Absolute Return

Absolute Return + Alpha

Symposium 2009
NOVEMBER 3 & 4, 2009
583 PARK AVENUE, NEW YORK

• State of the industry: Post crash, post redemptions – is normalcy returning?

• The quant conundrum: They’re back, but will regulatory changes derail them?
• Event-driven: What’s the next big trade now that activism is dead – or is it?
• Macro: Is the developed world in an irreversible decline?
• Equities: Financials have powered a rebound, but is there another shoe to drop?
• Regulation: Is Washington up to the task of regulating hedge funds?
• Hedge fund restructuring: Lessons from the past year
• Distressed investing post-Chrysler: It’s only getting better

• Learn from the best. Hear from keynote speakers:

Izzy Englander, founder of Millennium Partners
Larry Fink, chairman and chief executive of BlackRock
Paul Ruddock, co-founder of Lansdowne Partners
• Network at the cocktail reception on Tuesday November 3 Interac
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 Introducing the Absolute Return Symposium 2009
What is the Absolute Return Symposium?
The Symposium is a major hedge fund event which attracts the industry’s elite from
within the U.S. and around the globe. The event offers incisive and topical content and
will address the overall outlook for the hedge fund industry and financial markets, as
well as the challenges and risks across a range of specific strategies.

When is the Absolute Return Symposium?

The Symposium will be held in the Fall, on November 3 & 4.

Where is the Absolute Return Symposium?

The Symposium will again be held at 583 Park Avenue between 63rd & 64th Streets.
The venue offers ample space for networking breaks, lunches and a comfortable
lecture theatre.

Who will be at the Absolute Return Symposium?

Last year’s Absolute Return Symposium attracted over 400 delegates.
The breakdown of delegates comprised mostly of top hedge fund managers
and investors. We expect the level of attendance to be at least as strong again.
For a list of companies that attended last year’s event, turn to the back page of this
brochure, or go to our website: www.absolutereturnsymposium.com

Why attend the Absolute Return Symposium?

• Hear from a line up of speakers you will not find at another hedge fund event
• Meet both managers and investors from around the globe
• Focus on the industry as a whole, as well as individual strategy areas
• Discuss the most topical issues to you and your industry
• Understand the challenges and opportunities that lie ahead
• Find out what investors are really thinking

BOOK NOW & SAVE!

Early Bird! Book before September 4 and we will give you 20%
✔ off the full ticket price. Save up to $700.
Subscribe to a HedgeFund Intelligence product? If you are a
subscriber to AR: Absolute Return + Alpha, AsiaHedge, EuroHedge
✔ or InvestHedge you are entitled to a 15% discount.
Three tickets for the price of two: Are there a number of
people in your organization who wish to attend? We are happy
✔ to offer three tickets for the price of two. This offer is only
available to hedge fund managers and investors. Please write
to events@hedgefundintelligence.com to organize your
multiple ticket deal.
One discount offer is available per person. Three tickets for the price of two is only available with full price tickets
 Speakers at the Absolute Return Symposium
ISRAEL ENGLANDER, FOUNDER OF MILLENNIUM PARTNERS
Israel Englander is the managing member of Millennium Management LLC and Millennium International
Keynote

Management LP. He is also the general partner’s chairman and CEO. He founded Millennium in
1989 with $35 million under management. Israel has over 35 years of experience in securities
and derivatives. He worked as a floor broker and trader on the American Stock Exchange, has
owned a specialist operation since 1982, and is former chairman of the Specialist Association.

LAURENCE D. FINK, CHAIRMAN AND CHIEF EXECUTIVE OF BLACKROCK

Laurence D. Fink is chairman and chief executive officer of BlackRock. He leads one of the world’s
Keynote

largest publicly traded investment management firms. Prior to founding BlackRock in 1988,
Laurence was a member of the management committee and a managing director of The First
Boston Corporation. He joined First Boston in 1976 and quickly became one of the first mortgage-
backed securities traders on Wall Street.

