PROGRAM AGENDA
January 17, 2002
8:00 - 8:15 A.M.
Welcoming Remarks
8:15 - 9:00 A.M.
The Current Investment Environment
Cliff Asness,CEO of AQR Capital Management and previously
director of quantitative research at Goldman Sachs, reviews the investment
landscape. In early 2000, Asness authored a paper, "Bubble Logic", which
argued that, puffery of the market pundits notwithstanding, the US equity market was
significantly overhauled and a correction was inevitable.
9:00 - 9:30 A.M.
Advance Review of the NACUBO Endowment Study
NACUBO unveils the results of its 2001 Endowment Study, the
most comprehensive endowment performance compendium. Developed and administered with
the assistance of TIAA-CREF the 2001 study is enhanced with new information and fresh
presentation.
9:30 - 10:15 A.M.
Six Percent Real or Bust
David Salem, president of
The Investment Fund for Foundations (TIFF) reviews the principles of endowment and
foundation investing and considers how college endowments can sustain a five or six
percent return new of inflation. He provides reasons why institutions should pursue
alternative investments.
10:15 A.M. - 10:30 P.M.
Refreshment Break
10:30 A.M. - 11:30 P.M.
Hedge Funds Panel Discussion
Leading hedge fund managers John Angelo, CEO of Angelo
Gordon, and Art Samberg, CEO of Pequodt Capital Management, and are joined by Ralph
Beaudoin, vice president for finance and treasurer of Catholic University.
11:30 - 12:30 P.M.
Hedge Funds Round Table "Visitations"
Forum participants have the opportunity to interact in small
groups with hedge fund professionals and experienced investors. Learn how hedge
funds might work for you.
12:30 - 2:00 P.M.
Lunch
2:00 - 3:00 P.M.
Private Equity Panel Discussion
Ezra Merkin, CEO of Ariel Funds, Sallie Shuping
Russell of Intersouth Partners, and Marty Sass, CEO of MD Sass, consider the
advantages and disadvantages of various forms of private equity investing.
Specifically, they consider how much the rush into venture capital and buyout funds will
dilute future returns. Again, these highly regarded investment professionals are
joined by campus endowment professionals with long experience in the private equity area.
3:00 - 3:15 P.M.
Refreshment Break
3:15 - 4:15 P.M.
Private Equity Round Table"Visitations"
Forum participants have the opportunity to interact in small
groups with private equity professionals and experienced investors. Learn how
private equity investments might work for you.
4:15 - 4:30 P.M.
Networking/Wrap-Up Session
DAY TWO
January 18, 2002
8:00 - 9:15 A.M.
Fund of Funds or Separate Investments?
For many institutions, both large and small, there are
advantages to using the "fund of funds" approach. The most prominent fund
of funds are represented at the forum, including Anne Casscells of Aetos Capital, Jeff
Davis of Rockefeller & Co., Jeff Landle of Commonfund Asset Management, and
Nina Scherago of TIFF.
9:15 - 10:15 A.M.
Fund of Funds Round Table "Visitations"
Forum participants have the opportunity to interact in small
groups with fund of funds representatives. Learn how a fund of funds might work for you.
10:15 - 10:45 A.M.
Checkout/ Refreshment Break
10:45 - 12:00 A.M.
Structuring Alternative Investments
Chief investment officers from the Massachusetts Institute of
Technology, the University of Virginia Management Company, Wellesley College, and
TIAA-CREF consider the many issues involved in structuring an effective program of
alternative investing. Bring your questions, concerns and comment; this is the time
to discuss the specific issues that colleges and universities face.
