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PRESIDENT'S MESSAGE

It's hard to believe that 2005 is nearly over. Next week is Thanksgiving, and then it's December! Even though December has 31 days, it often seems that it is the shortest month of the year.  Not only are the days shorter as we approach the winter solstice, but there always seem to be fewer productive working days, as we and our clients try to finish projects before the magical year-end.

I hope that 2005 has been a good year for you and that the coming holidays are truly joyful, and not too stressful.

Last Month's Program

FPF member Richard Zimmerman, Esq. and Dr. Miriam Zimmerman, certified mediators, who will discuss the role of mediation in marital dissolutions. They provided valuable information about the process, and helpful hints for financial planners, estate planners, and accountants. Their comments and power point slides, laced with light-hearted asides were informative and entertaining.

Future Programs

On December 6, Professor Meir Statman of Santa Clara University has accepted our invitation to address the Forum on "Behavioral Finance: Normal Investors, Then and Now."

On January 24, 2006, Mark Shepherd and George Delucchi  will discuss the legal, tax, and practical issues affecting "Choice of Entity" for our clients.

On February 28, 2006, Tracy Herrick, the Economist for The Private Bank of the Peninsula and will be speaking on "The Housing Bubble."

More About December's Speaker

Professor Meir Statman is Chair of the Finance Department and Glenn Klimek Professor of Finance at the Leavey School of Business, Santa Clara University.

His research focuses on behavioral finance. He attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets.

The questions he addresses include: What is the nature of risk? How do investors form portfolios? What determines expected returns? What is the effect of sentiment? Why are investors reluctant to realize losses? Why do investors have different rules for spending from capital and income? What kinds of securities do investors like? What forces shape financial regulation?

Meir's research has been published in The Journal of Finance, The Journal of Financial Economics, Financial Analysts Journal, The Journal of Financial and Quantitative Analysis and many other journals. The research has been supported by grants from the National Science Foundation, the Research Foundation of the Institute of Chartered Financial Analysts and the Dean Witter Foundation.

Meir is a member of the Advisory Board of the Journal of Portfolio Management and the Journal of Investment Consulting and a recipient of a Batterymarch Fellowship and a Graham and Dodd Award.

Meir received his Ph.D. from Columbia University and his B.A. and M.B.A. from the Hebrew University of Jerusalem.

We anticipate an excellent program, an especially good one to invite a guest and prospective member to.