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Lazard Insights Conference Call Series

Lazard Insights Conference Calls are an ongoing series of monthly conference calls discussing timely issues in today�s market. The calls are not specific to any Lazard products or services; rather, they are designed to share value-added insights from Lazard�s thought leaders around the world.

A Q&A session will follow each of the presentations. In addition to taking questions from the live audience, we will accept questions by email at InsightsCalls@Lazard.com before or during each call. Please limit your questions to the topics of the call.

The Lazard Insights Conference Calls series is now also available as a podcast in iTunes, allowing you to download and listen to timely insights from Lazard’s investment leaders whenever and wherever you choose. To subscribe to the podcast, click the button below.

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Next Call

A Solution for a New Fixed-Income Paradigm: Emerging-Market Currencies and Short-Duration Local Debt

Tuesday, August 20, 2013, 4:00 pm ET
     (Tuesday, August 20, 2013 20:00 - London)
     (Tuesday, August 20, 2013 21:00 - Germany)  

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Investor concerns about the potentially asymmetric risk/return profile of traditional fixed-income asset classes have heightened, following sizeable losses in recent months and uncharacteristically positive correlation with equities. The anticipation of incrementally less stimulus from the US Federal Reserve (the Fed) may warrant a non-traditional fixed-income approach as policy normalization ensues, even though the Fed's data-dependent guidance suggests continued monetary accommodation with actual tightening still years away.

Please join Ardra Belitz, Portfolio Manager/Analyst on Lazard's Emerging Income team, as she discusses the investment opportunities and differentiated patterns of returns available in short-duration, emerging-market local-currency debt.

Featured Speaker:
Ardra Belitz
Managing Director, Portfolio Manager/Analyst
Ardra Belitz is a Managing Director of Lazard Asset Management LLC and a Portfolio Manager/Analyst specializing in emerging markets currency and debt. She has been a member of the Emerging Income management team since 1998. Ardra began working in the investment industry in 1994. Prior to joining Lazard in 1996, she worked at Bankers Trust Company. Ardra has her BA in Economics from Brandeis University, from which she graduated Phi Beta Kappa.

Dial In:
U.S./Canada: 888-740-6139
International: 913-312-1477
Passcode: 3626760

Replay Dial In (available 2 hours after the live call):
U.S./Canada: 888-203-1112
International:  719-457-0820
Replay Passcode: 3626760

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Previous Calls

Is Global Diversification Dead?


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Recent capital market strength has been narrowly focused on a few regions and has been dominated by the US equity market. As ongoing economic challenges remain in individual regions and geopolitical events continue to affect the market, we believe it is constructive to reassess the fundamental principles of a globally diversified portfolio. Please join David Cleary, lead Portfolio Manager/Analyst of Lazard's global asset allocation platform, as he discusses current market conditions and the outlook for global asset allocation.

Featured Speaker:
David Cleary, CFA
Managing Director, Portfolio Manager/Analyst
Lazard Asset Management LLC (New York)
David Cleary is a Managing Director of Lazard Asset Management LLC. David provides oversight and management to Lazard's US-based fixed income and asset allocation platform. Additionally he is directly responsible for the management of the Lazard Capital Allocator Series ("LCAS"). LCAS is a global tactical asset allocation investment strategy. David works on asset allocation modeling and total portfolio risk management and is a member of the LCAS Advisory Board. He is also a member of the Lazard Investment Council. Previously, he spent nine years as a senior fixed income portfolio manager at Lazard with a focus on risk control, sector allocation and total portfolio management. David began working in the investment field in 1987. Prior to joining Lazard in 1994, David worked as a portfolio manager with Union Bank of Switzerland and an assistant treasurer with IBJ Schroeder, both primarily in fixed income asset management. He has a BS from Cornell University.

The Evolution and Divergence of Emerging Markets and What It Means to Asset Allocators


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Over the last decade, the emerging markets have evolved dramatically. With deeper capital markets, a developing domestic consumer base, and fewer regulatory hurdles for global investors today, the opportunity set has increased significantly. However, many emerging markets investors are focusing solely on the most commonly used equity benchmark, the MSCI Emerging Markets Index, which we believe is in many ways a sub-optimal representation of the opportunity set offered by the asset class. Please join Jai Jacob, Portfolio Manager/Analyst on Lazard's Multi Strategy team, for a discussion on the broad investment opportunities in the emerging markets and a flexible approach aimed at capturing them.

