【CFA Japan Seminar Announcement】
Title: Technical Analysis for the Fundamental Investor
Date: March 15th (Friday), 2019, 19:00-20:30
Venue: Room1, FINE TOKYO, 5th Floor, South Tower, Otemachi Financial City, 1-9-7 Otemachi, Chiyoda-ku, Tokyo
(For those who take the subways to come: From Tokyo Metro Otemachi Station, please use the passageway directly connecting to the first basement floor of the building. Then take the South Elevator from the first basement floor or the first floor to the fifth floor.
For those who come from the surface street: Please enter the SouthTower, Otemachi Financial City from FINE TOKYO Entrance that is across the street of Sankei Building. Then take the South Elevator from the first floor to the fifth floor.)
Specialty Focus Areas: Investment Management Strategy (CE credit eligible)
Speaker: Mr. David Lundgren, CFA CMT (Managing Director, Portfolio Manager, Director of Technical Research, Wellington Management)
Fee: CFA Japan Members, CFA Members of other societies, Associate Members, Professional Members：Free, Candidate Non Members: JPY 2,000, Non-members: JPY 3,000
**Global Passport Program is available.
- Despite strongly believing in both, I chose technical over fundamental investing…why?
- Technical, Growth or Value? Neither philosophy is right per se. It is up to investors to decide which one fits them best.
The underappreciated historical link between fundamental and technical analysis
- Charles Dow and other devout fundamental investors of the 19th and 20th centuries discovered the merit of listening to the market
- Practical solution to the reality that markets were literally rigged against the average investor in the late 1800s, early 1900s
- The market discounts all that is known about securities and markets
- Securities prices trend in the direction of underlying fundamentals
- Short-term trends are noise, long-term trends are signal
- The market is efficient, but it also trends
- These two truths offer compelling reason for using technical analysis to help discover attractive investment ideas
- Objective of trend following: identify, engage, and stay
- Tools of technical analysis: Trend Following vs Mean Reversion
- Leading, coincident, lagging indications of trend change
- Relative performance…the line in the sand
- Individual examples…remember, stock market is a market of stocks…sum of the parts
How fundamentally minded investors use technical analysis today
Current market observations
As the director of Technical Analysis, David manages long-only global equity portfolios and provides comprehensive technical research on global equities and equity indexes as well as fixed income, currency, and commodity markets to the firm's portfolio managers and analysts, as well as external clients.
David is also an adjunct professor at the Brandeis International Business School, where he teaches a graduate-level class on technical analysis. In 2016, he received the Brandeis IBS Excellence in Teaching Award.
Prior to joining Wellington Management in 2007, David owned and operated Breakaway Research, Inc., an independent institutional research firm that he launched in 2004. Before launching Breakaway, he was a founding partner and senior technical analyst at Lyceum Capital Partners (2002 – 2004), a global equity hedge fund. Prior to that, he was a technical analyst at Fidelity Investments (1999 – 2002).
David graduated with high honors from Babson College (1988) with a degree in finance and investments. He is a Chartered Market Technician (CMT) and serves as a member of the CMT Association's board of directors. Additionally, he holds the Chartered Financial Analyst (CFA) designation.