SECTIONS
SECTION I

EXECUTIVE DIRECTOR’S

REPORT 

Bud Haslett, CFA

Executive Director

CFA Institute Research Foundation

Continuing its five-decade tradition of producing relevant, practitioner-focused research, the CFA Institute Research Foundation had another strong year in 2018, publishing three monographs, a literature review, and six briefs. Content topics ranged from alternative investments to sustainable investing and included such areas as risk tolerance, quantitative equity investing, high-yield securities, and popularity of investments. This year also included the superb publication of a multiyear project on the future of investment management by BlackRock’s Ronald N. Kahn.
We saw a number of firsts in 2018, including the publication of a brief on the capital markets of a particular global region, in this case Latin America, edited by CFA Society Brazil president Mauro Miranda, CFA. In addition, we released our first brief compilation, “Risk Profiling and Tolerance: Insights for the Private Wealth Manager.” Our compilations are a series of briefs on a particular topic that are combined into a single publication. We also began translations in Arabic and Japanese that we will complete in 2019, which will add to our already completed content translations in Chinese, French, Portuguese, and Spanish. These translations—and the growing volume of global Research Foundation content—showcase the increasingly global presence of the Research Foundation.
In another first, CFA Institute posted on its website video recordings of a conference, “2008 Financial Crisis: A 10-Year Review,” organized by the Massachusetts Institute of Technology, New York University, and Annual Reviews. The event featured world-class speakers and Nobel laureates, such as Ben Bernanke, Mervyn King, Jean-Claude Trichet, Robert Merton, Myron Scholes, and Robert Engle. Spending some time viewing these videos, available for free, is an investment worth making.
Once again in 2018, the Research Foundation had the honor of working with almost 100 member societies around the globe. This work included providing complimentary speakers for more than 45 society events and providing more than 30,000 complimentary Research Foundation books to societies and others to distribute at their events. We also published research from the Latin American member societies, CFA Society New York, and CFA Society Boston and will soon be publishing content from CFA Society France and the Louis Bachelier Group. Additionally, we began a new program to assist “pre-societies” as they build up the critical mass needed to become full-fledged societies, sending Research Foundation books and other materials to the groups so they can distribute them at events and during company and government outreach efforts.
The winners of the seventh annual Research Foundation Society Awards included CFA Society Switzerland, for its work with the sustainable investing monograph; CFA Society Brazil, for its work on various events and activities using  Research Foundation publications; and CFA Society New York, for its innovative design of a Research Foundation–based webpage on its website. We look forward to working with other societies as we prepare to present the eighth annual Research Foundation Society Awards in 2019.
Esteemed speakers at the 17th Research Foundation Workshop for the Practitioner, held in Hong Kong in May 2018, included Joanne M. Hill discussing her book A Comprehensive Guide to Exchange-Traded Funds (ETFs), which was recently translated into Chinese. The workshop also featured Donald R. Chambers and Keith H. Black of the Chartered Alternative Investment Analyst (CAIA) Association, discussing their book Alternative Investments: A Primer for Investment Professionals. The sessions were moderated by the Research Foundation’s Joachim Klement, CFA, and all three speakers graciously agreed to conduct multistop speaking tours in Asia following the workshop.

The Research Foundation extends congratulations to William N. Goetzmann, the Edwin J. Beinecke Professor of Finance and Management Studies and director of the International Center for Finance at the Yale School of Management, for winning the 2018 James R. Vertin Award. This award, presented in China for the first time, recognizes individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. The award was established in 1996 to honor James R. Vertin, CFA, for his outstanding leadership in promoting excellence and relevance in research and education. This year’s award was particularly significant because Mr. Vertin passed away in 2018.

During 2018, the Research Foundation transferred all of its online content to a new hosting platform and the online presence was totally revamped. We are working on optimizing the many changes that occurred; when complete, they will lead to a much more efficient searching and viewing experience. In 2018, we also experienced our first full year of operating as a part of the research group at CFA Institute, which includes the Financial Analysts Journal, the Future of Finance, and now Enterprising Investor. Combining our strengths across the research group of CFA Institute provides the Research Foundation with ever-greater opportunities for impact.

Research Foundation material will return to the CFA Program exam curriculum in the near future, as commitments are in place to use content from the Research Foundation monographs on ETFs and trading for the upcoming readings. Many thanks to Barbara Petitt, CFA, and the curriculum staff for the great work they have done and are doing with the CFA Program exam readings.

As usual, I would like to thank the dozens and dozens of individuals directly responsible for the Research Foundation, including CFA Institute staff and leadership, as well as the many Board of Trustees members responsible for directing the strategic path of the Research Foundation. Thanks, too, to our research director, Laurence B. Siegel; our new associate research director, Luis Garcia-Feijóo, CFA, CIPM; and our project manager, Jessica Lawson, for their tremendous contributions to the operation of the Research Foundation. Hats off as well to our authors, who create the excellent content that we publish, as well as to CFA Institute for its financial support and to the more than 10,000 donating members who make the Research Foundation financially viable. As I begin my ninth year as executive director of the Research Foundation, I am truly honored to be a part of this wonderful organization and look forward to more years of guiding it along the path of continued success.

Section I Content:

Executive Director’s Report
The Year In Review

Multimedia Summaries