Featured Speaker:
Jai Jacob
Managing Director, Portfolio Manager/Analyst
Lazard Asset Management LLC (New York)
Jai Jacob is a Managing Director and Portfolio Manager/Analyst, leading the Lazard Multi Strategy investment team. Prior to joining the Multi Strategy investment team, Jai worked in Global Risk Management, Fixed Income, Quantitative Technology and Settlements. He led the development of Lazard's proprietary Risk Analysis system, and has built quantitative analytical tools for over 40 Lazard investment strategies. Jai began working in the investment field in 1998 upon joining Lazard. He has a BA from Cornell University.

 

Equity Income in a Low-Yield World


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In a low interest rate environment, many investors continue to move away from traditional fixed income toward dividend-paying equities in their quest for yield. However, the focus on safety and the home market bias of many US investors has caused the more defensive area of the global market to become overpriced. Please join Patrick Ryan, Portfolio Manager/Analyst, as he discusses the recent trend in which defensive stocks have outperformed, as well as how cyclical and defensive income stocks tend to trade over the long term. Additionally, Patrick will discuss why an unconstrained approach that looks beyond traditional high-yielding stocks (i.e., large, mature, and defensive companies) can potentially maximize capital appreciation along with income.

Featured Speaker:
Patrick Ryan, CFA
Managing Director, Portfolio Manager/Analyst
Patrick Ryan is a Managing Director of Lazard Asset Management and a Portfolio Manager/Analyst on the Global Equity Income and Global Equity Select teams. Prior to joining Lazard in February 1994, Pat was an equity analyst with Hutson Management. He began working in the investment industry in 1989. Pat has a BS in Industrial Engineering from Columbia University School of Engineering and Applied Science.

Capturing Opportunities with Emerging Markets Small Caps


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Emerging markets small-cap stocks remain an underinvested area of the market. However, we believe the emerging markets small-cap universe represents fertile ground for attractive investment opportunities today. Please join Alex Ingham, Portfolio Manager/Analyst, as he examines this vast universe, which currently has low dedicated analyst coverage, a greater number of opportunities in consumer sectors, and tends to be less susceptible to government intervention when compared to large caps.

Featured Speaker:
Alex Ingham
Director, Portfolio Manager/Analyst
Alex Ingham is a Portfolio Manager/Analyst on the Emerging Markets, International, and Global Small Cap Equity teams. He began working in the investment field in 1996. Prior to joining Lazard in 2011, Alex was Head of Emerging Market Equities at Aviva Investors (formerly Morley Fund Management) where he managed emerging markets small cap equity portfolios. Prior to that, he was a fund manager for North American equities with the same firm. Prior to Aviva, Alex was Head of North American Equities at Aberdeen Asset Management. He also worked at Hill Samuel Asset Management and City Financial Partners Limited. Alex has a BSc (Hons) in Psychology from the University of Bristol. Alex is an associate member of the IIMR (Institute of Investment Management and Research) and has a diploma from the European Federation of Financial Analysts Societies. As well, he has a CII (Chartered Insurance Institute) Financial Planning Certificate (Parts 1 and 2).

European Equities: From Crisis to Rebirth

Over the last three years, European equity markets have been severely punished, and many observers have made the case for Europe's economic disintegration. However, the fiscal and economic union remains largely intact today, and structural reforms have begun yielding results throughout the region. We believe Europe is now in a firmer position to withstand bouts of fear and volatility than it has been in recent history. In addition, we feel many companies in the continent represent compelling opportunities, as they have strong fundamentals despite investor risk aversion.

Please join Barnaby Wilson, Portfolio Manager/Analyst on Lazard's European Equity team, as he examines the current investment environment and implications for investors

Featured Speaker:
Barnaby Wilson, CFA
Director, Portfolio Manager/Analyst
Lazard Asset Management Limited (London)
Barnaby Wilson is a Portfolio Manager/Analyst on the European Equity team. He began working in the investment field in 1998. Prior to joining Lazard in 1999, he worked for Orbitex Investments. He became a member of the European Equity team in January 2006, graduating from the role of research analyst. Barnaby has a BA (Hons) in Mathematics and Philosophy from Balliol College, Oxford University.


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Trade-Offs in Liquid Alternatives: The Currents beneath the Surface

Price and liquidity dislocations occurred in many asset classes both during and after the financial crisis. Hedge funds were not immune and as a result, so-called liquid alternatives, or vehicles attempting to mirror hedge fund returns and volatility but with greater liquidity, have proliferated.  

