2009 Annual Conference
Investing: The Way Forward
Tuesday, April 28, 2009
8 am to 2 pm
The University Club
New York City
Open to All
Register By April 27
Horace quot;Woodyquot; Brock, Ph.D.
President and Founder of Strategic Economic Decisions (SED), Inc., Dr. Horace “Woody” Brock
specializes in applications of the modern Economics of Uncertainty (originally developed and
championed by Kenneth J. Arrow of Stanford University) to forecasting and risk assessment in
the international economy and its asset markets.
Holder of five academic degrees, Dr. Brock earned his B.A., M.B.A., and M.S. (mathematics)
from Harvard University, and his M.A. and Ph.D. from Princeton University (mathematical
economics and political philosophy). He was elected an Andrew Mellon Foundation
Bicentennial Fellow of the Aspen Institute in 1976. Dr. Brock studied under Kenneth J. Arrow,
Professor of Economics, and John C. Harsanyi, Professor of Economics, University of California,
Berkeley, both winners of the Nobel Prize in Economics.
Dr. Brock founded SED in 1985, and in doing so was sponsored by Fidelity, GE Capital, IBM
Pension Fund, and twenty other institutions looking for a much deeper level of analysis of
interest rates and the economy. In its research, SED has focused on apprehending ongoing
structural changes in the economy and markets to help clients avoid the pitfalls of
illegitimately extrapolating the past into the future. In this regard, Dr. Brock has worked
closely with Professor Mordecai Kurz of Stanford University in developing the new theory of
Rational Beliefs that is now replacing the classical theory of “Efficient Markets”. This new
theory explains for the first time the way in which history rhymes but does not repeat itself.
In addition to authoring SED’s periodic publications and numerous publications in professional
journals, Dr. Brock has authored a series of Op-Ed pieces in the New York Tim es and the
I nt ernat ional Herald Tribune. His speaking engagements have included audiences as diverse
as the World Economic Forum in Davos, Boards of Directors of corporations and banks,
corporate officers, high net worth families, private equity groups and hedge funds. Dr. Brock
also authored Interest Rate Insight, the first Expert-System developed for financial markets.
Wa’el N. Chehab
Wa'el Chehab is the founder, president and CEO of Cedar Capital Management.
Cedar Capital and its international affiliates specialize in alternative investments and provide
fund management and consulting services to institutional clients and high net-worth
individuals. Cedar grew from a single fund manager to a firm managing a portfolio of funds
and other investment vehicles. Mr. Chehab serves on the boards of a number of funds and
Mr. Chehab was Associate Director of fixed income derivatives with Bear Stearns & Co., before
establishing Cedar Capital in 1996. Prior to that, he was vice president of global debt
derivatives with Citibank, N.A.
He is registered with the CFTC as a commodity pool operator and commodity trading advisor
and is a member of the National Futures Association. He is President of ABANA and has been
a member of the Board of Directors since 2003. He also serves on the boards of a number of
other not-for-profit organizations.
Mr. Chehab has an MBA from the American University of Beirut with an undergraduate degree
in civil engineering.
Daniel T. Cooper
Daniel Cooper is a Managing Director in the Fund Management division of HDG Mansur
Investment Services, Inc. and is responsible for leading the HSBC Amanah Global Properties
Income Fund (GPIF) team. GPIF is primarily invested in single tenant properties throughout
the US and Europe (the UK, Germany, Switzerland and the Netherlands). The Fund is
designed to provide stable current income and capital appreciation through Shariah-compliant
investments via a multi-tier diversification approach using experienced and proactive asset
Prior to joining HDG Mansur, Mr. Cooper worked for Principal Global Investors/Principal Real
Estate Investors, where he held the position of Director of Portfolio Management-Australia and
managed a portfolio of real estate assets within the Australian listed property sector. Mr.
Cooper was responsible for developing and directing fund strategies to maximize
performance. Prior to joining Principal, Mr. Cooper held positions as Chief Operating Officer
and Director of Operations for investment, real estate and construction companies where he
oversaw operations and was involved in the due diligence, acquisition, asset management,
repositioning and disposition of office, industrial, retail and multifamily properties.
