CFA Society of
Chicago. He earned his PhD in
Finance from the University of
Florida.
Jodie Gunzberg, CFA is Director of Research/Manager
Search for the Marco Consulting Group. She is a graduate of
Emory University (BS– Mathematics) and the University of
Chicago (MBA).
Judy Greffin, CFA is the Chief
Operating Officer and a Senior
Managing Director for Allstate
Investments and a member of
its senior leadership team. She
is a college graduate (BS) of
Miami University and earned
her MBA from Ohio State
University.
Timothy Hurd is Managing
Director of Madison Dearborn Partners. He previously
worked at Goldman Sachs.
He earned his BA from the
University of Michigan and his
MBA from Harvard University.
SUMMER ISSUE 2008 I 10
ORGANIZATIONAL NEWS
THE
EFFICIENT FRONTIER
Continued
Background of incoming CFASC Officers and Directors
NEW INCOMING DIRECTORS
John Simmons, CFA is Managing Director of Nuveen HydePark Group. He previously
worked at Arthur Andersen.
He was educated at St. Xavier
University, earning BA-English and MBA degrees there.
Thomas Marthaler, CFA is Senior Vice President at Lehman
Brothers Asset Management
managing select institutional
client relationships. He previously worked at ABN AMRO
Asset Management. He earned
his BA from the University of
St. Thomas and his MBA from
Loyola University of Chicago.
Peter McCanna is Executive
Vice President Administration and CFO of Northwestern
Memorial HealthCare and
Northwestern Memorial Hospital. He previously was CFO
for Presbyterian Healtcare
Services in Albuquerque, New
Mexico. He earned his BA
from the University of Michigan and his Master’s degree
from the University of TexasAustin.
CFA INSTITUTE BOARD OF GOVERNORS
Finally, our Society is also proud to note that two of our members
will provide ongoing global leadership for CFA Institute.
Alan Meder, CFA is Chief Risk Officer for Duff & Phelps Investment Management. He has been elected to serve a three-year term
on CFA Institute’s Board of Governors commencing on September 1. He serves on the Executive Board of CFA Institute’s Education Advisory Committee and volunteers for CFA Chicago’s
Communications Advisory Group.
Brian Singer, CFA, has been elected to serve as Chairman of the
CFA Institute Board of Governors. 
Nominating Committee Seeks
Future Society Leaders
Reported by:
Arch King, CFA
CFA Society of Chicago leadership – your input is requested.
Your Board has approved the following members as the 2008/9
Nominating Committee for the Society:
Arch King, CFA (Committee chair): Immediate Past Chairman
Brad Leak, CFA: current Director
Joan Rockey, CFA: current EVP
Pat Lynch, CFA: former Director
Jose Santillan, CFA: former Director
The Committee proposes a slate for Society positions (Officers and
Directors) as well as various CFA Institute roles.
Members are asked to contribute to the process by using the online
form to nominate themselves or others in the community who they
believe can help lead the Society and CFA Institute. Nominees are not
required to be Charterholders for all roles. 
SUMMER ISSUE 2008 I 11
ORGANIZATIONAL NEWS & MEMBERSHIP
THE
EFFICIENT FRONTIER
Our New
Manager of
Operations –
Claire
Peterson
Reported by:
Greg Gocek, CFA
Since earlier this year, many of our members have undoubtedly appreciated the excellent assistance extended by the
newest professional on our Society staff, Claire Peterson. In
addition to her ability to make things run smoothly, she may
have other characteristics in common with our members.
Claire is a lifelong Chicago North Sider and as you would
thereby expect a confirmed Cubs fan. If “Wait until next
year” proves to be an invalid statement this fall because the
Cubs follow the White Sox in showing they can excel in a
21st Century World Series, she’ll have a suitable response!
Like many habitues of Wrigleyville, Claire is single and
never married. Our “extended family” of Society members
may thereby be the beneficiaries of her potential social flexibility. We should, however, be open to her sharing time with
feline friends, as the three cats in her household also expect
their due.
Claire’s operational skills have been refined over her approximately 25 years of experience in the world of associations.
Nearly two decades of her tenure was devoted to a lawyer’s
group serving defense counsel. While that’s not necessarily
indicative of a high tolerance for pain, let’s hope she finds her
current surroundings an always congenial and highly appealing contrast!
For leisure, Claire enjoys reading, in particular about the
vagaries of current events as a “news hound” tracking media
coverage. She’s interested in the natural environment and
appreciates the animal kingdom, except those creatures like
snakes that slither to move.
We’re delighted Claire is part of our high performing team! 
Welcome
New Members
NEW MEMBERS (May 2008 - July 2008)
REGULAR
Keith J. Kendrick
Donald J Melody
Dmitri G. Villevald
Jon D. Adams
Thomas J. Hoge
Matthew R Neal
Jason M Petitte
Mark Schmid*
Henry I Silverman*
Dominik Moulliet
Pranat Pathak
Matthew Joseph Thomason
AFFILIATE
Chih-Hao Chiu
Vineet S Dsouza
Brian D Hartford
Matthew Holt*
Paul J. Langanki
Charles Mueller*
David James Nelson
Alap Balkrishna Patel
Andrew Robert Prewitt
Tobin James Reiff
Patricia Schneider
Muzammil Waheed
Janet Marie Wilson
Nestor Wozny
Jovita Helms
Nicholas T Karabinis
Bryce Rapp
Brian Patrick Gaynor*
Fei He
Andrew Lindblom*
Scott Allan Molinaro
REINSTATEMENT
Seamus Patrick Caruso
Francis B. Bakalar
Philip S. De Santis Jr.
Joanna Marie Deitch
Paul Charles Herbert, CFA
Douglas G. Madigan
Christopher Patrick O’Brien
Marie-Christine Tiseo, CFA
Jeffrey J. Wong, CFA
TRANSFER TO CHICAGO
Joseph F. Arns III, CFA
Paulina Fin Caprio, CFA
John J. Kelley, CFA
Hope Willard Lundt, CFA
Michael Wallace Rawson, CFA
Joseph C Senna
Shaun G. Bond, CFA
Thomas J. Brachowski, CFA
Brian L. Brooks
Jeffrey Cicirelli, CFA
Bradley J. Coltman, CFA
Joseph R. Elegante, CFA
Timothy C. Featherly, CFA
Michael F. Hussey, CFA
Kwun Sum Owen Lau
Yenchun Liu, CFA
Mark Jason Skinner, CFA
Mark C. Sodergren, CFA
Aaron E. Vaughn, CFA
Douglas Lee Brown, CFA
David Mark Bruns, CFA
Robert J. Edwards, CFA
Matthew Paul Flanagan, CFA
Susan L. Hazard, CFA
Frank E. Helsom, CFA
Matthew L. Hutchison
Christopher Knapp, CFA
Narra Ellen Megli, CFA
Bradley C Mitchell, CFA
Chad Michael Moser, CFA
Jon P. Newsome Jr.
, CFA
Michael A. Schopin, CFA
Christopher John Van Dyke
Peter C. Wahlstrom, CFA
STUDENTS
Scott Johnson
Kyle Asher
Wasif Azmat
Yuhong Gu
Cheng Jan
Matthew Noll
Vlad Rusz
*To approve, pending passage
of Ethics Exam or Level I
SUMMER ISSUE 2008 I 12