Innovative Alternative Strategies

How Advisors Can Achieve Portfolio Diversification and Alpha

july 27–28, 2010 • westin chicago river north

The Premier Alternative Investments Event

designed exclusively for financial advisors, wealth managers and family offices!
Featuring Jon Corzine, Roger Ibbotson and Tom Ricketts

Presented by

supplement to july 2010 financial advisor magazine

 Welcome

Dear Colleague:
Financial Advisor and Private Wealth magazines are delighted to invite you to our first Innovative Alternative Strategies
conference. The events of the last few years have prompted all of us to engage in serious contemplation about investing and
financial planning.
At this two-day event, we’ve endeavored to bring together some of the finest minds in the investment world and create a
meeting that will stimulate your thinking. As befits a conference on alternative investments, our distinguished keynote speak-
ers bring diverse backgrounds and accomplishment to the event.
• Roger Ibbotson is founder of Ibbotson Associates, a professor of finance at Yale School of Management and a
partner in Zebra Capital Management, which manages long/short equity hedge funds.
• Jon Corzine is the chairman and CEO of MF Global, a former governor of New Jersey and a former CEO of
Goldman Sachs.
• Thomas Ricketts is the chairman and CEO of Incapital, a leading provider of structured notes, as well as
executive chairman/owner of the Chicago Cubs.
But the list of experts on alternative investing at the conference is long. They include Chuck Stucke, co-CIO of Guggenheim
Investment Advisors; John LaPann, CEO and CIO of Federal Street Advisors; George Walper Jr., president, Spectrem Group; and
David Tice, chief portfolio strategist of Prudent Bear Funds, Federated Investors Inc.
John Brynjolfsson, CIO of Armored Wolf LLC, brings more than a decade of experience in investing in alternative real assets
to the meeting. Rick Lake of Lake Partners has spent several decades consulting for some of the nation’s largest institutional
investors on how to navigate the alternative space.
The conference also addresses real-world issues facing advisors, such as accessing alternative investments and deciding what role they
play within a client’s overall asset allocation. In addition to examining investments from a big picture framework, some sessions will drill
down and scrutinize various strategies, such as managed futures, and asset classes, including real estate, in detail.
Please join us on July 27-28 at The Westin Chicago River North for a chance to explore new ideas and educate yourself while
networking with your fellow professionals by registering now at www.altinvconference.com.

We look forward to seeing you in July.

Evan Simonoff , Editor-in-Chief David Smith, Group Publisher

58 | innovative alternative strategies | july 2010 www.altinvconference.com


 Contents
60 Seeking Alpha, Avoiding Beta
Advisors turn to alternative investments in search of returns
without the volatility.
63 Speakers
about the conference producers
Financial Advisor magazine is a “pure-play” on the
independent financial advisor market, primarily targeting
independent broker-dealers, affiliated-financial planners
and registered investment advisors. Our circulation of
90,000 is 100% qualified and penetrates virtually the en-
tire financial planning community, including over 30,000
CFPs, 19,000 RIAs, and members of FPA, NAPFA, AICPA-
Personal Financial Planning Division and IMCA. 100%
of our circulation is requested.
 july 2010 | innovative alternative strategies | 59

71 Daily Program
79 Sponsors & Exhibitors
85 Registration and Hotel Information
Private Wealth: Advising the Exceptionally Affluent is the
first and only magazine to exclusively target advisors,
service providers and other centers of influence who cater
to the financial, legal, insurance/risk management and
lifestyle demands of the ultra-affluent (those with a
minimum net worth of $10 million). These advisors to
the exceptionally affluent collectively wield the greatest
purchasing power in the world and, as a result, are the
most desirable prospects of financial and legal professionals,
luxury brands and other elite service providers.
 Seeking Alpha,
Avoiding Beta
advisors turn to alternative investments in search
of returns without the volatility. | by jeff schlegel
S
ubsequent to the market crash of ’08-’09, many fi-
nancial advisors have re-evaluated some of the basic
investing truths they’ve held to be self-evident, such
as modern portfolio theory (MPT). While few doubt
the merits of diversification, which is the foundation
for MPT, more advisors are seeking a broader mix of alternative
asset classes that are less correlated to traditional stocks and
bonds and, in theory, less prone to the gut-wrenching volatility
swings that have seemingly become the norm of late.
And for some advisors and their clients, the recent flash crash
hammered home that point. “It’s almost good to have those
events to use as examples of why we own them [alternatives] in
the portfolio,” says Daniel Roe, a principal at Budros, Ruhlin & Roe
Inc. in Columbus, Ohio. “It’s not about keeping up with the upside
of equities in bull markets, it’s about downside protection and the
chance to outperform bonds over the next few years.”
Roe says all of his firm’s clients get an allocation to alternatives
through a combination of one of four different strategies they em-
ploy via three open-end, or ’40 Act, funds and one private fund.
“We don’t force these down clients’ throats,” Roe says. “They
can exclude them if they want. But we educate them so they’ll
hopefully better understand these positions over time.”
More Choices
Alternative investments come in many different shapes in the
form of hedge funds and hedge-style approaches that include
long-short, event driven, market-neutral, global macro, merger
and convertible arbitrage, relative value, directional/tactical,
managed futures, distressed debt, short bias and options strate-
gies. Many of these are long-term, illiquid strategies.
Long the domain of institutional investors, as well as qualified
individual investors with the deep pockets to pay minimums
ranging from $1 million to $5 million, the alternative space has
expanded in recent years thanks to the growing number of ’40
60 | innovative alternative strategies | july 2010

Act mutual funds that have brought alternatives to the masses
through low-cost vehicles with daily liquidity.
These funds come with restrictions such as limits on the
amount of leverage and illiquid securities they can use,
which cuts into their potential returns. On the flip side, it
also limits their potential losses since they’re designed to
be less volatile than pure hedge funds.
According to a recent study from SEI and Strategic Insight, the
U.S. alternative mutual fund and ETF space grew from $90 bil-
lion in assets at year-end 2008 to $168 billion at year-end 2009.
There are now roughly 400 such funds in the U.S.
Don Wilson, partner and director of portfolio manage-
ment at Brightworth in Atlanta, says the wealth manage-
ment firm started using alternatives in 2003 because it
was dissatisfied with how stocks and bonds performed af-
ter the tech wreck. “We saw that alternative strategies did
well during that period, and we wished we had some of
that in our portfolio,” he says.
Brightworth started out with a mutual fund employing
a long-short equity strategy. Since then, Wilson says, it has
beefed up its alternative mutual fund offerings across a
range of strategies including tactical allocation, real return,
inflation-protected, hedged equity, market-neutral and dis-
tressed real estate.
And along with mutual funds, Wilson says Brightworth
invests in limited partnerships via funds of hedge funds.
These include long-short, distressed debt, global macro
and various arbitrage strategies.
“They’ve given us the returns we’re looking for over full
market cycles,” Wilson says.
Regarding due diligence, Wilson says ’40 Act alternative
funds are fairly easy to research because there’s a publicly
traded universe to compare them against peers and to identify
managers’ track records.
www.altinvconference.com
 Feature

 july 2010 | innovative alternative strategies | 61


Feature
Due Diligence
But as Wilson and others know, performing due diligence
on funds of funds is more difficult. For starters, there aren’t
reams of public data to pore over because a lot of hedge
funds don’t report their numbers.
“A lot of the best managers aren’t focused on gathering
assets,” says Stephanie Lang, senior analyst in the invest-
ment department at Homrich Berg Wealth Management
in Atlanta. “They’re very protective of their information and
they aren’t required to report to databases. To get more
granular information, you have to get it from the manager.”
She says the typical portfolio for a Homrich Berg client com-
prises roughly 30% alternative assets. Of that, about 25% are in
hedged portfolios comprising funds of funds or ’40 Act funds.
The rest, as much as 7%, is in private equity-like vehicles such
as a private real estate fund or a natural resources fund.
Lang says her firm has found good fund of hedge fund man-
agers through other investors. At times, funds contact her firm
seeking investor money. She says hedge fund marketing people all
hedge fund strategies have converged toward traditional
asset classes as alternatives increased in popularity.
claim to represent great managers, so advisors planning to invest
in the space need to dig in and do serious due diligence.
With funds of funds, Lang says her research is focused on the
people who select the underlying managers. “After all of the
fraud of the past couple of years, it’s become really important
to understand their operational due diligence,” Lang says.
These outfits should have a separate team doing opera-
tional due diligence that both verifies all of their third-party
service providers and follows the flow of money to make sure
all of it is there.
“A lot of the high-profile frauds occurred because managers
were using affiliated or fictitious service providers,” Lang says.
Private Funds
Regarding private investment managers, that’s a tougher
nut to crack in terms of getting access. Lang says one way to
do that is to work through a placement agent who does fund
raising for private investment groups. That said, a lot of suc-
cessful private investment groups don’t use placement agents
because they don’t need help to raise money.
Diligent, in-depth research is a must before investing with
private funds. “To screen managers, we’ll get their offering doc-
uments, assess their strategy, market opportunity, team and
track record,” Lang says. “If they still look attractive, we’ll move
forward with additional due diligence.”
62 | innovative alternative strategies | july 2010

