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Will Goodhart
CHIEF EXECUTIVE
Professional Investor is published by
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This issue of Professional Investor considers the
Chief executive
Will Goodhart
critical issue of market effi ciency. Events of the past year
Subscriptions
have called this into question. Commentators are asking if investors and markets
Professional Investor is published four
times a year. Subscription rates are:
are rational, and the criticisms of the Effi cient Market Hypothesis and Modern
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Portfolio Theory have grown louder.
CFA UK members and other
Understanding how markets behave is of vital importance to regulators,
practitioner readers are invited to
submit articles for possible inclusion.
central banks and market participants alike. It is also the theme of CFA UK’s
Please email the society on
professional_investor@cfauk.org.
annual conference in June, entitled: Whatever happened to effi cient markets?
Contributed articles will be reviewed for
possible inclusion by the Marketing and The conference has a tremendous line-up and we are extremely grateful to all
Communications Committee.
our speakers for accepting our invitation to address this critical issue. Among
Marketing & Communications Committee
Tom Joski, CFA (Chairman), Colin Chau, those who have agreed to speak are:
Anouschka Elliott, CFA, Eric Foran, CFA,
Annabel Gillard, CFA, Guy McCulloch, • Andrew Lo, the Harris & Harris group professor at MIT whose presentation
Tim Nuding, CFA, Jane Thorburn,
Steve Wellard
on adaptive markets was highly-rated at this year’s CFA Institute’s annual
The society is not responsible for any
conference, and
material published in Professional Investor,
and publication of any material or
• James Montier, the co-chief of cross global strategy at Société Générale and a
expression of opinions does not
necessarily imply that the society agrees
pre-eminent authority on behavioural fi nance.
with them. Neither the society nor the
publishers are jointly or severally
A full programme for the event can be seen on our website and we are
authorised to conduct investment
business and do not provide investment
delighted that society members are well-represented among the speakers.
advice or recommendations to anyone.
Many of the sessions from this year’s conference will be posted as webcasts on
Original design
the CFA UK website after the event. Webcasting is a new feature the society offers
CG Business Communcations
members and we intend to use recorded webcasts to provide members with access
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to events that they are unable to attend for reasons of time or distance.
The CFA Society of the UK represents the interests of
more than 8,500 leading members of the investment
The society continues to work hard to ensure that we meet members’ needs.
industry. The society, which was founded in 1955, is a
leading member society of CFA Institute and is In this year’s members’ survey, we have seen increased satisfaction scores in each
committed to the development of the investment
industry through the promotion of the highest ethical of the societies fi ve core activities: the provision of education, the continuing
standards and through the provision of education,
professional development, advocacy, information and
education programme, communications, advocacy work and careers support.
career support on behalf of its members. CFA UK
supports the CFA, ASIP and IMC designations.
In some areas the services we provide go beyond what you require. However,
Articles are published without responsibility
on the part of the publishers or authors for
in the continuing education programme and especially in career support, there
loss occasioned by any person acting or
refraining from action as a result of any
remains a gap between what members need and the services we offer. Over the
view expressed therein.
Volume 19, Number 2. coming year, we will invest more in these areas to extend our services and to
issn 0958-2541. © 2009 CFA UK
raise their quality further.
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