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| 1. |
David M. Sablan
President, CEO
Century Insurance Company
An independent assessment of the economic reality in the CNMI
After his own independent assessment of the economic reality that faces the CNMI, Dave discusses our two major industries - Tourism and the Apparel Industry. The apparel industry in the CNMI has suffered reduction primarily due to the World Trade Organization, wherein the U.S. has lifted quotas for imports of apparel to the U.S. Dave also discusses the decline in tourism mainly due to the Japanese economy. He discusses airline load factors, airlines ceasing flights to the CNMI and airlines providing new flights, and the expected expenditure per visitor to the CNMI.
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| 2. |
William Thomson
Senior Advisor
Franklin Templeton Institutional
Outlook for the Non-US Capital Markets
Bill Thomson’s paper provides the global economic outlook for 2006 as seen by the international institutions such as the IMF and the Asian Development Bank while enumerating the risks to their forecasts. From there he looks at the valuations in the stock markets of emerging economies and highlights some attractive valuations compared with the markets of developed economies.
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| 3. |
Robert C. Davis, CFA/CIC
Davis Hamilton Jackson & Associates
Equity Analysis: Growth Stocks
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| 4. |
James D. Staub
Senior Vice President
Atalanta Sosnoff Capital, LLC
What is a Core Manager?
A brief overview of what is a core equity style of portfolio management and how it differs from the value or growth manager.
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| 5. |
Mark J. Heath, CFA, CPA
Senior Vice President
Metropolitan West Capital Management, LLC
Value and Growth Investing
Value and Growth investing are two styles that tend to alternate. A period of out performance by growth investing can be followed by a period of out performance by value investing. Most professionals recommend investing in both styles at all times as it is very difficult to know which style will outperform at any time.
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| 6. |
Howard K. Bos, CFA
Managing Director, Portfolio Manager
Richmond Capital Management
Outlook for the Fixed Income Markets
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| 7. |
Connie Mullis, CRSP, CRC
Profit Sharing Council of America
and
David John
President
ASC Trust Corp.
Current State of DC Retirement Plans
– Overview of plans in US and Micronesia
– Trends in the Marketplace
The attached presentations explain the current state of DC Plans in Micronesia and offers one solution to the regions long term concerns. Additionally, the presentations cover trends in the DC Marketplace.
Overview of plans in US and Micronesia
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Trends in the Marketplace
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| 8. |
Louis Boulanger
Actuary
New Zealand as a Case Study of Evolving Public & Private Sector Retirement Plans
This presentation is about the massive reforms that have taken place in New Zealand over the past 20 years or so and continue to affect how the public and private sectors provide for retirement income. NZ began thoroughly reforming all aspects of its economy in 1984 and pension reform got on the agenda in 1987. Significant changes to the tax treatment of private provision of retirement income from 1987 to 1990 virtually had the effect of ‘killing’ the pension industry. There are fewer plans now in place than, say, 20 years ago and very few defined benefit plans left in the private sector. In the public sector, reforms came soon after and now, defined benefit plans are virtually ‘illegal’. The state pension benefit and how it is funded has also been the subject of many changes over the past 20 years or so to the point of becoming a favorite political ‘football’ for politicians. In many cases, some very innovative solutions have emerged to complex problems like the ageing of the population. As a result of all this reform, NZ now has a unique environment for retirement income provision. Is NZ ahead of the rest of the world? The presentation ends with some observations on both the good and bad aspects of these reforms and suggested lessons to be learned. Click here for details
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| 9. |
Louis Boulanger
Actuary
Global Investment Performance Standards (GIPS)
The Global Investment Performance Standards (GIPS) have evolved significantly since their creation in the late 1990s and have become a truly global standard in the investment industry. By 1 January 2006, more than 25 countries around the world will have voluntarily decided to adopt GIPS as their local standard. In some cases, the Standards have been translated into the local language and endorsed as an official Translation of GIPS (TG). The governance of GIPS around the world has also just been significantly reviewed to give more prominence to the many country sponsors of GIPS who play a significant role in ensuring GIPS are adopted and properly complied with in their respective localities. Should APAFS become a regional country sponsor of GIPS for the island countries in the Asia Pacific region (in addition to the five existing country sponsors in the region: Australia, HK, Japan, NZ and Singapore)?
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| 10. |
Richard A. Wright
Milliman
Defined Contribution v Defined Benefits Plans – Benefits and Drawbacks
This presentation summarizes the pros and cons of defined benefit and defined contribution retirement systems. The two systems are compared from the perspective of both the plan sponsor and the employee.
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