For example, she adds, “if we look at an energy manager and
they buy oil and gas wells, we ask who’s making the decision on
buying the wells and what’s their experience and track record.
And what’re the income risks from the wells and what are they
doing to hedge that if appropriate?
“We focus a lot on the downside,” Lang says. “They also have to
have attractive enough returns to lock up money for ten years.”
Worth The Price?
Michael Reed, president of M.J. Reed Investment Consulting
in Bridgewater, Conn., says a lot of folks got interested in alter-
native investments several years ago thanks to press coverage
of the investing prowess at the endowments for Harvard and
Yale universities, both of which were heavy into alternatives.
But he says people might’ve jumped in at the wrong time.
“What happened in 2008 took a lot of wind out of the
sails of what people expected,” says Reed, a former hedge
fund manager in Morgan Stanley’s proprietary trading
group who recently set up his own RIA. He says most hedge
fund strategies—managed futures was a noticeable excep-
tion—finished 2008 in the red. Various alternative strate-
gies might have outperformed the overall markets during
the crisis, but Reed questions whether their relative outper-
formance justified their high fees.
Reed also says that hedge fund returns have converged
toward traditional asset classes as alternatives increased in
popularity, a situation making it harder to exploit some of
the inefficiencies that made them potentially profitable in
the first place. “Convertible arbitrage is a classic example of a
strategy that used to be highly profitable but where most of
the alpha has gone away the past five or so years,” he says.
“Given their fee structures, I don’t know if they have the al-
pha to overcome the fees they charge,” Reed says.
Still, judging by the growing popularity of hedge-like strate-
gies, it’s an investment strategy in demand. And based on the
experiences of the advisors interviewed for this story, alterna-
tives can play a constructive role in portfolio diversification,
provided one does research and allocates them properly.
“Alternatives aren’t for everyone,” Lang says. “We wouldn’t
do it if we felt it wasn’t appropriate for a client in terms of their
liquidity and income needs.
“It’s hard to time these things,” she adds. “We want peo-
ple to do multiple funds over multiple years to get good
diversification.”
www.altinvconference.com
 Innovative Alternative Strategies
Speakers
Tom W. Anderson
 ice Chairman and Founder
V Senior Instructor
PENSCO Trust Company
Tom Anderson is a recognized national
expert on self-directed IRAs who has
hosted his own radio show, “Maximiz-
ing Your IRA,” and appeared on CNBC’s
“Power Lunch.” PENSCO Trust enables its
clients to place non-traded investments
such as real estate and private place-
ments in IRAs.
Richard Arnitz
Executive Vice President, Sales
Grubb & Ellis Securities Inc.
Richard Arnitz is responsible for the sales
and marketing of the company’s public
and private investment programs, includ-
ing public non-traded real estate invest-
ment trusts (REITs) and tenant-in-common
(TIC) offerings for 1031 exchanges. He has
more than 23 years of experience in the
financial services industry.
Matthew Balaker
Senior Investment Analyst
Mickelson Investment Management LLC
Matthew Balaker is an analyst for Mickel-
son’s Micro PIPE Fund I. He formerly served
as an investment officer at Bristol Capital
Advisors LLC, where he worked for eight
years and participated in over 300 invest-
ments. Mr. Balaker speaks at many industry
conferences, often discussing issues related
to private investments in public equity
(PIPE) transactions.
 july 2010 | innovative alternative strategies | 63

James Bittman
The CBOE’s Options Institute
James Bittman is the author of four
books about options trading and teaches
courses on the topic for public and
institutional investors. He began his
trading career in 1980 as an equity op-
tions market maker at the Chicago Board
Options Exchange. From 1983 to 1993, he
was a commodity options member of the
Chicago Board of Trade.
John Brynjolfsson
 hief Investment Officer
C
Armored Wolf LLC (Sub-advisor to Eaton
Vance Commodity Strategy Fund)
Prior to forming Armored Wolf, John
Brynjolfsson spent 19 years at PIMCO,
where he created and grew the Real
Return platform to $80 billion. He holds a
bachelor’s degree from Columbia College
and a master’s degree from the MIT Sloan
School of Management.
Tom Capasse
Principal
Waterfall Asset Management LLC
Tom Capasse is a principal of Waterfall, a
leading asset backed securities and non-
performing loan manager with $1.3B AUM.
A pioneer in the securitization market
as a founding member of Merrill Lynch’s
industry-leading ABS Group (1983-1994),
Capasse subsequently managed principal
finance groups at Greenwich, Nomura and
Macquarie before co-founding Waterfall.
 Cleo C. Chang
Vice President
Wilshire Associates
Cleo Chang joined Wilshire in 2005 and
is head of the firm’s investment research
group. She has more than nine years of ex-
perience in the asset management industry.
Chang is responsible for making strategic
and tactical asset allocation recommenda-
tions, creating customized investment solu-
tions and portfolio risk modeling.
Peter Cook
Chief Investment Officer
Performance Trust Investment Advisors
Prior to joining PTIA, Peter Cook previous-
ly managed assets for Rochester Partners,
a long/short equity fund, and Templeton
Global Advisors, and was vice president in
interest rate and currency swaps at UBS.
Cook received a bachelor of science in ac-
countancy from University of Illinois and
an M.B.A. from University of Chicago.
Jon Corzine
 hairman and CEO
C Vice President and Portfolio Strategist
MF Global Holdings
Jon Corzine is former chairman and CEO
of Goldman Sachs and a former New Jer-
sey governor and U.S. senator. Under his
leadership, Goldman Sachs successfully
converted from a private partnership to
a public company. As senator, Corzine
co-authored the Sarbanes-Oxley Act of
2002 in reaction to a wave of national
financial scandals.
Stephen Cucchiaro
President and Chief Investment Officer
Windward Investment Management
Stephen Cucchiaro has researched the
global capital markets for more than 30
years. He has a mathematics degree from
Massachusetts Institute of Technology and
an M.B.A. in finance from the Wharton
School. In the late 1970s, Cucchiaro quali-
fied for the U.S. Olympic yacht racing team
and was a gold medalist in the 1979 Pan
American Olympic Games.
64 | innovative alternative strategies | july 2010

Steffan Dye
Senior Vice President
Ridgewood Energy
Steffan Dye’s interest in oil and gas
economics started at an early age, while
he was growing up in the West Texas
Oil Patch. Dye and his team have raised
over $500 million for Ridgewood’s Energy
funds in the last five years, with invest-
ments in some of the largest energy
projects in the Gulf of Mexico.
Jack Dzierwa
Global Strategist
U.S. Global Investors
Jack Dzierwa evaluates international op-
portunities for U.S. Global Investors and
performs analysis of individual companies
and macro-theme development in both
developed and emerging markets. He was
formerly a director in the emerging mar-
kets research department at ING Financial
Markets in London.
Theodore P. Enders
Goldman Sachs & Co.
Theodore Enders joined GSAM in 2004,
after developing quantitative trading
models and managing a fund of funds
for a Boston alternative investment firm.
From 2000 to 2002, he was an equity re-
search analyst at Merrill Lynch, and from
1996 to 2000, he was a corporate strate-
gist with Morgan Stanley.
Mark Enman
Head of Global Macro
Man Investments
Mark Enman is head of global macro in
the hedge fund research area of Man
Investments’ multi-manager business. En-
man, based in New York City, previously
headed RMF Investment Management’s
global macro team. He also has worked at
Arden Asset Management, a New York-
based fund of hedge funds, and Dresdner
Kleinwort, a former British-based invest-
ment bank.
www.altinvconference.com

Michael R. Eschmann
Vice President, Business Development
Direxion Shares
Michael Eschmann leads Direxion’s ETF
sales effort and develops and maintains
strategic relationships with the institu-
tional and retail investor base. He has
nearly ten years of experience in sales and
trading, including seven years in institu-
tional fixed-income sales at Merrill Lynch.
Adam Friedman
 ice President
V Ryan Harder
Incapital LLC
Adam Friedman joined Incapital’s Struc-
tured Investment Group four years ago
after 15 years of industry experience,
most recently with Bank of Montreal.
He is responsible for the distribution of
structured notes and CDs across all asset
classes, including single stocks, indices,
commodities, foreign exchange, credit
and fixed income.
Philip H. Gocke
 anaging Director
M ProFunds Group
Options Industry Council
Philip Gocke has been the managing
director for institutional education and
research for the Options Industry Council
since 2005. He is also president of the op-
tions trading firm Brite Sky LLC and was
previously CEO of VDM Options LLC.
Mark Green
 hief Investment Officer
C and Journal of Trading.
Oxford Financial Group Ltd.
Mark Green has 20 years of investment  
management experience serving private
and institutional clients, and has had
extensive experience with traditional and
non-traditional investment strategies,
including hedge funds, private equity, real
estate and illiquid investments.
 july 2010 | innovative alternative strategies | 65

