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The 11 th China Investment Fund International Forum

Keynote Speech Lessons from the History of Asset Management: Building a Better Industry instead of Simply a Bigger Industry Futian Shangri-La Hotel in Shenzhen, Duangdong , China December 2, 2012. The 11 th China Investment Fund International Forum. John Brynjolfsson, CFA,

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The 11 th China Investment Fund International Forum

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  1. Keynote Speech Lessons from the History of Asset Management: Building a Better Industry instead of Simply a Bigger Industry FutianShangri-La Hotel in Shenzhen, Duangdong, China December 2, 2012 The 11th China Investment Fund International Forum John Brynjolfsson, CFA, CIOArmored Wolf

  2. 5 Decades of Asset Management • 1960s: Conglomeration • 1970s: Fighting Inflation • 1980s: Rocket Science • 1990s: Equities • 2000s: Alternatives • Future: Global Firm #1 (or #2) Source: Armored Wolf

  3. Case Studies: • Vanguard (#1 Passive Management) • To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. • Fidelity (#1 in Equities) • To be the most trusted provider of lifetime investment solutions • PIMCO (#1 in Bonds) • Deliver Superior Risk-Adjusted Returns Over the Long Term Source: Armored Wolf, Vanguard, and PIMCO

  4. Be #1 1 Apple—Personal Electronics Google—Internet Search Amazon.com—Online Books Coca-Cola—Soft Drink IBM—PC and Computers FedEx—Overnight Package Delivery Berkshire Hathaway—Insurance Holding Company Starbucks—Take Out Coffee Procter & Gamble—Personal Care Products Southwest Airlines—Low Cost Regional Travel Source: http://money.cnn.com/magazines/fortune/most-admired/2012/full_list/

  5. DISCLAIMER IMPORTANT NOTES: Hypothetical or simulated or case study performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the investments represented do not represent actual investments, the actual results may vary. Case studies or simulated investments are designed with the benefit of hindsight. No representation is being made that any investment will or is likely to achieve profits or losses similar to those shown. Case study shown is for illustrative purposes only and may not have been executed by AW. Certain information contained here in represents or is based upon forward-looking statements or information. Forward looking statements are inherently uncertain, and changing factors, such as those affecting the markets generally, or those affecting particular individuals, industries or issuers, may cause events or results to differ from those discussed herein. Therefore, such statements or the conclusions drawn there from should in no event be construed as a prediction or guarantee of future performance, results, business practices or courses of action. An investment in the investment strategy referenced herein has not been recommended or approved by any U.S. federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not passed upon the accuracy or determined the adequacy of this summary. Any representation to the contrary is a criminal offense.

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