Judith Monroe, MD of CDC Foundation, to speak during the “Health, Hunger, and Philanthropy” Panel

USF Sarasota-Manatee, Cumberland Advisors, and the Global Interdependence Center invite you to our third annual Financial Literacy Day, to be held April 11, 2019, from 8:30 AM to 4 PM in the Selby Auditorium of the USFSM campus.

FINANCIAL MARKETS & THE ECONOMY Financial Literacy Day III Judith Monroe, MD - President & CEO CDC Foundation

The theme this year is “Financial Markets and the Economy,” and the event will feature a number of panel discussions and special presentations, including the Session II panel, “Health, Hunger, and Philanthropy” bringing together Judith Monroe MD, President and CEO, CDC Foundation, Erin McLeod, CEO, Friendship Centers, Sarasota, Lisa Marsh Ryerson, President, AARP Foundation, and Gabriel Hament of Cumberland Advisors. The moderator will be Lisa Shaw, CFP, CIMA, managing partner, Cygnus Asset Management, LLC.

The CDC Foundation Judith Monroe leads has a mission to help the Centers for Disease Control and Prevention (CDC) do more, faster by forging effective partnerships between CDC and philanthropic and private sector organizations and individuals to build public health programs that make our world healthier and safer. The Foundation has over 300 active programs across the U.S. and 85 countries.

Prior to joining the CDC Foundation, Monroe worked for six years as a CDC deputy director and served as director of the Office for State, Tribal, Local and Territorial Support (OSTLTS). At CDC, Monroe oversaw key activities and technical assistance supporting the nation’s health departments and the public health system.

Feel free to ask questions of our panelists and connect with Dr. Monroe during “Financial Markets and the Economy.” Watch this video from the summer of 2018 where she talks with David Kotok about The CDC Foundation and the Zika virus.

Financial Literacy Day welcomes the participation of the general public. The cost is only $50 to register, and coffee, pastries, and lunch are included. Please reserve your spot soon – we expect to have a full auditorium. You can make your reservation online and learn more at http://USFSM.edu/FinancialLiteracy.




Gabriel Hament of Cumberland Advisors, to speak during the “Health, Hunger, and Philanthropy” Panel

USF Sarasota-Manatee, Cumberland Advisors, and the Global Interdependence Center invite you to our third annual Financial Literacy Day, to be held April 11, 2019, from 8:30 AM to 4 PM in the Selby Auditorium of the USFSM campus.

FINANCIAL MARKETS & THE ECONOMY Financial Literacy Day III Gabriel Hament, Charitable & Foundation Accounts

The theme this year is “Financial Markets and the Economy,” and the event will feature a number of panel discussions and special presentations, including the Session II panel, “Health, Hunger, and Philanthropy” bringing together Judith Monroe, President and CEO, CDC Foundation, Erin McLeod, CEO, Friendship Centers, Sarasota, Lisa Marsh Ryerson, President, AARP Foundation, and Gabriel Hament of Cumberland Advisors. The moderator will be Lisa Shaw, CFP, CIMA, managing partner, Cygnus Asset Management, LLC.

Gabriel Hament is an Investment Advisor Representative who handles individual investment portfolios and charitable and foundation accounts for Cumberland Advisors. Gabriel works closely with the management teams and boards of directors of nonprofit institutions to design investment allocations in alignment with organizations’ mission and unique objectives.

Gabriel is a graduate of the Connect Florida Institute of Leadership Florida and was previously a political consultant in the Sarasota region, where he supervised and coordinated campaign messaging, fundraising, and field outreach programs. He is a member of the Programming Committee of the Sarasota Tiger Bay Club, which promotes community understanding of current political and social issues through public discourse and the free exchange of ideas. The Sarasota Tiger Bay Club is a nonpartisan political organization established in 1982.