Speakers
Suzanne Hamilton
 edge Fund Manager
H
Legacy Capital Fund LP
Suzanne Hamilton has been managing
portfolios for 11 years, using her 18 years
of computer security and mathematics
experience to automate the management
of risk in supporting trading strategies.
Prior to founding Legacy Asset Manage-
ment Inc., she was CEO of SECURIX, Inc.
S enior Portfolio Manager
Rydex|SGI
Ryan Harder leads the portfolio manag-
ers and analysts who manage many of
Rydex|SGI’s alternative funds, as well as
the firm’s leveraged and inverse funds.
Harder was previously an equity research
analyst and assistant portfolio manager at
WestLB Asset Management.
Joanne Hill
 ead of Investment Strategy
H
Joanne Hill is responsible for research,
development and dissemination of
investment strategies using ProFund’s
ETFs and mutual funds. She was formerly
with Goldman Sachs for 17 years. Hill has
published extensively on quantitative
investment topics and derivatives, with
recent articles in the Financial Analysts
Journal, Journal of Portfolio Management
Christopher Holt
Founder and Managing Editor
AllAboutAlpha.com
Christopher Holt is head of industry
relations in the Americas for the Char-
tered Alternative Investment Analyst
(CAIA) Association and the founder and
managing editor of AllAboutAlpha.com,
a Web site covering research, analysis
and opinion on alternative investments.
He holds an M.B.A. from Duke University
and is a CAIA.
   Brian K. Hurst  
Principal
AQR Capital Management
Brian Hurst has been with AQR Capital
since its inception in 1998. He has more
than 15 years of experience managing
money for institutional investors in both
traditional and alternative investment
strategies. He is currently the head of
AQR’s Global Trading Strategies group.
Prior to AQR, he worked at Goldman,
Sachs & Co.
  Roger G. Ibbotson  
Founder
Ibbotson Associates
Roger Ibbotson is founder of Ibbotson As-
sociates, a registered investment advisor
and wholly owned subsidiary of Morning-
star Inc., and a professor of finance at the
Yale School of Management. Morningstar
acquired Ibbotson Associates in March
2006 and Ibbotson now acts in a manage-
ment advisory role for Morningstar.
  Jeff Joseph
Co-Founder and Managing Partner
Prescient Capital Partners  
Jeff Joseph is an active angel investor,
venture catalyst and financier. As a former
RIA and the founding managing direc-
tor of the Alternative Strategies group at
Rydex Investments, Joseph’s expertise lies
at the intersection of family offices and
alternative investments. Joseph writes
a blog for RIAs that allocate to private
investments at www.venturepopulist.com.
  Edwin Kelly
Director of Education  
Sterling Trust, an affiliate of
Equity Trust Company
Edwin Kelly is a recognized self-directed
IRA expert who has educated thousands
of investors, advisors and financial profes-
sionals each year on the concept of self-
directing with alternative assets. He also
instructs advisors on strategies for busi-
ness expansion and alternative investing.
66 | innovative alternative strategies | july 2010

Samson Koo
Head of Equity & Funds Structured Markets
Origination, Americas, Barclays Capital
Samson Koo is responsible for a team of
financial engineers/structurers who use
equity and hybrid derivatives to design
solutions for Barclays’ clients in the
Americas. He has been in the derivatives
industry for more than ten years and has
focused at different times on derivatives
in equities, interest rates, currencies and
commodities.
Frederick C. “Rick” Lake
Co-Founder and Co-Chairman
Lake Partners Inc.
Frederick C. “Rick” Lake oversees Lake
Partners’ research on mutual funds that
utilize alternative strategies and helps
direct the company’s asset allocation,
investment research and multi-manager
investment programs. He has 29 years of
experience in the investment industry.
Rick has been quoted in Barron’s, The
Wall Street Journal, Financial Times and
other publications.
Stephanie S. Lang
Senior Investment Analyst
Homrich Berg Wealth Management
Stephanie S. Lang joined Homrich Berg in
2005 after more than two years at Bank of
America’s private bank, where she man-
aged over $350 million in assets for indi-
vidual and family trust, charitable trust,
foundation and retirement accounts. She
spent six years as an equity research asso-
ciate analyst with Robinson Humphrey.
John LaPann
President and Chief Investment Officer
Federal Street Advisors
John LaPann brings more than 30 years of
high-level investment and planning expe-
rience to his role as president of Federal
Street Advisors. He previously served as
senior vice president of Gannett, Welsh &
Kotler and spent seven years as vice presi-
dent of Pell, Rudman & Company.
www.altinvconference.com

  Robert D. Leinbach  
President
Walton USA
Robert D. Leinbach joined Walton in 2005
and became the head of operations in
April 2007. He was formerly a partner in
the law firm of Wolfe Leinbach P.S., a Seat-
tle-based firm specializing in representing
companies and their executives. During
that time, he assisted The Walton Group
with their entry into the U.S. market.
  Alan Lenahan  
Managing Principal/Director of Hedged
Strategies, Fund Evaluation Group
Alan Lenahan’s responsibilities include
serving as portfolio manager of FEG’s
Access Funds, as well as strategy research
and due diligence management. In 2007,
Lenahan was named one of the 20 ris-
ing stars in hedge funds by Institutional
Investor News.
  Robert Lindner
CEO, Chairman of the Board
Lindner Capital
Robert Lindner earned his undergradu-
ate degree from Mercer University and  
his graduate degree from the Ameri-
can College. He is a licensed Certified
Financial Planner. Lindner serves on the
executive boards of the Atlanta Humane
Society and the Georgia Chapter of the
March of Dimes.
  Tom Lydon
Editor and Publisher
ETF Trends
Tom Lydon is editor and publisher of ETF
Trends, a Web site with daily news and
commentary about trends in the ETF  
industry. He is also president of Global
Trends Investments, an investment advi-
sory firm specializing in the creation of
customized portfolios for high-net-worth
individuals.
 july 2010 | innovative alternative strategies | 67

Speakers
Michael L. Masterson
Executive Vice President
Goldman Sachs Trust Companies
Michael L. Masterson is responsible for
overseeing all aspects of asset manage-
ment and representing Goldman Sachs’
personal trust investment management
capabilities to clients, prospects and
intermediaries. He was formerly a senior
portfolio manager at Brown Brothers Har-
riman in New York.
Michael Mastey
SVP, Managing Director of Alternative
Investments, PNC Capital Advisors
Michael Mastey is in charge of developing
and growing PCA’s proprietary alterna-
tive investment product platform and
is directly responsible for all aspects of
product management, strategic prod-
uct development and risk management
overlay. He chairs the firm’s Alternative
Investment Risk Management Committee.
He also plays a strategic role in alterna-
tive investment sales development and
marketing for the complex.
W. Bradford McMillan
Vice President, Chief Investment Officer
Commonwealth Financial Network
W. Bradford McMillan leads Common-
wealth’s Investment Research, Advisory
Services, Asset Management and Invest-
ment Consulting teams. He is a frequent
guest speaker at industry conferences,
including BMO Capital Markets’ Non-
Traded REITs Forum, the Information
Management Network Symposium and
the FPA National Capital Area Chapter.
Ed McRedmond
Senior Vice President
Invesco PowerShares Capital Management
Ed McRedmond works on increasing
the awareness and usage of PowerShares
ETFs within various distribution chan-
nels, with a focus on working with ana-
lysts, due diligence groups and portfolio
managers who develop ETF portfolios
and investment strategies. He oversees a
team that services the institutional and
international channels.
  David Mickelson  
President and Portfolio Manager
Mickelson Investment Management LLC
David Mickelson manages the Micro Pipe
Fund I and is also the president of Mick-
elson Capital Consulting. He has more
than 15 years of experience in financial
services and specializes in advanced estate
planning and investment management.
Mickelson lectures on financial strategies
within wealth building, estate planning
and charitable contexts.
  Robert Mileff  
Director, Alternative Investments
Fortigent LLC
Robert Mileff is responsible for research-
ing, selecting and monitoring hedge funds
and other non-traditional investment
solutions for client portfolios and assists
in Fortigent’s asset allocation and portfo-
lio construction processes. Before joining
Fortigent, Mileff spent several years at
Monroe Vos Consulting.
  Trisha Miller
National Sales Manager
Carey Financial LLC  
Trisha Miller oversees Carey Financial’s
wholesaling team and the internal sales
desk. A 23-year veteran of the financial
services industry, Miller has extensive
experience working and developing rela-
tionships with financial advisors in
all channels.
  Martin Murenbeeld
Chief Economist
DundeeWealth
Martin Murenbeeld is publisher of the
Gold Monitor. He has 30 years of research  
and consulting experience in gold and pre-
cious metals, currency, foreign exchange
and credit markets. He graduated from the
University of California, Berkeley, in 1972
with a Ph.D. in international finance.
68 | innovative alternative strategies | july 2010

