Financial Markets and the Economy – Financial Literacy Day 2018

The 2018 Financial Literacy Day was held on April 5, 2018

Cumberland Advisors in partnership with the University of South Florida, Sarasota-Manatee (USFSM) and the Global Interdependence Center (GIC), with support from the Financial Planners Association (FPA) held the 2nd annual Financial Literacy Day in Sarasota, FL at USFSM on Thursday, April 5th, 2018. Several nationally recognized speakers were on the agenda including a keynote address from Raphael Bostic, President and CEO of the Federal Reserve Bank of Atlanta.

Topics at the event were designed to appeal to a cross-section of the community, from students and average investors to seasoned portfolio managers, bankers and economists.

Speical thanks to Manatee Educational TV for providing video coverage of the event.

Presentation Documents

Watch the conversation between Dr. Raphael Bostic and David Kotok in the video player below:

  • China has just made its Premier Xi president for life and the Trump administration is picking a trade and tariff fight with China. Panelist Leland Miller, CEO of China Beige Book, will weigh in on these developments and more. Also speaking is Jeff Usher, who heads research at Japan Insider. He will present his assessment at a time when Japanese Premier Shinzo Abe faces an internal scandal involving his government and is trying to increase his defense budget while nervously watching US policy evolve with North and South Korea and throughout the South China Sea. Rounding out the international panel is Michael Drury, Chief Economist, McVean Trading & Investments. And to moderate this session we’ve successfully recruited Mike McKee, internationally known anchor for Bloomberg television, where you can see him daily.

    Banks and the banking system are a big part of Financial Literacy Day. We are going to hear from Federal Reserve President Raphael Bostic, whose Atlanta-headquartered district includes the State of Florida. So by definition the Federal Reserve Bank of Atlanta is the central banking authority of every bank in the greater Sarasota-Bradenton region. Major changes in bank supervision and regulation are underway; and new legislation is changing the playing field because requirements differ for the community banks, the small and mid-sized banks, and the very large banks. Hundreds of thousands of individuals, businesses, and other organizations in the greater Sarasota-Bradenton region interact with banks daily.

    Attendees will also hear from Chris Whalen, who will offer his views on the banking system. Chris has a distinguished career in credit ratings and in bank analysis. His newsletter, the Institutional Risk Analyst, is famous; and his bank-rating mechanism has been well-known to investment professionals for decades. He frequently appears on Bloomberg TV and CNBC.

    On the municipal bond panel there will be room for discussion about the forthcoming changes that allow banks to count their holdings of munis as high-quality liquid assets in determining their capital requirements. Many see this change as bullish for Munis and for the investing public. Attendees will be able to question experts on the rule changes and what those changes may mean for an investor or a broker-dealer who sells munis. Disclosures are also forthcoming about broker markups, and they, too, will have an impact. The sessions are designed to give the public a real window of opportunity to learn about these issues and to pose their questions to experts.

    The Financial Literacy Day stock market sessions will also include discussion of banks, bank stocks, and related securities. Banks and financials make up about 15% of the American stock market weight, looming large in the US investing landscape, and they have been strong performers in the recent stock market rally. Will that trend continue? Why or why not? Are there credit issues on the horizon? What will the implications be for banks as the Federal Reserve changes its monetary policies?

    This April 5 event is an open forum: Individual investors, state and local officials, financial institutions, pension trustees, philanthropy activists, policy makers and policy wonks – all are welcome. At Cumberland Advisors, we believe everyone benefits from increased financial education.

    Topics include but are not limited to municipal financial market developments, the use of quantitative measurement/technical analysis in the stock market, the outlook for the U.S. stock market and the world, the U.S. banking system, and the global economic outlook.

    Financial Literacy Day 2018 Agenda

    8:00 – 8:30 a.m. | Registration and coffee

    8:30  – 8:45 a.m. | Welcoming Remarks

    • David Kotok, CIO Cumberland Advisors and GIC Board Member
    • Karen Holbrook, Regional Chancellor, USF Sarasota-Manatee

    8:45 – 10:15 a.m. | Session I – Municipal Financial Market Developments

    • Natalie Cohen, Managing Director Municipal Securities Research, Wells Fargo Securities – Condition of State/Local Pensions/Post Employment Funding
    • John Mousseau, Executive Vice President and Director of Fixed Income, Cumberland Advisors – Fixed Income Overview – Treasuries & Munis
    • William J. Hogan, Senior Managing Director, Assured Guaranty – Condition of Municipal Bond Insurers
    • Hector Negroni, Co-CEO & Chief Investment Officer Fundamental Credit Opportunities (FCO) – Puerto Rico and Municipal Bond Market in General
    • Moderator: Jim Pullen, Morgan Stanley

    10:15 – 10:30 a.m. | Break

    10:30 – 11:30 a.m. | Session II – Use of Quantitative Measurement/Technical Analysis in the Stock Market