In 2017 Gabriel was appointed by the Sarasota County School Board to serve as a member of the Financial Advisory Committee (FAC). The FAC was created to provide citizens’ oversight of the district’s use of operating funds from the 1-mill locally voted referendum that was originally approved in 2002 and most recently reauthorized in 2018. The FAC provides oversight for the use of capital funding generated by the district’s share of a one-percent county sales tax. The FAC also monitors the District’s investment accounts ($50 million core portfolio).

Feel free to ask questions of our panelists and connect with Gabriel during “Financial Markets and the Economy.” He welcomes the opportunity to share thoughts and ideas on good governance and best practices for nonprofits, small and large. A recent commentary by Gabriel can be found at the following link and offers a window into his thinking on best practices:  Buffett’s 2018 Letter / Fees Matter When Investing “Forever” / Clear Your Calendar for April 11th

Financial Literacy Day welcomes the participation of the general public. The cost is only $50 to register, and coffee, pastries, and lunch are included. Please reserve your spot soon – we expect to have a full auditorium. You can make your reservation online and learn more at http://USFSM.edu/FinancialLiteracy.




Erin McLeod President & CEO of Friendship Centers Sarasota, to speak at Financial Markets and the Economy Event

USF Sarasota-Manatee, Cumberland Advisors, and the Global Interdependence Center invite you to our third annual Financial Literacy Day, to be held April 11, 2019, from 8:30 AM to 4 PM in the Selby Auditorium of the USFSM campus.

FINANCIAL MARKETS & THE ECONOMY Financial Literacy Day III Erin McLeod president and CEO of the Friendship Centers Sarasota

The theme this year is “Financial Markets and the Economy,” and the event will feature a number of panel discussions and special presentations, including the Session II panel, “Health, Hunger, and Philanthropy” bringing together Judith Monroe, Erin McLeod, Lisa Marsh Ryerson, and Gabriel Hament. The moderator will be Lisa Shaw.

Erin McLeod is president and CEO of the Friendship Centers of Sarasota, FL, a regional nonprofit with a $17M+ annual budget that has served seniors, families, caregivers and promoted health, dignity and quality of life throughout the journey of aging since 1973. Erin has been a Sarasota resident for 36 years and initially joined the Friendship Centers in 2004 as their director of communications. She became chief operating officer in 2006, Senior VP in 2012, and president and CEO in January 2016.

Erin has broad experience in consulting, healthcare, hospitality, public speaking, and the nonprofit arena. McLeod currently serves as a trustee on the Florida Council on Aging board, as a board member of the Southwest Florida Planned Giving Council, and on the advisory boards of Visit Sarasota and the Junior League of Sarasota County.

Come interact and connect with Erin during the Financial Markets and the Economy event at USF Sarasota-Manatee and hear how the Friendship Centers launched a pilot project seeking to make a dent in the local housing crunch by matching elders with space to spare and workers trying to make ends meet along with other leadership positions in the nonprofit arena.

Financial Literacy Day welcomes the participation of the general public. The cost is only $50 to register, and coffee, pastries, and lunch are included. Please reserve your spot soon – we expect to have a full auditorium. You can make your reservation online and learn more at http://USFSM.edu/FinancialLiteracy.




Lisa Marsh Ryerson, President AARP Foundation, to speak at Financial Markets and the Economy Event

USF Sarasota-Manatee, Cumberland Advisors, and the Global Interdependence Center invite you to our third annual Financial Literacy Day, to be held April 11, 2019, from 8:30 AM to 4 PM in the Selby Auditorium of the USFSM campus.

FINANCIAL MARKETS & THE ECONOMY Financial Literacy Day III Lisa Marsh Ryerson, President AARP Foundation

The theme this year is “Financial Markets and the Economy,” and the event will feature a number of panel discussions and special presentations, including the Session II panel, “Health, Hunger, and Philanthropy” bringing together Judith Monroe, Erin McLeod, Lisa Marsh Ryerson, and Gabriel Hament. The moderator will be Lisa Shaw.

