University of Virginia Investing Conference

  • 2018 UVIC Banner
    The 11th annual University of Virginia Investing Conference (UVIC) took place at UVA’s Darden School of Business, 8–9 November 2018.

    This year, UVIC served as a cornerstone of the UVA-wide programming dedicated to reflecting on the 10th anniversary of the global financial crisis. This year’s speakers and program looked to both the past and the future, and focused on what we have learned since the crisis unfolded and what we need to know moving forward. The program featured leading experts across academia, industry and government, speaking and presenting on critical topics central to the financial crisis – and the path forward. Please see below for the list of speakers and presenters. 

    The conference was hosted by Darden's  Richard A. Mayo Center for Asset Management and the UVA McIntire School of Commerce Center for Investors and Financial Markets.

  • 2018 University of Virginia Investing Conference Speakers

    Sheila bair

    Sheila Bair

    Sheila Bair has had a long and distinguished career in government, academia and finance. Widely respected for her expertise in financial regulation and consumer protection, Ms. Bair currently serves on a number of corporate and fintech boards, while continuing her advocacy for common sense policies to promote financial system stability and responsible lending practices. 

    Ms. Bair is perhaps best known as chair of the Federal Deposit Insurance Corporation (FDIC) from 2006 to 2011, when she steered the agency through the worst financial crisis since the Great Depression. She received numerous awards and recognition for her leadership at the FDIC, including the JFK Library’s Profiles in Courage Award, being twice named by Forbes Magazine as the second most powerful woman in the world, and dubbed the “little guy’s protector in chief” by Time Magazine.

    Ms. Bair’s relentless focus on the public interest has always been a hallmark of her government career, beginning as a senior advisor (1981-88) to former Senate Majority Leader Robert Dole; a commissioner of the Commodity Futures Trading Commission (1991-95); and assistant secretary for Financial Institutions at the Treasury Department (2001-2002) when she worked to stabilize and secure our financial infrastructure in the wake of the horrific 9/11 attacks.

    Ms. Bair’s academic and policy work have also focused on public policy as the Dean’s Professor of Financial Regulatory Policy at the University of Massachusetts-Amherst (2002-2006), senior advisor to the Pew Charitable Trusts (2011-2015) where she founded the Systemic Risk Council, a group of distinguished financial experts which advocates for policies to promote financial stability, and most recently, as president of historic Washington College (2015-2017), where she was a strong advocate for college affordability.

    An articulate and frequently provocative writer and public speaker, Ms. Bair hal published numerous columns in the Wall Street Journal, NY Times, Washington Post, Financial Times and Fortune Magazine. She is the author of NY Times best seller Bull by the Horns, her 2012 memoir of the financial crisis, and has also written books for children on financial matters including her young adult book on the crisis, Bullies of Wall Street, and picture books on financial basics, Rock Brock and the Savings Shock and Isabel’s Car Wash.  

    Bob Bruner

    Bob BrunerBob Bruner is a university professor at the University of Virginia, distinguished professor of business administration and dean emeritus of the Darden School of Business. A faculty member since 1982 and winner of leading teaching awards at the University of Virginia and within the Commonwealth of Virginia, he teaches and conducts research in finance and management. 

    Bruner's current research interests span subjects such as corporate finance, financial crises and panics, business history, the future of higher education and the leadership attributes of U.S. presidents. He is best known for his research on mergers and acquisitions, corporate finance and financial panics. His books, Deals from Hell  and Applied Mergers and Acquisitions , have helped numerous practitioners and students toward successful transactions. His book published in 2008, The Panic of 1907: Lessons Learned From the Market's Perfect Storm , with Sean D. Carr, attracted wide attention for its discussion of the underpinnings of financial crises. Drawing lessons from the Panic of 2008, his article, “Crises, Financial Leadership, and the Six Stretches for Financial Education,” was published earlier this year. The eighth edition of his Case Studies in Finance, co-authored with Kenneth Eades and Michael Schill, will be published this fall. He comments on life, business and current events in his blog. He also tweets regularly on his Twitter account

    As dean of the Darden School from 2005 to 2015, Bruner chartered or led a series of successful initiatives that prompted Poets & Quants and CNNMoney/Fortune to name him " Dean of the Year" in 2012. He has served on the boards of various for-profit and nonprofit organizations.  

    A native of Chicago, Bruner received a BA from Yale University in 1971 and MBA and DBA degrees from Harvard University in 1974 and 1982, respectively. Bruner and his wife have two sons. 

