1. “Efficient” Markets and the Search for Alpha A discussion about the efficient market hypothesis, the financial crisis, and what they collectively tell us about the potential to create portfolio alpha A discussion of the anomalies to the efficient market hypothesis and how you can use them to add value to client portfolios A few useful quotes, Wall Street sayings and other tidbits that can make great talking points with clients

2. “Is there anyone in this room who actually believes that Fed policy or Washington politics or quantitative easing or any of that stuff has any real impact on the financial markets?”

3. The Random Walk (no insight gained by fundamentals or previous prices) Time in the market, not timing the market Markets are too efficient to be timed Market correlations, for example equities and GDP, are inexact Riskier assets provide additional return via a risk premium Markets largely move independently from macroeconomic factors The Efficient Market Hypothesis

4. Time in the Market instead of Timing the Market

5. Sadly, the investor experience is decidedly NOT Logarithmic

6. The Random Walk and the Imperfect Correlation of Markets and Market Influences

7. The Impact of the 8/11/11 Introduction of “Operation Twist” on the Stock/Bond Relationship

8. The stock/bond relationship- an inconsistent hedge

9. . Hurricane Sandy, the SOMA Portfolio and QE

10. The Impact of Macro- economics on R- Squared

11. QE Contagion?

12. While Markets Are Reasonably Efficient, Investors are Not

14. The Risk Premium? ($SPX/SPLV)

15. Anomalies

27. Crisis… Risk & Opportunity

28. “A gold mine is simply a hole in the ground surrounded by liars.” -Mark Twain

29. “Bull markets are born in despair, grow on pessimism, mature on optimism, and die in euphoria.” - Sir John Templeton

30. “Buy when there’s blood in the streets.” - Baron Rothschild “…but wait awhile if it is more than ankle deep… or if it is your own blood.” -Unknown

31. Ask five economists and you'll get five different answers - six if one went to Harvard. -Edgar R. Fiedler He who lives by the crystal ball soon learns to eat ground glass. -Edgar R. Fiedler

32. “Capital markets without losses are like religion without hell.” -Daniel Mitchell of the CATO Institute

33. “In the land of the blind, the one- eyed man is king.” -Desiderius Erasmus

34. The Lunching Government Economist

35. "Remember the First Law of Economics: For every economist, there is an equal and opposite economist--so for every bullish economist, there is a bearish one. The Second Law of Economics: They are both likely to be wrong." ---William A. Sherden

36. "We have two classes of forecasters: Those who don't know--and those who don't know they don't know." ---John Kenneth Galbraith

37. “The four most dangerous words in investing are 'This time it's different.’” - Sir John Templeton

38. “ History does not repeat itself, but it oftentimes rhymes” -Mark Twain

39. “The markets can remain irrational longer than most investors can remain solvent.” - John Maynard Keynes

40. “Only when the tide goes out do you discover who's been swimming naked.” -Warren Buffett

41. “If you want to know what is happening in the market, ask the market” -Japanese Proverb