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Behavioral Finance - New Year’s (Investing) Resolutions
Michael D. Bailey, CFA, FBB Capital Partners
Joseph F. Healy, CFA, Beacon Investment Advisory Services
Raife Giovinazzo, PhD, CFA, Fuller & Thaler Asset Management, Inc.
Gary Mishuris, CFA, Silver Ring Value Partners
Sarah Newcomb Ph.D., Morningstar, Inc.

December 14, 2021
Tuesday 06:15 PM
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Behavioral Finance
New Year’s (Investing) Resolutions

Please join us at our event on

Tuesday, December 14, 2021 at 6:15 PM

Presented online via GoToMeeting
Access instructions will be emailed to those who register

Why do investors make irrational decisions? Even experienced investors can be guided by cognitive biases, such as anchoring, confirmation bias, recency bias, and loss aversion. How can one apply the principles of behavioral finance in order to manage portfolios better and improve returns? With stock prices up and volatility down, it is tempting to assume that investors overconfident and complacent. Should we sell expensive stocks and swap into bonds with low interest rates? Or keep riding the equity wave in the current bull market? How can we identify emotions and bias, such as anchoring, risk aversion, and procrastination, that are creeping into our investment process? Behavioral finance experts and practitioners can help investors take a fresh look at portfolios as we approach a new year that may bring different challenges and opportunities. Learn simple steps that can help identify and avoid costly behavioral finance mistakes that may eat into returns.

Please note that the Chatham House Rule applies – neither the comments of the speaker nor those of other participants are for attribution.

Please register by 5:00 PM ET on Monday, Dec 13, 2021 below and provide your name, email address, and the name of your company/employer. Note that there is a limit to the number of participants. Please register early! Conference call details will be provided on the evening of Monday, Dec 13, 2021.

Gary Mishuris, CFA
Managing Partner and Chief Investment Officer
Silver Ring Value Partners

Gary Mishuris, CFA is the Managing Partner and Chief Investment Officer of Silver Ring Value Partners, an investment firm with a concentrated long-term intrinsic value strategy. He also teaches the Value Investing Seminar at the F.W. Olin Graduate School of Business. Prior to founding the firm in 2016, Mr. Mishuris was a Managing Director at Manulife Asset Management since 2011, where he was the Lead Portfolio Manager of the US Focused Value strategy. From 2004 through 2010, Mr. Mishuris was a Vice President at Evergreen Investments (later part of Wells Capital Management) where he started as an Equity Analyst and assumed roles with increasing responsibilities, including serving as the co-PM of the Large Cap Value strategy between 2007 and 2010. He began his career in 2001 at Fidelity as an Equity Research Associate. Mr. Mishuris received a S.B. in Computer Science and a S.B. in Economics from the Massachusetts Institute of Technology (MIT).

Joseph F. Healy, CFA
Managing Director, Research Director
Beacon Investment Advisory Services

Joseph F. Healy is a Research Director with more than 25 years of financial industry experience. He is chairperson of the Internal Strategies Team, and is directly involved with the management of Beacon’s active equity portfolio strategies. Mr. Healy collaborates with colleagues across the organization in stock selection and on investment matters of relevance to clients and prospects.

Mr. Healy has an extensive background in investment leadership and portfolio management. Prior to joining Beacon Trust, he was a director of research at Legg Mason in Baltimore, PNC Advisors in Philadelphia and Merrill Lynch in Princeton.

Mr. Healy received a bachelor’s degree in business administration from William Paterson University and a master’s degree in finance from Fairleigh Dickinson University. He is also a CFA charterholder. In addition, Mr. Healy is a member of the Global Interdependence Center, CFA Institute, New York Society of Security Analysts, CFA Society of Philadelphia and the Baltimore CFA Society.

Michael Bailey
Director of Research
FBB Capital Partners

Michael D. Bailey is Director of Research and chair of the Investment Committee. Mike is responsible for monitoring and analyzing macro and microeconomic data, secular industry trends, and identifying appropriate investments for client portfolios. Mike is passionate about global capital markets, having lived and worked in London, New York, and Tokyo.

Prior to FBB Capital Partners, Mike spent nearly nine years as a buy-side research analyst with Legg Mason Investment Counsel primarily focusing on recommending stocks in the healthcare industry and managing a model healthcare portfolio. Prior to Legg Mason, Mike was a Vice President and equity research analyst with Bear Stearns, where he followed the medical device industry.

Over the years, Mike’s financial insights and analysis have been featured in appearances on CNBC, Fox Business Network, NPR, and Bloomberg Radio, as well as in the Wall Street Journal,, Forbes, Kiplinger, Barron’s, and The Washington Post.

Mike earned a Bachelor of Arts in International Studies from Emory University and a Master of Arts in International Economics and an MBA from Johns Hopkins University. Mike is a CFA charter holder and a member of the CFA Society of Washington, D.C.

Raife Giovinazzo, PhD, CFA
Partner, Portfolio Manager
Fuller & Thaler Asset Management, Inc.

Dr. Giovinazzo is responsible for managing Fuller & Thaler’s Behavioral Small Cap Equity strategy. He conducts research at Fuller & Thaler, using market insights and behavioral finance to enhance the investment processes at the firm, and manages our research portfolios.

Dr. Giovinazzo has been in the industry since 1995. Prior to joining Fuller & Thaler, Dr.Giovinazzo was a researcher and co-portfolio manager with Blackrock's Scientific Active Equity group (formerly Barclays Global Investors). His previous experience also includes investment and consulting work with Wellington Management, Marsh & McLennan, and Mercer Management Consulting (now Oliver Wyman).

Dr. Giovinazzo received his BA in sociology from Princeton, and his MBA in analytic finance, economics, and statistics, as well as a PhD in finance from the Booth School of Business at the University of Chicago. He wrote his undergraduate thesis for Dr. Kahneman (winner of the 2002 Nobel Prize in Economics) while at Princeton, and Dr. Thaler (winner of the 2017 Nobel Prize in Economics) was his dissertation co-chair at the University of Chicago.

Dr. Giovinazzo holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco. He is an owner of the firm and a member of the Board of Directors.

Sarah Newcomb Ph.D.
Behavioral Economist
Morningstar, Inc.

Sarah Newcomb, Ph.D., is a behavioral economist for Morningstar. In this role, she works to integrate the findings of her research into Morningstar financial management applications and tools.

An interdisciplinary scholar, Newcomb has expertise in consumer psychology, economic decision-making, personal money management, and cognitive and social psychology. Before joining Morningstar in 2015, she earned her doctorate in behavioral economics from the University of Maine, where her work focused on the psychological barriers to sound personal money management. She is the author of LOADED: Money, Psychology, and How to Get Ahead without Leaving Your Values Behind (Wiley, 2016).

Newcomb also holds a bachelor’s degree in mathematics from Salem State University, a master’s degree in financial economics from University of Maine, and a master’s certification in personal financial planning from Bentley University.

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