The structure of capital markets has also changed as a result of the crisis both in terms of trading volume and investor flows. Thus, we believe the risks and opportunities of liquid alternatives deserve a closer look amid this new landscape. Please join Chris Heasman, Portfolio Manager/Analyst on Lazard’s Fund of Hedge Funds team, as he discusses key investment considerations for liquid alternatives.

Featured Speaker:
Chris Heasman
Director, Portfolio Manager/Analyst
Lazard Asset Management LLC (New York)
Chris Heasman is a Portfolio Manager/Analyst on the Fund of Hedge Funds team and a member of the Fund of Hedge Funds Investment Committee. He began working in the investment field in 1979. His capital markets experience includes leading global principal trading and risk positioning businesses with direct P&L and capital allocation responsibilities across multiple asset classes. Prior to joining Lazard in 2001, Chris led the development and portfolio management of JP Morgan Investment Management's Hedge Fund Group's Structured Hedge Fund products. Previously he worked with CIBC, Banque Indosuez, CitiNational (Citibank) and Capel Court Corporation. He also held a membership of the Sydney Futures Exchange where he operated for many years as an independent option market maker. He was an advisor to the Board of Directors of the Sydney Futures Exchange for 10 years and was responsible for the design of many of the financial futures and options contracts traded on that exchange.


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2013 Global Overview: Incremental Change and Clarity

Despite investors’ fears, the “black swan” events of 2012 failed to materialize. As we look ahead in 2013, the clarity gained by the unfolding of key economic and political events will likely allow for incremental changes in economic factors and government policy to drive markets. We believe investors who refuse to engage in volatility or wait on the sidelines for clear skies and grand bargains to take shape will be left behind, as the risk-on/risk-off cycles of 2012 have opened significant valuation opportunities across asset classes, regions, and sectors. Please join David Cleary, lead Portfolio Manager/Analyst of Lazard's global asset allocation platform, as he discusses these issues and the road ahead.

Featured Speaker:
David Cleary, CFA
Managing Director, Portfolio Manager/Analyst
Lazard Asset Management LLC (New York)
David Cleary is a Managing Director of Lazard Asset Management LLC. David provides oversight and management to Lazard's US-based fixed income and asset allocation platform. Additionally he is directly responsible for the management of the Lazard Capital Allocator Series ("LCAS"). LCAS is a global tactical asset allocation investment strategy. David works on asset allocation modeling and total portfolio risk management and is a member of the LCAS Advisory Board. He is also a member of the Lazard Investment Council. Previously, he spent nine years as a senior fixed income portfolio manager at Lazard with a focus on risk control, sector allocation and total portfolio management. David began working in the investment field in 1987. Prior to joining Lazard in 1994, David worked as a portfolio manager with Union Bank of Switzerland and an assistant treasurer with IBJ Schroeder, both primarily in fixed income asset management. He has a BS from Cornell University.


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The Interest Rate Conundrum

Interest rates in the United States remain at historical lows. The combination of aggressive US Federal Reserve policy, underwhelming growth, and economic uncertainty is causing dislocations in fixed income markets. Flows into bond markets remain historically high despite limited upside and the increasing potential for negative total returns. Please join Joe Ramos, Managing Director and Portfolio Manager/Analyst on Lazard's US Fixed Income Team, for a discussion about key investment considerations and portfolio implications in anticipation of an environment of rising interest rates.

Featured Speaker:
Eulogio (Joe) Ramos
Managing Director, Portfolio Manager/Analyst
Joe Ramos is a Portfolio Manager/Analyst on the US Fixed Income team. He began working in the investment industry in 1978. Prior to joining Lazard in 2006, Joe was the Chief Investment Officer of Ambac Financial Group, Inc., where he was responsible for the oversight and management of Ambac’s investment strategies, including the Excess Liquidity, Core Capital, Plus, and levered LIBOR+ LDI portfolios. Previously, Joe was a member at E.H. Capital Group, LLC, a Senior Vice President and Portfolio Manager at Lazard Asset Management, a First Vice President and Senior Portfolio Manager at Lehman Management Co., and a Senior Analyst in the Lehman Brothers Kuhn Loeb Fixed Income Research Department. He has a BS from New York University. Joe Ramos is a member of the CFA Institute, the NYSSA and the Economic Club of New York.


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Investing Beyond Sovereigns: Emerging Markets Corporate Debt 

Over the last two decades, emerging-market (EM) countries have constructed a solid macroeconomic foundation, as witnessed by stronger GDP growth, improved control of inflation, and more accessible capital markets. In addition, EM companies have developed healthy fundamentals, leading to significant advancements in the corporate-debt market.  

