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Adam Feleksy

Joseph Stiglitz

CEO Professor Horizons Exchange Columbia University Traded Funds

Sherry Cooper

TMX Professor DeGroote School of Business

Len Waverman Dean DeGroote School of Business

Adam, Thank you for your generous support that made this successful seminar possible. It was a very engaging event for alumni and the larger business community and has helped us in gaining traction in Toronto.

Len Waverman

YOU ARE INVITED TO A KNOWLEDGE @ DEGROOTE SEMINAR The DeGroote School of Business and Horizons Exchange Traded Funds are pleased to invite you to the Horizons ETFs Insight Lecture, a special breakfast event within the @Degroote seminar series, featuring Professor 2014 Joseph Stiglitz. Joseph Stiglitz is named as one of the 100 most influential people in the world, recognized globally as a leading economic educator, and the 2001 recipient of the Nobel Prize in economics for his analyses of markets with asymmetric information. Currently a Columbia University Professor, Stiglitz was Chief Economist and Senior Vice-President of the World Bank from 1997-2000, as well as a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize. Stiglitz speaks around the world on the challenges of the global economy, monetary policy, financial instability and inequality. We are pleased to invite you to attend this special breakfast to hear Professor Stiglitz share his latest insights, and to meet him in person.

THURSDAY, APRIL 10, 2014 Speaker:

Joseph Stiglitz Professor, Columbia Business School Recipient of the 2001 Nobel Prize in economics


The Great Malaise? : Explaining America's Slow Recovery The Great Recession has passed, but for the United States -- and many other countries -- growth is still weak and far below trend. Median incomes have been stagnant for decades, and the small improvements in the unemployment rate mask the large numbers of Americans who have given up on finding work. In this lecture, Professor Stiglitz explains the causes and implications of the current malaise -- and discusses what is needed to get out of it.

Location: Trump International Hotel and Tower 325 Bay St, Toronto, ON M5H 4G3 Agenda:

7:30 a.m. - 9:30 a.m.

Breakfast & Keynote address

A limited amount of corporate tables are available for $900.00+GST (seats 10). Individual Registrations are $100.00 +GST Please note that space is limited.

Join the conversation on Twitter using #DSBSeminars or #DSBNetwork. To see our other upcoming seminars, visit the @DeGroote Seminar Series page. For more information, please contact Kristine Leadbetter. This @DeGroote seminar is brought to you by

DeGroote School of Business | McMaster University 1280 Main Street W, Hamilton, ON L8S 4M4

Email Invitation

$0//&$5*/(&%6$"5*0/8*5)*/ %6453: 2014







EFHSPPUFNDNBTUFSDB Ad featured in both The Globe and Mail (March 20, 2014) and The Financial Post (March 27, 2014)


Introductory Slide for Joseph Stiglitz presentation, "The Great Malaise? Explaining America's Slow Recovery"




Photos of the BNN Interview.


Link to BNN Interview:

Link to full video recording of presentation:


Post event article published April 10, 2014 from By Dean DiSpalatro

April 11, 2014

Economic outlook 'truly dismal' without major policy changes: Former World Bank chief By Gordon Pitts, Business Writer-in-Residence