    For more information and copies of his papers and essays, visit his website


    John Dugan John Dugan, formerly Comptroller of the Currency from 2005 to 2010, became a director for Citigroup Inc. on 2 October 2017. Previously, he was a partner in Covington & Burling LLP, where he chaired the firm’s Financial Institutions Group and advised financial institution clients on a range of legal matters affected by significantly increased regulatory requirements resulting from the financial crisis, including implementation of the Dodd-Frank Act; mergers, acquisitions and investments; litigation, enforcement and investigations; and international financial regulation.

    As Comptroller of the Currency, Mr. Dugan headed the agency that supervised over 1,500 national banks and federal branches of foreign banks, and also served on the board of directors of the Federal Deposit Insurance Corporation. During his five-year term, he led the agency through the financial crisis and ensuing recession that resulted in extraordinary regulatory, supervisory and legislative actions for national banks of all sizes, including government assistance provided under the Troubled Asset Relief Program (TARP); resolutions of large, mid-size and community banks; the successful implementation of regulatory “stress tests”; and the enactment of the Dodd-Frank Act. In the international arena, he served on the Basel Committee on Banking Supervision as it formulated the “Basel III” regulatory standards; chaired the Joint Forum of banking, securities and insurance supervisors from countries around the world; and was an active participant at the Financial Stability Board. In 2010, Mr. Dugan received the Alexander Hamilton Award, the Treasury Department’s highest honor, for his service as Comptroller.

    Before becoming Comptroller, Mr. Dugan was a partner (1995-2005) and of counsel (1993-95) at Covington. Earlier, he served at the U.S. Treasury Department as assistant secretary for Domestic Finance and deputy assistant secretary for Financial Institutions Policy (1989-93), and at the U.S. Senate Committee on Banking, Housing and Urban Affairs as minority general counsel and counsel (1985-89). He began his legal career as an associate with the Washington, D.C. law firm Miller & Chevalier (1981-85).

    From 2013 through 2017, Mr. Dugan served as a trustee of the Financial Accounting Foundation, which oversees the Financial Accounting Standards Board and the Government Accounting Standards Board. During the same period he also served as a member of the Global Advisory Board to Mitsubishi UFJ Financial Group, Inc. Since the inception in 2005 of the “Michigan in Washington” program for University of Michigan undergraduates, he has served as a member of the program’s advisory board.

    Mr. Dugan is a graduate of the University of Michigan (AB 1977) and Harvard Law School (JD 1981). 

    William Duhamel

    DuhamelWilliam Duhamel is a founding principal of Route One Investment Company, L.P. Mr. Duhamel previously worked at Farallon Capital. He joined the firm in 1995 and was elected Managing Member in 1999. He focused on investments in arbitrage, long and short equities, private equity, insurance, and credit in all major geographies of the world. He was the first partner to oversee a group of analysts, named the Value Group, which managed a portfolio consisting primarily of equities. Mr. Duhamel previously owned, operated and sold cable companies in Mexico and the US, and worked for Bain & Company.

    Mr. Duhamel graduated with honors and distinction with a B.A. in economics and a MSE in operations research from Stanford University. He earned an MBA from Stanford’s Graduate School of Business where he was an Arjay Miller Scholar.


    Victoria Ivashina

    Victoria Ivashina is the Lovett-Learned Chaired Professor of Finance at Harvard Business School. She is a research associate at the National Bureau of Economic Research (NBER), research fellow at the Center for Economic Policy Research (CEPR) and a visiting scholar at the Federal Reserve Bank of Boston and the European Central Bank. She co-heads the Harvard Business School’s Private Capital Project and Private Equity and Venture Capital executive education program. Professor Ivashina serves on the editorial boards of the Review of Financial Studies, the Review of Corporate Finance Studies, and the Journal of Financial Intermediation. Professor Ivashina received the Harvard Business School’s Berol Fellowship and Hellman Family Fellowship awards for research excellence.

    ned kelly

    Ned KellyEdward Kelly III was chair of Citigroup Inc.’s Institutional Clients Group from January 2011 until his retirement in July 2014. He served as chair of Global Banking from April 2010 to January 2011, and as vice chair of Citigroup from July 2009 to April 2010. Kelly also served as Citi’s chief financial officer from March through July 2009. Prior to his work as CFO, Kelly was head of Global Banking and before that president and chief executive officer of Citi Alternative Investments. He is currently a director of CSX Corporation, XL Group and MetLife.

    Kelly joined Citi in February 2008 from The Carlyle Group, a private investment firm, where he was a managing director. Prior to joining Carlyle in July 2007, he was a vice chair at PNC Financial Services Group following PNC's acquisition of Mercantile Bankshares Corporation in March 2007.

