41st Annual Monetary and Trade Conference Program Booklet

41ST ANNUAL MONETARY & TRADE CONFERENCE & GLOBAL CITIZEN AWARD CEREMONY

Federal Reserve Bank of Philadelphia December 11, 2023

TABLE OF CONTENTS Agenda..........................................................3 About the Global Citizen Award........ 4 Award Recipient Michael Drury...........5 Past Recipients......................................... 6 Speakers................................................. 7-15 Upcoming GIC Programs..................... 16 Membership............................................... 17 Letters and Tributes.........................18-37 Sponsors............................................. 38-39

AGENDA 9:00 – 9:45 AM

Conference Registration/Coffee (NJ Room)

9:45 – 10:00 AM

Welcome and Award Presentation • Bill Kennedy, CEO, RiskBridge • Michael Drury, Chief Economist, McVean Trading & Investments Introduction of Annual Monetary and Trade Conference • George Tsetsekos, Francis Professor of Finance, LeBow College of Business

10:00 – 10:45 AM

Demographics of Small and Large Businesses • Holly Wade, Executive Director of NFIB Research Center • Dana Peterson, Chief Economist of The Conference Board • Moderator: Michael McKee, International Economics and Policy Correspondent for Bloomberg Television and Radio

10:45 – 11:00 AM

Break

11:00 – 11:45 AM

Global Demographics • Michael Drury, Chief Economist, McVean Trading & Investments • Leland Miller, CEO, China Beige Book • Moderator: Don Rissmiller, Chief Economist, Strategas

11:45 – 12:30 PM

Sectoral Demographics: Wealth Management, and Generational Issues • Joe Davis, Chief Economist, Vanguard • George Tsetsekos, Francis Professor of Finance, LeBow College of Business

12:30 PM

Concluding Remarks followed by Lunch • George Tsetsekos, Francis Professor of Finance, LeBow College of Business

Attendees of this conference can receive continuing education credit from the Certified Financial Planner Board for credit hours. Please email Sandra Levant at slevant@interdependence.org for more details.

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ABOUT THE GLOBAL CITIZEN AWARD The Global Citizen Award is given to individuals who have demonstrated, in their business or personal lives, a commitment to the principles set forth in our mission and vision. Recipients of the Global Citizen Award have been strong advocates of GIC’s efforts to be a leader in influencing world policies for the greater good through cooperative, international engagement among diverse thought leaders.

GIC is delighted to honor

MICHAEL DRURY

with the Global Citizen Award in recognition of his unwavering commitment to our mission and vision. He has given over a decade of service on GIC’s Board of Directors that included serving as Chairman of the Board from 2015-2017. Michael championed numerous programs in the US and around the world, including GIC’s 40th Anniversary Year of Programs with an impressive calendar of international events in Argentina, Uruguay, Mexico, Ireland, France, Spain, Finland, and England. Thanks to Michael’s engagement and development efforts, he has successfully generated over $400,000 in financial support of the organization.

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2023 GLOBAL CITIZEN AWARDEE MICHAEL DRURY C H I E F ECO NO MIST MCV E A N T RADING & INVE ST ME NTS , LLC

Michael Drury is the chief economist for McVean Trading & Investments, LLC. He joined the firm in 1992 after serving for five years as senior economist with Allen Sinai at Shearson Lehman Brothers and its successor firms. Michael began his career in New York in 1982 as senior economist at A. Gary Shilling and Company. He received his B.S. in economics from the Georgia Institute of Technology and did his graduate work at the University of Wisconsin-Madison.

Michael assesses macroeconomic developments around the world to help develop hedging strategies using futures markets in interest rates, currencies, and industrial materials. He travels extensively in the United States and China, as well as to Japan, Europe and Latin America.

Michael is the author of McVean Trading’s “Weekly Economic Update.”

He is on the Executive Committee of the Global Interdependence Center, president of the Economic Club of Memphis, was the founder and first president of the MidSouth Association for Business Economics (a chapter of NABE), is a member of the National Business Economic Issues Council (NBEIC) and a non-resident member of the American Chamber of Commerce in Beijing. Michael lives in Germantown, Tenn. with his wife, Mahrou, and has three children.