Steven Quirk
Managing Director, Trader Group
TD Ameritrade
Steven Quirk is responsible for the devel-
opment of new trading tools and technol-
ogy enhancements for TD Ameritrade’s
trading platform. His 22-year trading
career began in 1987 as a Chicago Board
Options Exchange market maker. While
at the CBOE, he served on the exchange’s
Index Market Performance Committee
and the Arbitration Committee.
Michael Reed
President
M. J. Reed Investment Consulting
Michael Reed is president of M. J. Reed
Investment Consulting, an independent
registered investment advisor in Bridgewater,
Conn., specializing in investment planning,
tactical asset allocation and fund selection
for affluent individuals and small institutions.
From 1994 until 2009, Reed was a member of
the Process Driven Trading group of Morgan
Stanley. Reed has a Ph.D. in electrical engi-
neering from Princeton University.
Carl Resnick
Managing Director, Portfolio Strategist
Rydex|SGI
Carl Resnick provides strategic
guidance on product management,
new business development and profit-
ability for the firm’s asset allocation
and target beta fund lineup within the
institutional marketplace. Previously,
Resnick was a national sales manager of
ETF and institutional sales and a variable
trust wholesaler.
Tom Ricketts
Chairman and CEO
Incapital LLC
Tom Ricketts co-founded Incapital LLC
in 1999. Ricketts previously served as vice
president of ABN AMRO, where he pio-
neered the use of the Internet and other
technology so that companies could offer
their investment-grade bonds through a
network of broker-dealers and advisory
firms. In 2009, Ricketts became executive
chairman of the Chicago Cubs.
www.altinvconference.com

  Dan Roe, CFP  
Principal and Chief Investment Officer
Budros, Ruhlin & Roe
Dan Roe has been advising clients in the
financial services industry for more than
20 years. Prior to joining Budros, Ruhlin
& Roe in 1996, he owned his own fee-only
wealth management practice in Cincin-
nati, Ohio. His primary focus has been
on portfolio management issues, but his
professional expertise extends to insur-
ance, tax and retirement planning.
  Kevin M. Sánchez, CIMA, CFP
Vice President – Investments,  
Institutional Consultant
UBS Institutional Consulting
Kevin Sanchez’s $1.7 billion practice fo-
cuses on investment policy and portfolio
design for 26 foundations and endow-
ments. His team also provides compre-
hensive wealth solutions for a limited
group of affluent families. Kevin has
an MBA in Finance from the University
of Oregon and the CIMA designation
through the Wharton school and IMCA.
  Kenneth Settles, CFA  
Co-Portfolio Manager
RS Global Natural Resources Fund
Kenneth Settles is a co-portfolio manager
of RS Global Natural Resources Fund.
Prior to joining RS Investments, he was
a senior energy analyst for seven years at
Neuberger Berman LLC, where he also co-
managed the Neuberger Berman Premier
Energy Portfolio. Settles holds a B.A. in
economics from Williams College.
  Luciano Siracusano  
Chief Investment Strategist
WisdomTree
Luciano Siracusano oversaw the cre-
ation and development of WisdomTree’s
proprietary index methodology and
other intellectual property. Before joining
WisdomTree in 1999, he was an equity
analyst at Value Line Inc. Prior to his
career in finance, Siracusano served as  
Special Assistant to New York Governor
Mario Cuomo. Luciano is a graduate of
Columbia University.
 july 2010 | innovative alternative strategies | 69

Speakers
Evan Simonoff
Editor-in-Chief and Editorial Director
Financial Advisor and
Private Wealth magazines
Evan Simonoff is editorial director of
Financial Advisor and Private Wealth
magazines and is a founding partner of
Charter Financial Publishing Network
(CFPN). He has spent more than 20 years
as an editor and reporter covering the
financial services industry. Simonoff is
a widely recognized expert on personal
finance and investments.
Christopher Skardon
Portfolio Manager
Gorelick Brothers Capital
Christopher Skardon has more than15
years of trading and investment experi-
ence in structured finance securities.
Before joining Gorelick, he was a managing
director at Banc of America Securities LLC.
Skardon has held senior investment and
trading roles at American Capital Access,
Prudential Securities and Deutsche Bank
Securities. He is a Yale University graduate.
David Smith
Co-Founder and Group Publisher
Financial Advisor and
Private Wealth magazines
David Smith is a founding partner of
Charter Financial Publishing Network
(CFPN), a publisher, marketer and distribu-
tor of information for the financial services
industry. He is co-founder and publisher
of Financial Advisor and Private Wealth
magazines and other CFPN publications.
Ken Steben
President and Chief Executive Officer
Steben & Company Inc.
Ken Steben founded Steben & Company Inc.,
which specializes in managed futures funds.
He is viewed as a pioneer in the managed
futures fund business, having introduced
hundreds of financial advisory firms to this
investment strategy over the last 20 years.

Speakers
Charles (Chuck) Stucke  
 Chief Investment Officer
Guggenheim Investment Advisors
Chuck Stucke chairs Guggenheim’s Invest-
ment Committee and leads the Portfolio
Management Group. Prior to joining
Guggenheim in 2006, Stucke served as an
executive director on the Portable Alpha
Team at Morgan Stanley Alternative Invest-
ment Partners, where he opened and man-
aged the firm’s London-based European
alternative investments research office.
 
  David W. Tice, CFA, CPA
Chief Portfolio Strategist, Bear Markets
Federated Investors Inc.
David W. Tice has been at the forefront of
bear market investing for more than 20 years,
often taking the role of a Cassandra to warn
investors about the dangers of investing near
the end of a secular bull market, and has
debated nearly every bullish Wall Street strat-
egist. He launched his own firm in 1988 to
provide clients with hedging or sell discipline
perspectives and recommendations through
his Behind the Numbers publication.  
  Mike Tims
CEO, mtn-i
Mike Tims is the founder and CEO of
London-based mtn-i, a news service,
magazine and database that tracks activ-
ity in the structured product and private
placement bond markets. Since 2006, The
Wall Street Journal and Bloomberg have
regularly cited mtn-i for its comprehen-
sive coverage of the U.S. markets. Tims is
also an occasional CNBC guest.
  Catherine Vaughn Deutsch, CFA  
Managing Director
Highbridge Capital Management
Catherine Vaughn Deutsch is a managing
director of Highbridge Capital Management
and head of Asset Management. Before join-
ing HCM in April 2006, Vaughn Deutsch was
with Blackstone Alternative Asset Manage-
ment, involved with business development
and product development. Prior to Black-
stone, Vaughn Deutsch was a vice president
with Banc of America Securities.
70 | innovative alternative strategies | july 2010

George H. Walper Jr.
President
Spectrem Group
George H. Walper Jr. is president of Spectrem
Group, a research and consulting firm that
specializes in the affluent and retirement
markets. Walper has a bachelor’s degree in
business from the State University of New
York College at Buffalo and an M.B.A. from
the J.L. Kellogg Graduate School of Manage-
ment at Northwestern University.
Don Wilson, CFA, CFP
Director of Portfolio Management
Partner, Brightworth
Don Wilson is a partner at Brightworth, a
leading wealth management firm in Atlanta.
His primary responsibilities include develop-
ing the firm’s overall investment strategy,
researching investment managers and asset
classes, and leading the investment research
and portfolio management team. Prior to his
current role, he was a research analyst and
portfolio manager for the firm. 
Robert L. Worthington, CFA
President
Hatteras Funds
Robert L. Worthington is responsible for
day-to-day management and oversight of
portfolio and risk management, including
investment products, personnel and joint
venture partner relationships. He also serves
as a member on the investment committee
for several Hatteras funds. Prior to joining
Hatteras, Worthington was a managing
director at JPMorgan Asset Management in
the firm’s Institutional Advisory business.
Marc Zeitoun, CFA
Managing Director and Head of Distribution
Rydex|SGI
Marc Zeitoun is head of distribution for
Rydex|SGI and helps shape the firm’s stra-
tegic direction, with specific emphasis on
financial intermediary and sub-advisory
sales. Previously, he was executive direc-
tor for Investment Solutions and Fee-
Based Platforms and senior vice president
of Investment Process and Integration at
UBS Financial Services.
www.altinvconference.com
 &

Present

Innovative Alternative Strategies

The Westin Chicago River North, Chicago • July 27–28, 2010
Pre-Conference Workshop July 26, 2010
Platinum Sponsor Rydex|SGI

Pre-Conference Workshop
Monday, July 26, 2010
Creating a Multi-Family Office Practice:
Guidelines for Financial Advisors Targeting The Financial Elite
9:00 am – 9:15 am Introduction and Overview
9:15 am – 9:45 am The Financial Elite
9:45 am –10:15 am The Nature and Appeal of the Family Office
10:15 am –10:30 am Break
10:30 am – 11:30 am Investment Management Panel
11:30 am –12:30 pm Lunch: Guest Presenter
12:30 pm –1:30 pm Lifestyle Services Panel
1:30 pm – 2:30 pm Insurance/Risk Management Panel
2:30 pm – 2:45 pm Break
2:45 pm – 3:15 pm Advanced Planning
3:15 pm – 4:00 pm Sourcing the Financial Elite
4:00 pm – 4:15 pm Summary, Conclusions and Questions
Multi-Family Office Workshop Sponsors

Mickelson Investment Management

 july 2010 | innovative alternative strategies | 71


 Agenda
Monday, July 26, 2010
12:00 pm – 6:00 pm Advance Registration and Exhibitor Booth Setup

Tuesday, July 27, 2010

Session times subject to change
6:30 am – 4:30 pm Registration
7:30 am – 8:15 am Breakfast with Exhibitors
8:15 am – 8:30 am Chairperson Welcome
Marc Zeitoun, Managing Director and Head of Distribution, Rydex|SGI

8:30 am – 9:45 am CIO Investment Outlook

The CIO general session will address both macro and micro issues. Participants will share their
outlook for both the U.S. and the global economy, as well as the direction of the financial mar-
kets in a post-crisis world (if we are really in one). Other topics include the psychology of both
individual clients and professional investors, lessons learned about basic tenets of finance like
MPT and buy and hold, and what role alternative investments play in their clients’ portfolios in
the future.