    He was chair, chief executive and president of Mercantile from March 2003 through March 2007 and chief executive and president from March 2001 to March 2003. Before Mercantile, Kelly was at J.P. Morgan Chase & Co. where he was managing director and head of Global Financial Institutions and co-head of Investment Banking Client Management. He joined J.P. Morgan in 1994 as its general counsel and secretary. In 1996, he became a managing director and subsequently ran various parts of J.P. Morgan's investment banking business, including Global Financial Institutions and Latin America.

    Prior to joining J.P. Morgan, Kelly was a partner at the law firm of Davis Polk & Wardwell, where he specialized in matters related to financial institutions. Early in his career, he served as a law clerk to Supreme Court Justice William J. Brennan, Jr. and U.S. Court of Appeals Judge Clement F. Haynsworth, Jr. Prior to law school, Kelly served as a legislative assistant and, later, press secretary to U.S. Senator Richard S. Schweiker.

    Mr. Kelly is a graduate of Princeton University (AB 1975) and the University of Virginia School of Law (JD 1981).


    Stasia KellyAnastasia Kelly, co-managing partner (Americas) at DLA Piper, is the former vice chair of American International Group (AIG), a role she held until the end of 2009. In this role, she was responsible for the global legal, compliance and regulatory functions, government relations, communications, corporate affairs and human resources. Ms. Kelly joined AIG in September 2006 as executive vice president, general counsel and chief regulatory and compliance officer. She assumed her additional responsibilities in January 2009. Prior to AIG, Ms. Kelly was executive vice president and general counsel of MCI/WorldCom, where she served as the chief legal officer in the restructuring of the company from 2003 until its acquisition by Verizon in 2006.

    Prior to MCI, Ms. Kelly was senior vice president and general counsel of Sears, Roebuck and Co. where she restructured the legal and compliance teams. Before her tenure at Sears, Ms. Kelly served as the senior vice president, general counsel and corporate secretary at Fannie Mae. At Fannie Mae, she centralized the company’s legal and compliance function and upgraded the talent across Fannie Mae’s five offices nationwide. Prior to joining Fannie Mae, Ms. Kelly was a partner and associate with Wilmer, Cutler & Pickering (now Wilmer Hale) where her practice spanned several areas of law, including regulation of financial institutions and securities firms and corporate and securities. Ms. Kelly was also associated with Carrington, Coleman, Sloman & Blumenthal, of Dallas, where her practice encompassed general and business litigation.

    Ms. Kelly received her law degree magna cum laude from George Washington University, where she was a member of the Order of the Coif and the George Washington Law Review. She received her undergraduate degree cum laude from Trinity University in Washington, D.C. She serves as a director of Owens-Illinois, the world’s largest manufacturer of glass packaging, and Huntington Ingalls Industries, builder of more ships in more ship classes than any other U.S. naval shipbuilder.

    Ms. Kelly is a director and past co-chair of the Washington Lawyers' Committee (WLC), past chair of Equal Justice Works and a director of the Leadership Council on Legal Diversity. She is on the board of the Center for Law, Economics and Finance at George Washington University Law School.

    Larry Kochard

    Kochard2018Larry Kochard is the chief investment officer and a managing director at Makena Capital Management.

    Kochard was previously the chief executive officer and chief investment officer of the University of Virginia Investment Management Company (UVIMCO) for eight years. As CEO, Larry provided leadership for all aspects of UVIMCO’s operations and served as UVIMCO’s primary representative to the University, related foundations and the public. As CIO, Larry was responsible for the investment management of UVIMCO’s Long Term Pool, overseeing the asset allocation, portfolio management, risk management and manager selection activities of the investment staff. 

    Prior to joining UVIMCO, Larry served as CIO at Georgetown University. From 2001 to 2004, he was managing director of equity and hedge fund investments for the Virginia Retirement System. From 1997 to 2004, he taught in the McIntire School of Commerce at the University of Virginia, first as an adjunct and later as a full-time assistant professor.

    Larry received his B.A. in economics from the College of William & Mary, an MBA degree in finance and accounting from the University of Rochester, and an M.A. and Ph.D. in economics from the University of Virginia. He is a CFA charterholder.

    He is on the board of directors of Janus Henderson Group, Inc. and Virginia Environmental Endowment and chairman of the Investment Advisory Committee of the Virginia Retirement System. Larry was the 2015 winner of the Rodney H. Adams award for endowment management from the National Association of College and University Business Officers (NACUBO), which recognizes outstanding contributions to university endowment and investment management.