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PAST RECIPIENTS 2022 | George Tsetsekos, Ph.D. Francis Professor of Finance and Director of the Risk Management Center at the LeBow College of Business, Board Member of the Global Interdependence Center

2019 | E. Martin Heldring Former Senior Vice President and Managing Director of TD Bank, former Member of the Global Interdependence Center’s Board of Directors

2018 | Peter Gold, Esq. Principal of TheGoldGroup LLC, Chair of the College of Central Bankers, Vice Chair of the Global Interdependence Center

2017 | Dennis Lockhart Former President and CEO of the Federal Reserve Bank of Atlanta, former chairman of the Small Enterprise Assistance Funds, former chairman of the advisory committee of the U.S. Export-Import Bank

Founder and Chief Investment Officer of Cumberland Advisors, Board Member of the Global Interdependence Center

2009 | Christian Noyer Former Governor of the Banque de France, former Vice President of the European Central Bank, former member of the European Monetary Committee

2009 | Frederick Heldring Founding Chairman of the Global Interdependence Center, former Chairman of the Board of Philadelphia National Bank, Chairman Emeritus of the Philadelphia Development Partnership

2008 | Edward Boehne Director and Senior Economic Advisor for Haverford Quality Investing, former President of the Federal Reserve Bank of Philadelphia

2007 | Constantine Papadakis

Founder of Alpha Mining, an independent consulting firm specialized in sector rotation and an integral partner in GIC’s inaugural event in Paris (2004) and subsequent events

Former President of Drexel University, former Dean of the College of Engineering at the University of Cincinnati, Justinian Society Award recipient, Knighted Cavaliere Ufficiale in the Order of Merit of the Italian Republic, US Department of Treasury Medal of Merit recipient

2012 | Sharon Javie, Ph.D. and William Dunkelberg, Ph.D.

2006 | Michael Heavener

Sharon Javie: Former Vice Chair of Marketing and Operations at the Global Interdependence Center and former Chair of the Marketing Department at LaSalle University

Advisor to the President of Broadridge Financial Solutions, Inc., former Executive Vice President, Head of Wells Fargo Global Financial Institutions and Trade Division

William Dunkelberg: Chairman Emeritus of the Global Interdependence Center, former Dean of the School of Management and Business at Temple University

2005 | Anthony M. Santomero

2015 | François-Xavier Chevallier

2011 | Charles Plosser, Ph.D. Former President and Chief Executive Officer of the Federal Reserve Bank of Philadelphia, former Director of the Bradley Policy Research Center and Dean of the William E. Simon Graduate School of Business Administration

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2010 | David Kotok

Independent Director at Citigroup, Inc., former President of the Federal Reserve Bank of Philadelphia, Professor Emeritus of Finance at the Wharton School at the University of Pennsylvania

2004 | Frank Louchheim Founding Chairman of Right Management Consultants, recipient of the 2005 Fleisher Art Memorial Founders Award

SPEAKERS

SPEAKER JOSEPH DAVIS, PH.D. GLO B A L C H I E F ECO NO MIST GLO B A L H E AD OF T H E INVE ST ME NT ST RAT E GY G RO UP VA N GUA R D

Joseph H. Davis, Ph.D., is Vanguard’s global chief economist and global head of the Investment Strategy Group. He leads teams that are responsible for Vanguard’s research and thought leadership agendas as well as the development and oversight of the firm’s investment methodologies and models. His areas of expertise are economics, asset allocation, portfolio management, and investment strategies.

Joe chairs the firm’s Strategic Asset Allocation Committee, which governs multi-asset-class investment solutions, and is a member of the senior portfolio management team of Vanguard Fixed Income Group.

The Investment Strategy Group is responsible for the firm’s portfolio construction and investment advice methodologies and for conducting research on economies and markets, investment strategies and asset classes, and investor behavior and retirement issues. The group also oversees Vanguard’s investment models, including the Vanguard Capital Markets Model, a proprietary forecasting tool that underpins the firm’s economic and capital markets outlook.

