Commodities, Fossil Fuels, and Renewables – Bargains or Value Traps?
Event Chair: Jan Schalkwijk, CFA
Robert J. Greer,
Senior Advisor, CoreCommodity Management
JPMorgan Center for Commodities, which is part of the University of Colorado, Denver School of Business
Mr. Greer is the first person to define an investable commodity index and is a pioneer in explaining why commodity indexes are an asset class distinct from stocks and bonds. He developed one of the two common methods of explaining sources of commodity index returns and has spoken on this asset class on national television, at industry conferences and trade meetings globally, and at college lectures at Yale, Oxford, Columbia, Princeton and elsewhere. Bob spent eight years managing the commodity index businesses at Daiwa Securities, Chase Manhattan Bank, and JPMorgan before joining PIMCO in 2002 to build their inflation products business. Under his 13 years of leadership PIMCO’s commodity business grew from a single pilot account to become the world’s largest commodity investment management business, at one time responsible for $35 billion in accounts. During this time the other inflation strategies for which Bob had business responsibility (inflation-linked bonds, real estate, certain multi-asset strategies) also grew so that his lines of business included over $100 billion in assets under management.
Prior to building the commodity and inflation business for PIMCO and others, Bob spent a decade in the commercial real estate industry, and also spent many years in corporate finance and computer systems development. But for more than two decades Bob’s primary interest has been the business of commodity investment; so much so that the Chicago Mercantile Exchange has referred to him as “the godfather of commodity investing.” He has also published articles on the subject in The Journal of Portfolio Management, The Journal of Derivatives, The Journal of Alternative Investments, and Pensions & Investments. He has consulted on the subject of commodities to the CIA, the Bank of England and the New York Fed, and participated in the CFTC’s Agricultural Roundtable in April 2008. Mr. Greer wrote The Handbook of Inflation Hedging Investments, oriented to the institutional investment community, which was published by McGraw Hill in December 2005. He also co-authored Intelligent Commodity Indexing, published by McGraw Hill in 2012. Among other interests since retiring from PIMCO, Bob serves as a scholar-in-residence at the JPMorgan Center for Commodities, part of the University of Colorado Graduate School of Business. He is also a Senior Advisor for CoreCommodities, LLC. Bob received a bachelor degree in mathematics and economics from Southern Methodist University and earned an MBA from the Stanford Graduate School of Business.
Pierce H. Norton II
President and CEO, ONE Gas, Tulsa, OK
Chairman of the Board, American Gas Association
Pierce Norton is president and chief executive officer of ONE Gas. Prior to ONE Gas becoming a standalone publicly traded company separated from ONEOK Inc., he served as executive vice president, commercial, of ONEOK and ONEOK Partners. Previously, Norton served as executive vice president and chief operating officer of ONEOK and ONEOK Partners. Prior to that, Norton was president of then ONEOK Distribution Companies – Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service. Also while at ONEOK, he held the position of executive vice president of natural gas, which included responsibility for all natural gas pipelines and the natural gas gathering and processing businesses within ONEOK Partners. He began his natural gas industry career in 1982 at Delhi Gas Pipeline, a subsidiary of Texas Oil and Gas Corporation. He later worked for American Oil and Gas with operational responsibilities for natural gas gathering and processing, and for intrastate and interstate pipelines. He then worked for KN Energy as vice president and general manager of the Heartland Region, before moving to Bear Paw Energy as vice president of business development. In 2002, he was named president of Bear Paw Energy, now ONEOK Rockies Midstream, a subsidiary of ONEOK Partners.
Norton is a member of the American Gas Association’s board of directors, serving as the 2017 Chairman of the Board. He currently serves as a board member of the Tulsa Community College Foundation. He is a past board member of the Interstate Natural Gas Association of America, the Texas Pipeline Association, the North Dakota Petroleum Council and the Western Energy Alliance, formerly known as the Independent Petroleum Association of Mountain States. An Alabama native, Norton earned a Bachelor of Science degree in mechanical engineering in 1982 from the University of Alabama in Tuscaloosa. He also is a graduate of Harvard Business School’s Advanced Management Program.
CEO, CleanFund Commercial PACE Capital, Inc.
Greg Saunders is the CEO of CleanFund Commercial PACE Capital, Inc., bringing 30-years of executive leadership experience in commercial real estate, renewable energy and structured finance. He served as CFO of two publicly-traded companies and four private firms, the majority of which resulted in significant liquidity events for investors. Prior to joining CleanFund, Greg served as CFO at Project Frog, Inc., a design-builder of energy efficient, modular commercial buildings. Previously, Greg was CFO of Tioga Energy, a nationwide commercial solar energy PPA finance and development company. He was also CFO at Codding Enterprises, a commercial real estate development, construction and management company with major investments across multiple clean tech businesses. Greg was previously CFO of Bridger Commercial Funding, the leading independent, cloud-based CMBS conduit, securitizing over $5 billion of commercial mortgages originated through hundreds of banks across the country. Prior to Bridger, he was CFO of two publicly traded specialty finance companies, helping to achieve public company mergers for each. Greg holds a B.A. degree from Macalester College and an MBA from Harvard Business School.
CFASF Members: Free! (sponsored by American Gas Association)
Nonmembers: $10 (subsidized by American Gas Association)
12:00 PM - 12:05 PM - Welcome & Intro
12:05 PM - 12:30 PM - Overview of commodities space from Bob Greer, Senior Advisor CoreCommodity Management
12:30 PM - 12:50 PM - Presentation by Pierce Norton, President/CEO, ONE Gas and Chairman of AGA
12:50 PM - 1:15 PM - Presentation by Greg Saunders, CEO, CleanFund Commercial PACE Capital, Inc.
1:15 PM - 1:30 PM - Q&A
This event qualifies for 1.5 hours of continuing education credit for CFA Charterholders
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