Global Finance Roundtable
August 12, 6:00 PM - 8:00 PM
Investing Styles: Driehaus, Holland Capital & William Blair
William Blair's Principal and Barron's Top 100 mutual fund manager Michael Balkin, Driehaus Capital Management's founder & CEO/CIO Richard Driehaus, and Holland Capital Management's founder & CIO Lou Holland discuss their investing styles, the market psychology of small cap stock investing, the history repeats itself phenomenon, and unconventional wisdom in the investment process with Morningstar Associate's CIO Paul Kaplan as moderator. This event's a joint presentation with the Investment Analysts Society of Chicago. Its format fosters a highly interactive dialogue between panelists and the audience.
MICHAEL P. BALKIN
RICHARD H. DRIEHAUS
LOUIS A. HOLLAND
Business casual to business attire is appropriate. You do not need to be a GSB alum to attend plus guests are also welcome provided everyone registers their attendance in advance.
PAUL D. KAPLAN is chief investment officer of Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. He is responsible for the development and management of the investment methodology for Morningstar's retirement planning and advice services. Prior to his current position, Dr. Kaplan was the firm?s director of research, where he led the development of quantitative methodologies behind many of Morningstar?s services such as the Morningstar RatingTM for funds, the Morningstar Style BoxTM, and Morningstar IndexesSM. Many of Dr. Kaplan's research papers have been published in professional books and publications such as the Journal of Portfolio Management, the Journal of Investing, the Journal of Performance Measurement, the Journal of Indexes, and the Handbook of Equity Style Management. The paper he wrote with Roger Ibbotson, "Does Asset Allocation Policy Explain 40, 90, or 100 Percent of Performance?", which appeared in the Financial Analysts Journal, won a Graham and Dodd Award of Excellence for 2000. Dr. Kaplan has made numerous presentations on fund analysis, asset allocation, portfolio management, and related topics at professional conferences, meetings of professional organizations, and professional education programs. His opinions have been quoted in the Financial Times, U.S. News & World Report, Pensions & Investments, Investment News, Financial Planning, and Bloomberg Wealth Manager. He has also appeared on CNBC. Before joining Morningstar in 1999, Dr. Kaplan was a vice president of Ibbotson Associates and was the firm's chief economist and director of research. Prior to that, he served on the economics faculty of Northwestern University where he taught international finance and statistics. Dr. Kaplan holds a bachelor's degree in mathematics, economics, and computer science from New York University and a master's degree and doctorate in economics from Northwestern University. He is a member of the Chicago Quantitative Alliance, is on the review board of the Journal of Indexes, and has been the mutual fund editor of the Journal of Investing. Dr. Kaplan holds the Chartered Financial Analyst (CFA) designation.
MICHAEL P. BALKIN is a principal of William Blair & Company, L.L.C., and has co-managed the William Blair Small Cap Growth Fund since inception in 1999. He has been with the firm since 1990 and is a member of the firm?s Investment Management Department?s Small Cap Team. Mr. Balkin began his career with the firm in Institutional Sales, where he specialized in working with small- to mid-capitalization growth companies. He holds a BA from Northwestern University. Mr. Balkin, along with co-manager, Karl Brewer, were ranked at #4 on the Barron?s 2003 "Top 100" mutual fund manager list and received the 2003 Lipper Fund Award for the top mutual fund in the Small Cap Growth category. Mr. Balkin has also been featured in Business Week, Financial Advisor, Financial Times, Investor?s Business Daily, The New York Times and The Wall Street Journal. He has appeared on several of the CNBC segments, including: "Closing Bell","Money-Making Monday", "Power Lunch", "Street Signs", as well as Bloomberg's "Market Line" and "Moneycast" and on "Wall $treet Week With Fortune".
RICHARD H. DRIEHAUS is the founder, CIO and CEO of Driehaus Capital Management, Inc. He is the architect of the investment philosophy and has overall responsibility for the firm's investment process and style. He manages both domestic and international portfolios for the Firm. Richard's success began in 1968, when he started his employment at A.G. Becker, where he worked in the Institutional Trading Department. Two years later he became the youngest portfolio manager and was ranked among the top 1% of the portfolio managers measured by the A.G Becker Fund Evaluation Service. From 1973 to 1980 he was Director of Research for the brokerage firm Mullaney, Wells & Co. and later became Director of Research and a money manager at Jesup & Lamont. He founded Driehaus Securities Corporation in 1980, followed by Driehaus Capital Management, Inc. in 1982. Driehaus Capital Management is widely known for expertise in the aggressive growth style of equity investment management and currently manages over $2.7 billion. In 2000, Mr. Driehaus was named to Barron?s "All-Century" team of the 25 individuals who have been the most influential within the mutual fund industry over the past 100 years. He has also been widely quoted in the financial press such as, The New York Times, The Wall Street Journal, Worth Magazine, and appeared on Wall Street Week with Louis Reukeyser and other financial television programs. In addition, he has also been featured in several books including, Investment Gurus, by Peter Tanous, and Market Wizards and New Market Wizards, by Jack Schwagger. Richard holds an M.B.A and a B.S.C. from DePaul University. He also is a large contributor to a number of performing arts groups, architectural design organizations, and community and economic development projects. He is a multi-faceted collector of fine art, furniture and decorative arts.
LOUIS A. HOLLAND is the Managing Partner and Chief Investment Officer of Holland Capital Management, L.P. The Chicago-based investment firm manages approximately $2.2 billion in public, corporate, endowment, foundation, Taft/Hartley and individual accounts. He also manages the 5-star rated Lou Holland Growth Fund. Mr. Holland has over 35 years experience in the investment management business. Prior to founding Holland Capital Management in 1991, he gained early business management experience at Commonwealth Edison after playing professional football with both the CFL and NFL. His investment experience was augmented by 15 years at A.G. Becker Paribas Inc., where he served as a Vice President specializing in asset and portfolio management for corporations, endowments, foundations, public funds, Taft/Hartley, and high net worth individuals. In 1983, he decided to venture into the investment advisory business and formed his prior firm, Hahn Holland & Grossman. Mr. Holland currently serves on the following boards and committees: Board of Directors-Northwestern Mutual Series Fund, Inc. and Mason Street Funds, Inc.; Packaging Corporation of America; National Association of Securities Professionals; Northwestern Memorial Healthcare Corporation; McCormick Theological Seminary; Investment Analysts Society of Chicago and Vice Chairman of the University of Wisconsin Foundation. On a national level, he is a Director of the Association of Governing Boards of Universities and Colleges and an Advisory Director of the International Foundation of Employee Benefit Plans. Mr. Holland is an active member in the civic and business communities as well. Mr. Holland received his B.S. in economics in 1965 from the University of Wisconsin and attended the Loyola University Graduate School of Business. In 1990, the University of Wisconsin Alumni Association presented him with the Distinguished Alumni Award. Mr. Holland has been a special guest and 18-year veteran panelist on Wall $treet Week With Louis Rukeyser and Rukeyser?s Wall $treet. Additional media exposure includes guest appearances on the Financial News Network, CNN?s Moneyline, CNBC, and the Chicago Tonight show.