As a result, EM corporate bonds have evolved, and have garnered attention as a notable component of global portfolios. Emerging markets corporate debt is one of the fastest-growing areas of the EM space. It currently offers higher spreads, and on average produces a higher yield than its developed-market counterparts.

Please join Arif Joshi, Portfolio Manager/Analyst on Lazard’s Emerging Markets Debt team, as he examines this growing investment opportunity set and discusses implications for investors.

Featured Speaker:
Arif T. Joshi, CFA
Managing Director, Portfolio Manager/Analyst
Arif Joshi is a Portfolio Manager/Analyst on Lazard’s Emerging Markets Debt team. He began working in the investment field in 1998. Prior to joining Lazard in 2010, Arif was with HSBC Asset Management (formerly Halbis) where he served as Senior Vice President and Portfolio Manager. At HSBC, Arif was responsible for global emerging markets, focusing on corporate and sovereign credit analysis, risk management and quantitative modeling. He began this role at The Atlantic Advisors LLC (acquired by HSBC in 2005). Prior to HSBC, he was an associate at Strategic Management Group where he advised Fortune 500 companies on finance and corporate strategy. Arif has an MBA in Finance from Columbia Business School and a BS in Economics from the Wharton School at the University of Pennsylvania.


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What Would Be a “Good” Landing for China?
China has posted impressive GDP growth for several decades and has emerged as one of the world’s leading economic powers. Given its important contribution to global growth, the recent economic slowdown in the face of a major decennial transition of power has focused investors’ attention on the risks and opportunities there.

As China downshifts to a slower secular rate of growth, the inevitable bumps in that path are often mere interruptions (“soft landings”) and occasionally more severe (“hard landings”). While not strictly defined, these terms imply a polarity of outcomes that may impede investors’ ability to recognize the longer-term opportunity in China.

Please join Tom McManus, Portfolio Manager/Analyst on Lazard's Multi Strategy team, as he examines the key factors surrounding these potential outcomes and the relevant implications for investors.

Featured Speaker:
Thomas M. McManus
Managing Director, Portfolio Manager/Analyst
Tom McManus is a Managing Director and Portfolio Manager/Analyst on the Lazard Multi Strategy investment team, specializing in macroeconomic forecasting and asset allocation. He began working in the investment field in 1980. Prior to joining Lazard in 2010, Tom was Managing Director and Chief Investment Officer of Wells Fargo Advisors. Previously, Tom was Managing Director and Chief Investment Strategist at Bank of America Securities LLC. Tom started his career at Morgan Stanley in 1980 in strategic planning and equity derivatives. From 1983 to 1991, he was a member of the Global Equity Derivatives department at Goldman Sachs. Tom has a BS in Operations Research from Columbia School of Engineering and Applied Science, where he is a member of the advisory board for the program in Financial Engineering. He is also a non-voting member of the Lazard Capital Allocator Series ("LCAS") Advisory Board, as well as a member of the Speaker Retainer program at the CFA Institute.


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Back on Solid Ground: The U.S. Housing Recovery Has Begun
The latest readings on U.S. house price indices point to a positive inflection after almost six years of downside. A sustained upturn in the housing market, even if it is moderate as we expect, would have profound implications for consumers and for economic growth. Please join Ron Temple, a leading authority on the ongoing financial crisis and Managing Director, Portfolio Manager/Analyst on Lazard's Global Equity Select and U.S. large cap strategies as he discusses the implications of a housing market recovery on the U.S. economy and the investment implications thereof.

Featured Speaker:
Ronald Temple, CFA
Managing Director, Portfolio Manager/Analyst
Ronald Temple is a Portfolio Manager/Analyst on our large cap U.S. equity teams, as well as the Global Equity Select team. He is also Co-Director of Research and has primary research coverage of the financials sector. Ron is a leading authority on the ongoing financial crisis. He joined Lazard in 2001 with ten years of global experience including fixed income derivative trading, risk management, corporate finance and corporate strategy in roles at Deutsche Bank AG, Bank of America NT & SA and Fleet Financial Group in London, New York, Singapore, San Francisco and Boston. Ron has an MPP from Harvard University and graduated magna cum laude with a BA in Economics & Public Policy from Duke University. Ron serves as a trustee of the Link Community School in Newark, New Jersey and is a member of the Trinity Board of Visitors at Duke University.