Joe is a frequent keynote speaker, has published white papers in leading academic and practitioner journals, and currently serves on the editorial boards of The Journal of Portfolio Management and The Journal of Fixed Income.

Joe earned his B.A. from Saint Joseph’s University, earned his M.A. and Ph.D. in economics at Duke University, and is a graduate of the Advanced Management Program at The Wharton School of the University of Pennsylvania.

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SPEAKER WILLIAM KENNEDY C E O, C H I E F I NV E ST ME NT O FFICE R R I S K B R I DGE A DV I SO RS , LLC

William Kennedy is the co-founder, CEO, and Chief Investment Officer of RiskBridge Advisors, an independent, full-service investment office serving insurers, endowments and foundations, and individual investors. He is responsible for RiskBridge’s business and investment activities and has over 30 years of capital market research and investment experience.

Before founding RiskBridge, Bill was Chief Investment Officer of Fieldpoint Private, overseeing $4.5 billion in client assets and serving on the bank’s board of directors. Previously he was the Global Director of Research for Citigroup, a member of Citigroup’s Management Committee, and was based in their offices in Tokyo and New York. Bill started his investment career at the DuPont Pension Fund and held senior roles at TIAA, Century Atlantic Capital, and Marsh McLennan.

Bill earned a B.S. in economics and an MBA from Texas Christian University. He serves as the Chair of the Board of Directors of the Global Interdependence Center in Philadelphia and is a member of The Economic Club of New York, The CFA Society of New York, and the University Club. Bill is a Chartered Financial Analyst Charterholder.

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SPEAKER MICHAEL MCKEE I NT E R NAT I O N A L E CO NO MICS AND PO LIT ICS CO RRE S PO NDE NT B LO O MB E R G R ADIO/T V

Michael McKee is the International Economics and Policy Correspondent for Bloomberg TV and Radio, covering market and political developments, economic trends and central banks in the United States and around the globe.

He was formerly co-host of Bloomberg Radio’s daily ‘Surveillance’ program, and the weekly political program ‘Bloomberg View.’

McKee covered Congress, the White House, the Federal Reserve and the Treasury Department for Bloomberg News, and has written for Bloomberg Markets, Bloomberg Businessweek, and Bloomberg.com. He’s been a regular at many international economic gatherings, including meetings of the G-7, the World Bank and IMF, APEC, and the World Economic Forum in Davos.

Prior to joining Bloomberg in January 1995, McKee covered politics for 20 years for a variety of news organizations, including Newsweek. He covered Capitol Hill and spent 10 years at the White House reporting on presidents Reagan, George H.W. Bush, and Clinton.

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SPEAKER LELAND MILLER C H I E F E X E C U T I VE O FFICE R C H I NA B E I GE B OO K INT E RNAT IO NAL

Leland is the co-founder and CEO of China Beige Book, the world’s leading data analytics and economic-forecasting firm focused on China, as well as operator of the largest proprietary data-collection network ever developed to track a closed economy.

A noted authority on China’s economy and financial system, Leland is a frequent commentator on media outlets such as CNBC, Bloomberg TV & Radio, CNN, BBC, and FOX Business, and has served as guest host of two of the financial world’s top morning news shows, CNBC Squawk Box, and Bloomberg Surveillance. His work is featured regularly in the Wall Street Journal, New York Times, Financial Times, TIME, New Yorker, The Atlantic, Foreign Policy, The Hill, Washington Post and others.

Before co-founding China Beige Book in 2010, Leland was a capital markets attorney based out of New York and Hong Kong and worked on the deal team at a major investment bank. He holds a law degree from the University of Virginia School of Law, where he was Hardy C. Dillard fellow and editor-in-chief of the International Law Journal; a master’s degree in Chinese History from Oxford University; a BA in European History from Washington & Lee University; and a graduate Chinese language fellowship from Tunghai University (Taiwan). He returned to W&L as the Williams School’s Executive-in-Residence in 2015.