Lisa Marsh Ryerson, is President of the AARP Foundation, the charitable affiliate of AARP. Lisa sets the Foundation’s strategic direction and steers its efforts to realize an audacious vision: a country free of poverty, where no older person feels vulnerable. Ms. Ryerson will share her perspectives as a philanthropic leader and her history of spearheading innovative partnerships with other organizations, including The Root Cause Coalition, co-founded by AARP Foundation and ProMedica, which brings the full power of health care to bear in the collective fight to address the root causes of health disparities by focusing on hunger and other social determinants of health. The Foundation’s newest collaborative effort, Connect2Affect, draws together aging, volunteer, and health-care organizations to help end isolation and build the social connections older adults need to thrive.

During her tenure, the Foundation has launched initiatives that include Age Strong, the Summer of Service to Seniors ℠, Work for Yourself@50+, the Aging in Place $50K Challenge, and evidence-based grantmaking. The Foundation also brought Experience Corps under its umbrella and expanded the reach and outcomes of its workforce programs including its longstanding sponsorship of the Senior Community Service Employment Program (SCSEP).

She also has served on the boards of numerous higher education and nonprofit organizations, both at the local and national level. These include the National Association of Independent Colleges & Universities, Southern New Hampshire University, the Congressional Hunger Center, the Root Cause Coalition, and L.A. Kitchen.

Come listen and connect with Lisa during the Financial Markets and the Economy event at USF Sarasota-Manatee and hear how the AARP Foundation endeavors to end senior poverty by helping older adults build economic opportunity & social connectedness.

Financial Literacy Day welcomes the participation of the general public. The cost is only $50 to register, and coffee, pastries, and lunch are included. Please reserve your spot soon – we expect to have a full auditorium. You can make your reservation online and learn more at http://USFSM.edu/FinancialLiteracy.




Leland Miller, CEO China Beige Book International, to speak at Financial Markets and the Economy Event

USF Sarasota-Manatee, Cumberland Advisors, and the Global Interdependence Center invite you to our third annual Financial Literacy Day, to be held April 11, 2019, from 8:30 AM to 4 PM in the Selby Auditorium of the USFSM campus.

FINANCIAL MARKETS & THE ECONOMY Financial Literacy Day III Leland Miller, CEO China Beige Book International

The theme this year is “Financial Markets and the Economy,” and the event will feature a number of panel discussions and special presentations, including the Session III panel, “How the World Looks to Me,” a discussion of the world geo-politically, politically, from an investor’s point of view, and from the perspective of Leland Miller, CEO China Beige Book International.

According to Leland, his firm operates “the largest private in-country data-collection network ever developed to track the Chinese marketplace, gathering real-time economic data from thousands of firms across all of China’s regions, sectors, and 34 discrete industries.” These data points are what the China Beige Book team uses to guide their clients in doing business with the world’s second-largest economy and Leland will be in town to participate and share his knowledge during the Financial Markets and the Economy event at USF Sarasota-Manatee.

Financial Literacy Day welcomes the participation of the general public. The cost is only $50 to register, and coffee, pastries, and lunch are included. Please reserve your spot soon – we expect to have a full auditorium. You can make your reservation online and learn more at http://USFSM.edu/FinancialLiteracy.




Susan Harper, Canadian Consul General in Miami, to speak at Financial Markets and the Economy Event

USF Sarasota-Manatee, Cumberland Advisors, and the Global Interdependence Center invite you to our third annual Financial Literacy Day, to be held April 11, 2019, from 8:30 AM to 4 PM in the Selby Auditorium of the USFSM campus.

FINANCIAL MARKETS & THE ECONOMY Financial Literacy Day III Conversation with Susan Harper

The theme this year is “Financial Markets and the Economy,” and the event will feature a number of panel discussions and special presentations, including a conversation with Canada’s Consul General in Florida, Susan Harper.

