Long-Term Investing: An Optimal Strategy in Short-Term Oriented Markets
Conference Transcripts Available Below
Please note that all transcripts have been lightly edited.
Keynotes and Panel
Opening Remarks (Transcript)
- Speakers: Frederic Samama and Patrick Bolton
- The opening remarks include a symposium overview by Frederic Samama and a brief history and literature reveiw of research on the topic by Patrick Bolton.
- Speakers: Andrew Ang (Columbia Business School), Mats Andersson (AP4), Pål Haugerud (Norwegian Ministry of Finance), Philippe Ithurbide (Amundi), Adrian Orr (New Zealand Superannuation Fund)
- This panel featured a debate about optimal governance structures for long-term investment. SWF representatives describe the governance of their funds, including issues of transparency and risk management, followed by questions from the audience on investments in Europe, the derivatives market and building a portfolio for the long-term.
- Speaker: Jeremy Grantham
- In this keynote address, Jeremy Grantham discusses his experiences with long-term investing, including a detailed discussion of bubbles, followed by a discussion with the audience.
- Speakers: Joseph E. Stiglitz and Patrick Bolton
- In this keynote address, Joseph Stiglitz contextualizes market short-termism in the broader evolution of capitalism, from the emergence of the corporation to the lengthy investment agency chains we have today, and argues that our current form of capitalism enables exploitation. A discussion with the audience, moderated by Patrick Botlon, follows.
- Speakers: Robert Eccles and Danyelle Guyatt
- Robert Eccles presents his paper on the consequences of corporate sustainability on organizational processes and performances, which compares the 90 high sustainability and 90 low sustainability companies. Danyelle Guyatt served as discussant. The presentation was followed by a discussion with the audience.
- Speakers: Paul Woolley, Jakub Jurek, Tano Santos (Santos’s remarks delivered by Patrick Bolton)
- Paul Woollley presents his paper on a rational model that addresses momentum versus value investing, considering, amongst other factors, the agency problem. Tano Santos and Jakub Jurek served as discussants. The presentation was followed by a discussion with the audience
- Speakers: David Laibson, William Goetzmann and Jan Svejanr
- David Laibson presents his paper exploring the impact of under-estimating long-term mean reversion, demonstrating the effects on asset pricing, consumption and excess returns. William Goetzmann and Jan Svejnar serve as discussants. The presentation was followed by a discussion with the audience.
L-Shares: How to Reward Long-Term Investors (Transcript)
- Speakers: Patrick Bolton, Frederic Samama, William Bratton and Max von Bismarck
- Patrick Bolton and Frederic Samama present their paper on the issuance of a loyalty warrant to reward long-term investors. William Bratton and Max von Bismarck serve as discussants. The presentation was followed by a discussion with the audience.
- Joseph Stiglitz
- Jeremy Grantham