The AAII San Francisco Chapter presents...

"Global Currencies: Diversification and Downside Protection"

    Discussed by:

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

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? What is happening with the U.S. dollar, the euro, the yen and gold, and how will they impact your portfolio? Axel Merk, the “Authority on Currencies,” will discuss the current macroeconomic forces driving global currencies and will provide his insights and perspective on currencies, global imbalances, the trade deficit, the socio-economic impact of the U.S. administration’s policies and its effects on your wealth. Merk will explain why the currency asset class may help provide diversification for your portfolio in these uncertain economic times.

"The Road Ahead: Good, Bad or Ugly?"

    Discussed by:
    Kevin Gahagan
    Principal and Senior Advisor, Mosaic Financial Partners

Many economic experts concluded that 2009 ended what is being referred to as “the lost decade,” but the last two years have done little to encourage investors. We have political gridlock in the U.S., a weak global economy, and sovereign debt problems in countries across the globe. In this environment, what investment strategy makes sense? Despite the array of challenges confronting us, Kevin Gahagan advocates maintaining a solid investment discipline—but the challenge facing all investors is having a discipline to maintain. Gahagan will discuss the implications of portfolio structure and strategy in a variety of economic and interest rate environments. He will also review some of the research on investor behavior and discuss strategies for combating the biases that inevitably influence our investment decisions.

Saturday, January 21, 2012
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 pre-paid reservation
only. Other pricing tiers remain the same.)
1. PREPAID REGISTRATION by MAIL—use the form below to
register, form MUST be received by 1/18, $30/person.
2. EMAIL or PHONE (space available only, prepaid registrations
take preference)—make your reservation by email: or Phone:
925/485-0890. Reservation MUST be received no later than
1/18, $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 1/18.

  Special Interest Groups (SIGs)

SIG meetings do NOT require advance registration (some may request an RSVP). Most are free of charge. Contact the group leader if you need additional information to attend.


East Bay Special Interest Group
Attendance is free for all AAII members & guests.
Date: Thursday, February 2, 2012
Time: 7:00 – 8:45 P.M.
Location: The Orinda Library, 24 Orinda Way, Garden Room
Speaker: Richard Young, member, AAII San Francisco Chapter board of directors
Topic: “Tactical Asset Allocation Model Updates”
Over the past few years we have had several presentations on different trading systems based on “tactical asset allocation.” Over this period, Richard Young has been backtesting, trading, and perfecting his system with very good results. His system uses ETFs representing major asset classes, an index reflecting relative strength and volatility, a monthly evaluation and trading regime, and a website available for free or at low cost.
Richard will discuss in detail how his models work and how he tracks their performance results. There will opportunity for questions and answers in this small group setting.
For more information, contact Mike Skinner, East Bay Special Interest Group Leader, at 510/526-1154 or email at
This Group normally meets on the first Thursday of the month following the AAII S.F. Chapter’s main meeting in Berkeley.

East Bay Discussion Group
Attendance is free for all AAII members & guests.
Dates: Thursdays, January 5 and March 1, 2012
Time: 7:00 – 8:30 P.M.
Location: The Orinda Library, 24 Orinda Way, Orinda, CA 94563, Garden Room
Moderator: Mike Skinner
These meetings are held the first Thursday of every other month and are intended to give members and guests the opportunity to discuss current investment issues. How do members view the state of the markets and how are they dealing with them when making their investment decisions? Attendees have different experience levels and approaches. Here is an opportunity to share questions and discuss strategies with other members of the group. Bring your questions, comments, insights and opinions to share in an open forum.
For more information, contact Mike Skinner, 510/526-1154 or

San Francisco Downtown Experienced Investor
Discussion Group
Attendance is free for all AAII members, but space is limited to first 20 attendees.
Moderator: Kevin Donovan, 415/788-1700
Dates: Wednesdays, January 18 and February 15, 2012
Time: 12:00 Noon
These meetings, held the third Wednesday of each month, are a general discussion of timely topics for experienced investors. Space is limited to 20 attendees, so please call for reservations and location. Please note there will be no meeting in December.
For more information contact, Kevin Donovan, group leader, at 415/788-1700.

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