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Next Boston QWAFAFEW Meeting:  Tuesday, 20 Feb 2018

February 20 @ 6:00 am - 8:00 pm

| $30
Next Boston QWAFAFEW Meeting: 
Tuesday, 20 Feb 2018Time: 6:15 PM sharpe
3rd Floor of the Tennis & Racquet Club, 939 Boylston Street
RSVP to hugh@QWAFAFEW.org

Mailing List and Payment Link: http://boston.qwafafew.org/

Securitizing Equity Returns

 

  A QWAFAFEW discussion led by:

 

Keith Quinton

Abstract
Income-oriented investors often buy equities directly or via equity mutual funds. This has been true for both the long-term but has been particularly pronounced during the post Financial Crisis low- or zero- interest rate policy period. Investors “forced” to buy equities for income may not be aware of nor prepared for the volatility their principal may experience. Simultaneously there has been quite good demand for bonds yielding historically low rates. At the other end of the spectrum investors are buying 2x and 3x levered products that do a poor job of tracking their underlying indices over the long term. By taking a diversified portfolio of stocks and issuing securities that are entitled to differing allocations of income and capital, it is possible to create investment opportunities that better suit the needs of the investors. Using the S&P 500 as an example, I will explore the components of return and how divvying them up works over time. I will discuss the theoretical underpinnings of the approach and the arbitrage relationship that exists. I will conclude with a historical perspective, implementation and other thoughts.

Download: KQuinton_QWAFAFEW

 

Bio

Keith Quinton is 30+ year investment industry veteran with board and deep experience managing complex multi-billion dollar institutional and mutual fund portfolios. He held a variety of positions at well-known firms including:  Drexel Burnham, Putnam Investments, MFS and Fidelity.  He is currently a lecturer at the Tuck School at Dartmouth and an adjunct professor at Boston College.  He also is a member of the Independent Investment Committee for the New Hampshire Retirement System.

Please RSVP hugh@QWAFAFEW.org
Mailing List and Payment Link: http://boston.qwafafew.org/

All annual dues ($150) should be paid to Boston QWAFAFEW by credit card, Bitcoin or check.

By credit card (PayPal)
http://qwafafew.org/BostonPayDues.html

By Bitcoin
Send us Bitcoin, our address is:
153GtwqHHxdHaTh8i1SC1UmZUuFpXN6wye
Please send a separate email identifying your anonymous payment.

By check:
Executive Management Associates
12 Academy Avenue
Atkinson, NH  03811
bostonqwafafewbilling@gmail.com

Please RSVP for all meetings you plan to attend: hugh@QWAFAFEW.org
Guests who do not RSVP may have to wait to enter the meeting, due to space constraints (capacity=100, BFD).

Guest fees ($30) can be paid through EMA (check or PayPal, bring receipt) or bitcoin (at address above).  The $30 guest fee can be paid by bitcoin, cash or check at the door, no credit cards at the meeting. Please bring exact change (eg: two twenties = $40 Guest Fee).

As always, if you have names or discussion topics, please forward them to any member of the Steerage Committee

Questions, comments:

 

Steerage Committee
Hugh Crowther
Dan diBartolomeo
Mike Dunn
Steve Gaudette
Sri Krishnamurthy
Mark Kritzman
John Minahan
Donna Cool Murphy (Dinners)
Larry Pohlman
Dan Potter
Dan Rie
Evan Schulman
Michael Wilcox

The members of the Steerage Committee are responsible for coordinating the program content.
Program suggestions from members are always welcome.

RSVP to: hugh@QWAFAFEW.org

Mailing List and Payment Link: http://boston.qwafafew.org/

 

 

Details

Date:
February 20
Time:
6:00 am - 8:00 pm
Cost:
$30

Venue

Tennis & Racquet Club
3rd Floor of the Tennis & Racquet Club, 939 Boylston Street
Boston, MA,
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