Program for The Big Picture Conference ~ Oct. 10th

Special Bloomberg Brief-sponsored-tickets available while they last.



Tentative Schedule

8:00 Registration and Breakfast in the Atrium

8:30 Introductions

8:45 Neil Barosfsky

Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street

9:30 Dylan Grice in conversation with Rich Yamarone

A Great Disorder Comes

10:15 –break–

10:30 James O’Shaugnessy

What Works on Wall Street

11:15 Barry Ritholtz

12:00 Lunch sponsored by TD Ameritrade served in the Atrium

1:00 David Rosenberg

State of the Economy

1:45 Jim Bianco

Stocks or Bonds

2:30 Michael Belkin 

Reality vs. Wishful Thinking: Bear Markets and the Business Cycle, a 110 Year View

3:15 –break–

3:30 Bill Gurtin

Municipal Bonds

4:15 Sal Arnuk, Scott Patterson & Josh Brown

High Frequency Trading and Its Discontents

5:00 Wine & Cheese served in the Atrium



Eventbrite - The Big Picture Conference 2012

Speaker Bios

Sal Arnuk, Themis Trading

Sal Arnuk is partner, co-founder and co-head of equity trading of Themis Trading LLC, a leading independent agency brokerage firm that trades equities for institutional money managers and hedge funds. Arnuk has extensive experience in equities trading and is an expert in electronic trading and market structure. Prior to founding Themis in 2002, he was with Instinet Corporation, where he headed the team responsible for equity sales and trading for institutional money managers, for more than 10 years.

His opinions are sought by leaders, regulators, market participants, and the media, and are presented via white papers and Themis’ widely-read blog. He is a frequent speaker at industry conferences, such as Trader Forum, Waters, National Organization of Investment Professionals (NOIP) and Fusion IQ’s Big Picture, on issues involving market access, algorithmic trading and other sell- and buy-side concerns.

He also provides expert commentary for media outlets such as the Associated Press, BBC Radio, Bloomberg TV & Radio, BNN, CNBC, Fox Business, NPR, Barron’s, The New York Times, The Wall Street Journal, USA Today, Time, Los Angeles Times, Bloomberg News, Pensions & Investments and Advanced Trading. He is also co-author of the book, Broken Markets.

Arnuk earned an MBA in Finance from New York University’s Stern School of Business and a Bachelor’s Degree in Finance from SUNY Binghamton University.

Neil Barofsky, author of Bailout

Neil Barofsky is currently a Senior Fellow at New York University School of Law. From December 2008 until March 2011, he served as the Special Inspector General in charge of oversight of the Troubled Asset Relief Program (TARP). Before that he was a federal prosecutor in the United States Attorney’s Office for the Southern District of New York.

Michael Belkin, Belkin Report

Michael Belkin is a financial market strategist and author of the Belkin Report — an independent market and economic forecasting service for hedge funds, mutual funds, pension funds, investment banks, family offices and sovereign wealth funds. The Belkin Report has been published since 1992.

The Belkin Report includes: 1) Fundamental scenarios for world securities markets based on credit conditions, economic analyses and critiques of central bank operations. 2) Specific market forecasts based on a proprietary statistical asset allocation model.

Previously, Mr. Belkin was a vice president in the equity department of Salomon Brothers (market analysis and proprietary trading). He is a graduate of the UC Berkeley Haas Business School.

James Bianco, Bianco Research

James Bianco is President of Bianco Research, L.L.C., an Arbor Research & Trading, LLC affiliate. Since November 1990, he has been producing fixed income commentaries with a circulation of hundreds of portfolio managers and traders. Jim’s commentaries are primarily devoted to the fixed income markets with special emphasis on: money flow characteristics of primary dealers, mutual funds, hedge funds, futures traders, banks, and institutional investors. Other topics he has researched include: the effects of commodity prices on bond yields, how the ratio of the equity market’s capitalization as a percentage of nominal gross domestic product affects price performance of the stock market, the role government regulation plays in determining inflation, how market performance affects mutual fund investors, the role politics plays in setting interest rates, and measuring the stock and bond markets from a total-return perspective.

