Re-Examining Central Bank Orthodoxy for Un-Orthodox Times Keynote Speech
Presented by Bill Miller, CFA, David Kotok and Paul McCulley
March 26, 2012 - Banque de France
Speaker / Author
Bill Miller, CFA
Bill Miller is the Chairman and Chief Investment Officer of Legg Mason Capital Management. He also currently serves as the portfolio manager for the Value Trust and Opportunity Trust mutual funds. Mr. Miller assumed overall responsibility for the equity funds management area of Legg Mason in late 1990. Prior to this time, he co-managed (with Ernie Kiehne) the Legg Mason Capital Management Value Trust from its inception in 1982. He was the director of research of Legg Mason from October 1981 through June 1985. He earned his economics degree from Washington and Lee University where he graduated with honors in 1972. Subsequent to graduation, he served as a military intelligence officer overseas and then pursued graduate studies in philosophy in the Ph.D. program at The Johns Hopkins University. Prior to joining Legg Mason in 1981, he served as treasurer of the J.E. Baker Company, a major manufacturer of products for the steel and cement industries. Bill received his CFA designation in 1986.
David R. Kotok cofounded Cumberland Advisors in 1973 and has been its Chief Investment Officer since inception. He holds a B.S. in economics from The Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from The School of Arts and Sciences at the University of Pennsylvania, and a masters in philosophy from the University of Pennsylvania.
Mr. Kotok’s articles and financial market commentary have appeared in The New York Times, The Wall Street Journal, Barron’s, and other publications. He is a frequent guest on financial television including Bloomberg Television, CNBC, and Fox. He also contributes to radio networks such as NPR and media organizations like Bloomberg Radio among others. He has authored two books including the best seller “From Bear to Bull with ETFs.”
Mr. Kotok currently serves as a Director and Program Chairman of the Global Interdependence Center (GIC) (www.interdependence.org), whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. Mr. Kotok chairs its Central Banking Series, and organized a five-continent dialogue held in Philadelphia, Paris, Zambia (Livingstone), Hanoi, Singapore, Prague, Cape Town, Shanghai, Hong Kong, Rome, Milan, Tallinn, and Santiago, Chile. He has received the Global Citizen Award from GIC for his efforts.
Mr. Kotok is a member of the National Business Economics Issues Council (NBEIC), the National Association for Business Economics (NABE), serves on the Research Advisory Board of BCA Research, and is also a member of the Philadelphia Council for Business Economics (PCBE).
Mr. Kotok has served as a Commissioner of the Delaware River Port Authority (DRPA) and on the Treasury Transition Teams for New Jersey Governors Kean and Whitman. He has also served as a board member of the New Jersey Economic Development Authority and as Chairman of the New Jersey Casino Reinvestment Development Authority.
Mr. Kotok hosts an annual Maine fishing trip, where, it is rumored, most of the nation’s important financial and economic decisions are actually made.
Paul McCulley is chairman of the Global Society of Fellows of the Global Interdependence Center (GIC). The Society, founded in late 2010, had its inaugural event at the Bank of France in March 2012: Re-Examining Central Bank Orthodoxy for Un-Orthodox Times.
Prior to endowing the Society and becoming its first chair, Paul was a senior partner at PIMCO, the world’s premier fixed income investment advisory firm, where he was a member of the investment committee, manager of multi-billion dollar portfolios and founding author of the research publication, “Global Central Bank Focus.”
A devout Keynesian and interpreter of the work of Hyman Minsky, Paul coined the terms “minsky moment” and “shadow banking system.” While at PIMCO, he appeared regularly in the business media. Paul was also a member of the US Treasury’s Borrowing Advisory Committee (TBAC).
Mr. McCulley earned his B.A. from Grinnell College, Grinnell, Iowa, where he now sits on the Board of Trustees, and his MBA from Columbia University’s Graduate School of Business.
In his retirement from active portfolio management, Paul spends a lot of time fishing and listening to his whiskers grow, while nurturing his family life as a father. He also is an entrepreneur in angel investing opportunities, while pursuing his philanthropic visions as president of the Morgan le Fey Dreams Foundation, which he founded and endowed in 2006.