PAUL RUDDOCK, CO-FOUNDER OF LANSDOWNE PARTNERS

Paul Ruddock is a co-founder, director and chief executive officer of Lansdowne Partners. Until he founded
Keynote

Lansdowne Partners in 1998, Paul was, from 1992, managing director and head of the International
Department of Schroder & Co. Inc. which he had joined in 1984. From 1993, he was also a director of the
Schroder Securities European Division of Schroders Plc and a director of Schroder Securities Europe Limited
and Schroder Securities (Switzerland) Limited.

Other panelists include:

• Kyle Bass of Hayman Capital
▼

• John Burbank of Passport Capital

• Eddie Fishman of D. E. Shaw
• Ross Garon of SAC Capital Advisors
• Michael Geismar of Quantitative Investments
• Marc Lasry of Avenue Capital Management
• Jim Melcher of Balestra Capital
• Mihir Meswani of Robert Wood Johnson Foundation
• Rishi Narang of Telesis Capital
• Roy Niederhoffer of RG Niederhoffer Capital Management
• Geoffrey Sherry of Lucidus Capital Partners
• Peter Thiel of Clarium Capital Management

Advisory board:
We are proud to have the following industry leaders advise us on the program:
▼

• Frank Brosens, co-founder of Taconic Capital Advisors;

• Mike Hennessy, managing director of Morgan Creek Capital Management;
• Joel Katzman, industry consultant and former chief executive of JPMorgan Alternative Asset Management;
• Marc Lasry, chairman, chief executive officer, and a founding partner of Avenue Capital Group;
• Max Stone, executive committee member, D. E. Shaw;
• Eric Vincent, president of Ospraie Management and chairman of the Managed Funds Association.
 Day 1 Tuesday November 3, 2009
Program*

9.00 – 9.45 Doors open and registration

Introductory briefing from HedgeFund Intelligence and AR: Absolute Return + Alpha
A look at the key trends in the hedge fund world over the last year – the key stats on performance
9.45 – 10.00
patterns, growth/decline of assets, new funds, shutdowns – and key talking points for debate inside
the business.
State of the industry: Post crash, post redemptions is normalcy returning?
In market conditions that were arguably the worst since the 1930s, many hedge funds struggled
10.00 – 10.45
– and raised the ire of investors. With the dust now starting to settle, what kind of market will it be
going forward? Can hedge funds thrive again – and if so, how?
10.45 – 11.15 Coffee break
11.15 – 12.00 Keynote Speaker: Izzy Englander, founder of Millennium Partners
The quant conundrum: They’re back, but will regulatory changes derail them?
After the crazy panic that began in August 2007, quant strategies – especially in managed futures
12.00 – 12.45
– were among the few real stars of 2008. But will they survive to trade just as effectively if there are
new rules that inhibit rapid-fire trading?
12.45 – 2.00 Lunch
Event-driven: What’s the next big trade now that activism is dead. Or is it?
Activist managers were arguably the most high-profile and public face of the hedge fund
2.00 – 2.45
boom in recent years. But with markets and investors still recovering from the shock of the
past two years, will other sorts of event-driven strategies become more dominant in future?
2.45 – 3.30 Keynote Speaker: Larry Fink, chairman and chief executive of BlackRock
3.30 – 4.00 Coffee break
4.00 – 4.45 STREAM SESSIONS
This period is devoted to a choice of parallel stream sessions that provide an opportunity to drill down
in greater depth into more specific and technical issues. Sessions will be announced closer to the
event.
Macro players debate whether the developed world is in an irreversible decline – and how to
play it.
4.45 – 5.45 Some macro funds managed to thrive during the recent economic turmoil – by making correct calls
on the direction of currencies, commodities, equities and interest rates. Now that emerging markets
seem less affected by the crisis than was initially expected, what are the best ideas going forward?
5.45 Cocktail reception – 583 Park Avenue