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U.S. Natural Gas: Evolution and Revolution
Improved drilling technologies and recent discoveries of natural gas in the United States are changing the energy landscape. These new resources have implications not only for global energy reserves but also for the energy supply chain. More specifically, expanding gas resources could signify an industrial renaissance in the United States. Please join Eugene Krishnan, Research Analyst on Lazard’s energy sector team, as he examines this new paradigm and its impact on businesses and consumers.

Featured Speaker:
Eugene Krishnan
Senior Vice President, Research Analyst
Eugene Krishnan is a Senior Vice President of Lazard Asset Management LLC and a Research Analyst. He rejoined the firm in 2012. Previously at Lazard, Eugene was a Research Analyst from 2001 to 2009. He began working in the investment field in 1998. Prior to joining Lazard in 2001, Eugene was a strategist at Carpe Diem Innovations Ltd. and a strategy consultant at PricewaterhouseCoopers LLP. Eugene has a BS in Chemical Engineering from Columbia University.

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Alternative Paths, Alternative Outcomes: Surviving in a Bimodal World
As a result of the global financial crisis, markets continue to appear driven to a greater extent by geopolitical events than by economic or company fundamentals, and many investors are responding by alternating between asset classes perceived as either risky or safe. In turn, this is causing significant increases in correlations despite a growing dispersion in fundamentals across investments. We believe fundamental factors will eventually regain their importance as future events provide investors greater certainty about election outcomes, sovereign debt issues, and economic growth over the coming months.

Featured Speaker:
David Cleary, CFA
Managing Director, Portfolio Manager/Analyst
David Cleary is a Managing Director of Lazard Asset Management LLC. David provides oversight and management to Lazard's U.S.-based fixed income and asset allocation platform. Additionally he is directly responsible for the management of the Lazard Capital Allocator Series ("LCAS"). LCAS is a global tactical asset allocation investment strategy. David works on asset allocation modeling and total portfolio risk management and is a member of the LCAS Advisory Board. He is also a member of the Lazard Investment Council. Previously, he spent nine years as a senior fixed income portfolio manager at Lazard with a focus on risk control, sector allocation and total portfolio management. David began working in the investment field in 1987. Prior to joining Lazard in 1994, David worked as a portfolio manager with Union Bank of Switzerland and an assistant treasurer with IBJ Schroeder, both primarily in fixed income asset management. He has a BS from Cornell University.

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The Eurozone: The Beginning of the End or the End of the Beginning?
Yet again, the Eurozone appears to be at a critical juncture. Key events in the weeks ahead could further weaken the union, perhaps even destroy it, or, conversely, resolve underlying cracks in the foundation of the Eurozone. As we contemplate the Greek elections, Spanish bank recapitalization and questions around fiscal union, we see a number of potential sources of volatility for financial markets. Please join Ron Temple, a leading authority on the ongoing financial crisis and Portfolio Manager/Analyst on Lazard's Global Equity Select and U.S. large cap strategies as he discusses European politics and the future of the euro, as well as how investors may be impacted.

Featured Speaker:
Ronald Temple, CFA
Managing Director, Portfolio Manager/Analyst
Ronald Temple is a Portfolio Manager/Analyst on our large cap U.S. equity teams, as well as the Global Equity Select team. He is also Co-Director of Research and has primary research coverage of the financials sector. Ron is a leading authority on the ongoing financial crisis. He joined Lazard in 2001 with ten years of global experience including fixed income derivative trading, risk management, corporate finance and corporate strategy in roles at Deutsche Bank AG, Bank of America NT & SA and Fleet Financial Group in London, New York, Singapore, San Francisco and Boston. Ron has an MPP from Harvard University and graduated magna cum laude with a BA in Economics & Public Policy from Duke University. Ron serves as a trustee of the Link Community School in Newark, New Jersey and is a member of the Trinity Board of Visitors at Duke University.

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Demystifying the Investment Landscape in Latin America
We believe Latin American economies possess strong economic, fiscal, and demographic fundamentals and are well-positioned for economic growth. Most Latin American nations also have more transparent and operationally efficient capital markets, when contrasted with others in the developing world. Please join Thomas Boyle, Portfolio Manager/Analyst on Lazard's Latin American Equity team, as he evaluates the current macroeconomic backdrop for the region, shares his insights on the growing investment opportunity set, and discusses potential implications for investors.