Moderator: Evan Simonoff, Editor In Chief, Financial Advisor magazine

Panelists: Charles “Chuck” Stucke, Chief Investment Officer,
Guggenheim Investment Advisors
John LaPann, President and Chief Investment Officer, Federal Street Advisors Inc.
Mark Green, Client Investment Officer, Oxford Financial Group

9:45 am –10:15 am Morning Networking Break with Exhibitors

10:15 am – 11:15 am Breakout Session A
Opportunities In A Turbulent Real Estate Market
Although real estate has failed to bounce back in many markets, specialized investment op-
portunities that can provide upside and/or income streams for your affluent clients are worth
considering. Nontraded REITs, for one, are using the current environment as a chance to buy
attractive properties at depressed values, positioning themselves for growth as the market
rebounds. Our speakers will describe what they are seeing around the country and where the
pockets of opportunity are.

Moderator: W. Bradford McMillan, Vice President and Chief Investment Officer,
Commonwealth Financial Network
Panelists: Richard Arnitz, Executive Vice President, Sales, Grubb & Ellis Securities Inc.
Trisha Miller, National Sales Manager, Carey Financial LLC
Robert D. Leinbach, President, Walton USA

72 | innovative alternative strategies | july 2010 www.altinvconference.com


 Agenda

10:15 am – 11:15 am Breakout Session B

The Role of Alternatives In Asset Allocation
Volatility continues to play havoc with the markets, making it increasingly difficult to build
portfolios with more consistent returns. Carefully selected alternative investments can provide
alpha and act as hedges, particularly when difficult market conditions are the order of the day.
Learn what to look for in alternative investments and how they can be used to enhance asset
allocation models.

Moderator: To be announced.
Panelists: Christopher Holt, Director and Managing Editor, Chartered Alternative
Investment Analyst (CAIA) Association
Robert Mileff, Director, Fortigent LLC
Cleo Chang, Vice President, Wilshire Associates

11:20 am – 12:20 pm Breakout Session A

Using Futures and Options To Control Risk
Learn how these instruments work, techniques on how to use them and pitfalls to avoid. The
panel will also review how the current market has impacted price swings and how to use them
to control risk.

Moderator: James Bittman, Senior Instructor, The CBOE’s Options Institute

Panelists: Steven Quirk, Managing Director, TD Ameritrade
Philip H. Gocke, Managing Director, Options Industry Council

11:20 am – 12:20 pm Breakout Session B

Life Settlements—Insurance As An Asset Class
Insurance can be used for both wealth creation and preservation, but many individuals don’t
realize that new products also make insurance an asset class. Life settlement funds, for ex-
ample, are similar to professionally managed mutual funds but are created by securitizing many
complete or fractional life settlement policies for individuals. Like mutual funds, life settlement
fund shares are sold to investors. How LSFs are structured and key factors associated with
them, including risks and returns, will be discussed.

Moderator: David Mickelson, Portfolio Manager, Mickelson Investment Management LLC

Panelists: Daniel Sheedy, Director of Capital Markets, GWG Life
Other panelists to be announced.

12:20 pm – 1:30 pm Buffet Lunch in Main Foyer sponsored by

12:50 pm – 1:30 pm Keynote Address
Tom Ricketts, Chairman and CEO, Incapital LLC
Grand Ballroom A,B,C
Tom Ricketts, executive chairman of the Chicago Cubs and chairman and CEO of Incapital LLC,
will share insights on the economy and financial services. While a vice president of ABN AMRO
during the 1990s, he pioneered the use of the Internet and other technology so that com-
panies could offer their investment-grade bonds through broker-dealers and advisory firms.
In 1999, he founded Incapital, a Chicago investment bank that underwrites and distributes
fixed-income securities and structured notes through more than 900 broker-dealers, banks and
institutional accounts in the U.S., Europe and Asia.

 july 2010 | innovative alternative strategies | 73


 Tuesday, July 27, 2010
Session times subject to change

1:30 pm – 2:00 pm Dessert Break with Exhibitors

2:00 pm – 3:00 pm Breakout Session A
Managing Risks With Leveraged ETFs
The goal of most leveraged ETFs is to attempt to maintain leverage by rebalancing daily and
capturing daily appreciation for shareholders. But these vehicles may result in a portfolio that
fails to track its index precisely. What are the most effective uses for leveraged ETFs and how
can risks be managed?

Moderator: Tom Lydon, Editor and Publisher, ETF Trends

Panelists: Joanne Hill, Head of Investment Strategy, ProFunds Group
Ed McRedmond, Senior Vice President, Invesco PowerShares Capital Management
Michael Eschmann, Vice President, Direxion Shares

2:00 pm – 3:00 pm Breakout Session b

Managed Futures
The primary benefit of adding managed futures to a diversified investment portfolio is that
they may decrease portfolio volatility risk. They are able to reduce portfolio risk because of
their low to slightly negative correlation with equities and bonds. Experts discuss their use and
why these contracts based on global investments are growing in popularity.

Moderator: Robert Lindner, CEO and Chairman of the Board, Lindner Capital Advisors Inc.
Panelists: Ken Steben, President and Chief Executive Officer, Steben & Company Inc.
Ryan Harder, Senior Portfolio Manager, Rydex|SGI
Brian Hurst, Principal, AQR Capital Management

3:00 pm – 4:00 pm Breakout Session A

Global Macro And Emerging Markets
Global macro hedge funds trade fixed income, equity index futures, commodities, currencies
and equities based on global macroeconomic events. A top-down approach is generally used to
make trades and forecast the direction of currency, fixed income and equity indices. Although
macro global funds are a small segment of the hedge fund universe, some managers have made
billions by correctly anticipating a major world event.

Moderator: To be announced.
Panelists: Mark Enman, Head of Global Macro, Man Investments
L. Bryan Carter, CFA, Vice President and Associate Portfolio Manager
Arcadian Asset Management
Jack Dzierwa, Global Strategist, U.S. Global

74 | innovative alternative strategies | july 2010 www.altinvconference.com


 Agenda

3:00 pm – 4:00 pm Breakout Session B

Accessing and Deploying Alternatives
In this session, three advisors from RIA firms that use alternatives will explain what prompted
them to explore alternatives, how they research the vehicles and where they fit into the asset
allocation process. Other topics include liquid alternatives vs. illiquid vehicles and how they
accessed the investments, as well as whether their performance lives up to expectations.

Moderator: Michael Reed, President, M. J. Reed Investment Consulting

Panelists: Don Wilson, Director of Portfolio Management, Partner,
Brightworth Wealth Management
Dan Roe, Principal and Chief Investment Officer, Budros, Ruhlin & Roe Inc.
Stephanie Lang, Senior Investment Analyst, Homrich Berg Wealth Management

4:00 pm – 4:30 pm Afternoon Networking Break with Exhibitors

4:30 pm – 5:30 pm Breakout Session A
Currencies As An Asset Class
Foreign exchange is the largest financial market in the world, but may be unfamiliar to many
advisors. In fact, until recently, FX was primarily the domain of large financial institutions, mul-
tinational corporations and hedge funds. But the Internet has made FX far more accessible, and
this 24-hour market trades about $2 trillion each day. Panelists will discuss these investments
and how they can be used to hedge and add a new dimension to client portfolios.

Moderator: To be announced.
Panelists: Dr. Martin Murenbeeld, Chief Economist, Dundee Wealth
Carl Resnick, Managing Director and Portfolio Strategist, Rydex|SGI
Luciano Siracusano, Chief Investment Strategist,
WisdomTree Asset Management Inc.