    Pedro MatosPedro Matos is the John G. Macfarlane Family Chair Professor of Business Administration and the academic director of the Richard A. Mayo Center for Asset Management at the University of Virginia Darden School of Business. His research focuses on international corporate governance and the growing importance of institutional investors in financial markets worldwide. His work has been published in leading academic journals (such as the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies) and has been featured also in the press, including in The EconomistFinancial TimesNew York TimesWashington PostFortune and Forbes. His work has received numerous research grants and awards, including the Wells Fargo Award for Outstanding Research Publication and the Darden Multiyear Publications Award. He is a research associate at the European Corporate Governance Institute (ECGI).

    At Darden, he has published numerous case studies and won twice the Wells Fargo Award for Excellence in Course Material Development. He previously taught at the University of Southern California, Marshall School of Business where he received a Golden Apple teaching award. He holds a BA in Economics from Nova University in Lisbon (Portugal) and a PhD in Finance from INSEAD in Fontainebleau (France). Prior to his PhD, he worked with the Portuguese Ministry of Finance and consulted for the World Bank. 

    Jim Millstein

    Jim MillsteinJim Millstein is the Co-Chairman of Guggenheim Securities, the investment banking and capital markets business of Guggenheim Partners, a global investment and advisory firm.  Prior to joining Guggenheim in 2018, Mr. Millstein was the Founder and Chief Executive Officer at Millstein & Co. Representative engagements include advice to the Commonwealth of Puerto Rico in connection with the management of its $75 billion of institutional indebtedness; to US Airways in connection with its acquisition of American Airlines out of Chapter 11; and Caesars in its Chapter 11 proceedings.

    From 2009 to March 2011, Mr. Millstein was the Chief Restructuring Officer at the U.S. Department of the Treasury. In that role, he was responsible for oversight and management of the Department's largest investments in the financial sector and was the principal architect of AIG’s restructuring and recapitalization. 

    Prior to joining the Treasury, Mr. Millstein served as Managing Director and Global Co-Head of Corporate Restructuring at Lazard from 2000 to 2008. Selected engagements at Lazard include representation of the United Auto Workers in connection with the restructuring of their contractual relationships with GM, Ford and Chrysler from 2005 to 2007; Charter Communications in connection with its pre-packaged plan of reorganization under Chapter 11; the Republic of Argentina in connection with the exchange offer for its international bond indebtedness;  WorldCom in connection with its Chapter 11 reorganization; United Pan-European Communications in connection with its pre-arranged plan of arrangement in the Netherlands and Delaware; and, Marconi in connection with its scheme of arrangement in the United Kingdom. 

    Before joining Lazard, Mr. Millstein was Partner and Head of the Corporate Restructuring practice at Cleary, Gottlieb, Steen & Hamilton. Significant engagements included representation of Daewoo Corporation in connection with its financial restructuring in Korea; the Disney Corporation in connection with the financial restructuring of EuroDisney in France; representation of the Pension Benefit Guaranty Corporation in LTV’s Chapter 11 proceedings; representation of Pan-American Airlines in connection with its Chapter 11 reorganization; and, the Zell-Chilmark Fund in its acquisition of various troubled companies in and out of Chapter 11. 

    Mr. Millstein is an adjunct professor of law at Georgetown University Law Center, where he teaches Federal Regulation of Financial Institutions; an adjunct professor of law at Columbia University School of Law where he teaches Sovereign, Municipal and Corporate Restructuring; a fellow of the American College of Bankruptcy and a Commissioner on the American Bankruptcy Institute’s Commission to Study Reform of Chapter 11.

    Mr. Millstein received a J.D. from Columbia Law School, where he was a Harlan Fiske Stone Scholar. He holds an M.A. in Political Science from the University of California, Berkeley and graduated summa cum laude with a B.A. in Politics from Princeton University.


