from the executive director
Welcome to the Investment Professional
On behalf of the New York Society of Security Analysts (NYSSA), I am delighted to present the first issue of the Investment Professional, a quarterly journal from the Society that takes a close look at the forces that shape the investment business. The Investment Professional continues NYSSA’s long-standing tradition of providing a forum for relevant, thought-provoking discourse on issues affecting the investment community. Our mission is to offer balanced coverage of industry developments, detailed analyses of current data and trends, engaging profiles of preeminent players, and keen insights into career management.
Launching a journal in these turbulent times is a challenge that we eagerly embrace. It is an opportunity to serve as a career-development resource for readers who may find themselves at a crossroads. As the industry reexamines itself, we will be at the forefront of the discussion among leaders in the financial community—regulators, professionals, scholars, private investors, company board members, and CEOs. Our editorial board, representing a broad range of specialties, will guide us as we seek the latest in thought leadership.
Launching a journal in these turbulent times is a challenge that we eagerly embrace. It is an opportunity to serve as a career-development resource for readers who may find themselves at a crossroads. As the industry reexamines itself, we will be at the forefront of the discussion among leaders in the financial community.
This first issue focuses on the uncertainty surrounding the elections and the recent financial crises, leading with an examination of Senator Obama’s and Senator McCain’s economic platforms. Journalist Amy Buttell Crane digs deep into the candidates’ positions on taxes, the deficit, trade, housing, energy, and financial-system regulation; she garners the views of leading economists, political scientists, executives, academics, and practitioners. Walter Haslett, the chair of NYSSA’s Derivatives Committee, anticipates a new era of derivatives in which risk management and transparency are principal factors. Noted author William Cohan deplores the failure of Bear Stearns, Lehman Brothers, Merrill Lynch, and others. Adam Ashcraft and Til Schuermann of the Federal Reserve Bank of New York dissect the underlying causes of the subprime mortgage meltdown. John Benson, founder and CEO of eFinancialCareers.com, explains why many jobs in financial services are shifting to emerging markets.
This issue also highlights the special interests and talents of NYSSA members. Sustainable Investing Committee chair Anthony Ginsberg, along with Dinah Koehler, summarizes a meeting held by NYSSA and the EPA on ways to incorporate environmental data into securities analysis. Martin Fridson offers insight into the alternative space with a review of The Only Guide to Alternative Investments You’ll Ever Need, by Larry Swedroe and Jared Kizer. Karen Sterling evaluates the performance of underwriters based on their record in the aftermarket. Bruce Chadwick explores why Vietnam—potentially a new Asian Tiger—may offer diversification benefits to small investors. Byron Wien, the first winner of NYSSA’s Lifetime Achievement Award, is the subject of a profile by former New York Sun columnist Liz Peek.
A practical reference tool, the Investment Professional fills the gap left by other finance journals. Articles are written from a practitioner’s perspective and have immediate application. They take a long-term view and are to be utilized for advantage, not pondered and put aside. It is our goal to inform readers, spark discussion, and serve as a forum for the latest in theory and practice in securities analysis. I am certain that you will find this first edition engaging and useful. We look forward to continuing this trend.