4:30 pm – 5:30 pm Breakout Session B

Hedge Fund Research
Leading analysts will share their research on hedge funds and discuss how the financial crisis
and market volatility have affected performance. They’ll also describe how survivorship bias
and other issues impact research.

Moderator: Evan Simonoff, Editor In Chief, Financial Advisor Magazine

Panelists: Frederick C. “Rick” Lake, Co-Chairman, Lake Partners Inc.
Alan Lenahan, Managing Principal and Director of Hedged Strategies,
Fund Evaluation Group
Michael Mastey, SVP, Managing Director of Alternative Investments,
PNC Capital Advisors

5:30 pm – 7:00 pm Cocktail Reception with Exhibitors sponsored by

 july 2010 | innovative alternative strategies | 75


 Wednesday, July 28, 2010
Session times subject to change

7:00 am – 12:00 pm Registration

7:30 am – 8:15 am Breakfast with Exhibitors
8:15 am – 8:30 am Chairperson’s Recap of Day 1 & Introduction to Day 2
Marc Zeitoun, Managing Director and Head of Distribution, Rydex|SGI

8:30 am – 9:10 am Investor Attitudes

George Walper Jr., President, Spectrem Group
As president of a leading research and consulting firm specializing in affluent and retirement
markets, George Walper has unique insight into the attitudes and behavior of investors that
he will share during his presentation and that may guide you on how to enhance relationships
with your clients.

9:10 am – 9:50 am What’s The Next Big Short?

David Tice, Chief Portfolio Strategist, Prudent Bear Funds, Federated Investors Inc.
David Tice has long taken the role of a Cassandra to warn investors about the dangers of
investing near the end of a secular bull market and has debated nearly every bullish Wall Street
strategist. He gained national recognition when he was among just a handful of courageous
people who dared short the market. He’ll provide his thoughts on what investments may be in
trouble next.

9:50 am – 10:30 am Morning Networking Break with Exhibitors
10:30 - 11:30 am Breakout Session A
 nderstanding Alternative Investment Structures—
U
and Implementing Them In Unexpected Places
Alternative investments can be an important addition to trusts, LLCs and retirement plans that
want to include investments with returns that are less correlated or uncorrelated to the overall
equity markets. But some specific considerations need to be weighed to ensure those respon-
sible for investment policy are charting a solid course.

Moderator: Kevin Sanchez, Vice President, UBS Institutional Consulting

Panelists: Edwin Kelly, Director of Education, Sterling Trust,
an affiliate of Equity Trust Company
Michael L. Masterson, Executive Vice President, Goldman Sachs Trust Companies
Theodore P. Enders, Vice President and Portfolio Strategist, Goldman Sachs & Co.

76 | innovative alternative strategies | july 2010 www.altinvconference.com


 Agenda

10:30 am – 11:30 am Breakout Session B

Advisors Explain Their Own Alternative Strategies
Advisors who have integrated alternative investments into client portfolios share their insights
on choices they’ve made that worked out well and some that were less than stellar.

Moderator: Jeff Schlegel, Senior Editor, Financial Advisor magazine

Panelists: Jeff Pavlik, Founder, Pavlik Capital Management LLC
Stephen Cucchiaro, Chief Investment Officer,
Windward Investment Management
Suzanne Hamilton, Hedge Fund Manager, Legacy Capital Fund LP

11:30 am – 12:30 pm Breakout Session A

Using Commodities In Clients’ Portfolios
Precious metals, oil and minerals are familiar investments to many advisors, but opportunities
are constantly changing, particularly in the volatile markets of the last couple of years. Portfolio
managers on this panel will share their experience in navigating these investments.

Moderator: Catherine Vaughn Deutsch, Managing Director,

Highbridge Capital Management
Panelists: Kenneth Settles, Co-Portfolio Manager, RS Global Natural Resources Fund
Stephen Dye, Senior Vice President, Ridgewood Energy
John Brynjolfsson, Chief Investment Officer, Armored Wolf LLC (Sub-advisor to
Eaton Vance Commodity Strategy Fund)

11:30 am – 12:30 pm Breakout Session B

New $11 Trillion Asset Class: Residential Mortgage Debt
Residential mortgage debt has emerged as the latest opportunity for high risk-adjusted returns.
Following the housing collapse, for the first time since the Great Depression, distressed debt
is more than corporates. Hedge fund managers will detail the latest trades in residential loan
servicing and mortgage-backed securities.

Moderator: Warren Paddock, Director of Investments at Bluffview Wealth Management

Panelists: Peter Cook, Chief Investment Officer, Performance Trust
Tom Capasse, Principal, Waterfall Asset Management LLC
Chris Skardon, Portfolio Manager, Gorelick Brothers Capital

12:30 pm – 1:30 pm Buffet Lunch in Main Foyer

12:50 pm – 1:30 pm Keynote Address
Jon Corzine, Chairman and CEO, MF Global Holdings
Grand Ballroom A,B,C
Jon Corzine, former chairman and CEO of Goldman Sachs and former governor of New Jersey,
uses his high-level government experience and real-world Wall Street acumen to share insight
on alternative investing, economic policy, financial regulation and the tough political choices
faced by the Obama administration. He is currently the chairman and CEO of MF Global Hold-
ings, one of the world’s leading cash and derivatives brokerage firms, and an operating partner
at J.C. Flowers & Co., a private equity firm focused on the financial services sector.

1:30 pm – 2:00 pm Dessert Break with Exhibitors

 july 2010 | innovative alternative strategies | 77


Agenda

Wednesday, July 28, 2010

2:00 pm – 3:00 pm Breakout Session A
Structured Notes
Panelists will explain the pros and cons of these hybrid securities, which offer returns that track
an underlying debt obligation and a derivative embedded within it.

Moderator: Mike Tims, CEO, mtn-i

Panelists: Sam Koo, Head of Equity & Funds Structured Markets Origination, Americas,
Barclays Capital
Adam Friedman, Vice President, Incapital LLC
Larry Wilson, Vice President, JP Morgan, Structured Investments

2:00 pm – 3:00 pm Breakout Session B

Private Equity / Venture Capital
Opportunities in private equity and venture capital are beginning to pick up again. Invest-
ment managers discuss how they evaluate these opportunities and describe how they assess
risk and reward.

Moderator: Tom Anderson, Vice Chairman and Founder, PENSCO Trust Company
Panelists: Matt Balaker, Senior Investment Analyst, Mickelson Investment Management LLC
Robert L. Worthington, President, Hatteras Funds
Jeff Joseph, Managing Partner, Prescient Capital Partners

3:00 pm – 4:00 pm Keynote Address

Roger Ibbotson, Founder, Ibbotson Associates
Grand Ballroom A,B,C
Roger Ibbotson has a long history in the investment management and research arena and now
is a partner in Zebra Capital Management, which manages equity long/short hedge funds. In
addition, he has directly managed bond portfolios, traded equity securities and managed asset
allocation accounts. He is co-author of Stocks, Bonds, Bills, and Inflation Yearbook, the standard
reference for information on investment market returns. Hear his take on the economy, the
markets and how alternative investments fit in to the big picture of investing.

4:00 pm Conference Ends

78 | innovative alternative strategies | july 2010 www.altinvconference.com


 Sponsors & Exhibitors
Platinum Sponsor

At Rydex|SGI, we are committed to offering investors greater potential to successfully navigate diverse market condi-
tions. We believe that providing high-quality investment choices, insightful research and investor education is al-
ways in favor. Offering a wide array of alternative investment strategies in addition to index-based and fundamental
strategies—including actively managed global, value, growth and fixed-income—we endeavor to put our investors first
in all that we do. With more than $22 billion in assets under management, Rydex|SGI offers investors more than 100
investment choices—including mutual funds and ETFs.

AQR Capital Management

FUNDS
 AQR Capital Management LLC is a global provider of investment management services. The firm was
founded in 1998 and is headquartered in Greenwich, Conn. With a diverse, global institutional client
base, the firm offers a wide range of investment products ranging from traditional benchmark-driven
investments to pure alpha, absolute return strategies. AQR Funds were created to provide mutual
funds investors access to these alternative and innovative strategies.

Aston Asset Management LLC

 ston Asset Management, headquartered in Chicago, Ill., is a diversified institutional based
A
investment management firm. Our subadvisors (investment managers) are inherently focused on
institutional process and investment performance. Through our selection of institutional quality
investment managers with disciplined investment processes, our goal over time is to produce supe-
rior returns to our benchmarks with less risk. We offer a broad selection of mutual fund products
and share classes for both individual and institutional investors. Separately managed accounts are
also available. Consulting with you, we deliver solutions that you can deliver to your clients.

Barclays Capital
B arclays Capital’s Investor Solutions team works with investment advisors, such as RIAs, trust
companies, and multi-family offices, to create customized structured investments. The team is also
responsible for the sales, strategy, and product development of iPath® Exchange Traded Notes.