Jim produces unique and original insights into movements in the financial markets and has been a featured speaker at many investment conferences. He is regularly featured in the following investment publications: The Wall Street Journal, The New York Times, Barrons, US News And World Report, BusinessWeek, Forbes, Fortune, The National Review, Euromoney, and Grant’s Interest Rate Observer in addition to the Dow Jones, Reuters, Knight-Ridder and Associated Press newswires. He has also written for Technical Analysis of Stocks and Commodities, Financial Trader and Futures Magazine and has appeared numerous times on CNBC, CNN, Bloomberg and Fox News.

Prior to joining Arbor and Bianco Research, Jim spent five years in New York City with several prominent investment banking firms. He was a Market Strategist in equity and fixed income research at UBS Securities and Equity Technical Analyst at First Boston and Shearson Lehman Brothers. He is a Chartered Market Technician (CMT) and a member of the Market Technicians Association (MTA), where he served as a national Vice-President and Chairman of the MTA’s 1996 annual seminar.

Mr. Bianco is married with four children and resides in Chicago. He has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

Dylan Grice, author of Popular Delusions

Dylan Grice works in Societe Generale’s Global Strategy ‘Alternative Views’ team. With his colleage Albert Edwards, they was ranked the #1 Global Strategy team by large institutional investors in Extel’s 2010 survey.

William R. Gurtin, Gurtin Fixed Income

William R. Gurtin is Chief Executive Officer, Chief Investment Officer, and founder of Gurtin Fixed Income. He also serves as a member of the Investment Committee. Gurtin Fixed Income manages over $6billion in assets on behalf of wealthy family groups.

Prior to founding Gurtin Fixed Income, Mr. Gurtin was Senior Vice President and Senior Portfolio Manager, Fixed income Investments for The Gurtin Group at Morgan Stanley. Mr. Gurtin brings 27 years of experience in the Financial Industry, including nine years at Morgan Stanley where he managed high grade fixed income portfolios exclusively for high net worth and ultra high net worth individuals. Upon his departure from Morgan Stanley in January 2008 his team was responsible for overseeing more than $5 billion in assets. Prior to joining Morgan Stanley, Mr. Gurtin served in a similar capacity with Merrill Lynch for four years (1995-1999), and with Goldman Sachs for 10 years (1985-1995).

Mr. Gurtin has been included in the Barron’s listing of the Top 100 Wealth Advisors each of the four years following the inaugural survey in 2004. In 2007, Mr. Gurtin was one of only two advisors in the United States to be included in the Top 100 lists compiled by Barron’s, Worth Magazine, and Registered Representative Magazine.

Mr. Gurtin graduated with honors from Brown University in 1982 with a B.S. in Applied Mathematics and Economics. He received an M.B.A. in Finance from the University of Chicago Graduate School of Business in 1985. While attending the University of Chicago, and prior to joining Goldman Sachs, Mr. Gurtin spent three years in brand management at the Quaker Oats Company.

Currently, Mr. Gurtin serves on The Board of Trustees and Finance Committee for the Francis Parker School, and the Southern California Executive Committee for Brown University.

Jim O’Shaughnessy, O’Shaughnessy Asset Management

Jim O’Shaughnessy is the Chairman and CEO of O’Shaughnessy Asset Management (OSAM). Also serving as the Chief Investment Officer of the firm, Jim is ultimately responsible for OSAM’s investment strategies. He directs the Senior Portfolio Manager, Director of Research, and the Portfolio Management Team and helps to set the agenda for the team. He is also responsible for the development of OSAM’s existing strategies and directs the team on idea generation and specific initiatives to improve the models and develop new factors and products.Prior to founding OSAM, Jim was the Director of Systematic Equity at Bear Stearns Asset Management and a Senior Managing Director of the firm. Prior to Bear Stearns, he was the CEO and Chairman of O’Shaughnessy Capital Management (Netfolio).

Long recognized as one of America’s leading financial experts and a pioneer in quantitative equity analysis, he has been called a “world beater” and a “statistical guru” by Barron’s. In February 2009, included Jim in a series on “Legendary Investors” along with Benjamin Graham, Warren Buffet, and Peter Lynch.

Jim is the author of four books on investing. Forbes pronounced his first book Invest Like the Best “awesome” and named it one of the best financial books of the year. His next book, What Works on Wall Street, was a BusinessWeek and New York Times Business bestseller and called “An indisputable classic…downright momentous” Financial Analysts’ Journal said it was “indisputably a major contribution to empirical research on the behavior of common stocks in the United States…conceivably, the influence of What Works on Wall Street will prove immense.”

