A Survey of Downside Management Strategies 

Description
After a challenging 2018, many institutional investors have begun thinking ahead about the next downturn.  They are wondering if there is a good way to protect their portfolios during bear markets without harming performance the rest of the time.  In this presentation, Ken Frier and Gretchen Tai will survey the popular downside protection strategies offered by asset management firms and investment banks, including risk parity, low volatility equities, put buying and momentum.  Ken and Gretchen will discuss the pros and cons of each approach, and if they are likely to be helpful in the next downturn.

Speakers' Bio
Ken Frier, CFA, is a Partner at SECOR Asset Management.  Ken has over 30 years of experience as an institutional investor, previously serving as Chief Investment Officer at The Walt Disney Company, Hewlett-Packard, Stanford Management Company and the UAW Retiree Medical Benefits Trust.  He has written and spoken extensively on risk management and asset allocation strategies, and originated enhancements to many risk management tools that are widely used by institutional investors today, such as liability hedging, equity downside protection and currency management.  Ken graduated with honors in Mathematical Science from the University of North Carolina, Chapel Hill and has an MBA from the Stanford Graduate School of Business, where he was an Arjay Miller scholar.

Gretchen Tai, is a Partner at SECOR Asset Management.  Previously, she served as Chief Investment Officer of Hewlett-Packard Company and oversaw approximately $45B of various benefit plan assets of HP and affiliated companies.  Earlier in her career, she was an investment banker at Merrill Lynch and Credit Suisse and as a management consultant with McKinsey & Co.  Gretchen graduated magna cum laude from Wellesley College with a major in mathematics and a minor in economics, and has an MBA in finance from MIT’s Sloan School of Management.