    Maureen O'HaraMaureen O’Hara is Purcell Professor of Finance at the Johnson Graduate School of Management, Cornell University and also professor of finance at UTS (Sydney). A citizen of both Ireland and the U.S., she received her doctorate from Northwestern University and honorary doctorates from Facultés Universitaires Catholiques à Mons (FUCAM), Universität Bern and University College Dublin. Professor O'Hara is an expert on market microstructure, and she publishes widely in banking and financial intermediaries, law and finance, and experimental economics. She is the author of numerous journal articles as well as the books Market Microstructure Theory (Blackwell: 1995), and High Frequency Trading: New Realities for Traders, Markets, and Regulators (Risk Books: 2013). Her most recent book, Something for Nothing: Arbitrage and Ethics on Wall Street, was published in 2016 by Norton Books. A past president of the American Finance Association, the Western Finance Association and the Financial Management Association, she was executive editor of the Review of Financial Studies. Professor O’Hara has served on a variety of corporate boards including NewStar Financial, Teachers Insurance and Annuity Association (TIAA) and Investment Technology Group, Inc. (ITG), where she was chairman of the board. She was named to Institutional Investors Trading Technology Top 40 and she is currently an advisor to Symbiont, a company focusing on blockchain and smart securities. A member of the CFTC-SEC Emerging Regulatory Issues Task Force (the “flash crash” committee), she has also served on the global advisory board of the Securities Exchange Board of India (SEBI), the advisory board of the Office of Financial Research, U.S. Treasury and the SEC Equity Market Structure Advisory Committee.

    Mike O'Neill

    Michael O'Neill

    Michael O’Neill is chair of the board of Citigroup Inc. He was elected to the board in 2009 and has served as chair since 2012. He is a member of the Risk, Ethics & Culture, Personnel & Compensation and Nomination, Governance & Public Affairs Committees. He is the past chair of the Personnel & Compensation Committee, the Citibank N.A. Board of Directors and the Citi Holdings Oversight Committee. He is also a past member of the Audit Committee.

    Prior to joining the Citigroup Board, Mr. O’Neill was chair and chief executive officer of Bank of Hawaii Corporation from November 2000 to September 2004. He was elected chief executive officer of Barclays PLC in February 1999 but resigned shortly thereafter due to an illness from which he has fully recovered. From 1995 to 1998, he was vice chair and chief financial officer of Bank of America in San Francisco. Previously, he had been chief financial officer of Continental Bank Corp. from 1993 to 1995. He began his banking career in 1974. In addition to domestic assignments, he worked in Europe and Asia for over twenty years.

    Mr. O’Neill graduated from Princeton University in 1969 and received his MBA in 1974 from the Colgate Darden School at the University of Virginia. He served as a lieutenant in the United States Marine Corps from 1969 to 1972.

    Mr. O’Neill serves as a trustee of the Darden School Foundation, the Economic Club of New York and the National World War II Museum. He is a member of the advisory board of FTV Capital, a private equity firm.

    Past affiliations include the Hawaii Military Affairs Council (chair), the Bishop Museum (vice chair), the Catholic Charities of Hawaii Advisory Board (chair), the Hawaii Pacific University (trustee), the San Francisco Fine Arts Museums (trustee) and the Honolulu Museum of Art (trustee).

    Mr. O’Neill was a member of the Federal Advisory Council from 2001 to 2004, representing the Federal Reserve Bank of San Francisco. From 2012 to 2014, he was a member of the advisory board of the Export-Import Bank of the United States.

    Mr. O’Neill has been married for forty-five years, and he and his wife Patricia have two adult sons.

    Frank Raines

    Frank Raines

    Franklin Raines has had an extensive career in business, government, and non-profit enterprises. He is currently an investor, board member, and founder of early stage companies in fields such as voice applications, developer tools, digital marketing, augmented reality, cyber security and sports player development. He has also been  involved in the creation of important cultural and historical landmark institutions in the Nation’s Capital through his service on the Council of the Smithsonian’s National Museum of African-American History and Culture, the Cabinet of the Martin Luther King Memorial, and as a campaign chair for the Arena Stage’s Mead Center for the American Theater.

    He is the retired Chairman and CEO of Fannie Mae, the largest non-bank financial services company in the world. In his six years as Chairman and CEO, Fannie Mae provided over $3.4 trillion dollars of housing financing serving over 30 million low, moderate and middle-income families. Prior to joining Fannie Mae in 1991 Raines was a General Partner of the investment banking firm of Lazard Freres & Co. where he provided financial advice to government and private clients for over eleven years.

    He served in the Cabinet of President Bill Clinton from 1996 to 1998 as the Director of the Office of Management and Budget. In that role he led negotiations with Congress that resulted in the first balanced federal budget in thirty years. Raines also served in the Administration of President Jimmy Carter as Assistant Director of the White House Domestic Council and Associate Director of the Office of Management and Budget from 1977 to 1979.

