The AAII San Francisco Chapter presents...

Understanding Wall Street Doubletalk to Protect and Build Your Portfolio

    Discussed by:

    Stephen T. McClellan, CFA
    Author, “Full of Bull”

In order for individuals to achieve a sound investment strategy, they need to be on a level playing field with Wall Street professionals. Longtime insider Stephen McClellan will share his provocative insights taken from over 32 years as a Wall Street senior analyst and individual investor. Among his startling conclusions are: that Wall Street analysts are bad stock pickers, and their opinion ratings are frequently misleading. He feels there is an extreme favorable opinion bias and questions the value of analyst price targets. Individuals must be aware of a number of systemic and misguided practices in order to put them in the proper perspective. Mr. McClellan advocates several strategies that are counter to most Wall Street advice: Protection of capital is paramount. Only hold a modest number of stocks. Focus on dividends and value. Invest, don’t trade. In most situations, do nothing!

Currency Asset Classes: Diversification for Challenging Times

    Discussed by:
    Axel Merk
    President and Chief Investment Officer, Merk Investments; and Manager, Merk Mutual Funds

What is happening with the U.S. dollar, the euro, yen and gold and why does it matter to investors? Axel Merk—a leading expert on macro trends, hard money, international investing and building sustainable wealth—will discuss the current macroeconomic forces driving global currencies and how the currency asset class may help provide diversification to the individual investor. When traditional asset classes like equities and fixed income move in tandem, how do you protect your portfolio against the downside? Where do you find uncorrelated returns, low volatility and profit opportunities, regardless of the market direction? Mr. Merk will demonstrate the importance of understanding how the greater economic universe works, how that may affect your finances, and how to interpret that often complex information to seek financial stability.

Saturday, November 20, 2010
9:00 a.m.    Registration/Social/Continental Breakfast
9:30 a.m. - 12:00 p.m.    Program
10:45 a.m.    Break
12:00 p.m.    Q&A
Hs Lordships Restaurant
199 Seawall Dr.
Berkeley, CA
[ Map This Location ]
Choose one of three ways to register for this meeting: (Please
note change in fees for mail-in prepaid reservations only.
Other pricing tiers remain the same.)
1. PREPAID REGISTRATION by MAIL—use the form below to
register, form MUST be received by 11/17, $30/person
2. E-MAIL or PHONE (space available only, prepaid registrations
take preference)—make your reservation by e-mail: or Phone:
925/485-0890. Reservation MUST be received no later than
11/17, $35/person to be paid at the door.
3. AT THE DOOR (space available only, prepaid registrations
take preference)—Register at the door the day of the
meeting—meetings are selling out, be aware that space
may NOT be available, $40/person
Refund Policy: Cancel reservations before cut-off date of 11/17

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