Big Data, Machine Learning/AI, and Digital Money: How are they Changing Everything?
Date: Monday, February 3, 2020
La Jolla, CA
Register today to join GIC in La Jolla, CA for a conference on the changes made by artificial intelligence and digital money!
Big Data, Machine Learning/AI, and Digital Money: How are they Changing Everything?
How are Machine Learning and AI transforming our economy? Who owns your personal data, or “digital exhaust?” Should we embrace these new capabilities or fear them? Can machines learn finance? Will the central banks lose control of money to private digital money, or will they create and control digital money? How will the current payments systems and institutions change? Join the Global Interdependence Center on February 3, 2020 in La Jolla, California as industry and central bank expert panels answer these questions and Raphael Bostic, the President and CEO of the Federal Reserve Bank of Atlanta, gives the keynote speech. GIC is delighted to once again work with the University of California, San Diego Rady School of Management to bring our programming to the West Coast.
9:00 a.m. | Registration and Welcome
- Michael Melvin, Executive Director, Master of Finance program, Rady School of Management University of California San Diego
- Stephen Sexauer, Chief Investment Officer, The San Diego County Employees Retirement Association
9:30 a.m. | Big Data, Machine Learning, and Artificial Intelligence: Embrace Them or Fear Them?
Moderator: Don Rissmiller, Chief Economist, Strategas Research Partners and GIC Chair
- Almost all aspects of our lives and environment are digitized and captured by a sensor, camera, or algorithm. Will this data and artificial intelligence make our lives better, safer, and healthier? Should we fear robots, job-replacing algorithms, and a surveillance economy? How do we control all this?
Speaker: Preston McAfee, Former Corporate Vice President and Chief Economist, Microsoft Corporation
- How does your body’s internal data generate a digital twin? The coming game changer for medicine and wellness. How can a network of sensors help us monitor and manage natural disasters, like the recent California fires?
Speaker: Larry Smarr, Professor, UCSD Jacobs School of Engineering and founding Director of the California Institute for Telecommunications and Information Technology (Calit2)
- China 2025: China’s race to be the world leader in AI. Who’s ahead? Who wins? Does it matter?
Speaker: Leland Miller, Chief Executive Officer, China Beige Book International
11:00 a.m. | Can Machines Learn Finance? Will “Algos” Replace People? Evolution or Revolution?
Moderator: Professor Michael Melvin, Professor, UCSD Rady School of Business
- Machine learning—what’s new, what’s centuries old. Will machine learning algorithms change how markets work?
Speaker: Bryan Kelly, PhD, Professor of Finance at Yale and Head of Machine Learning at AQR
- Practical limits to big data, machine learning, and AI in managing portfolios
Speaker: Michael Heldmann, PhD, Managing Director, Allianz Global Investors
- Using alternative data and machine learning to forecast returns in active portfolio management
Speaker: Ronald Kahn, PhD and Global Head of Scientific Equity Research, Blackrock
12:30 p.m. | Lunch
1:30 p.m. | Keynote Speech
- Raphael Bostic, President and CEO of the Federal Reserve Bank of Atlanta
Followed by a Q&A with David Kotok, CIO, Cumberland Advisors and GIC Board Member
2:30 p.m. | Central Banks and the Rise of Private Digital Money
Moderator: Dave Altig, Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta
- Digital money and crypto currencies: Are they money? Securities? ETFs? Funds? Transaction platforms?
Speaker: Dave Nadig, CIO & Director of Research, ETF Trends & ETF Database
- When central bank-issued money competes with private-issued money, what happens?
Speaker: Scott Hendry, Senior Special Director, Financial Technology, Bank of Canada
- Private digital money: Stable Coin
Speaker: Warren Weber, Retired Senior Research Officer, Federal Reserve Bank of Minneapolis & Visiting Scholar, Federal Reserve Bank of Atlanta
- Money, stablecoins, and anonymity. Private and central bank digital currency. Monetary policy in a world of digital money and five billion internet users.
Speaker: Jamie McAndrews, CEO of TNB USA Inc. & Fellow of Wharton Financial Institutions Center. Former Research Director of the Federal Reserve Bank of New York
4:00 p.m. | A Summary of the Day: Key takeaways and Questions
- Preston McAfee, Former Corporate Vice President and Chief Economist, Microsoft Corporation
- Dave Altig, Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta
4:30 p.m. | Adjournment
The Conrad Prebys Performing Arts Center
7600 Fay Ave, La Jolla, CA 92037
Raphael W. BosticPresident and CEO, Federal Reserve Bank of Atlanta
Dr. Raphael W. Bostic took office June 5, 2017, as the 15th president and chief executive officer of the Federal Reserve Bank of Atlanta. He is responsible for all the Bank's activities, including monetary policy, bank supervision and regulation, and payment services. In addition, he serves on the Federal Reserve's chief monetary policy body, the Federal Open Market Committee (FOMC).