    Raines has served in many leadership positions. He has been Chairman of the Board of Overseers of Harvard University, director of the Harvard Alumni Association, 25thReunion Class Marshall, and Chairman of the Visiting Committee of the John F. Kennedy School of Government. He was co-chairman of the Business Roundtable and vice-chairman of the Business Council. He has served on the board of directors of Boeing, Pfizer, Pepsico, AOL, and Time Warner and as an Overseer of TIAA-CREF. He was a trustee of the Rockefeller Foundation, the Robert Wood Johnson Foundation and the German Marshall Fund. 

    He has also served on numerous public policy advisory bodies on topics that range from early childhood education, to tax equity, to the roles and missions of the U.S. armed services. He served on the board of trustees of numerous non-profit organizations including the University of Puget Sound, the American Museum of National History, the National Urban League, Enterprise Community Partners and the Black Student Fund.

    Frank Raines grew up in Seattle, Washington. He attended public schools, graduated from Franklin High School, and graduated magnacum laude from Harvard College in 1971. He attended Oxford University in England as a Rhodes Scholar and graduated from the Harvard Law School, cumlaude, in 1976. He has received honorary doctorate degrees from Howard University, Lafayette College, Amherst College, the University of Maryland and the University of Puget Sound. He is also the recipient of the Harvard Medal.  He has been elected as a Fellow of the American Academy of Arts and Sciences and the Academy of Social Insurance and as a member of the Council on Foreign Relations.

    Sandra Ro

    Sandra Ro headshot

    Sandra Ro is CEO of the Global Blockchain Business Council, where she serves the GBBC and blockchain community to foster education and build bridges across enterprises, governments, and start-ups to help fulfill the potential of blockchain technology to solve real world problems and help society.

    As a fintech entrepreneur, blockchain / crypto keynote speaker, hackathon judge, crypto trader, angel investor and advisor, Sandra is focused on delivering financial access and products to people and communities using technology to enable next generation market infrastructure and financial products.

    Sandra was named to the Innovate Finance, Women in Fintech 2016 Power List and holds directorships/founding memberships on industry boards. She advises tech start-ups and previously served as Treasurer and founding board director of the Enterprise Ethereum Alliance (EEA), founding member of the Post Trade Distributed Ledger Group (PTDL), and founding member of Linux Foundation’s Hyperledger.

    As Executive Director of Digitization at CME Group, Sandra was responsible for the company’s digital asset and blockchain/distributed ledger technology (DLT) initiatives. In her position as Executive Director Foreign Exchange (FX) Research and Product Development, she was responsible for the global development of CME Group FX solutions within listed and cleared OTC products.

    Prior to joining CME Group in 2011, Sandra led the EMEA M&A FX and interest rates derivatives advisory group at Morgan Stanley, London and worked at Deutsche Bank as a FX structurer on the London trading floor. Ro holds a M.B.A. in Finance from London Business School and a double B.A. Degree in History and Studies in the Environment from Yale University.

    David Smith

    David Smith

    David C. Smith is the Associate Dean for Center Development & Research and Virginia Bankers Association Professor of Finance at the University of Virginia McIntire School of Commerce. Professor Smith specializes in corporate finance and restructuring. His current research can be broken down into three areas: (1) analyzing the economic importance of corporate credit agreements, (2) investigating the valuation and restructuring of highly leveraged firms, and (3) documenting the impact of distressed debt trading on bankruptcy outcomes.

    Professor Smith has presented his research at universities and conferences around the world and published in leading academic journals, including The Journal of Finance; Journal of Financial Economics; Journal of Financial Intermediation; Journal of Econometrics, and Review of Financial Studies. Prior to joining the McIntire faculty, Professor Smith worked as an economist in the International Finance Division at the Federal Reserve Board. Earlier, he spent five years teaching at the Norwegian School of Management in Oslo, Norway. He has also held visiting positions at Wharton, the Stockholm School of Economics, University of Minnesota, and University of Florida.