Susan’s expertise is wide and varied, with a focus on international trade in Canada, the US and Latin America, as well as the breadth of the Canada-Florida connection, in the context of the special relationship and common border Canada and the United States share. We’ll discuss with her the Canadian footprint in Florida, the new USMCA agreement, tariffs, and more.

Financial Literacy Day welcomes the participation of the general public. The cost is only $50 to register, and coffee, pastries, and lunch are included. Please reserve your spot soon – we expect to have a full auditorium. You can make your reservation online and learn more at http://USFSM.edu/FinancialLiteracy.




Gretchen Morgenson to Keynote at Financial Markets and the Economy – Financial Literacy Day III

USF Sarasota-Manatee, Cumberland Advisors, and the Global Interdependence Center invite you to our third annual Financial Literacy Day, to be held April 11, 2019, from 8:30 AM to 4 PM in the Selby Auditorium of the USFSM campus.

FINANCIAL MARKETS & THE ECONOMY Financial Literacy Day III Keynote Gretchen Morgenson

The theme this year is “Financial Markets and the Economy,” and the event will feature a number of panel discussions and special presentations, including the keynote speaker, Gretchen Morgenson, Senior Special Writer in the Investigations Unit at The Wall Street Journal.

The WSJ says of Morgenson:

“Following a stint on Wall Street, she began covering the financial markets in 1986 at Forbes. In 2002, she won a Pulitzer Prize for her “trenchant and incisive” reporting on Wall Street for The New York Times. She has also won three Gerald Loeb Awards and is a co-author of Reckless Endangerment, a bestselling 2011 book about the origins of the 2008 financial crisis.”

See our write-up about Gretchen’s “Don’t Blink, or You’ll Miss another Bailout” 2013 article where she focused on secretive decision making at the NY Fed. Part of the greatness of America includes the constitutional right of a free press and we’re pleased Gretchen Morgenson is among them.

Ms. Morgenson will have a reception at the conclusion of her talk and her book, Reckless Endangerment, will be available for those who wish it.


Update (04/12/2019): Gretchen Morgenson’s keynote address and Q&A session from the conference are posted here. Enjoy!

Gretchen Morgenson’s Keynote Address

Gretchen Morgenson’s Q&A with audience


Cumberland Advisors’ “Financial Markets and the Economy – Financial Literacy Day III” event, was held April 11, 2019, at the Selby Auditorium of the University of South Florida Sarasota-Manatee.

The focus was “Financial Markets and the Economy”, featuring:

Panels-
• The Stock Market
• Health Hunger and Philanthropy
• How the World Looks to Me – A Global Economic Outlook

Special Presentations-
A Conversation with Susan Harper, Canada’s Consul Gen in Fla, on Trade/World Affairs
Keynote by Gretchen Morgenson, Senior Special Writer in the Investigations Unit at The Wall Street Journal and Former Business and Financial Editor for the New York Times.

We welcome and encourage the participation of our friends, colleagues, and clients.

Learn more: https://www.cumber.com/financial-literacy-day/

FINANCIAL MARKETS & THE ECONOMY Financial Literacy Day III Keynote Gretchen Morgenson (Book - Reckless Endangerment)

Read some of Gretchen’s current work at the Wall Street Journal.

Financial Literacy Day welcomes the participation of the general public. The cost is only $50 to register, and coffee, pastries, and lunch are included. Please reserve your spot soon – we expect to have a full auditorium. You can make your reservation online and learn more at http://USFSM.edu/FinancialLiteracy.




Stock Market Panelist Richard Hoey featured at Financial Literacy Day III

USF Sarasota-Manatee, Cumberland Advisors, and the Global Interdependence Center invite you to our third annual Financial Literacy Day, to be held April 11, 2019, from 8:30 AM to 4 PM in the Selby Auditorium of the USFSM campus.

The theme this year is “Financial Markets and the Economy,” and the event will feature a number of panel discussions and special presentations, including:

The first session of the day, “The Stock Market,” will bring together Richard Hoey, Tripp Zimmerman, and Matt McAleer. The moderator will be Maryanne Waldman.

