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How the Pandemic May Change Things

Event Description

​How the Pandemic May Change Things

Thursday, August 27, 2020 | 10am - 11am

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After speaking at last year's annual CFA conference in London, Stuart Dunbar – partner at Baillie Gifford was again on the agenda at this year's annual CFA conference in Atlanta.  Due to the pandemic, that was unable to happen – thus, we're excited to host this session for CFA Society Minnesota which will cover:
    • Have we learned anything from the Covid-19 crisis? Not really, but…
    • Growth vs value perhaps never made sense. It really doesn't now
    • Gearing up a balance sheet isn't investing. Investing is deploying capital into real projects
    • There are new and better ways of doing things, and they're arriving fast
    • People change behavior when the pain of adoption is lower than the pain of change
    • When necessary evils become unnecessary
    • Returns over the long term are massively skewed to a tiny number of companies. CAPM is totally wrong. How does it survive as a basis for investing?
    • Some of the new breed of companies are infrastructure. That means governance matters more than competition.
    • You're not going to find asymmetric growth by looking at annual reports


Dunbar _Stuart_1038.jpgStuart Dunbar

Stuart graduated BA in Finance and Business Law from the University of Strathclyde in 1993. He joined Baillie Gifford in 2003, having previously worked with Dresdner RCM in Hong Kong, where Stuart enjoyed the buzz of the city and the energy of its inhabitants. A Director in the Clients Department, Stuart focuses on client relationships with external financial institutions. He became a Partner in the firm in 2014. 

A lover of travel, Stuart has traveled extensively, with a highlight being sitting in the cockpit beside the pilot of a plane as it flew into Nairobi at sunset. Despite having lived in various different worldwide locations, Stuart has now come full circle and lives in the countryside close to his childhood home in Lanark. In his own words, he describes it as ‘the best of both worlds’ as he gets to travel in his role at Baillie Gifford, yet he also gets to enjoy the tranquillity that life in the country affords. As anyone with a young family will know, most of Stuart’s free time is spent entertaining his two children, who are aged seven and ten. But, when he does get some downtime, he is a keen golfer and enjoys playing the piano. He is also partial to a bit of karaoke and is known for his uncanny Louis Armstrong impression.

Joseph Stellato82.JPG
Joseph Stellato

Joseph Stellato is a director of marketing for intermediary clients in the United States.  In this role, he is responsible for driving the relationship between Baillie Gifford and private banks, registered investment advisors (RIAs), trust banks & family offices across the country.  Before joining the firm, Joseph was responsible for similar client partnerships at OppenheimerFunds and prior to that, Neuberger Berman.  He began his career on the equity finance trading desk of Lehman Brothers/Barclays Capital. Joseph has a B.S. in finance and a B.A. in psychology from SUNY Binghamton University. He is also a (CFA®) charterholder.

Event Type

Society; Career; Educational; Featured

Education Topic


Start Time

8/27/2020 10:00 AM

End Time

8/27/2020 11:00 AM





Event Country

United States

Event Region


Location Info



Stuart Dunbar; Joseph Stellato

CE Credits


SER Credit




Member Price


Non-Member Price


Candidate Price





All Day Event




Event Link

How the Pandemic May Change Things

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Event Short Info

After speaking at last year’s annual CFA conference in London, Stuart Dunbar – partner at Baillie Gifford was again on the agenda at this year’s annual CFA conference in Atlanta. Due to the pandemic, that was unable to happen, therefore we are bringing you this webinar instead!


Content Type: MyCFA Calendar
Created at 7/17/2020 9:08 AM by [email protected][CASMSTS:username]
Last modified at 12/23/2020 11:23 AM by [email protected][CASMSTS:username]