    Thursday, 8 November

    Friday, 9 November

    • 7 – 8 a.m. Continental Breakfast
    • 8 – 8:05 a.m. Welcome and Introduction
      Aaron Fernstrom, Director, Richard A. Mayo Center for Asset Management
    • 8:05 – 8:10 a.m. Project and First Session Intro
      Bob Bruner, Dean Emeritus, UVA Darden School of Business
    • 8:10 – 9:10 a.m. Financial Crisis Key Players Oral History
      Stasia Kelly, Ned Kelly, and Frank Raines with Bob Bruner
      Stasia Kelly, Co-Managing Partner, DLA Piper, Ned Kelly, Former Chairman, Institutional Clients Group, Citigroup Inc., and Frank Raines, Retired Chairman and CEO, Fannie Mae with Bob Bruner
    • 9:10 – 9:35 a.m. Coffee and Networking Break
    • 9:35 – 10:35 a.m. The Banks and What Has Changed
      Victoria Ivashina, Michael O'Neill, and John Dugan with Yiorgos Allyannis
      Victoria Ivashina, Lovett-Learned Chaired Professor of Finance, Harvard Business School, Michael O'Neill, Board Chairman, Citigroup Inc., and John Dugan, Director, Citigroup Inc. with Yiorgos Allyannis, Paul Tudor Jones II Professor of Business Administration, UVA Darden School of Business
    • 10:35 – 11:20 a.m. Restructuring at Treasury, Economic Implications and Outlook
      Jim Millstein with David Smith
      Jim Millstein, Co-Chairman, Guggenheim Securities with David Smith, Associate Dean for Center Development and Research & Virginia Bankers Association Professor, UVA McIntire School of Commerce
    • 11:20 – 11:40 a.m. Stretch Break
    • 11:40 a.m. – 12:25 p.m. Post-Crisis Perspective on the Future and Cryptocurrency
      Maureen O'Hara and Sandra Ro with Pedro Matos
      Maureen O'Hara, Purcell Professor of Finance, Johnson Graduate School of Management, Cornell University and Sandra Ro, CEO, Global Blockchain Business Council with Pedro Matos, Academic Director of the Richard A. Mayo Center for Asset Management & Associate Professor of Business Administration, UVA Darden School of Business
    • 12:30 – 1:30 p.m. Networking Lunch and Research Breakout
    • 1:30 – 2:15 p.m. Current Investing Themes
      Bill Duhamel with Larry Kochard
      Bill Duhamel, Founding Principal, Route One Investment Company, LLC with Larry Kochard, Chief Investment Officer, Makena Capital Management 
    • 2:15 – 3 p.m. The Post-Crisis Perspective on China and Blockchain
      Sheila Bair with Elena Loutskina
      Sheila Bair, Former Chair, Federal Deposit Insurance Corporation (FDIC) with Elena Loutskina, Bank of America Associate Professor of Business Administration, UVA Darden School of Business

    To make your travel plans to the Darden School of Business for the University of Virginia Investing Conference, please consult the following information, which includes driving directions, parking information, maps and hotel accommodations.

    Directions to Darden

    From University of Virginia (Main Grounds)

    From University Avenue (US-250 Business) turn right onto North Emmet Street (US-29 Business). Continue on North Emmet Street for .4 miles and turn left onto Massie Road at the first stoplight. Follow Massie Road for .6 miles and at the second stoplight turn right to continue on Massie Road. The entrance to the Darden School of Business will be on the left at Duffy Boulevard. Estimated time: 7 minutes.

    From Charlottesville Albemarle Airport (CHO)

    Follow Airport Road straight out of the airport to U.S. Route 29 South. When U.S. Route 29 passes under the U.S. 250 Bypass in Charlottesville, it becomes Emmet Street and passes the Barracks Road Shopping Center on the right. Beyond the shopping center, turn right at the traffic signal for Arlington Boulevard. Turn left when Arlington Boulevard ends at Massie Road. The Darden School's entrance is on the right, just past the Law School. Estimated time: 15 minutes.

    From Richmond International Airport (RIC)

    Travel Interstate 64 West to Charlottesville and take Exit 118B onto U.S. Route 29 North. Stay on the Route 29 Bypass and take the Leonard Sandridge Road exit. Turn left at the traffic light at the end of the ramp. The Darden School's entrance is on the left, just past the North Grounds Recreation Center. Estimated travel time: 1.5 hours.

    From Washington Dulles International Airport (IAD)

    At the first exit after leaving the airport, take State Route 28 South to Centerville and then take Interstate 66 West to U.S. Route 29 South at the Gainesville/Warrenton exit. Follow Route 29 South to Charlottesville. When U.S. 29 passes under the U.S. 250 Bypass in Charlottesville, it becomes Emmet Street and passes the Barracks Road Shopping Center on the right. Beyond the shopping center, turn right at the traffic signal for Arlington Boulevard. Turn left when Arlington Boulevard ends at Massie Road. The Darden School's entrance is on the right, just past the Law School. Estimated travel time: 2 hours.

