SV-AAII: 1)Understanding Closed-End Funds; 2)Value Trap: Theory of Universa...

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Shoup Park Garden House

400 University Avenue

Los Altos, CA 94022

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1. Understanding Closed-End Funds

Closed-end funds have existed in U.S. markets since 1893 and currently account for about 20% of New York Stock Exchange-listed securities. Despite their long history, they are frequently overlooked or misunderstood by those who do not understand their unique structure. Chad Gray, CFA, will demystify them and present where they do and do not fit in a well-diversified portfolio. He will cover several strategies he uses to enhance investment returns from closed-end portfolios and how to research them.


  • How closed-end funds differ from exchange-traded funds (ETFs) and mutual funds

  • Where closed-end funds can benefit your portfolio

  • Strategies and tactics to enhance returns from closed-end funds

Our speaker....

Chad Gray

CFA, Portfolio Manager and Director, Convergence Investment Management

Chad Gray, CFA, is a portfolio manager and director at Convergence Investment Management, where he specializes in quantitative strategies for closed-end fund investing. His 20-year-plus career has been in data analytics at McKinsey & Company. He earned MBA and M.S. degrees from MIT.

2. Value Trap: Theory of Universal Valuation

Brian Nelson will cover the pitfalls of valuation multiples [e.g., price-earnings (P/E) ratio, price-to-sales (P/S) ratio], traditional quantitative analysis (e.g., value factor, size factor) and the great contradiction between factor investing and the efficient markets hypothesis. He will show how enterprise valuation rests at the intersection of behavioral economics, quantitative theory, equity valuation and, therefore, finance itself. Nelson will talk about how enterprise valuation can be used to identify bubbles and mispricings and how it’s valuable to dividend growth and income. Receive a free paperback copy of Brian's new book, Value Trap: Theory of Universal Valuation! Limited to the first 75 attendees.


  • The pitfalls of valuation multiple analysis and the risks of extrapolating some empirical quantitative conclusions

  • A critical framework to view and interpret stock price movements and stock valuation

  • The universal nature of enterprise valuation to all things finance from competitive advantage analysis to dividend growth investing and beyond

Our speaker....

Brian Nelson,

CFA, President of Equity Research, Valuentum Securities

Brian Nelson, CFA, is the president of equity research and exchangetraded fund (ETF) analysis at Valuentum Securities. Before founding Valuentum in early 2011, he worked as a director at Morningstar, where he developed their discounted cash flow model used to derive the fair value estimates for the company’s entire equity coverage universe. He earned an MBA from the University of Chicago Booth School of Business.


If you haven't been to the Garden House here is a photo of the interior...

You can take an interactive tour of the interior of the facility here.

You can take an interactive tour of the exterior here

Getting to the Garden House at Shoup Park

Below are a few maps with links to the Google maps -- starting with getting there from South San Jose...

Getting there from the east bay...

And from San Mateo...

And a close up once you get into the area...

and the layout of theinterior, parking and such...

We're webcasting this session live....

This season the chapter will be webcasting as many of our events "live" from our Shoup Park Garden House location as circumstances allow. We strongly encourage you to attend our events in-person if you're in the area and your schedule permits. (We love seeing and interacting with our members.) However, if you're out of area or your Saturday schedule can't afford the extra commute time, feel free to attend via webcast.

All participants will get the option to attend in person or remotely via the webcast -- the choice is yours!

  • If you're participating live at our Shoup Park Garden House location our speaker will be presenting live just as in the past.

  • If you're participating via webcast, you'll be able to interact with the speaker, ask questions, etc. via the webcast chat window. (Board members will ask your questions on your behalf.)

  • With the speaker's permission, we'll have copies of the speaker's slides available for download at our website before the event begins

  • After the event all participants -- live at Shoup Park or remote via webcast -- will get access to recording of a session.

We're working hard to allow our members the choice to particpate live or via webcast based on their needs. We hope this makes our events both more enjoyable and accessible to you.

-- The AAII-SV Chapter Board

OK, so how does this webcast thing work???

It's pretty simple, really...

  • You buy your ticket, you get an email confirming your purchase, and we log your email address.

  • On the Thursday before the event we send you an email with the link to the event and directions on how to log on to Zoom (our webcast tool). We'll repeat this email on Friday.

  • The morning of the event we'll send you the password to enter the event (you can enter starting at 8:30)

  • When you enter the webcast you'll see some of our slides on the screen. (BTW, we'll mute your audio and disable your camera so there aren't any distracting pictures, videos or sounds.)

  • You can ask questions at any time via your chat window. (You must use the Zoom applicaiton to use the chat window.) Your hard-working Board members will capture your questions and ask our speaker your questions.

  • That's it!!

For those eager-beavers who just have to study ahead and find out more....

Let us know if you have any questions!

More Information on the event...

  • If you haven't visited us in a while, You'll notice that we've lowered our pricing so early registration is $15 and late registration is $20

  • Students under 25 (with ID) enter Free. (No registration required, show ID at Registration Desk)

  • No refreshments (e.g., coffee) are provided -- plan accordingly.

  • To have a bit of fun, we raffle off investment books, event tickets and other items

  • If you are a 4Ever ticket holder or hold a Guest Pass we ask you to register by mailing your 4Ever ticket or Guest Pass in with the registration form. If you don't pre-register you can still bring your 4Ever ticket or event pass to the registration table -- but you're subject to space availability restrictions.

  • Our concierge table provides you with speaker and AAII-SV handouts, AAII information, a book swap area (bring a book, take a book), hand outs from past speakers, and other "good stuff". Better yet, there is always a Board member or two present where you can ask questions, provide event feedback, make suggestions, etc.


8:30 AM - Registration (The webcast will be up at this time)

8:45 AM - Meet the Board Session

8:55 AM - Chapter Announcements, Speaker Introduction

9:00 AM - Presentation

11:30 AM - Q & A

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Date and Time


Shoup Park Garden House

400 University Avenue

Los Altos, CA 94022

View Map

Refund Policy

No Refunds

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