Economics is called the dismal science for good reason, Joseph Stiglitz reminds people. The Nobel Prize winning economist’s pessimistic outlook for the U.S. and European economies supports the validity of that label. Without a rapid shift towards fiscal stimulus, the New York-based economist 2014 says, the U.S. economy will likely experience a long-term economic malaise of the kind that ensnared Japan for more than two decades – and the Japanese experience would look almost gentle in comparison. Stiglitz was speaking in Toronto Thursday morning, delivering the Horizons ETFs Insight Lecture, presented by the DeGroote School of Business and Horizons Exchange Traded Funds. As for Europe, large parts of the continent are mired in depression, not merely recession, with plummeting real incomes and massive unemployment, particularly among young people – that is, those who have not already fled devastated economies like Spain or Greece. As a result, the global outlook, he says, will be truly dismal without major policy changes in both regions that go beyond using just monetary instruments and embrace government spending and public investment geared to growth. However, he says, the prospects of political support for such measures seem bleak right now. The implications of Stiglitz’s message are enormous for Canada, because it signals serious long-term weakness for two of this country’s major trade partners – the U.S. and most recently Europe are partners in momentous free trade agreements with Ottawa. With China’s economic growth more uncertain, Stiglitz's prognostications suggest a hard time ahead for Canada`s export sector. Stiglitz, a former World Bank chief economist and current Columbia University teacher, has been a strong advocate of activist governments and public policies aimed at combating economic inequality. He is a prolific writer of articles and of books such as his 2012 work, titled The Price of Inequality, How Today’s Divided Society Endangers Our Future. He pointed out that U.S. policy-makers have relied on monetary measures as the sole instrument to drive recovery , but the major product of those policies in isolation have been buoyant stock markets – and a continued concentration of wealth among the highest income earners. The policies have taken purchasing power out of the hands of the “bottom 80 per cent” who tend to consume a much higher proportion of their incomes than the elite earners. As a result, the U.S. situation will remain a paradox of marginal or zero economic growth combined with large jobless percentages by historical measure. For the U.S. economy he painted a picture of a disturbing puzzle – that five and a half years since the Lehman Brothers collapse, the economy is officially out of the recession, "but most Americans don't know it" in terms of their share of incomes and full-time employment. “Our economies have not been delivering for very large fractions of the population,” he says. The stakes are high, he said. The median inflation-adjusted income of Americans, he pointed out, is lower than it was 25 years ago. The situation for working-age males is most serious – median income is lower than 40 years ago. While some sectors are doing well, they are not necessarily big creators of quality jobs – in the shale gas boom and high technology, for example. Apple employs 49,000 Americans, but most of its jobs are in its retail operations, he said. Young people are chronically underemployed which means they are not getting critical on-the-job skills, thus undermining long-term growth. “For the first time, the U.S. has developed a problem of long-term unemployment,” he argued, similar to what Europe has experienced. He identified a cocktail of problems holding back the global economy: lack of aggregate demand; global financial imbalances; intense structural transformation (a shift in the developed world to services from manufacturing, for example); a dysfunctional financial sector; public and business austerity ; and growing inequality. The underlying theme is that markets are not working as well as they should. He sees increased recognition for how economic inequality is tied into both lagging economic performance and morality – for example, in the recent election of a New York mayor who is committed to equality of opportunity. “It has reached the point where [inequality] is politically relevant,” he says, with an eye ahead to a future-defining 2016 presidential election. Business journalist Gordon Pitts recently joined the DeGroote School of Business as Business Writer-in-Residence following a 30-year career, most notably at The Globe and Mail.

Post event article published April 11, 2014 from McMaster Daily News By Gordon Pitts, Business Writer-in-Residence


Book and bookmark given to all attendees "The Price of Inequality" by Joseph Stiglitz


We would like to thank you for joining us bright and early this morning for the Horizons ETFs Insight Lecture. We hope you enjoyed today’s presentation and that you will be able to apply what you learned. We also hope you found value in meeting other attendees and that useful connections were made. Special thanks to:

for generously sponsoring this Knowledge @ DeGroote seminar. If you’d like to receive Joseph Stiglitz’ presentation slides and invitations to more of these Knowledge @ DeGroote seminars and events, please click here.

Again, thank you for spending the morning with us. We look forward to seeing you at our next Knowledge @ DeGroote seminar when we return in the fall.


We'd like permission to send you information about other DeGroote seminars and events. Please click here to join our seminars and events mailing list. Stay in the know!

Thank you e-mail to attendees send on April 10, 2014


The Horizons ETFs Insight Lecture was attended by 211 guests from the Toronto business community as well as the DeGroote alumni community, including Felesky scholarship winners, Jessica Marrangos and Rick Simm. 2014

Nineteen new non-alumni signed up to DeGroote’s email list to engage with us through future seminars and newsletters.

Horizons ETFs Sponsorship Ticket Sales Total Event Cost


Total Revenue

$42,865.82 $53,500.00 $10,634.18

(Costs include the venue, av, catering, decor, video, newspaper ads, print materials, photography, and books.)

$40,000.00 $13,500.00

This event brought in a total revenue of $10,634.18 for the school which we will use toward another high profile Horizons ETFs event in 2015.


2014 Horizons ETFs Insight Lecture  

Horizons ETFs Insight Lecture, April 10, 2014, at the Trump International Hotel & Tower, Toronto, keynote presentation provided by Joseph St...

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