The AAII Milwaukee Chapter presents...

Behavioral Valuation 101: Using Investor Sentiment as an Effective Contrarian Indicator

    Discussed by:

    Chris Johnson

Despite their growing popularity, sentiment indicators are often used improperly, as investors rarely know how to apply them as effective contrarian indicators. Chris Johnson will discuss the simple application of contrarian science as part of his behavioral valuation approach, while addressing the current market environment as well as some key sectors during this informative session. Contrarian investing is about uncovering instances where technical, sentiment and fundamental factors are in conflict and acting accordingly. This presentation discusses the practical application of contrarian investing and how to use easily attainable tools and techniques that can help to identify when a stock or ETF stands a good chance of moving sharply due to changes in investor sentiment.

Attend This Meeting and Learn...
How to gauge the four stages of a rally or decline (in a stock, ETF or the market) to help “time” the market
Why investor sentiment indications are critical, but not conclusive
Four easy-to-follow indicators to assess the behavioral valuation of a stock to determine when to buy and sell

Thursday, September 20, 2012
6:00 – 7:00 p.m.    Registration/Cash Bar/Refreshments/Social
7:00 p.m.    Program
Midway Hotel
1005 S. Moorland Rd.
Brookfield, WI
[ Map This Location ]
In Advance (by 9/17)
AAII Members and Family, $15/person; Non-members,
Students, $10/person
At the Door space permitting
Everyone, $20/person
No Refunds

  Special Interest Groups (SIGs)


Madison Subgroup
Contact: Jared Bessert, 608/298-9008,
Date: Wednesday, September 19, 2012, 6:00 p.m. (Check-in begins 5:30 p.m.)
LOCATION: Sequoya Branch of the Madison Public Library, 4340 Tokay Blvd., Madison, WI, 53711, 608/266-6385. The new Sequoya Branch of the Madison Public Library is located in the Midvale Shopping Center, about halfway between the Beltline and University Avenue. Enter the library from either Tokay Blvd. or from the center’s parking lot.
Topic: “Alternative Investing for Risk Management”
Speaker: Brent Pahnke, Retirement Solutions
Cost: No charge, FREE and open to the public.
Summary: Brent Pahnke will help you create portfolios that can stand the test of time and teach you to combine traditional investments with unit investment trusts and non-traded alternative investments. Brent will share with you the benefits of unit investment trusts (UITs) along with some alternative investments.
Come to our September 19, 2012, meeting to:
- Learn whether a UIT fits with your portfolio and investing objectives
- Find out what alternative investments remain in a world with alternative ETFs
- Gain a new perspective on current market turmoil
Learn more about Retirement Solutions and Pahnke at
Brent Pahnke started in the financial industry during the downturn of 2001. This experience has helped him to become one of the premier income advisers in the area. He started his career with one of the largest broker/dealers in North America. After realizing that he needed to be able to do more for his clients than the large corporation would allow, he joined Gary Palmer and they formed Retirement Solutions in 2006. He has been featured often on NBC 15 as their “financial expert,” discussing a variety of financial issues.

Mutual Fund Subgroup
Contact: Brian Harden, 414/347-5546,; or Karen Hager 262/255-2849
Date/Time: Wednesday, September 26, 2012, 6:00 p.m.
LOCATION: Brookfield Library, 1900 North Calhoun Rd., Brookfield, 262/782-4140. Take I-94 to the Moorland Road north exit. Go past the Brookfield Mall and turn west (left) on Blue Mound Rd. Go one mile to Calhoun Rd. and turn north (right). Go two miles north. The library is on the east (right) side, next to City Hall.
Topic: “The Psychology of Finance”
Speaker: Dr. G. Kevin Spellman, CFA
Summary: Dr. G. Kevin Spellman’s research focuses on issues related to behavioral finance, investment strategy and asset pricing. He has taught various courses in financial management, investments, behavioral finance, CFA review, and forensic accounting, and he has directed/led student investment programs at University of Wisconsin-Milwaukee, IE Business School (in Madrid), University of Wisconsin-Madison and The Ohio State University.
Come to our September 26, 2012, meeting to:
- Understand behavioral finance and the role of behaviors in decision making
- Learn how biases may result in less than rational investment decisions
- Find out about key behavioral biases
Spellman has been a professional money manager since 1994. His experience crosses most asset classes (private equity, international equity, domestic equity, real estate, etc.), investment styles (contrarian, value, growth, momentum) and types of analysis (quantitative, fundamental, economic/strategic, behavioral). Spellman earned his Ph.D. in behavioral finance from Durham University (UK) and has an master’s in finance from University of Wisconsin–Madison.

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