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​Finance & Administration Roundtable Panel Discussion at FAR March Luncheon: “The Economic Impact on Reserves” | FAR News Release
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Washington, DC – March 22, 2016

Tom Galgano and Michael Park (Vanguard Group), Leigh Talbot (CFA Society) and Dennis Gogarty (Raffa Wealth Management) guided FAR members through the risks and dreams of investing in the current economic environment, providing both insight and foresight for executives and board members.

These are a few highlights -

Tom Galgano suggested a change in where we look for risk: risk exists, not in the events that we can see, but in what’s coming after that and urged attendees not to react (or over-react) but to be willing to wait, “to just sit.” Other perspectives included a look at emerging markets (disappointed growth), on labor (with 4.8% unemployment, we’re reaching capacity), on changes in the Fed rate (consider 2.5-3%) and on returns (think in terms of required rather than desired returns).

Michael Park urged a disciplined approach after introducing the concept of behavioral investing. Such an approach avoids performance chasing and takes on long-term perspective based on clear goals, a balanced portfolio, an emphasis on minimizing costs and discipline. His conclusion: the best indicator of an investment is cost, not rating.

Leigh Talbot focused attention on the responsibilities of board members and the role of the executives in guiding new board members through the information and decision making structures of the organization. Begin by looking at the Investment Policy Statement.

Finally, Dennis Gogarty wrapped up the presentation with an invitation for members to take advantage of the benchmarking program developed by Raffa and available on line.


FAR Contact:
Christina Hartz hq@far-roundtable.org
1325 G Street, NW, Suite 500 Washington, DC 20005
Ph: (703) 971-1116
Finance & Administration Roundtable

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