Re-Examining Central Bank Orthodoxy for Un-Orthodox Times Investment Panel

VIDEO March 27, 2012

Speaker / Author

William Clark

Senior VP & CIO, Federal Reserve Office of Employee Benefits

William G. Clark has directed the investments for the Federal Reserve’s defined benefit and defined contribution plans since March 2010. In total, the plans have approximately $20 billion in assets under management and cover approximately 30,000 participants. Prior to that, Mr. Clark oversaw the investments and operations of the New Jersey pension fund since March 2005. Prior to that, he served as deputy director from 1999 - 2005. One of the nation’s 15 largest public funds, the New Jersey pension fund provides retirement benefits for more than 700,000 current and future public retirees in seven public pension systems. Total assets under ... Read More

Josh Rosner

Managing Director, Graham Fisher & Co.

Josh Rosner is co-author of the New York Times Bestseller "Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon," and managing director at independent research consultancy Graham Fisher & Co. He advises regulators, policy-makers and institutional investors on banking and financial markets. Previously he was the managing director of financial services research for Medley Global Advisors and was an executive vice president at CIBC World Markets. Mr. Rosner was among the first analysts to identify operational and accounting problems at the government-sponsored enterprises, one of the earliest in identifying the peak in housing markets, the likelihood of ... Read More

Peter Demirali

Managing Director, Cumberland Advisors

Peter Demirali joined Cumberland Advisors in 2002 as portfolio manager for the Taxable Bond style, and became a managing director in 2011. Mr. Demirali was a senior portfolio manager at6 Smith Barney Asset Management from 1990 to 1999. In that position, he initiated a corporate bond component for taxable fixed-income portfolios. From 1999 to 2002 he was a partner in Anval, Inc., a commercial real estate brokerage company, where he successfully developed new territories and clients for his firm. He traded zero-coupon bonds at Yamaichi International, a Japanese securities dealer, from 1987 to 1989. Mr. Demirali began his career at Chemical ... Read More

Michael Drury

Chief Economist, McVean Trading & Investments

Michael Drury is the chief economist for McVean Trading & Investments, LLC. He joined the firm in 1992, after serving for five years as senior economist with Allen Sinai at Shearson Lehman Brothers and its successor firms. Michael began his career in New York in 1982 as senior economist at A. Gary Shilling and Company. He received his B.S. in economics from the Georgia Institute of Technology and did his graduate work at the University of Wisconsin-Madison. Michael assesses macroeconomic developments around the world to help develop hedging strategies using futures markets in interest rates, currencies and industrial materials. He travels ... Read More

Stephen Sexauer

Chief Investment Officer, The San Diego County Employees Retirement Association

Stephen Sexauer is SDCERA’s Chief Investment Officer and oversees SDCERA’s $14 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. Prior to joining SDCERA in 2015, Sexauer worked at Allianz Global Investors as Chief Investment Officer, US Multi Asset, of Allianz Global Investors Solutions, managing over $7 billion in multi-asset institutional portfolios and retirement income solutions. He is also the co-author of papers on retirement portfolios published in The Financial Analysts Journal, The Institutional Investor Journal of Retirement, ... Read More

David Kotok

CIO 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. Mr. Kotok’s articles and financial market commentaries have appeared in The New York Times, The Wall Street Journal, Barron’s, and other publications. He is a frequent contributor to Bloomberg TV and Bloomberg Radio, Fox Business, and other media. Mr. Kotok has served as ... Read More