Harry Marmer | SpeakerHub

Personal Details

Bio

Prior to joining Hillsdale, Harry led the Canadian institutional business of Franklin Templeton Investments, as well as the institutional business at Russell Investment Group. As Principal, he co-led Mercer's Investment Consulting Practice and prior to that was a Senior Investment Analyst at Sun Life Canada. Harry is a frequent conference speaker and has authored more than 48 articles and a book entitled, "Perspectives in Investment Management." He has served on a number of industry boards and was past President of CFA Society Toronto. Harry was awarded the Toronto Society’s Research Award and received the Society’s Volunteer of Distinction Award. He currently volunteers for the CFA Institute and is on the editorial board of The Journal of Investing. Harry joined Hillsdale in February 2008.

Current position (1)

EVP & Partner

Hillsdale Investment Management

Achievements (1)

Published book: Perspectives on Institutional Investing

Degrees (1)

Masters of Business Administration

York University Schulich School of Business

1983 to 1985

Presentations

Presentations (11)

The Strange Case Of The Disappearing Small Cap Anomaly

Investors allocating to small cap stocks typically expect that they will outperform large cap stocks.
• What are these expectations based on?
• Why may these expectations not be fulfilled?
This presentation will discuss these issues and other empirical observations of small cap investing including:
• What is the Small Cap Anomaly?
• Does the Small Cap Anomaly Exist?
• The Small Cap Premium vs Small Cap Effect
• The Strange Case of the Disappearing Small Cap Anomaly
• Why Do Institutional Investors Tend to Miss This Opportunity?

The Quantification of the Investment Industry

Technology has revolutionized the investment management industry. The rise of outsourcing, smart beta, passive investment management, lower trading costs, all can be sourced to technological empowerment. This presentation will discuss these and other results of the continued quantification of the investment management industry including:
. The Rise of Powerhouse Sponsors
. Why Consultants Have Become Money Managers
. Active Management vs Smart Beta & Passive Management: Who Wins?
. The Future of the Business and Consequences for All Of Us!

Are Alphas Becoming Smart Betas?

Smart beta has become one of the most popular investment terms in the industry as a Google search for the term pops up 43.5 million results. This discussion examines both alpha and beta with the objective of determining Are Alphas Becoming Smart Betas? Topics include:
• The Difference Between Alpha, Beta and Smart Beta
• Is Smart Beta, Smart Alpha?
• What Are The Implications of Smart Beta and Alpha For Sponsors, Consultants and Money Managers?

The Premature Death of Alpha

It is popular to proclaim the “death of active investment management.” Many culprits have been blamed for the apparent failure of active management including money managers, investment committees and consultants. Rather than search for blame, this session examines fundamental market drivers and the empirical facts with respect to active management from the institutional perspective. Before posting alpha’s obituary, we will discuss the following to help us reach reasonable conclusions:
• Who are the Culprits in The Death of Alpha
• Three Fundamental Laws Driving the Active/Passive Debate
• How to define Investment Skill
• What are the Empirical Results for Active Managers
• The Perversity of Success in Asset Management
• Is Alpha Dead?

Lessons From Capital Markets History

The philosopher George Santayana said that, “Those who do not learn from history are doomed to repeat it.” Mark Twain said, “History doesn’t repeat itself, but it does rhyme.” Capital market history offers investors plenty of golden nuggets to help them avoid falling prey to headline news and misguided advice. We will study capital market history to examine a wide range of popular beliefs, including:
• Business and Stock Market Cycles are Predictable
• The Market Cannot Be Beaten So Buy An Index Fund
• Interest Rates Can Be Forecasted
• Equity Markets Are More Volatile Today
• Private Equity is A Good Replacement For Public Equity

Money Management in the Age of ETFs and High-Frequency Traders

This session looks at how the institutional money management business has evolved over time and where it is going in the future. The institutional investment industry used to be easy to define and portray. Today, this industry reflects the “best” elements of creative destruction.
Discussion points include:
• The Institutional Investment Business as We Knew and Loved
• Technology as a Key Disruptive Force on the Business
• Financial Innovation: the Good, the Bad and the Ugly
• Implications for Pension Plan Sponsors, Consultants, and Money Managers

Equity Minimum Risk Strategies: Another Passing Investment Fad?

Equity minimum risk or low volatility strategies have recently received a lot of attention from both the press and investors. Is this strategy another passing fad or is there investment substance to this approach? This session will also review the evolving nature of markets and its implications for investors.
Issues discussed include:
• What Is an Equity Minimum Risk Strategy?
• Perspectives on Equity Minimum Risk Strategies
• What to Expect from an Equity Minimum Risk Strategy
• Institutional Investor Implications

Why Risk Is a "Four Letter Word

Risk is a four-letter word only if misunderstood and when it is not managed appropriately by investors. We discuss why risk is sometimes considered a "four letter word" and what investors can do to better understand and manage risk.
• The Classical Definition of Risk
• What is The True Minimum Risk Portfolio?
• Why Risk is a "Four Letter Word"
• How Can We Improve Our Management of Risk?

Why Small Is Still Beautiful

Investing in small capitalization stocks is an asset class that should not be ignored by institutional investors. This presentation will review the case for small cap investing including:
• What is The Small Cap Effect?
• Why is There a Small Cap Effect?
• Why Do Institutional Investors Tend to Miss This Opportunity?

Fire! Fire! Are Low Volatility Strategies A Crowded Trade?

Picture George Costanza screaming “FIRE! FIRE!” and barreling his way out the door knocking over old women and children and you will have a very good visual idea as to what a “crowded trade” means to an investment manager. We play investment detective and assess if low volatility strategies have become crowded by examining:
• What Is A Crowded Trade?
• Signals That The Low Volatility Investing Space Is Crowded
• Crowding in Canadian vs. US Low Volatility Strategies
• How To Avoid a Crowd

On the One Hand and on the Other Hand: The Active versus Passive Investment Management Debate

For as long as investors have had the choice between active or passive investment management, there has been an ongoing debate on the relative merits of both approaches. This presentation begins with an examination of the evolving nature of the debate between active versus passive investment debate. Next, it examines whether active managers have been successful or not. It then looks at the future of active investment management for institutional investors. Topics covered:
• A Philosophical Approach to Defining the Active vs Passive Investment Management Debate
• How Has This Debate Evolved Over Time?
• Can Managers “Beat the Market”?