Mr. Cooper earned his Bachelor of Arts degree at Westmont College in Santa Barbara,
California and was a State of Oregon Scholar. He has been a licensed real estate broker for
over ten years and has 20 years of commercial real estate experience focused on creating
value for investors.
Mario J. Gabelli
Mario J. Gabelli is chairman, chief executive officer of GAMCO Investors, Inc., a widely
recognized provider of investment advice and brokerage services to mutual funds,
institutional and high net worth investors. GAMCO Investors, Inc. is listed on the New
York Stock Exchange under the symbol GBL.
In addition to GAMCO Investors, Mr. Gabelli is chairman of LICT Corporation. He is also a
member of The Board of Overseers of Columbia University Graduate School of Business;
The Board of Trustees of Boston College; The Board of Trustees of Roger Williams
University. He also serves on the board of directors for the following groups: The National
Italian American Foundation; The American-Italian Cancer Foundation; The Foundation for
Italian Art & Culture; Mentor/National Mentoring Partnership; a member of the board of
advisors of Caymus and Van Biema Value Fund. He is a trustee of The Winston Churchill
Foundation of the United States and the E.L. Wiegand Foundation in Reno, Nevada, and
chairman of the Patron’s Committee for the Immaculate Conception School.
Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA
degree from Columbia University Graduate School of Business and an honorary doctorate
degree from Roger Williams University in Rhode Island and Fordham University.
Mr. Gabelli has been a recipient of the following awards: the Columbus Citizens Foundation
Award for Business and Education in 1994; the 1996 Ellis Island Medal of Honor for
Business Leaders; the South Bronx Educational Foundation’s Distinguished Public Service
Award, November 2000; Sacred Heart University’s Discovery Award, April 2005; and the
Cavaliere of the Italian Legions of Merit.
Mr. Gabelli has been a frequent commentator on CNBC, CNN, Fox News and Bloomberg TV.
He has appeared ten times on “Wall Street Week with Louis Rukeyser” and is often written
about in the financial print media, including Barrons, I nst it ut ional I nvest or, Business Week,
Fortune, Forbes, Money and Changing Tim es. He has also contributed articles to investment
publications such as the Financial Analysts Handbook.
Robert D. Hormats
Robert D. Hormats is Vice Chairman of Goldman Sachs (International). He joined Goldman
Sachs in 1982 and became a Managing Director in 1998.
Mr. Hormats served as Assistant Secretary of State for Economic and Business Affairs from
1981 to 1982, Ambassador and Deputy US Trade Representative from 1979 to 1981, and
Senior Deputy Assistant Secretary for Economic and Business Affairs at the Department of
State from 1977 to 1979. He served as a Senior Staff Member for International Economic
Affairs on the National Security Council from 1969 to 1977, where he was Senior Economic
Advisor to Dr. Henry Kissinger, General Brent Scowcroft and Dr. Zbigniew Brzezinski.
Mr. Hormats was a recipient of the French Legion of Honor in 1982 and Arthur Fleming Award
in 1974. He has been a visiting lecturer at Princeton University and is a member of the Board
of Visitors of the Fletcher School of Law and Diplomacy and the Dean’s Council of the John F.
Kennedy School of Government at Harvard University. He is a member of the Council on
Foreign Relations and a board member of the Irvington Institute for Immunological Research,
Engelhard Hanovia, Inc., The Economic Club of New York, and Freedom House.
Mr. Hormats’ publications include The Price of Libert y: Paying for Am erica's Wars; Abraham
Lincoln and t he Global Econom y; Am erican Albat ross: The Foreign Debt Dilem m a; and
Reform ing t he I nt ernat ional Monet ary Syst em . Other publications include articles in Foreign
Affairs, Foreign Policy, The New York Tim es, The Washingt on Post , The Wall St reet Journal,
American Banker and The Financial Times.
Mr. Hormats earned a B.A. with a concentration in economics and political science from Tufts
University in 1965. He earned an M.A. in 1966 and a Ph.D. in International Economics in 1970
from the Fletcher School of Law and Diplomacy.
George N. Jalinos
George N. Jalinos is founder and President of the Galen Group, Inc. based in New York City.