Monday November 2, 2009

Awards
Absolute Return + Alpha
Absolute Return

2009
The Absolute Return Awards identify the best performing U.S. hedge funds based on risk-adjusted
returns. The awards are regarded as the most prestigious and accurate in the industry, with last
year’s event attracting many of the largest hedge fund firms to host tables at the event.
Over 300 hedge funds, investors and other industry professionals will come together to recognize
the achievements of the best performing funds of the previous year at this stylish and prestigious
dinner.
Tickets to the Symposium do not cover the Awards dinner. BO O K
To ensure your attendance at this event, book your table now! N O W!
Contact Sumehr Sondhi + 1 (212) 224 3275 or ssondhi@absolutereturn.net
 Day 2 Wednesday November 4, 2009
Program*

8.30 – 9.00 Doors open & registration

Equities: Financials have powered a rebound, but is there another shoe to drop?
Equity strategies were affected very badly by the crisis in 2008, but have rebounded strongly in 2009
9.00 – 9.45
– powered by gains both long and short in sectors like financials. But what will be the hot sectors
going forward? And/or will there be more to do on the short side?
Regulation: Is Washington up to the task of regulating hedge funds?
A radical overhaul of the regulatory system for hedge funds was already on the agenda even before
9.45 – 10.30
the Democrats took full control in Washington. But what will be the effects of the new rules – benign
or malign?
10.30 – 11.00 Coffee break
11.00 – 11.45 STREAM SESSIONS
This period is devoted to a choice of parallel ‘stream’ sessions that provide an opportunity to drill
down in greater depth into more specific and technical issues. Sessions will be announced closer to
the event.
11.45 – 12.45 Keynote Speaker: Paul Ruddock, co-founder of Lansdowne Partners
12.45 – 2.00 Lunch
Hedge fund restructuring: Managers and investors debate approaches and terms
Many hedge funds infuriated investors by imposing ‘gate’ provisions, creating side pockets or
2.00 – 2.45
simply suspending redemptions last year. This bruising experience has made investors much
more demanding on investment terms and fees – but what should be the new norms?
Distressed investing post-Chrysler: It’s only getting better.
Managers and investors had been anticipating big returns from distressed strategies for quite
2.45 – 3.30 a long time (during which they mostly made big losses) before big returns started to come
through. How much more mileage is there in the distressed cycle – and what are the best
ways to play it?
3.30 Close *Please note that the program is subject to change

Our events are renowned for their strong content, which unlike many other conferences, is put together by editors
who are closely linked to the industry. The experienced and dedicated journalists of AR: Absolute Return + Alpha
ensure that the Symposium covers only the most important topical issues to the industry.
Neil Wilson – editorial director, HedgeFund Intelligence
Programmers

Neil has over 20 years of experience as a financial journalist. He has overall responsibility
for the editorial content of EuroHedge, AsiaHedge, InvestHedge, and AR: Absolute Return +
Alpha, as well as their associated online weekly news services, special reports and events.

Michelle Celarier – editor, AR: Absolute Return + Alpha

Michelle Celarier is an award-winning journalist who has been writing about the financial
industry since 1983. Before joining Absolute Return as the editor in 2005, she had been the
editor of Investment Dealers’ Digest, the U.S. editor of Euromoney magazine and European
editor of Global Finance magazine.
Carolyn Sargent – deputy editor, AR: Absolute Return + Alpha
Carolyn has been a financial journalist for more than a decade. Prior to joining Absolute
Return she was managing editor of Investment Dealers’ Digest. Carolyn has written about
finance and business for numerous other publications, including the New York Post and the
Financial Times. She holds an MBA in Finance from Columbia University.
 How to get to the Absolute Return Symposium
Directions
Subway
583 Park Avenue is located on the Northeast corner of 63rd
Street and Park Avenue. The closest subway stations are on 63rd
and Lexington Avenue, and 59th Street and Lexington Avenue.
By car
583 Park Avenue is very close to the Queensboro Bridge to
Long Island. Follow signs to 63rd Street then all the way to Park
Avenue. The midtown tunnel is also close; get to 583 by heading
North on either 1st, 3rd, Madison or Park Avenues to 63rd
Street. There are several parking garages nearby.
By air
New York is serviced by three main airports; John F. Kennedy
International (JFK), Newark Liberty International (EWR),
LaGuardia (LGA). Most major airlines fly regularly to New York.