Richard Hoey is Senior Economic Advisor to BNY Mellon Wealth Management. He is responsible for monitoring all aspects of the economic environment including the global economy, the US economy, and the financial markets. He is a member of the Investment Strategy Committee of BNY Mellon Wealth Management and works closely with investment teams across the firm.

Richard has been an investment professional for over five decades, acting as a chief economist, equity portfolio manager, investment strategist and director of equity research.

FINANCIAL MARKETS & THE ECONOMY Financial Literacy Day III Richard HoeyPhoto: Richard Hoey

He has been chief economist of a number of financial firms, including BNY Mellon, Mellon Financial, Dreyfus, Drexel Burnham Lambert, Prudential-Bache and Warburg Paribas Becker.

Mr. Hoey graduated from Yale College where he earned a B.A. degree in politics and economics and from New York University Graduate School of Business Administration where he earned an M.B.A. in investments.

Financial Literacy Day welcomes the participation of the general public. The cost is only $50 to register, and coffee, pastries, and lunch are included. Please reserve your spot soon – we expect to have a full auditorium. You can make your reservation online and learn more at http://USFSM.edu/FinancialLiteracy.




Buffett’s 2018 Letter / Fees Matter When Investing “Forever” / Clear Your Calendar for April 11th

In the Oracle of Omaha’s 54th annual letter to Berkshire Hathaway shareholders, Warren Buffett celebrates the dynamism of the American economy while cautioning investors against high-cost advisory fee arrangements.

Gabriel-Hament-Investment-Advisor

Buffett attributes the success of the United States to the American tailwind – a force animated by patriotism, sacrifice, and the belief that “generations beyond would live far better lives than they themselves had led.”[1] The discipline of prior generations who spent less than they earned, investing their hard-earned savings, drove productivity gains and raised living standards. Just like America’s, Berkshire’s geometric growth, Buffett says, can be attributed to the accumulation and reinvestment of the holding company’s “savings,” or as corporate managers would call them, retained earnings.

Here’s Buffett:

“In 1788 – to go back to our starting point – there really wasn’t much here except for a small band of ambitious people and an embryonic governing framework aimed at turning their dreams into reality. Today, the Federal Reserve estimates our household wealth at $108 trillion, an amount almost impossible to comprehend.

“Remember, earlier in this letter, how I described retained earnings as having been the key to Berkshire’s prosperity? So it has been with America. In the nation’s accounting, the comparable item is labeled ‘savings.’ And save we have. If our forefathers had instead consumed all they produced, there would have been no investment, no productivity gains and no leap in living standards.”

Buffett recalls how on March 11, 1942, at age 11, with battlefronts opened wide in the European and Pacific theaters, he traded his “life savings” of $114.75 for three shares of Cities Service preferred stock. How much would the $114.75 be worth today, if the proceeds generated from young Buffett’s lawn-mowing/snow-shoveling/golf ball-collecting and resale operation had been placed in a no-cost index fund tracking the S&P 500, with dividends reinvested?

Answer:

“If my $114.75 had been invested in a no-fee S&P 500 index fund, and all dividends had been reinvested, my stake would have grown to be worth (pre-taxes) $606,811 on January 31, 2019 (the latest data available before the printing of this letter). That is a gain of 5,288 for 1. Meanwhile, a $1 million investment by a tax-free institution of that time – say, a pension fund or college endowment – would have grown to about $5.3 billion.

“Let me add one additional calculation that I believe will shock you: If that hypothetical institution had paid only 1% of assets annually to various ‘helpers,’ such as investment managers and consultants, its gain would have been cut in half, to $2.65 billion. That’s what happens over 77 years when the 11.8% annual return actually achieved by the S&P 500 is recalculated at a 10.8% rate.”