Jim’s third book, How to Retire Rich, was a New York Times Business andBusinessWeek bestseller. Jim published his fourth book,Predicting the Markets of Tomorrow, in 2006. Jim was named “manager of the year” in Gordon Pape’s 2004 Buyers Guide to Mutual Funds for his management of the Royal Bank (RBC) of Canada’s O’Shaughnessy Funds, and the Canadian Investment Awards named the RBC O’Shaughnessy U.S. Value Fund “U.S. Equity Fund of the Year” in 2004 and 2005. Jim has a B.A. in Economics from the University of Minnesota.

Jim is married with three children and lives in Greenwich, Connecticut.

Scott Patterson, author Dark Pools

Scott Patterson is author of the New York Times best-selling book The Quants and a staff reporter for The Wall Street Journal, where he writes about the government’s regulation of the financial industry. His work has also appeared in the New York Times, Rolling Stone and Mother Earth News. He has a masters of arts degree from James Madison University. He lives in Alexandria, Virginia.

David Rosenberg, Gluskin Sheff + Associates, Inc.

David Rosenberg is the Chief Economist & Strategist for Gluskin Sheff + Associates Inc., one of Canada’s pre-eminent Asset Management Firms. Founded in 1984 and focused on high net worth private clients and institutional investors, the firm is dedicated to the prudent stewardship of our clients’ wealth through the delivery of strong, risk-adjusted investment returns together with the highest level of personalized client service. Gluskin Sheff offers a diverse platform of investment strategies, including Canadian, U.S. and International Equity strategies, Alternative strategies and Fixed Income Strategies. What Mr. Rosenberg provides first and foremost is a top-down perspective to the Firm’s investment process and Asset Mix Committee. Mr. Rosenberg received both a Bachelor of Arts and Masters of Arts degree in Economics from the University of Toronto. Prior to joining Gluskin Sheff in the spring of 2009, Mr. Rosenberg was Chief North American Economist at Bank of America-Merrill Lynch in New York for seven years, during which he was consistently ranked in the Institutional Investor All-Star analyst rankings. Prior thereto, he was Chief Economist and Strategist for Merrill Lynch Canada, based out of Toronto. Mr. Rosenberg was the only economist recognized for his accurate economic projections in Fortune Magazine’s “Best and Worst of Wall Street 2011”, and was ranked most accurate forecaster for 2011 by MSNBC.

Richard Yamarone, Bloomberg Professional

Richard Yamarone is an economist who has more than two decades of experience and focuses on monetary & fiscal policy, economic indicators, fixed income, commodities, and general macroeconomic conditions for Bloomberg Brief: Economics, a daily newsletter that features analysis, data and news on the forces shaping the global economy. Mr. Yamarone and the Bloomberg Briefs economics team provide in-depth analysis of macroeconomic data, policy and trends and how they will impact financial markets.

Mr. Yamarone forecasts U.S. economic statistics and trends, builds macroeconometric models, and analyzes possible outcomes. He is the creator of the Bloomberg Orange Book — a compilation of macroeconomic anecdotes gleaned from comments CEOs and CFOs made on quarterly earnings conference calls. He travels extensively to speak to clients and corporate executives on the economic outlook, public speaking, and career and management coaching.

The Bloomberg Brief: Economics is one of several specialized newsletters that combine Bloomberg data and news with industry-specific original content and commentary.Bloomberg Briefs are a product of the Bloomberg Professional® service. Bloomberg Briefs are available to customers of the Bloomberg Professional® service at no additional cost at BRIEF . Non-Bloomberg users can subscribe to the newsletters at

Earlier in his career, Mr. Yamarone was director of economic research at Argus Research and a member of the firm’s investment policy committee. He has consulted to monetary and fiscal policymakers and served as an economic adviser to major U.S. corporations. In addition, Mr. Yamarone has held senior positions for several international and domestic money center and investment banks.

He has taught numerous courses on macroeconomics and economic indicators at several colleges and institutions. He has served as president of the prestigious Downtown Economists Club of New York City.

The author of Trader’s Guide to Key Economic Indicators(Bloomberg Press, 2007), Mr. Yamarone is a member of the National Association for Business Economists, the American Economic Association, the New York State Economics Association and the Money Marketeers of New York University. He has won numerous accolades for his work, including being featured as one of the top 10 economists in the U.S. by USA Today in 2007 and “Nosttradamus of the Financial Industry” by Bank Advisor in 2008 for his prediction of the financial crises.

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