Featured Speaker:
Thomas C. Boyle
Senior Vice President, Portfolio Manager/Analyst
Thomas Boyle is a Portfolio Manager/Analyst on the Emerging Markets Core Equity and Latin American Equity teams, focusing primarily on emerging markets investments within Latin America. He started working in the investment field in 1997. Prior to joining Lazard in 2011, Thomas spent 11 years with Deutsche Asset Management providing expertise in the areas of bottom-up research, portfolio construction and client service for their Emerging Markets and Latin America Equity institutional and retail strategies. Thomas has a Masters in Finance from Brandeis University and a BA from the University of Massachusetts at Amherst.

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Understanding the Risks of Investing for Income
In the early 1980s, the Federal Funds target rate was approximately 20% and, for the next 20 years, 10-year U.S. Treasury yields were rarely below 6%. During this time, income-seeking strategies were supported by strong growth, little impairment, and a high level of liquidity. Today, with the Federal Funds target rate between 0% and 0.25%, income-oriented investors are forced to take more risk in order to meet desired income targets. Please join Christopher Komosa, Portfolio Manager on Lazard's asset allocation strategies team, as he discusses the origins, evolution, and trade-offs of investing for income, and the implications that these factors have on portfolio construction.

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U.S. Healthcare Reform: Drivers, Economics, and the Supreme Court
In late March, the U.S. Supreme Court will hear arguments regarding the constitutionality of the recently passed healthcare legislation. In this call, we discuss our views on why healthcare reform was enacted, the economics surrounding the sector, and what impact the Supreme Court ruling may have for investors. Please join Lazard's principal healthcare industry specialists, Ross Seiden, Vice President, Research Analyst and Rhett Brown, Director, Research Analyst, as they look beyond the headlines and provide insight around healthcare reform and its implications for long-term investing.

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Commercial Real Estate: Will the Resiliency Last?
Commercial real estate has historically outperformed many other sectors of the market, supported by its tax structure and the regulatory and interest rate environment. But how long will this outperformance last and where are the opportunities? Please join Jay Leupp, a Portfolio Manager/Analyst on Lazard’s Global Real Estate Securities team, who has more than 20 years of commercial real estate experience, as he provides his outlook for the sector, identifies primary drivers of growth, and offers insight into why commercial real estate appears well-positioned for 2012.

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A Broader Context for Understanding Bubbles, Crises, and Panic
Since 1997, investors have experienced a series of bubbles, crises, and panic, which have caused market volatility and unintended consequences as capital has shifted rapidly between perceived risk and perceived safety. We believe that opportunities exist for those investors who can draw from history and challenge conventional wisdom amid today's market environment. Please join David Cleary, Managing Director and Portfolio Manager/Analyst, and an experienced global asset allocation professional, as he provides his perspective on the macroeconomic environment for 2012 and where he sees opportunity beyond the bubbles.

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Opportunity, Austerity, Growth, and Inflation:The Road Ahead
2011 was a year largely marked by macro uncertainty. As we look ahead to 2012, we believe that much of this uncertainty will continue, as developed markets remain largely focused on balancing austerity measures with the need for growth. However, emerging markets appear to be at a turning point with regard to inflation. Against this backdrop, we believe fundamental research and security selection will be pivotal for investors in the new year. Please join Ron Temple, Managing Director, Portfolio Manager/Analyst on several of Lazard's U.S. and global equity strategies as he provides context for debt sustainability, and reviews the issues facing Europe, the United States, and the emerging markets. He will also discuss the potential implications for investors going forward.

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Finding Growth in a Slow Growth Environment
Given the current low growth expectations for global capital markets, companies are being challenged to find ways to sustainably grow their business and enterprise value. There are many levers available for companies to do so, but we believe that some are more sustainable and better indicators of future success. Join Chris Blake, Managing Director, Portfolio Manager/Analyst on Lazard's U.S. Equity Platform, as he explores the interplay among the P&L, balance sheet, and cash flow statements, explains how earnings can be driven by these and other factors, and discusses which elements we believe investors may want to focus on to identify the eventual winners.

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Emerging Markets: Risk or Opportunity?
Many emerging market currencies have experienced a dramatic sell-off in recent weeks driven by developed market sovereign debt crises as well as fears of a global economic slowdown. Given this global macro backdrop and market fear and uncertainty, is it time to reassess the fundamental outlook for emerging markets?

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Gripped by Fear
Amid all of the recent market volatility, many key data points that have historically been reliable indicators of economic direction are currently pointing to very different outcomes, ranging from inflation, a slow recovery, a soft patch, or a deep recession. This extremely conflicting data has left many investors wondering which indicators are correct and which way markets are heading.

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