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Industry Insights – Florian Ielpo

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Macro & Finance

Rethinking the risk-for-reward perception of financial markets

Guest Speaker: Florian Ielpo

Many invest in financial markets with the universal idea that the higher the risk, the higher the reward. In this presentation, I’ll spend time arguing that it is probably a misconception of what genuinely drives the valuation of financial assets: the economy has its say in this equation, and I’ll try to provide the intuition of its role – and how it can give the impression of risk and randomness when it is all about added value and predicted future cash flows.

About the Speaker

Florian Ielpo is Head of Macro in LOIM’s Multi-Asset Group, where he drives the use of macroeconomic inputs in the group’s investment solutions. He rejoined LOIM in August 2021 after a stint as Head of Macro Research and multi-asset PM at Unigestion. From 2013 to 2015 he was a fixed income portfolio manager at LOIM and prior to that at BCV from 2011 to 2013. From 2008 to 2010 he was an econometrician within the global bonds team at Pictet AM. He started his career as an economist at Dexia in 2005. Florian is a graduate of ENS and ENSAE in Paris. He holds a Ph.D. in empirical finance from Sorbonne University. Florian publishes regularly in scientific journals and books, and teaches empirical finance and quantitative portfolio management techniques at HEC Lausanne, Dauphine University, and EM Lyon.

On-Demand Video