    • Katie Stockton, Founder and Managing Partner, Fairlead Strategies, LLC
    • Leo Chen, Professor of Math at USF and Quantitative Analyst and Portfolio Manager, Cumberland Advisors –  Quantitative Measurement and the US Stock Market
    • Moderator: Alison Gardner, Senior Vice President – Financial Advisor RBC Wealth Management

    11:30 a.m. – 12:00 p.m. | Special Report on the Use of the Bloomberg Laboratory – One Year Later

    • Jim Curran, Dean, University of South Florida Sarasota-Manatee College of Business

    12:00 – 1:00 p.m. | Lunch

    1:00 – 1:30 p.m. | Keynote Address

    • Raphael Bostic, President and CEO of the Federal Reserve Bank of Atlanta

    1:30 – 2:45 p.m. | Session III – Outlook for the US Stock Market and the World

    • Jeff Saut, Chief Investment Strategist, Raymond James
    • Jeremy Schwartz, Director of Research, WisdomTree Asset Management, Inc.
    • Adam Johnson, The Bullseye Brief
    • Matt McAleer, Director of ETF Strategies, Cumberland Advisors
    • Moderator: Bill Kennedy, Chief Investment Officer, Fieldpoint Private

    2:45 – 3:00 p.m. | Break

    3:00 – 3:30 p.m. | The US Banking System

    • Chris Whalen, Chairman, Whalen Global Advisors LLC and GIC Board Member

    3:30 – 4:30 p.m. | Session IV – Global Economic Outlook

    • Michael Drury, Chief Economist, McVean Trading & Investments
    • Jeff Uscher, Head of Research, Jeff Uscher’sJapan Insider
    • Leland Miller, Chief Executive Officer of China Beige Book International
    • Moderator: Michael McKee, Bloomberg

    4:30 – 4:45 p.m. | Concluding Remarks

    • David Kotok, CIO Cumberland Advisors and GIC Board Member

    4:45 – 6:00 p.m. | Reception and Book Signing

    • Featuring Chris Whalen, Chairman, Whalen Global Advisors LLC

    Event Location

    University of South Florida Sarasota-Manatee
    Address: Selby Auditorium, 8350 N Tamiami Trail, Sarasota, FL 34243

    “We are excited to be able to partner with Cumberland Advisors and the Global Interdependence Center to offer this event to members of our community again this year,” said Dr. James Curran, dean of the College of Business at USFSM. “To be able to listen to the perspectives of so many financial experts from around the world is an incredible opportunity for anyone with a serious interest in the world of business.”

    Among the many speakers are Jeff Saut, chief investment strategist at Raymond James Financial; Natalie Cohen, managing director of municipal securities research at Wells Fargo Securities; Chris Whalen, chairman of Whalen Global Advisors LLC; and William J. Hogan, senior managing director, Assured Guaranty.

    David Kotok, chief investment officer at Cumberland Advisors, will offer opening remarks and serve as program moderator. Kotok has written articles for The New York Times and The Wall Street Journal and contributes regularly to Bloomberg TV, Fox Business and other media.

    At last year’s event, a special ceremony was held to dedicate the new David Kotok and Cumberland Advisors Bloomberg Lab at USFSM. The facility features 12 Bloomberg computer terminals for use by USF Sarasota-Manatee students and students within the Cross College Alliance, which includes, in addition to USFSM, New College of Florida, Ringling College of Art and Design, State College of Florida and FSU/The Ringling.

    These highly prized information networks are typically used by Wall Street traders and financial advisors to track stocks and other investment vehicles and to monitor world economic and financial news. The terminals are a rarity at colleges.

    Kotok and Cumberland donated them to mark the first Financial Literacy Day last spring. At the upcoming event, Dr. Curran will provide an update as to how students are benefitting from the lab.

    “Last year’s event was so well-received by members of our community that we decided to provide this learning opportunity once again,” USFSM Regional Chancellor Dr. Karen Holbrook said. “We are so grateful for the partnership we have with Cumberland Advisors and the Global Interdependence Center, which enable us to bring industry experts to our campus.”

    The Financial Literacy Day starts at 8 a.m. and includes lunch. Registration is $50. Students may participate at a special rate of $25. To register or for more information visit

    Financial Literacy Day in the News Scene Magazine Article – Financial Literacy

    The David Kotok and Cumberland Advisors Bloomberg Lab

    Michael McNiven, Ph.D., a Managing Director & Portfolio Manager at Cumberland Advisors, has written a guide called, Personal Finance in a Nutshell, in support of our efforts to drive financial literacy in our local community and wider society. Many of our friends and neighbors of all socioeconomic classes have not been exposed enough to fundamental financial principles and to that end we invite you to share this guide with others in your immediate circle and wider communities who may benefit from a refresher on these basic finance points. Download the Personal Finance Guide  here:

    News & new information about our upcoming 2018 Financial Literacy Day on April 5th, 2018 will be added to this page as time moves forward.

    For an idea on what 2018’s event will be like, follow this link to see the speakers, agenda, and multimedia from our 2017 Financial Literacy Day event or visit to register, see a list of speakers, and view full details for 2018.

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