P/E Ratios and the Cost of Capital
New Thoughts on Franchise Value and How Higher
COC's can Erode P/E's
5:30 PM - Registration & Reception
6:00 PM - Presentation
7:30 PM - Reception Continues
Martin L. Leibowitz
2014 Financial Engineer of the Year
Managing Director, Morgan Stanley
Martin L. Leibowitz is a managing director on Morgan Stanley’s Global Research Strategy team, responsible for producing studies on such topics as beta-based asset allocation, portfolio rebalancing, spending funds, and duration targeting. Prior to joining Morgan Stanley in 2004, Marty was vice-chairman and chief investment officer at TIAA-CREF responsible for the management of more than $300 billion in equity, fixed income and real estate assets.
He has written more than 150 articles on various financial and investment-analysis topics and has been the most frequently published author in both the Financial Analysts Journal and the Journal of Portfolio Management. Inside the Yield Book, the first of several books he wrote, is considered an investment standard. Marty holds both an AB and MS degree from the University of Chicago and a PhD in mathematics from the Courant Institute of New York University.
Mr. Leibowitz has received three of the CFA Institute’s highest awards: the Nicholas Molodovsky Award in 1995, the James R. Vertin Award in 1998, and the Award for Professional Excellence in 2005. In October 1995, he received the Distinguished Public Service Award from the Public Securities Association, and in November 1995, he became the first inductee into The Fixed Income Analyst Society’s Hall of Fame.
He has received special Alumni Achievement Awards from The University of Chicago and New York University,
, the Harvard and in 2003, he was elected a Fellow of the American Academy of Arts and Sciences. In January 2015, Leibowitz was named “Financial Engineer of the Year” by the International Association for Quantitative Finance.
Mr. Leibowitz serves on the Boards of The Rockefeller Foundation and the Institute for Advanced Study in Princeton, NJ, and on the investment advisory committees of Singapore’s GICManagement Corporation, the Carnegie Corporation, and the IMF pension system.