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Event Registration - Meet Up: A Multi-Player Game-Theoretic Approach to Modeling the Global Capital Markets

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Date:
Tuesday, February 13, 2018
Time:
12:00 PM - 1:30 PM Eastern Standard Time
Meet Ups are a new, casual style of meeting that combines networking and content. Meet-ups are free of charge for members and $10.00 for all non-members. These events will take place in various office locations around Boston. Meet-ups will be scheduled at different times during the day depending on speaker availability, and attendees will be asked to bring their own lunch and refreshments. Keep an eye out for the logo on both our website and monthly newsletters!

Interested in hosting a Meet-Up at your offices? Contact us at info@cfaboston.org for further details.

A Multi-Player Game-Theoretic Approach to Modeling the Global Capital Markets

Since the financial crisis of 2008, central banks have injected an unprecedented degree of monetary stimulus into the global capital markets, distorting market pricing behavior in ways not experienced historically. In addition, central banks have become increasingly reactive to market behavior and to the actions of other central banks, resulting in a new network of interrelationships across central banks and global capital markets. Without the ability to rely on historical precedent, a multi-player game theoretic framework has been created using a nonlinear dynamic systems approach to understand the nature of these new interrelationships and their impact on the global capital markets. While the objective of “classical” game-theoretic approaches is to solve for Nash equilibrium solutions, the global capital markets, like other nonlinear dynamic systems generally, rarely rest in a stable equilibrium state. Instead, global capital markets typically fluctuate between undervaluation and overvaluation in a perpetual state of disequilibrium. Therefore, rather than attempting to solve for equilibrium solutions that rarely exist in the real world of the global capital markets, a mathematical model has been created that iterates through successive rounds seeking to incrementally narrow the gap between each player and its goals during each round, within the nonlinear dynamic environment of the global capital markets.

Stephen J. Cucchiaro
Stephen J. Cucchiaro is President and Chief Investment Officer of 3EDGE Asset Management. In his over 35 years of studying the global capital markets and managing investment portfolios, Mr. Cucchiaro has become known for his use of proprietary investment research methods including the application of concepts from engineering, system dynamics, complexity economics and multi-player game theory to analyze the global capital markets. Mr. Cucchiaro began managing investment portfolios in 1994. He was the founder and served as President and Chief Investment Officer of Windward Investment Management, which was acquired by the Charles Schwab Corporation in November 2010. At the acquisition, Windhaven Investment Management continued the business of Windward. From the early days of Windward through June 2014, assets under management under Mr. Cucchiaro’s tenure grew from less than $75 million to nearly $20 billion. After more than three years working towards a successful transition following the acquisition, Mr. Cucchiaro left Windhaven in June of 2014. Mr. Cucchiaro has appeared on Bloomberg TV and Radio, CNBC, Consuelo Mack’s WealthTrack and the Nightly Business Report and has been quoted in The Wall Street Journal, Barron’s, The Financial Times, Forbes and BusinessWeek. Mr. Cucchiaro has an SB in Mathematics from M.I.T. and an MBA in Finance from the Wharton School at the University of Pennsylvania. During the late 1970s, Mr. Cucchiaro was a member of the US Olympic Team in yacht racing and became national champion of his class in 1978 and Gold Medalist in the 1979 Pan American Olympic Games. He serves on the Board of Directors of the Institute for Health Metrics and Evaluation (IHME).

Please note, attendees are asked to bring their own lunches.

There is no charge for Members for this event, however registration is required since space is limited.
Address:
Wells Fargo Boston Connections
125 High Street
14th Floor
Boston, MA 02110
Description: Non-Members: $10.00

Please note, attendees are asked to bring their own lunches.

Registration is required since space is limited.
CE CreditCFA Boston has determined that this event qualifies for 1 CE credit hour under the guidelines of CFA Institute's Continuing Education Program. If you are a CFA Institute member, CE credit for your participation in this event will be automatically recorded in your CE tracking tool.