Carey Financial LLC
W. P. Carey and its non-traded real estate investment trust, Corporate Property Associates 17 – Global
(CPA®:17 – Global), are pleased to be participating in the Financial Advisor/Private Wealth Conference
on Innovative Alternative Strategies. Founded in 1973, W. P. Carey & Co. LLC (NYSE: WPC) is an invest-
ment management firm and leading global provider of long-term net lease financing for corporations
worldwide. CPA®:17 – Global, W. P. Carey’s sixteenth offering, seeks to provide investors with stable,
rising income and capital preservation by focusing primarily on tenant creditworthiness and invests in
a broadly diversified portfolio of real estate assets by region, property type and industry.

 july 2010 | innovative alternative strategies | 79


 Chartered Alternative Investment Analyst Association
 he Chartered Alternative Investment Analyst Association® is an independent, not-for-profit global
T
organization committed to education and professionalism in the field of alternative investments.
Founded in 2002, the CAIA Association is the sponsoring body for the CAIA designation. Recognized
globally, the designation certifies one’s mastery of the concepts, tools and practices essential for under-
standing alternative investments and promotes adherence to high standards of professional conduct.

Chicago Board Options Exchange
 hicago Board Options Exchange, the largest U.S. options exchange and creator of listed op-
C
tions, continues to set the bar for options trading through product innovation, trading technol-
ogy and investor education. CBOE offers equity, index and ETF options, including the S&P 500
and CBOE Volatility Indexes (VIX). CBOE’s Hybrid Trading System incorporates electronic and
open-outcry trading, enabling customers to choose their trading method. CBOEdirect, a propri-
etary, state-of-the-art electronic platform, powers CBOE’s Hybrid, the CBOE Futures Exchange,
CBOE Stock Exchange and OneChicago. CBOE is home to the world-renowned Options Institute
and www.cboe.com, named “Best of the Web” for options information and education.

Direxion
 irexion Funds/Direxion Shares, managed by Rafferty Asset Management LLC, is a major provider
D
of leveraged index funds and ETFs and alternative-class fund products for investment advisors and
sophisticated investors who seek to effectively manage risk and return in both bull and bear markets.
Founded in 1997, the company has approximately $6.3 billion in assets under management. The
company’s business model is built on continuous product innovation, exceptional customer service
and a commitment to building strategic relationships with distribution partners. For more informa-
tion, please visit www.direxionfunds.com.

DundeeWealth US LP

TM

 undeeWealth U.S. offers a broad range of investment strategies to institutional investors and wealth
D
management firms. We are a division of DundeeWealth Inc., one of Canada’s largest and fastest
growing investment firms, managing more than $37 billion in client assets. Our platform includes
more than 50 investment strategies that range from U.S., global and international equities to more
specialized alternative investment strategies including gold and precious metals, natural resources,
energy income trusts and Canadian equities. Investment offerings are available through separately-
managed accounts, mutual funds, and commingled vehicles.

Eaton Vance
E aton Vance is one of the oldest investment management firms in the United States, with a history
dating back to 1924. Eaton Vance and its affiliates offer individuals and institutions a broad array
of investment products and wealth management solutions. The Company’s long record of provid-
ing exemplary service and attractive returns through a variety of market conditions has made
Eaton Vance the investment manager of choice for many of today’s most discerning investors.

Federated Investors Inc.

Federated Investors has played a pioneering role in the financial industry since 1955. As one of the
nation’s largest investment managers, Federated offers style-consistent investment products including
domestic and international equity, fixed-income and money market mutual funds as well as a variety
of separately managed account options. Our diversified product line is distributed through a network
of financial intermediaries and institutions who assist investors in meeting their unique objectives.
Federated understands the importance of diversification and allocation in reducing overall portfolio
volatility. We continue to develop competitive and innovative products and create new applications for
existing products to meet investors’ evolving financial needs.

80 | innovative alternative strategies | july 2010 www.altinvconference.com


 Sponsors & Exhibitors

Foliofn
Folio Institutional is a division of FOLIOfn Investments, Inc., a self-clearing broker-dealer and a
direct member of The Depository Trust & Clearing Corporation (“DTCC”) since 2001. With access
to innovative, patented online brokerage and investing solutions, advisors can maintain diversified
portfolios of securities, retain hands-on control over investments, manage tax liabilities, efficiently
rebalance portfolios, produce reports, promote compliance, and take many other actions for the
clients’ benefit. Folio Institutional provides custody and brokerage services for billions of dollars of
investor assets, and services to hundreds of registered investment advisors.

Fortigent LLC
F ortigent LLC delivers a fully integrated and customizable business-to-business outsourced wealth
management solution to banks, trust companies, and independent advisory firms. Services include
a comprehensive investment platform with particular expertise in alternative investments, a flexible
unified managed account program, and consolidated wealth reporting. Fortigent’s web-based portal
interface allows access to proposal and rebalancing tools, client portfolio reporting and accounting,
as well as industry articles, research papers, and other practice management and business develop-
ment resources. For more information, visit www.fortigent.com .

® Fund Evaluation Group

F und Evaluation Group LLC (FEG) was founded in 1988 with the goal of assisting organizations in
selecting exceptional investment managers and developing prudent investment programs. Total
client assets under advisement are over $27 billion (as of 9/30/09). Primary services include invest-
ment consulting and research, hedge fund management and out-sourced discretionary portfolio
management. Clients include institutional investors and financial professionals. FEG is a 100%
employee-owned firm and our revenues are derived solely from our clients, both of which ensure
that FEG remains an objective investment advisor.

Grubb & Ellis Securities Inc.
 rubb & Ellis Company is one of the world’s largest and most respected commercial real estate
G
services and investment management companies. The company is a leading sponsor of real estate
investment programs that provide individuals and institutions the opportunity to invest in a broad
range of real estate investment vehicles, including tax-deferred 1031 tenant-in-common (TIC)
exchanges, public non-traded real estate investment trusts (REITs) and real estate investment funds.
Grubb & Ellis sponsors Grubb & Ellis Apartment REIT, Inc. and Grubb & Ellis Healthcare REIT II, Inc.
For more information regarding Grubb & Ellis, please visit equityadvisors.grubb-ellis.com.

Hatteras Funds
 atteras Funds strives to be a leading provider of unique alternative investment solutions for finan-
H
cial professionals. Founded in 2003, Hatteras offers investors the ability to access institutional-quality
alternative investments with confidence. Hatteras believes all investors should benefit from the same
sophisticated investment approach and portfolio management talent as the largest institutions. We
reduce barriers that many investors face when considering an allocation to alternative investments.
Hatteras offers a suite of alternative investment products designed to offer access to: hedge fund
strategies with daily liquidity, hedge funds with 1099 tax reporting, hedge funds and private invest-
ments in one core allocation, global private equity, and venture capital.

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 Incapital LLC
Incapital is a leading underwriter & wholesale distributor of fixed income securities & structured
notes through a network of more than 900 broker-dealers, advisory firms, banks & institutions. With
a diverse range of new issue and secondary market offerings, Incapital specializes in U.S. Agency
securities, corporate notes, CDs, CMOs, municipal bonds, and structured notes. Incapital also pro-
vides resources for financial advisors and investors to create income-producing portfolios and notes
linked to a wide range of asset classes.

Invesco PowerShares
I nvesco PowerShares Capital Management LLC is Leading the Intelligent ETF Revolution® through its
family of more than 110 domestic and international exchange-traded funds, which seek to outper-
form traditional benchmark indexes while providing advisors and investors access to an innovative
array of focused investment opportunities. With franchise assets over $43 billion as of Dec. 31, 2009,
PowerShares ETFs trade on both U.S. stock exchanges. For more information, please visit us at
www.invescopowershares.com.

Lindner Capital Advisors Inc.

Lindner Capital Advisors is a federally registered investment advisor that was formed in 1996 to
provide asset management services through an exclusive group of financial professionals and select
broker/dealers. LCA applies an academically sound strategy to portfolio construction utilizing the
Nobel-prize winning principles of Modern Portfolio Theory, asset allocation and institutional invest-
ing. Our traditional retirement, tax managed and 401(k) portfolios are specifically designed to meet
each client’s investment, risk tolerance and time horizon goals. LCA is registered with CEFEX, an
independent global assessment and certification organization that determines whether the Adviser
conforms to Fiduciary Best Practices in the conduct of its business.

Mickelson Investment Management Mickelson Investment Management LLC

Mickelson Investment Management LLC is a division of Mickelson Capital Consulting LLC; a licensed
RIA firm with more than 17 solid years of experience creating and preserving wealth for our clients. Our
focus is to provide solutions that are both uncorrelated to traditional markets and have strong return
potential. Our extensive in-house resources include teams of experienced professionals who represent
Private Investment in Public Equity and sophisticated approaches to life settlement investing and
monetizing insurance linked assets. Our client-centric ethic influences how we manage our portfolios,
resulting in an emphasis on transparency, investor advocacy, and risk management.

