Jeffries Prime Brokerage Spring Manager/Allocator Series, San Francisco May 14 2012
Moderator: David Reidel, Reidel Research
1. Dr. Vinay Nair, CEO & CIO, Ada Investments
2. Carlos Zalles, CEO & CIO, LW Investment Management
3. Kevin Carter, Co-Founder & CEO, Baochuan Capital Management
4. Sahm Adrangi, Founder & CIO, Kerrisdale Capital Management
The Panel discusses:
– The case for India
– The case for Latin America
– The case for China
– When and how to short China
– Valuations & Timing of allocations to India: Global capital flows make India volatile, while its corporations’ cash flows aren’t
– Brazil: Opportunities in Infrastructure, Fixed Income, Currencies, but more reforms needed
– Hard or soft landing for China? Government has still many options for future interventions
– Is inflation really a risk for emerging markets?
– How India addresses infrastructure challenges
– Where is the sweet spot for a sustainable India-Boom?
– Which sectors will benefit the most?
Carlos Zalles is currently the President and Chief Investment Officer of LW Investment Management, Ltd., a position he assumed in February of 2008, and is based in Florence, Italy. Before joining LW Investment Management, Mr. Zalles was CEO and founder of LW Securities, Ltd., a boutique Latin American Investment Bank, which he formed in 1999. From 1995 through 1999 he was a founding partner and Managing Director of Andino Capital Markets where he was responsible for the Asset Management area, as well as trading and distribution of Latin American financial instruments. From 1987 through 1995 he was one of the founders of VestcorPartners, where developed and managed the stock exchange trading and brokerage services of the firm throughout Latin America. From 1980 through 1987 he held various positions the last one being Vice President and Senior Credit Officer at Bank of America in Mexico and Venezuela, running the Corporate Banking Group and the Financial Asset Group for the bank’s problem loan portfolio. From 1975 through 1980 he held several positions at American Security Bank in Washington D.C., the last one being Vice President and Head of Latin America.
Dr. Vinay Nair is the founding partner of Ada Investments, an asset management company based in New York. Prior to founding Ada, he was the Research Director and Portfolio Manager at Old Lane (Citi Alternative Investments) where he managed a portfolio based on research developments in corporate finance and asset pricing. He is also an adjunct professor of Finance and Economics at The Columbia University where he teaches sustainability and investment management; a senior fellow at the Wharton Financial Institutions Center; and a Professional Fellow at the Center of Law and Business at New York University. Prior to becoming an investment manager, Dr. Nair was an Assistant Professor of Finance at The Wharton School where he developed a course on private equity and acquisitions for MBA students. Dr. Nair completed his PhD in Financial Economics from the Stern School of Business at New York University with an award for the best thesis.
Kevin T. Carter is a Co-founder, the Chief Executive Officer and a member of the Investment Committee of BaoCap. Prior to BaoCap he held similar positions at its predecessor firm. He was the Founder, Chairman and Chief Executive Officer of Active Index Advisors (“AIA”). AIA was acquired by NATIXIS Asset Management in December 2004. Prior to founding AIA, he was the Founder and CEO of Electronic Investing Corporation (“EIC”) which was acquired by E*TRADE Group in July 2000. Prior to EIC, Mr. Carter worked for firms including Feshbach Brothers, Prudential Securities, and Robertson Stephens & Co. Mr. Carter received a B.A. in Economics from the University of Arizona.
Sahm Adrangi is the founder and CIO of Kerrisdale Capital Management, a value-oriented and special situations fund based in New York. Mr. Adrangi is a leading expert on Chinese stock scams and has shared in-depth research with the investment community on fraudulent U.S.-listed Chinese companies.
Prior to founding Karrisdale Capital Management, Sahm was an investment analyst at Longacre Fund Management where he was doing investment research both on Longacre’s flagship distressed debt credit fund and an equity fund. Prior to Longacre, Mr. Adrangi worked in the bankruptcy restructuring group at Chanin Capital Partners. At Chanin, Mr. Adrangi helped advise creditors in out-of-court and Chapter 11 bankruptcy restructurings. Prior to Chanin, he worked in the leveraged finance investment banking group of Deutsche Bank. Here he helped structure and syndicate non-investment grade bank debt and high yield bond transactions, including leveraged buyout financings, Chapter 11 exit financings and debt refinancings. Mr. Adrangi holds a Bachelor of Arts in Economics from Yale University.