Dr. Harry Markowitz

Panel Honoring Harry Markowitz

Featuring Sander Gerber, R. Glenn Hubbard, and Anurag Pandit

Monday, November 6, 2023


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Panel Discussion Honoring


Harry Max Markowitz (August 24, 1927 – June 22, 2023) was an American economist who received the 1989 John von Neumann Theory Prize and the 1990 Nobel Memorial Prize in Economic Sciences.

Markowitz was a professor of finance at the Rady School of Management at the University of California, San Diego (UCSD). He is best known for his pioneering work in modern portfolio theory, studying the effects of asset risk, return, correlation and diversification on probable investment portfolio returns.

Source: Wikipedia

The Panel

Professor Glenn Hubbard is a specialist in public economics, managerial information and incentive problems in corporate finance, and financial markets and institutions. He has written more than 100 articles and books on corporate finance, investment decisions, banking, energy economics and public policy, including two textbooks, and has authored The Wall and the Bridge and coauthored Balance, The Aid Trap, and Healthy, Wealthy, and Wise. Hubbard has applied his research interests in business (as a corporate director consultant on taxation and corporate finance), in government (as a former Chair of the U.S. Council of Economic Advisers and the OECD Economic Policy Committee, as well as Deputy Assistant Secretary of the U.S. Treasury Department and as a consultant to the Federal Reserve Board, Federal Reserve Bank of New York, and many government agencies) and in academia (in faculty collaboration or visiting appointments at Columbia, University of Chicago and Harvard). He is co-chair the Committee on Capital Markets and Regulation and past chair of the Economic Club of New York and the Study Group on Corporate Boards. Hubbard is chair of the MetLife and BlackRock Fixed-Income boards and serves on the board of TotalEnergies. His past board service includes ADP, Duke Realty, and KKR Financial Corporation, along with private firms.

Sander Gerber is Chief Executive Officer and Chief Investment Officer of Hudson Bay Capital, a global investment management firm. Mr. Gerber has more than 30 years of investing experience in multiple securities classes and derivatives across a broad range of strategies. Hudson Bay Capital has delivered high quality risk adjusted returns for investors throughout multiple market cycles.

In 2008, Mr. Gerber developed the Gerber Statistic, which measures the co-movement of financial assets, enabling early detection of concentration risks and insufficient diversification within an absolute return portfolio. Later, after many years in collaboration with Harry Markowitz, the Nobel Prize-winning economist and father of Modern Portfolio Theory (MPT), research was completed to optimize the modern portfolio construct by replacing historical covariance with the Gerber Statistic. This groundbreaking paper was published in the Journal of Portfolio Management of February 2022.

Mr. Gerber is also the chief designer of his firm's proprietary Deal Code framework, a scalable, repeatable portfolio management system that provides granular control seeking to minimize loss, maximize return, and optimize the judgment skills of Hudson Bay Capital's investment professionals.

Mr. Gerber began his investment career in 1991, as a member of the American Stock Exchange working as an equity options market maker. In 1997, he founded Gerber Asset Management LLC ("GAM") to develop and engage in proprietary investment strategies, many of which are utilized by Hudson Bay Capital today. In late 2005, Mr. Gerber and Yoav Roth co-founded Hudson Bay Capital, which absorbed GAM's business and 15 employees.

Prior to becoming a member of the American Stock Exchange, Mr. Gerber was an Associate Consultant at Bain & Company, a leading strategic management consulting firm where he assisted the senior management of multinational corporations to identify and implement corporate growth opportunities.

Mr. Gerber is a member of the Council on Foreign Relations and the Economic Club of New York. He is a fellow and board member of the Jerusalem Center for Public Affairs, an independent research institute specializing in public diplomacy and foreign policy. Mr. Gerber serves as a member of the United States Agency for International Development's Partnership for Peace Fund Advisory Board. The Board provides information and advice to USAID, and other U.S. Government agencies to promote economic cooperation, people-to-people peace building programs, dialogue, and reconciliation between Israelis and Palestinians. Mr. Gerber was previously a member of the Director of National Intelligence s Senior Advisory Group (SAG). SAG provides the Director of National Intelligence with an informed, external perspective regarding policy, industry best practices, technology breakthroughs, and best-in-class solutions relevant to current intelligence issues.

Mr. Gerber graduated cum laude from the University of Pennsylvania, with a BSE in Finance from Wharton and a BA in Humanistic Philosophy from the College of Arts and Sciences.

Source: Hudson Bay Capital

Anurag Pandit is the Chief Investment Officer for ALSAC, the fund raising and awareness organization for St Jude Children's Research Hospital. He is responsible for managing the Investment Portfolio of the organization in close co-operation with the Investment Committee, Investment Consultant, and Executive Leadership Team. He oversees the operations and staff of ALSAC's investment team.

Prior to joining ALSAC in June 2015, Mr. Pandit accumulated more than 25 years investment experience in multiple investment disciplines. He served as a Director of Investments and a senior member responsible for setting up a new investment office to manage Boston Children's Hospital $3 billion Endowment and Pension Plan. Prior to Boston Children's Hospital, he was the founder and managing partner at Lexicon Management, a global long-short equity hedge fund for approximately four years. In the ten years prior to that, he was a Senior Vice President and leader of the Small Cap Growth team at John Hancock Funds where he managed over $2 billion in multi-cap, small cap and technology mutual funds. During this period, he was often quoted in the popular financial press and appeared on CNBC and Bloomberg News. At the time of Manulife's purchase of John Hancock, he also served as the interim co-chief equity officer. Anurag was an equity analyst at Loomis Sayles and spent four years in various roles in commercial banking at the Bank of Boston.

Anurag earned a Masters in Management from the Sloan School at MIT in 1988 and a Bachelor's Degree in Commerce (Honors) from Delhi University. He is a Chartered Finance Analyst. He serves on the Board of the CFA Society of Memphis and is its most recent past President. He also serves as adjunct faculty at the Fogelman School at the University of Memphis.

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