    From Washington National Airport (DCA)

    Follow signs to Interstate 66 West and continue to U.S. Route 29 South at the Gainesville/Warrenton exit. (This will be the second U.S. 29 exit.) Follow Route 29 South to Charlottesville. When U.S. 29 passes under the U.S. 250 Bypass in Charlottesville, it becomes Emmet Street, and passes the Barracks Road Shopping Center on the right. Beyond the shopping center, turn right at the traffic signal for Arlington Boulevard. Turn left when Arlington Boulevard ends at Massie Road. The Darden School's entrance is on the right, just past the Law School. Estimated travel time: 2.5 hours.

    Maps & Parking

    Information on Parking

    Free parking permits will be available on the day of your visit from the receptionist in the Gatehouse. The Gatehouse will be on your right after you turn into Darden off of Massie Road. Please watch for signs. Parking spots will be available on the road leading to the school as well as in Darden’s parking garage.

    Darden & Area Maps

    Our Directions & Transportation page offers a variety of maps, including a map of Darden Grounds and an interactive Google Map view.

    Hotel Information

    Inn at Darden
    100 Darden Boulevard

    Reservations in advance are recommended as space is limited.

    Other Hotels in the Area

    Hyatt Place Charlottesville
    2100 Bond Street


    Omni Charlottesville Hotel
    235 West Main Street

    Courtyard Charlottesville North
    638 Hillside Drive

    Hampton Inn & Suites
    900 West Main Street

    DoubleTree by Hilton Hotel Charlottesville
    Rt. 29

    Comfort Inn Monticello
    2097 Inn Drive

    Best Western Inn & Suites
    Rt. 29 near Charlottesville Airport

    Best Western Inn & Suites
    Exit 136 off I-64

    Boar's Head Inn
    Route 250 West

    The University of Virginia Conference Executive Committee would like to thank the following generous and loyal sponsors for their support of the University of Virginia Investing Conference.

    To become a University of Virginia Investing Conference sponsor or learn more about available sponsorship opportunities, please contact Stephanie Swing at or +1-434-924-6814. 

    2018 Sponsors

    Discovery Capital

    Sands Capital Fort Washington Investment Advisors, Inc.Vanguard  Piedmont Fund Services


    CFA Society of VA logo


    UVIC 2017

    The 10th annual University of Virginia Investing Conference explored the current economic and political landscape, discussed the history of economic booms and market collapses, identified opportunities in a changing active-passive setting and explored alternative asset classes such as real estate and hedge funds.  
    The conference built on a record-setting year in 2016 by hosting the full Darden@Virginia Investing Challenge and also hosted a leading women in investing breakfast with Darden School Foundation Board of Trustees Chair, Elizabeth Weymouth (MBA ‘94) and President and CEO of Investure, Alice Handy.

    UVIC 2016

    A single question dominated the ninth annual University of Virginia Investing Conference: Now what?

    After an unprecedented U.S. presidential election produced Donald Trump as president-elect, conference speakers and audience members alike wanted to know what’s next for the U.S. economy, global markets and equity investments.

    2016 Highlights included a  Darden @Virginia Investing Challenge that welcomed a record 18 schools and the first-ever Darden Capital Management (and Darden school) Facebook Live streaming interviews, and interviews with speakers conducted by students.  For those who missed the conference, some recap appeared across different channels:

    • Broad conference overview, featuring video interviews with Steve Rattner and Jerome Booth available  HERE
    • WSJ podcast featuring an interview with the winning team at the Darden @ Virginia Investing Challenge
    • An in-depth ‘Ideas to Action’ Piece recaps some of the broader global geopolitical panel  takeaways
    • Facebook Live interviews with Darden Capital Management students now on the school’s FB  page
    • The Role of the Active Investor Ideas to Action  piece.  

    UVIC 2015

    The 8th annual University of Virginia Investing Conference (UVIC) focused on investing in a low-return world. Financial analysts, portfolio managers, economists, academics, students, private investors and industry executives joined together to hear from knowledgable speakers and panelists with diverse insights and backgrounds.

    Read more about UVIC 2015.

    UVIC 2014

    The 7th annual University of Virginia Investing Conference (UVIC) focused on the ideas needed to invest successfully in the innovation economy. As disruptive innovation shakes up industries at an accelerating pace, investors must excel at identifying true innovation and understanding its investment implications. 

    At UVIC, Darden's top-ranked faculty convened global thought leaders and hundreds of professional asset managers and discussed the following questions:

    • What factors will drive future growth?
    • What do the answers imply for the classic tasks of investors: asset selection, portfolio allocation and risk management?
    • Which new products will truly revolutionize an industry?
    • What's ahead in digital health care, cybersecurity, energy, technology and monetary policy?

    Read about what the experts had to say and why they have optimistic outlooks.