INVITATION WU GUTMANN CENTER PUBLIC LECTURE www.gutmann-center.at (apologies for duplicated mails!) Date: APRIL 22nd, 2010 (Thursday) - 4.00 pm Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien Speaker: Dr. RODOLFO MARTELL , BlackRock Title: ALPHA AND BETA SEPARATION IN A SIMPLIFIED POLICY PORTFOLIO MODEL Abstract: A simple structural model of the economy and financial markets can explain the unexpected high frequency of rare, downside events. In a regime framework, a classic policy portfolio needs to be updated to account for additional uncertainty associated with regime shifts. Tactical portfolios are unlikely to succeed in the regime framework unless it is used in combination of unusually high levels of forecasting skill. This model presents a type of investor with knowledge of the uncertainty surrounding the regime framework whose portfolios will dominate traditional policy portfolios under almost all scenarios. About Rodolfo Martell: Rodolfo Martell, PhD, Director, is a member of BlackRock's Portfolio Management Group. He is a senior researcher in Scientific Active Equities with focus in Emerging Markets, particularly in Latin America. Dr. Martell's service with the firm dates back to 2007, including his years with Barclay's Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he served as senior portfolio manager and worked on the development and implementation of Global Emerging Markets equity strategies within the International Scientific Equities Group. Prior to joining BGI, he was an assistant professor of finance at Purdue University. Dr. Martell's research has been published in the American Economic Review and the Review of Finance, and he has also served as ad-hoc referee to the Journal of Finance, the Journal of Business, the Review of Finance, and the Journal of Empirical Finance. He received the Pacesetter Award for Outstanding Achievement from the Fisher College of Business in 2004, and the John and Mary Willis Young Faculty Scholar Award at Purdue in 2006. Dr. Martell earned a BA degree in economics from Universidad de la Americas in 1996, a master's degree in economics from Ohio State University in 2000, and a PhD in finance from Ohio State University in 2005. Please REGISTER: Mail: gutmann-center(a)wu.ac.at Phone: +43-1-31336-4244 Contact and further information: WU Gutmann Center for Portfolio Management WU (Wirtschaftsuniversität Wien) - Department of Finance, Accounting and Statistics Mag. Dorothea GRIMM Heiligenstädter Str. 46-48, 1190 Wien www.gutmann-center.at