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TCFA New York Chapter Special Event: US vs. China Forum/Debate
Register now! (click here)
Featuring
Mr. Jim Chanos: Renowned hedge fund short seller who predicted the collapse of Enron
Professor ZhiWu Chen: Distinguished Yale Professor of Finance, a prominent long time China expert
In the face of the uncertainties in world today, China's stability, growth, and leadership role in the world economy is of great interest to us all.
Reflecting on the economic history and long term outlook, Warren Buffett noted: "The 19th century belonged to England, the 20th century belonged to the U.S., and the 21st century belongs to China. Invest accordingly."
In the more immediate shorter term, the renowned hedge fund short seller Mr. Jim Chanos has highlighted concerns over Chinese real estate and banking system, stating that the Chinese real estate sector is “Dubai times 1,000 — or worse.”
However, Mr. Zhiwu Chen, Yale Economics Professor, a long time China expert, challenges the China Real Estate hard landing theory. He thinks that even if real estate prices fell sharply and banks ended up with large nonperforming loans, the government in China would have enough resources to rescue the banking sector. Professor Chen sees “no banking or financial crisis in China until there is a fiscal crisis.” He does note however, in about five years there could be an unavoidable correction or crisis, which should present a "healthy" opportunity for restructuring China’s economy.
The Chinese Finance Association (TCFA) New York Chapter is proud to announce a Forum / Debate on China vs. US in New York City on May 22, 2012. Mr. Chanos and Professor Chen will share their insights on China, how does China differ from US in its political process and government intervention methods, economic reforms, the impact on global business, and the future of these two economic super powers.
Agenda
5:45pm - 6:30pm Registration / Networking Session (soft drinks will be provided)
6:30pm -7:30pm Forum / Debate
7:30pm - 8:00pm Q&A
Venue: 11 Madison Avenue, New York City, Credit Suisse Office, Paul Calello Auditorium , EMA Level 2B
Time: May 22, 2012, 5:45pm - 8:30pm
Registration:
Registration is open (click here), and the deadline is May 17, 2012. We encourage you to register early online. We also welcome any questions for these two brightest minds and you can submit prior to the event to
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Cost: Members: $15 per person
Non-Members: $20 per person
This is a rare and excellent opportunity to participate in an intensive active live discussion on a timely and important subject. We look forward to seeing you.
TCFA New York Chapter Management
About the Speakers
Mr. Jim Chanos
Mr. Jim Chanos is president and founder of Kynikos Associates, a New York City hedge fund that is focused on short selling.
Mr. Chanos graduated from Yale University. In business, he developed an investment strategy based on what he describes as intensive research into stocks looking for fundamental and large market failures in valuation, typically based on underestimated or previously unreported failings in the business or market of a stock. Followed by committing to a (usually large) short-position which he is willing to hold for long period of time—almost the mirror image of Warren Buffett's reputed "fundamentals+long stay" investment strategy. Because of this model, his investments function more like those of a whistle-blower than most typical investments. Examples of this include short-selling companies such as Baldwin-United, and more recently Enron Corporation.
He rose to fame in the 1980s as a short seller. After working as an analyst in several firms, he founded Kynikos (Greek for "cynic") in 1985 as a firm specializing in short selling. A critical position taken at Kynikos was his shorting of Enron.
In October 2000, Chanos started research into the valuation of Enron Corporation. He examined their use of mark-to-model (opposed to mark-to-market) accounting, which, in Chanos' view, results in management overstating earnings, as well as what appeared to be a worryingly low (6-7%) return on capital investment. Enron stock declined from $90 in August 2000 to a low of $1 near the end of 2001. Over this period, Chanos was a short seller of Enron during 2001, increasing his short position as more information surfaced. Kynikos profited greatly and Chanos himself became something of a celebrity as a consequence of his early awareness of Enron's problems.
More recently, James Chanos has warned that China’s hyperstimulated economy is headed for a crash, rather than the sustained boom that some economists predict. He reiterated his concerns about the stability of Chinese economy, stating that historically analogous evidence points especially to a housing bubble, having mentioned commercial real estate in particular.
Professor ZhiWu Chen
Professor Zhiwu Chen is a professor of Finance with Yale University, an expert on finance theory, securities valuation, emerging markets, and China's economy and capital markets.
Dr. Chen started his career by publishing research papers in top economics and finance journals on topics related to financial markets and theories of asset pricing. Around 2001, Dr. Chen began to expand his research focus by going beyond mature markets and investigating market development and institution-building issues in the context of China’s transition process and other emerging markets. What institutions are necessary for markets to develop? Why is finance important for society? How does financial development affect social structure and individual freedom? His work has been featured in newspapers and magazines in the United States, Hong Kong, China and other countries. He is a frequent contributor to media publications in China on topics of economic policy, market development and legal reform.
Dr. Chen currently sits on board of many very important committees or organizations, to name a few:
Chief Advisor, Permal Group;
Independent Director of the board of PetroChina;
Independent Director of the board of Bank of Communications;
Trustee, Yale-China Association;
Expert Advisory Commission to the Beijing Government on the 12th Five-Year Plan;
Chief Academic Advisor, China Central Television (CCTV) documentary series, 10 episodes.
Dr. Chen has earned numerous achievements and awards, some of them are:
Selected as “Top Ten Political Influencers in China” by Burson-Marsteller in its “G20 Influencers’ Report” in 2012;
Named "10 Public Intellectuals influencing China in 2010" by Times Weekly (a national newspaper in China);
Received 23 "Best Books of the Year" awards in various categories for his book, The Logic of Finance, 2009 & 2010;
Named "10 Most Influential Economists in China" by Wall Street Wire, 2006 Boards.
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