He is also Managing Member of Galen Realty LLC. For over ten years, the Galen Group has
specialized in real estate asset management, investments and consulting. Catering specifically
to non-US owners of US real estate, the Galen Group has overseen impressive and diverse
assignments in commercial real estate and asset management. Known for exclusively
representing only ownership, assets under management have always excelled their targeted
objectives by diligent attention to detail and to protecting the ultimate objective of enhancing
value for ownership. Extensive deal list and references are available for prospective clients.
As a result of its reputation for discretion and integrity, The Galen Group, Inc. often receives
early and primary access to the finest real estate opportunities in the US.
Prior to his association with the Galen Group, Mr. Jalinos was responsible for overseeing equity
invested in US commercial real estate for an international family office. Earlier in his career,
he was Vice President with Citibank where he was deputy head for the western region of Saudi
Mr. Jalinos is fluent in Arabic and Spanish.
Chip Lippman is a Managing Director with Carlyle Realty, with responsibilities for raising equity
capital and sourcing investment opportunities in various markets (with focus on Washington,
DC, and New York City). Since joining Carlyle in 1998, Mr. Lippman has been involved in
raising approximately $6 billion of equity for private equity funds focused on real estate
opportunities in the United States. During that time, Mr. Lippman has led the investment of
over $1 billion of equity in real estate transactions totaling over $3 billion in various sectors
and markets in the United States.
Mr. Lippman graduated cum laude from Harvard College with an A.B. in Economics.
Master of Ceremonies
Mahmoud Salem is a Vice President at The Bank of New York Mellon, within the Global Issuer
Services sector responsible for new business development, and specializes in Global
Depositary Receipts (GDRs) for Issuers from the Middle East/Gulf region. As the head of
transactions for nearly 10 years, he helped numerous companies and financial institutions
from the Middle East and Africa structure and execute Initial Public Offerings (IPOs),
secondary offerings, mergers and acquisitions and other corporate transactions involving
Mr. Salem also played an integral role in the development of Dubai International Financial
Exchange (DIFX), pioneering the DR structure for DIFX listings and capital raisings and
executing the first ever IPO on DIFX in September 2005. He recently completed the listing of
Gold Fields, the first South African and mining company to list on DIFX.
Mr. Salem was responsible for implementing many complex IPOs and secondary offerings in
the region, including Investcom, Telecom Egypt, Bank Muscat and BLOM. He has also
completed NYSE and NASDAQ listings for a number of foreign issuers including Anglogold,
Harmony, Sasol and Sappi. Furthermore, he helped structure some of the largest acquisitions
in region, including MTN’s acquisition of Investcom and Weather Capital’s acquisition of Wind
Mr. Salem received his BA and MBA degrees from Rutgers University, and speaks regularly at
capital markets and securities industry conferences and forums. He has worked at The Bank
of New York since 1993 and is a Vice President on the Board of Directors of ABANA.
Sa lim Sa m a h a joined Global Infrastructure Partners, a private equity joint venture between
Crédit Suisse and General Electric, as a principal in October 2006 and works in New York. He
was previously a vice president in Crédit Suisse's Investment Banking Division, also in New
Sa de k W a hba is Managing Director, Chief Investment Officer and Global Head of Morgan
Stanley Infrastructure within the division of Morgan Stanley Investment Management (MSIM),
the asset management group of Morgan Stanley. Prior to heading Infrastructure, he was a
Managing Director and global head of Project and Structured Finance in global capital
markets. Since joining Morgan Stanley in 1998, he has focused on financing and advisory
assignments for infrastructure projects in the transport, energy, utilities and social
infrastructure sectors. He has transacted on projects involving toll roads, power plants,
pipelines, cable networks and other infrastructure assets globally.
Prior to joining Morgan Stanley, Mr. Wahba was at Lehman Brothers where he worked on
structured financings with a focus on the U.S. market. He also worked as an economist for
the World Bank from 1990 to 1992.
Mr. Wahba is a graduate of Harvard University where he received his Ph.D. in Economics, the
London School of Economics (LSE) where he obtained a M.Sc. in Economics and the American
University in Cairo where he obtained his B.A. in Economics. He has published in several
academic journals including the Journal of the American Statistical Association (JASA), Review
of Economics and Statistics as well as other publications, books and proceedings. He is a
frequent guest lecturer at New York University’s School of Public Administration and a
consultant for Cambridge University Press in the field of financial economics.