8:00 p.m.–9:30 p.m.
Official Conference Opening

9:00 a.m. – 10:15 a.m.
Economic Scenarios for the coming years – Where will growth come from?
Louis-Vincent Gave, CEO of GaveKal and MW GaveKal
The crisis will not last forever. After the recession, investments will return. Which countries will be in the best shape to receive foreign investments?

10:15 a.m.–10:30 a.m.
Coffee break

10:30 a.m.–12:30 p.m.
Perspectives for the Brazilian economy in the next decade

Private Equities and Venture Capital
Luiz Otavio Reis de Magalhães, partner and co-founder of Patria Investimentos, where he is responsible for the Legal, Financial and Administrative Areas
Will investments in Brazilian companies continue? Which sectors will attract more investments? What amount of resources can be expected in the next five years? Is regulation of these investors sufficient or is there room for improvement?

Education
Paulo Guedes, PhD. from the University of Chicago, Mr. Guedes is the founding partner of BR Investimentos, strategist for the BR Educacional FIP private equity fund, and the former CEO and founding partner of IBMEC, one of Brazil’s most prestigious business schools.
Will private investments substitute or complement state-run school system efficiently? How can private and public investment be combined in order to eliminate the backwardness of the Brazilian educational process? Will Brazil be able to speed up its investments in education and produce enough skilled labor to keep pace with a high-rate of economic growth?

Public Investment x Current Spending
Fabio Giambiagi, head of BNDES’s Market Risk Management Department
What is the growth limit of spending with recurrent costs? Does Brazil still have space to provide anti-cyclical spending? What is the risk of a vigorous drop in interest rates with the current spending level? Can inflation return? How can we reduce current spending and favor long-term public investment?

Q&A Session
During this session the audience can ask questions about the topics that were covered and about the Brazilian economy in general.

12:30 p.m.–2:00 p.m.
Lunch

2:00 p.m.–3:15 p.m.
The efficient use of derivatives in equity portfolio management: Efficient structures for equity portfolios—Indexed funds, pairs trading, long/short funds; and other structures
Edward Misrahi, a partner at Eton Park Capital Management, where he is responsible for European and Emerging Market activities
One of the multiple impacts of the current financial crisis has been the considerable volume loss in market and credit derivatives, especially by funds, and in the case of Brazil, by companies. However, these losses were not brought on by the financial instruments themselves, but by leverage and speculation strategies instead of strategies for hedge use. On the other hand, many stock portfolios suffered considerable losses for not using equity derivatives for hedge purposes. How can the best long-term performance for these portfolios be obtained by applying the effective use of derivatives?

3:15 p.m.–3:30 p.m.
Coffee break

3:30 p.m.–4:45 p.m.
Energy commodity markets: Crucial relationships between prices
Rita Laura D’Ecclesia, Ph.D. in Corporate Finance and Capital Markets from the University of Bergamo, Ms. D'Ecclesia is a full professor at the University of Rome ‘La Sapienza’.
The energy commodities markets; the impact of oil prices changes on other energy commodities; possible long run relationship between commodity prices; principal strategies used by commodity managers; growth perspectives for the coming years.

4:45 p.m.–6:15 p.m.
The new Hedge Fund Industry
Steven Drobny, co-founder of Drobny Global Advisors and author of Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets
Will the hedge fund industry recuperate after the crisis? Is it possible to expect vigorous growth in the near future? Are funds capable of surpassing returns from conservative alternative investments? Should funds face tighter regulation? Should funds face trading restraints in speculative transactions? What are the perspectives for the hedge fund industry over the next few years? What is the importance of their role in global markets?

9:00 a.m.–10:15 a.m.
New regulation for credit risk management in the aftermath of the subprime crisis
David Altig, senior vice president and director of Research at the Federal Reserve Bank of Atlanta
One of the causes that deepened the current financial crisis, which followed the subprime crisis, was the foreign financial institutions’ excessive leverage on credit and high-risk securities. It seems clear that governments from around the world will act on this by setting stricter regulation on leverage limits and credit concessions given by financial institutions. What is the extent of this new regulation and how can we avoid the return of excessive regulation?

10:15 a.m.–10:30 a.m.
Coffee break

10:30 a.m.–12:00 p.m.
The future of the OTC derivatives market on financial instruments and equities in the aftermath of the subprime crisis
Eraj Shirvani, chairman of the International Swaps and Derivatives Association (ISDA)
Who will be the counterparties for trades by the sovereign funds? How will the credit risk affect trading volumes? Will the companies prefer listed products? What are the perspectives for OTC transactions with a central counterparty? Do OTC Clearinghouses eliminate risk or do they only concentrate it?

12 p.m.–2 p.m.
Forecasts for the Next Decade for Brazil and the World
During lunch Arnaldo Jabor, journalist, film maker and a political commentator, will give this lecture

2:00 p.m.–3:15 p.m.
Investment Strategy: How to take advantage of market tendencies
Michael Covel, entrepreneur, founder of the website TurtleTrader.com and author of: Trend Following: How Great Traders Make Millions in Up or Down Markets
How do major traders take advantage of market trends and almost always make a profit? Covel demonstrates that this is possible since the investor learns the methods for investment return generation and applies them with strict discipline

3:15 p.m.–3:30 p.m.
Coffee break

3:30 p.m. – 4:45 p.m.
Recreating the Financial System
Raghuram Rajan, professor of Finance at University of Chicago and former chief economist at the IMF
The current moment is ripe for questioning what measures should be taken in order to organize the financial system. These measures include the appropriate capital for banks, trading limitations for financial institutions and funds. What can market regulation and supervision do to avoid that a similar situation of insolvency and crash occurs again?

4:45 p.m. - 5:30 p.m.
Maria Helena dos Santos Fernandes de Santana, Brazilian SEC president

5:30 p.m.
Conference closure
Final remarks by Arminio Fraga, chairman of BM&FBOVESPA Board of Directors, founding partner at Gavea Investimentos and former president of the Central Bank of Brazil

8:00 p.m.
Conference closure dinner

9:00 a.m. – 11:00 a.m.
Tennis tournament, mini marathon and nature walk

12:00 p.m. – 2:00 p.m.
Farewell barbecue