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Next Boston QWAFAFEW Meeting: Tuesday, 21 Nov 2017

November 21, 2017 @ 6:00 pm - 8:00 pm

| $30

Next Boston QWAFAFEW Meeting: 

Tuesday, 21 Nov 2017


Time: 6:15 PM sharpe

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

RSVP to hugh@QWAFAFEW.org

QWAFAFEW Mailing List


A Multi-Player Game-Theoretic Approach to Modeling the Global Capital Markets


QWAFAFEW discussion led by:


Stephen J. Cucchiaro



Since the financial crisis of 2008, central banks have injected an unprecedented degree of monetary stimulus into the global capital markets, distorting market pricing behavior in ways not experienced historically.  In addition, central banks have become increasingly reactive to market behavior and to the actions of other central banks, resulting in a new network of interrelationships across central banks and global capital markets.  Without the ability to rely on historical precedent, a multi-player game theoretic framework has been created using a nonlinear dynamic systems approach to understand the nature of these new interrelationships and their impact on the global capital markets.  While the objective of “classical” game-theoretic approaches is to solve for Nash equilibrium solutions, the global capital markets, like other nonlinear dynamic systems generally, rarely rest in a stable equilibrium state.  Instead, global capital markets typically fluctuate between undervaluation and overvaluation in a perpetual state of disequilibrium.  Therefore, rather than attempting to solve for equilibrium solutions that rarely exist in the real world of the global capital markets, a mathematical model has been created that iterates through successive rounds seeking to incrementally narrow the gap between each player and its goals during each round, within the nonlinear dynamic environment of the global capital markets.



Stephen J. Cucchiaro is President and Chief Investment Officer of 3EDGE Asset Management.  In his over 35 years of studying the global capital markets and managing investment portfolios, Mr. Cucchiaro has become known for his use of proprietary investment research methods including the application of concepts from engineering, system dynamics, complexity economics and multi-player game theory to analyze the global capital markets.  Mr. Cucchiaro began managing investment portfolios in 1994.  He was the founder and served as President and Chief Investment Officer of Windward Investment Management, which was acquired by the Charles Schwab Corporation in November 2010.  At the acquisition, Windhaven Investment Management continued the business of Windward.  From the early days of Windward through June 2014, assets under management under Mr. Cucchiaro’s tenure grew from less than $75 million to nearly $20 billion.  After more than three years working towards a successful transition following the acquisition, Mr. Cucchiaro left Windhaven in June of 2014. 

Mr. Cucchiaro has appeared on Bloomberg TV and Radio, CNBC, Consuelo Mack’s WealthTrack and the Nightly Business Report and has been quoted in The Wall Street Journal, Barron’s, The Financial Times, Forbes and BusinessWeek.

Mr. Cucchiaro has an SB in Mathematics from M.I.T. and an MBA in Finance from the Wharton School at the University of Pennsylvania.  During the late 1970s, Mr. Cucchiaro was a member of the US Olympic Team in yacht racing and became national champion of his class in 1978 and Gold Medalist in the 1979 Pan American Olympic Games.  He serves on the Board of Directors of the Institute for Health Metrics and Evaluation (IHME).


Please RSVP hugh@QWAFAFEW.org


QWAFAFEW Mailing List


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

By credit card (PayPal)



By Bitcoin

Send us Bitcoin, our address is:


Please send a separate email identifying your anonymous payment.


By check:

Executive Management Associates

12 Academy Avenue

Atkinson, NH  03811



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


November 21, 2017
6:00 pm - 8:00 pm


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