Need somewhere to stay?

The following hotels are in the vicinity of 583 Park Avenue.

The Pierre Hotel

Fifth Avenue at 61st Street, New York, NY 10021
The Pierre Hotel, located on Fifth Avenue across from Central Park, is only ten minutes walk from
583 Park Avenue. This distinctive landmark hotel offers 201 rooms, 52 suites and 12 grand
suites, high-speed internet access, 24hr room service, Business Center and Fitness Center with
spa facilities.
Tel: +1 212 838 8000 email: thepierre.ny@tajhotels.com web: www.tajhotels.com/pierre/

The Lowell Hotel

28 East 63rd Street, New York, NY 10021
The Lowell Hotel, located on a quiet tree-lined street off Madison Avenue, is only five minutes
walk from 583 Park Avenue. This boutique hotel offers 47 individually decorated suites and 21
deluxe rooms, complimentary hard-wired and wireless high-speed internet access, 24hr room
service, Business Center and Fitness Center.
Tel: +1 212 838 1400 email: reservations@lowellhotel.com web: www.lowellhotel.com

Four Seasons Hotel

57 East 57th Street, New York, NY 10022
The Four Seasons Hotel, located between Madison and Park Avenues, is 15 minutes walk from
583 Park Avenue. This luxury hotel offers 364 rooms and 61 suites, high-speed internet access,
24hr room service, Business Center and Fitness Center with spa facilities.
Tel: +1 212 758 5700 web: www.fourseasons.com/newyorkfs/
HedgeFund Intelligence does not accept responsibility for accommodation and travel to the Absolute Return Symposium.
Delegates should make their own travel and accommodation bookings directly.
 Who will be at the Absolute Return Symposium
Last year, this event attracted over 400 top
▼

industry participants, broken down as follows:

OTHER FUNDS OF FUNDS

20% 22%

INVESTORS
14%
HEDGE FUNDS
44%

• 98% of last year’s attendees rated this event “excellent” or “very good”
• To give you a ‘taste’ of who you might expect to meet at the Symposium, here is a selection of
some of the companies that attended last year. We expect to have a similar audience this year.

END INVESTORS FUNDS OF FUNDS HEDGE FUNDS

Bessemer Trust Company AIG Alternative Asset Mgt. Balestra Capital
Boston University Barlow Partners Brevan Howard
Ford Foundation Convergent Wealth Capula Investment Mgt.
Glenmede Trust Company Corbin Capital Partners Carlson Capital
Hamren-Larsson Family Office FIM Advisors D.E.Shaw
Harbourton Enterprises Fix Asset Mgt. FiveT Capital Mgt.
Legal Community Against Violence FRM Americas Goshen Investments
Novaris Corporation Harris Alternatives Hayman Capital Partners
NYCERS Ivy Asset Mgt. Maple Leaf Partners
NYS Common Retirement Fund La Fayette Investment Mgt. MKP Capital Mgt.
Real Property Development Lozé & Associés Moore Capital Mgt.
The College of William & Mary Magnitude Capital Ospraie Mgt.
The Goldman Family Foundation Man Investments Paulson & Co.
The Jordan Family Office Maverick Capital Peter Kimmelman Asset Mgt.
The Rockefeller Center Quest Trading Managers QFS Asset Mgt.
The Rockefeller Foundation RMF Sprott Asset Mgt.
The Rockefeller University SG Asset Mgt. TPG-Axon Capital
Washington University SSARIS Advisors Venus Capital Mgt.
Whitman Family Foundation Weston Capital Mgt. York Capital Mgt.

For a full list of companies that attended in 2008, visit www.absolutereturnsymposium.com

 Interactive booking form Absolute Return
Symposium 2009
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Booking details (please tick one option only)

Standard booking – $3,600
20% Early Bird discount (valid until September 4, 2009) – $2,880
15% subscriber discount (named HFI subscriber only) – $3,060

Hedge fund manager/investor – $1,850

20% Early Bird discount (valid until September 4, 2009) – $1,480
15% subscriber discount (named HFI subscriber only) – $1,572

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