David E. Altig, Ph.D.Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta
Dr. David E. Altig is executive vice president and director of research at the Federal Reserve Bank of Atlanta. In addition to advising the Bank president on monetary policy and related matters, Dr. Altig oversees the Bank's regional executives and the Bank's research department.
Michael Heldmann, Ph.D.Managing Director, Senior Portfolio Manager, Best Styles US Equity Head of Best Styles North America, Allianz Global Investors
Mr. Heldmann is a senior portfolio manager, Head of Best Styles North America and a managing director with Allianz Global Investors, which he joined in 2007.
Scott HendrySenior Special Director, Bank of Canada
Dr. Hendry was appointed Senior Special Director of Financial Technology (FinTech) in the Funds Management and Banking Department of the Bank of Canada in June 2016. In this role, he oversees the Bank’s efforts to monitor and research developments and implications of new technologies affecting the financial sector.
Ronald N. Kahn, PhDGlobal Head of Systematic Equity Research, BlackRock
Ronald N. Kahn, PhD, Managing Director, is Global Head of Systematic Equity Research at BlackRock. He has overall responsibility for the research underpinning the Systematic Active Equity (SAE) products.
Bryan KellyProfessor of Finance at Yale and Head of Machine Learning at AQR
Bryan Kelly is Professor of Finance at the Yale School of Management, a Research Fellow at the National Bureau of Economic Research, Associate Director of SOM’s International Center for Finance, and is the head of machine learning at AQR Capital Management, LLC.
David KotokCIO of Cumberland Advisors
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 an M.A. in philosophy from the University of Pennsylvania.
Preston McAfeeFormer Corporate Vice President, Chief Economist, Microsoft Corporation
Preston McAfee, Former Corporate Vice President and Chief Economist of Microsoft, is an economist who has worked extensively in pricing, auctions, antitrust, business strategy, market design, computational advertising and machine learning applied to exchanges. He is the author of over 100 refereed articles, seven patents and three books.
James McAndrewsCEO and Chairman of the Board of TNB USA Inc.
James McAndrews is an economist specializing in money and banking. He is the CEO and Chairman of the Board of TNB USA Inc., a Connecticut chartered bank whose objective is to provide high-yielding safe deposits to institutional investors; it is organized as a narrow bank.
Michael MelvinExecutive Director, Master of Finance program, Rady School of Management University of California San Diego
Michael Melvin’s research in investments and international finance focuses on real issues facing global investors. He has published research in topics including exchange rates, currency investing, and international equity markets. His current research is focused on currency carry trades and transaction costs and exchange rate models.
Leland R. MillerChief Executive Officer, China Beige Book International
A leading authority on China’s economy and financial system, Leland works closely with chief investment officers and corporate boards on their trading and investment strategies, while helping them mitigate long-term risks using China Beige Book’s™ proprietary forecasting platform.
Dave NadigCIO & Director of Research, ETF Trends & ETF Database
Dave Nadig is the Chief Investment Officer and Director of Research of ETF Trends (ETFTrends.com) and ETF Database (ETFdb.com).
Donald RissmillerFounding Partner of Strategas
Donald Rissmiller is a founding partner of Strategas and has been the firm's chief economist since 2006, directing its macroeconomic research effort. He oversees Strategas' high-frequency econometric forecasting and thematic economic research. Mr. Rissmiller's research has been consistently recognized by Institutional Investor magazine in their annual survey: he was ranked best up and coming economist in 2008, and was third in their 2009 All-America Independent Research Team survey. He is frequently quoted in the financial press.
Stephen SexauerChief Investment Officer, The San Diego County Employees Retirement Association
Stephen Sexauer is SDCERA’s Chief Investment Officer and oversees SDCERA’s $12 billion Trust Fund, investment team, and investment consultants. In addition to the day-to-day operation of SDCERA’s Investment Division, he also assists SDCERA’s Board with determining the Fund’s investment policies, strategy and asset allocation.
Larry SmarrDirector/Prof/CSE, Calit2, University of California San Diego
Larry Smarr, the Harry E. Gruber Professor of Computer Science and Information Technologies, joined the UCSD faculty in 2000 and became the founding director of the California Institute for Telecommunications and Information Technology [Cal(IT)²] in December 2000.
Warren WeberRetired Senior Research Officer, Federal Reserve Bank of Minneapolis and Visiting Scholar, Federal Reserve Bank of Atlanta
Warren Weber was Senior Research Officer at the Federal Reserve Bank of Minneapolis, a position he held for 27 years, until his retirement in 2012. Prior to that he held teaching positions at Duke, Tulane, and Virginia Tech.