These figures are a wake-up call for investment committees overseeing perpetual funds of nonprofit institutions, small and large. The Sarasota-Manatee region is home to three community foundations, a half dozen private foundations, several higher education institutions and dozens of independent nonprofits with endowed funds. We will exclude the few hundred million sitting in the reserve accounts of local municipalities, as state statute restricts investment options to short-term, high-grade, fixed-income instruments. By our calculations, in the two-county area there is well over $1 billion in charitable dollars invested in some form of traditional endowment model, an investment approach that tends to lean heavily on “exotic,” generally illiquid alternatives (hedge funds, private equity, and real assets), with the balance invested in more familiar global marketable equity and debt securities. Frequently this investment mix is developed and overseen by a consultant, who selects and monitors a stable of underlying managers. Two layers of fees – consultant and manager – are now added to brokerage and custody costs. Now, if this “outsourced chief investment officer” (OCIO) model were “working,” the alpha generated from the underlying managers and the skill of the OCIO in setting asset class exposure targets and selecting top-performing managers would, over time, surmount the added fee layers and produce returns that, at minimum, meet a benchmark.

However, a recent study authored by Professors Sandeep Dahiya of Georgetown University’s McDonough School of Business and David Yermack of New York University’s Stern School of Business analyzed the returns of 28,296 nonprofit endowments from 2009–2016. They found the median return for the 8-year period across 28,000+ organizations to be 3.75%, while a 60% domestic equity/40% Treasury bond construction delivered 9.28%.[2] After a decade of lagging results nationwide, it is time for a sea change in how monies designated for perpetual charitable support are invested.

With $1 billion in philanthropic dollars managed in a framework similar to that of the thousands of endowments surveyed by Dahiya and Yermack, we are giving up $50 million of local charitable support annually. Over 20,000 children in Sarasota County schools rely on a free or reduced lunch.[3] That is 20,000 families who need every potential charitable dollar brought to bear on summer nutrition programs, help with housing, basic medical care, and job training.

On April 11th, we will elevate this conversation around health, hunger, and philanthropy. National and local authorities are convening for our third annual Financial Literacy Day at the USF Sarasota-Manatee campus. Dr. Judith Monroe, President and CEO of the Center for Disease Control Foundation; Lisa Marsh Ryerson, President of the AARP Foundation; and Erin McLeod, President and CEO of the Friendship Centers, will lead a panel discussion. A dozen other nationally recognized speakers will discuss topics related to global financial markets, the trade war, and Federal Reserve policy. Please call 800-257-7013 or visit http://sar.usfsm.edu/event/financial-markets-and-the-economy/ to confirm your attendance and participation. Cost is just $50 to cover a light breakfast and catered lunch.

Gabriel Hament
Investment Advisor Representative: Foundations, Charitable Accounts & Private Individuals
Email | Bio


[1] http://www.berkshirehathaway.com/letters/letters.html
[2] https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=3291117
[3] https://www.heraldtribune.com/news/20181019/lunch-means-more-for-some-in-sarasota-county-schools


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‘Financial Markets and the Economy’ conference set April 11

Excerpt from the Bulls Notebook: USFSM

http://sar.usfsm.edu/blog/bulls-notebook-usfsm-to-welcome-hospitality-conference/

‘Financial Markets and the Economy’ conference set April 11

Cumberland Advisors and the USF Sarasota-Manatee are hosting Financial Literacy Day on April 11.

Tickets are available for Cumberland Advisors’ Financial Markets and the Economy: Financial Literacy Day III scheduled April 11 at USF Sarasota-Manatee’s Selby Auditorium.

The daylong conference includes a discussion about the stock market and global economic outlook, a session on economics and geopolitics, and a special panel on health, hunger and philanthropy.

Wall Street Journal senior writer Gretchen Morgenson will deliver the keynote address. Susan Harper, Canada’s consul general from Miami, will be interviewed.

Tickets are $50 (includes lunch). Visit sar.usfsm.edu/event/financial-markets-and-the-economy/.