Millennium Trust Company LLC

Millennium Trust Company is an industry leader in administrative and custodial services. Mil-
lennium custodies alternative and traditional assets in IRAs, Solo 401(k)s and custody accounts,
offers cost-effective 403(b) solutions, creates customized Automatic Rollover programs, provides
integrated Health Savings Account solutions and designs unique trading platforms for Investment
Advisors. Millennium Trust custodies more than 80,000 accounts. For more information, please
visit www.mtrustcompany.com.

Multi-Bank Securities Inc.

Multi-Bank Securities Inc. (MBS) is an institutional fixed-income securities broker-dealer commit-
ted to earning and preserving the respect of our customers by meeting their investment goals with
personal service, institutional investment expertise and progressive technologies. As an independent,
privately-held organization, you can be assured we provide broad market visibility and put your
interests first. MBS offers a full array of fixed-income products in addition to being both a broker and
underwriter of insured certificates of deposit.

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 Sponsors & Exhibitors

Options Industry Council

OIC is an industry cooperative funded by the BATS Options, Boston Options Exchange, Chicago
Board Options Exchange, International Securities Exchange, NASDAQ OMX PHLX, NASDAQ Op-
tions Market, NYSE Amex Options, NYSE Arca Options, and The Options Clearing Corporation. OIC
was formed in 1992 to educate investors and their financial advisors about the benefits and risks of
exchange-traded equity options. OIC’s resources include: The Options Industry Services Help Desk at
1-888-OPTIONS, educational Web sites at www.OptionsEducation.org, www.OptionsEducation.org/
advisor and www.OICoptions.com, evening seminars throughout the continental United States and
Canada, instructional DVDs and educational literature and software.

Pensco Trust Company

PENSCO Trust Company is a leading custodian and administrator for self-directed retirement ac-
counts. We specialize in providing services to investors and institutional clients such as RIAs whose
investors are interested in diversifying their portfolios to include alternative investments such as
real estate and private equity. For more than twenty years, we have made it our mission to enable
Americans to maximize their retirement savings by informing them of the true range of allowable
investment options. We strive to be the premier provider in our industry as measured by integrity,
service, and knowledge of alternative investing within retirement accounts.

ProFunds Group
P roShares is part of ProFunds Group, the leader in leveraged and inverse funds. ProShares introduced
the first leveraged and inverse ETFs in the U.S. in 2006. Since 1997, ProFunds mutual funds have
provided investors with access to sophisticated investment strategies.

Ridgewood Energy Corporation

The Ridgewood Energy Funds partner with leading oil companies to drill and develop oil and
natural gas projects in the U.S. waters of the Gulf of Mexico. In our 27 year history, Ridgewood
has raised over $2.6 billion from affluent investors, 80% of which has come from repeat inves-
tors. The Ridgewood Energy Funds provide the opportunity for accredited investors to receive
monthly cash flow from the sale of any oil and gas that is produced; portfolio diversification
through energy commodities’ historically low correlation to the equities markets; and tax ben-
efits from intangible drilling costs, depletion, and depreciation.

RS Investments
At the core of our business are multiple world-class investment management and research teams,
each operating autonomously and offering our clients their unique perspectives. Our specialized
investment teams deliver research-driven value, core, and growth strategies as well as sub-advised
international and fixed-income strategies. Staffed with experienced professionals, each team employs
distinct and well-defined investment processes. The dedicated research team approach assures that
our clients benefit from process consistency, investment excellence, and choice across disciplines.
Founded in 1986, RS Investments manages separate accounts and mutual funds for individuals and
institutions. Offices are located in San Francisco and New York.

State Street Global Advisors

State Street Global Advisors is an acknowledged leader in the arena of institutional investing with
$1.9 trillion in assets under management.1 An innovator in the exchange traded fund market and
creator of the first ETF in 1993, we currently manage 89 domestic and 25 international exchange
traded funds with approximately $204 billion worldwide in our SPDR® ETF family.2 Products offered
through State Street Global Markets LLC, member FINRA, SIPC. For further information, including
prospectuses, visit spdrs.com or www.spdrgoldshares.com.
1
As of December 31, 2009 As of December 31, 2009
2

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Sponsors & Exhibitors

Steben & Co.

For over 20 years, Steben & Company Inc. has specialized in bringing managed futures to sophisticated
investors. An industry leader, Steben uses its experience to help investors and their financial advisors
understand managed futures and the potential benefits to be gained from adding them to an invest-
ment plan. Steben & Company Inc. is registered with the Commodity Futures Trading Commission
(CFTC) as a commodity pool operator and introducing broker, the Securities and Exchange Commis-
sion (SEC) as a broker dealer and investment advisor, and is a member of the National Futures
Association (NFA) and Financial Industry Regulatory Authority (FINRA).

Sterling Trust
Sterling Trust, a division of Equity Trust Company, is at the forefront of the self-directed retire-
ment plan industry specializing in the custody of self-directed IRAs, qualified business retirement
plans and non-qualified custodial accounts invested in alternative investments. Since 1974, we have
worked closely with financial advisors and planners, broker-dealers, tax and legal professionals,
investment product sponsors, mutual fund companies, banks and other financial institutions to help
your clients achieve greater portfolio diversification. Today, Sterling Trust and its affiliates provide
services to more than 140,000 individuals and businesses nationwide with approximately $10 billion
in assets under custodial and retirement administration.

TD Ameritrade
TD AMERITRADE Institutional is a leading provider of comprehensive brokerage and custody services
Member FINRA/SIPC

to over 4,000 independent Registered Investment Advisors (RIAs) and their clients. We deliver smart
operational solutions, innovative technology, customized practice management and flexible invest-
ment solutions, all with one goal in mind—impeccable service. As steadfast advocates for independent
advisors, we continually speak out to ensure that RIA needs and the needs of investors are always con-
sidered within the regulatory environment. When you choose to work with us, you’ll see how deeply
we are committed to your success. Visit us at www.tdainstitutional.com or call us at 800-934-6124.

Walton International Group Inc.

Walton is a premier land acquisition, planning, development and management company in the
United States and Canada with approximately 58,000 acres* managed, syndicated, exited, or under
contract. Walton employs leading industry experts to ensure quality asset acquisition and manage-
ment along every step of the land investment process and makes a long-term commitment to the
communities in which it operates in order to create sustainable and livable environments. Walton is
well positioned to execute its all-cash business model in the current economic environment with a
focus on path of growth investments in strategic Sun Belt sub-markets.
*Approximate as of 2/10/10.

WisdomTree Asset Management Inc.

WisdomTree® is an exchange-traded fund (“ETF”) sponsor and asset manager using its own fundamen-
tally weighted index methodology. WisdomTree’s ETF line-up consists of 34 fundamentally weighted
equity funds and 8 currency funds. WisdomTree also licenses its indexes to third parties for proprietary
products and offers a platform to promote the use of WisdomTree ETFs in 401(k) plans. Approximately
$7.4 billion in assets currently are managed by WisdomTree or are managed against WisdomTree
Indexes by third parties under license from WisdomTree. For more information, please visit
www.wisdomtree.com

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 the westin chicago river north
The Westin Chicago River North allows guests a chance stunning view of the Chicago River. It also is down the road
to experience relaxation and renewal while maintaining from the city’s best shopping on Michigan Avenue.
access to all of their favorite city activities. In the heart of • 18 miles from Chicago O’Hare International Airport
Chicago’s theater and financial district, the hotel provides • 12 miles from Chicago Midway International Airport
guests with easy access to entertainment as well as a • All guest rooms come with high-speed internet access

Room Block Rate: $179/night (plus applicable taxes) Expires: July 9, 2010
Please visit www.altinvconference.com to reserve your room or call 312.744.1900
and mention the Innovative Alternative Strategies Conference.

who should attend

Financial Advisors • RIAs • Independent and Wirehouse Reps • Private Bankers
Estate Planners • Wealth Advisors • Trust Officers • Family Offices
Insurance/Risk Managers • Accountants • Attorneys • Other Centers of Influence
Continuing Education (CE) Credits
This program is pending approval by the CFP Board and IMCA.
Conference Admission
Financial Advisor Rate: $249 (subject to approval) | Service Provider Rate: $1,495
Cancellations: If you are unable to attend, you may send a substitute delegate at no extra charge. Should you completely cancel, a $200 administration fee will be charged and we must receive a notice
of your cancellation in writing by June 27, 2010. No cancellation refunds/requests will be accepted after June 27, 2010. In the event of the conference being cancelled, Financial Advisor and Private Wealth
magazines assume no liability for nonrefundable transportation costs, hotel accommodations or any additional cost incurred by registrants.

Pre-Conference Multi-Family Office Workshop July 26, 2010 – Rate $149

Discounted conference and pre-conference package available

sponsor and exhibit opportunities

Showcase your company to an exclusive audience of financial and wealth advisors, RIAs, Family Office
Principals and other attendees who are specifically interested in Innovative Alternative Strategies.
Please contact David Smith at 732.450.8866, ext. 26 or dsmith@pw-mag.com

 july 2010 | innovative alternative strategies | 85