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Distinguished Speaker Series: Josef Lakonishok
On the level and persistence of growth rates, what multiples make sense?
Distinguished Speaker Series Advisory Group
The relative performance of value strategies has been very disappointing since the start of the global financial crisis. In fact, 2020 marked the worst calendar year performance for value relative to growth since 1927 and the worst period on record based on a rolling three-year basis (ending 12/31/2020). Today, based on traditional valuation measures, value stocks trade at some of the deepest discounts relative to growth stocks in the last half-century. Moreover, similar to the Tech Bubble period of the late 1990s, “new paradigm” stocks today are trading at record multiples, and many are still far from profitability.
What can explain the extraordinary shift in valuation between growth and value? One possibility is that somehow growth companies, relative to value companies, will grow at much higher and more persistent rates in the future than in the past.
On August 18, Josef Lakonishok, CEO and CIO of LSV Asset Management, joins us for our first in-person Distinguished Speaker Series presentation since March 2020. In his presentation, Lakonishok evaluates the level, persistence, and predictability of growth rates over the past 50 years. These results help in understanding what it takes to justify extreme valuations and, in general, what are the drivers of returns for value and growth companies.
Can’t attend the event in person? We’ll also be webcasting the event. Make sure to register today as space for the in-person luncheon is limited!
Members - Free
Nonmembers - $20
Members - Free
Nonmembers - $20
(member pricing underwritten by CFA Society Chicago)
CFA Institute Qualified Activity:
Eligible for 1 credit hour
Chef's Choice (vegetarian meal available upon request)
Online registration closes at 5:00 PM on August 17th.
Please note distribution of presentation slides is at the discretion of the speaker and may not be available for this event.
11:30 AM - 12:00 PM: Registration & Networking
12:00 PM - 1:00 PM: Program
The health and safety of staff and attendees are the Society’s priorities. The Society will be following all recommended local government guidelines and venue policies. As such locations are subject to change based on this information. Please make sure to review the
City of Chicago's Latest Guidance
prior to the event to get the most updated list of
guidelines. Effective August 20, 2021, masks are required in all indoor public settings. Masks can be removed at restaurants, bars and other eating/drinking establishments by patrons when they are actively eating/drinking. We look forward to meeting in person!
All members, staff and guests are required to wear masks while navigating through the Club (vaccinated and non-vaccinated). Members and guests may remove masks once they are in the member bar/restaurants, as well as the contracted private event spaces of theirs, however, masks must be worn when moving from private event spaces to other event spaces, to and from the washrooms, entering and departing the Club, etc.
is a founding partner, CEO and CIO of LSV Asset Management. Lakonishok has more than 40 years of investment and research experience.
Lakonishok was, until 2004, the William G. Karnes Professor of Finance at the College of Commerce & Business Administration at the University of Illinois at Urbana-Champaign. Before that, he held staff and visiting professorships at Tel Aviv University, Cornell University, the University of North Carolina at Chapel Hill, and the University of British Columbia.
Lakonishok is one of the top contributors to major financial journals and has published more than 80 articles. His research covers such diverse areas as analyst forecasts, execution cost measurement, performance evaluation, momentum strategies, fundamental valuation, seasonalities in stock returns, and share repurchases.
Lakonishok’s work has received many awards, including the Roger F. Murray Award for the paper “Contrarian Investment, Extrapolation, and Risk,” written with Drs. Shleifer and Vishny, and the American Association of Individual Investors Award for the article “Fundamentals and Stock Returns in Japan,” written with Drs. Louis K. C. Chan and Yasushi Hamao.
Lakonishok received a B.A. in economics and statistics from Tel Aviv University in 1970 and an M.B.A. from that university in 1972. He earned an M.S. in business administration in 1974 and a Ph.D. in business administration in 1976 from Cornell University.
*Special Notes Regarding Fees:
Credit card is required to guarantee ALL reservations. Day-of-event registrations accepted on-site only if applicable and space available. There is a $5 surcharge for walk-ins. Visa, MasterCard, American Express, Discover and Diners Club are accepted.
Cancellations accepted until 5:00 PM, August 12th.
If member guests fail to cancel an in-person registration before the deadline and/or fail to attend the event, they will be charged a $20 fee.
Members of any CFA society may attend at the CFA Society Chicago member rate. Please call the CFA Society Chicago office at 312-251-1301 to register. If you are only a member of CFA Institute, you do not qualify for the Society member rate.
CFA Institute CE Qualified Activity:
This program qualifies for credit under the guidelines for the
CFA Institute Professional Development Program
8/18/2021 12:00 PM - 1:00 PM
University Club 76 E Monroe St Chicago, IL 60603 UNITED STATES
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