Leland is an elected member of the National Committee on U.S.-China Relations and Economic Club of New York, an elected life member of the Council on Foreign Relations, a board member of the Global Interdependence Center, and a nonresident Senior Fellow at the Brent Scowcroft Center on International Security at the Atlantic Council.

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SPEAKER DANA PETERSON C H I E F E CO NO MI ST C E N T E R L E ADE R O F E CO NO MY, ST RAT E GY, AND FINANCE T H E CO N F E R E N C E B OARD

Dana Peterson is the Chief Economist & Center Leader of Economy, Strategy & Finance at The Conference Board. Peterson joins The Conference Board from Citi, where for many years she served as a North America Economist and later as a Global Economist. Her wealth of experience extends to the public sector, having also worked at the Federal Reserve Board in Washington, D.C. Dana’s wide-ranging economics portfolio includes analyzing global economic themes having direct financial market implications, including monetary policy, fiscal and trade policy, debt, taxation, ESG, and demographics. Her work also examined myriad US themes leveraging granular data. In addition, Dana conducted multi-asset research and wrote publications with other Citi research teams – both US and global – including strategists covering rates, equities, credit, foreign exchange, commodities, political analysis, and asset allocation.

Peterson’s research has been featured by US and international news outlets, both in print and broadcast. Publications and networks include CNBC, FOX Business, Bloomberg, Thomson-Reuters, the Financial Times, and the Wall Street Journal.

She is the rising 1st Vice Chair of the New York Association for Business Economics (NYABE), and a member of the Women’s Bond Club.

She received an undergraduate degree in Economics from Wesleyan University and a Master of Science degree in Economics from the University of WisconsinMadison.

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SPEAKER DONALD RISSMILLER C H I E F E CO N O MI ST ST R AT E GAS

Mr. Rissmiller is a founding Partner of Strategas and has directed the Firm’s macroeconomic research efforts since 2006. He oversees Strategas’ thematic research as well as high-frequency econometric forecasting.

Prior to co-founding Strategas in 2006, Mr. Rissmiller was an Economist and Managing Director at International Strategy & Investment (ISI) Group. Before joining ISI, he worked at the Federal Reserve Bank of New York, focusing on the analysis of U.S. macroeconomic data and price/wage forecasting models.

He is frequently quoted in the financial press. He has been the president of the Forecasters Club of New York, a local group of economists. He has been a winner of their economic forecasting competition. He also serves on the board of the Global Interdependence Center (GIC) based in Philadelphia, and was the chair from 2018-2019.

Mr. Rissmiller’s research has been consistently recognized by Institutional Investor magazine in their annual survey. Mr. Rissmiller holds an AB magna cum laude in Economics from Harvard.

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SPEAKER GEORGE TSETSEKOS, PH.D. F R A N C I S P R O F E SS O R O F FINANCE DE A N E ME R I T U S DR E X E L’S L E B OW CO LLE G E O F B US INE SS

Dr. George Tsetsekos serves as the Francis professor of Finance and Director of the Risk Management Center at the LeBow College of Business. He served as Dean of LeBow (2002-2012); under his transformative leadership, the college achieved national rankings and quality milestones in research and teaching.

Prior to his appointment as Dean, he served as Drexel’s Vice Provost and Vice President for academic administration and contributed to the completion of the strategic merger between Drexel and MCP Hahnemann University. Dr. Tsetsekos’ extensive research covers the broad areas of corporate finance, investments, banking and international finance. His research contributions include articles published in several journals including the Journal of Financial Economics, Journal of Banking & Finance and Journal of International Business Studies. He is the author of books on finance, has served on editorial boards for academic journals, and co-chaired conferences on international finance topics.

Dr. Tsetsekos has served on the advisory boards of the Federal Reserve Bank of Philadelphia, the Penjerdel Council, the Pennsylvania Economic League, the World Trade Center of Greater Philadelphia, GIC, and other organizations.

He has also served in consulting and advisory roles in several organizations including The World Bank, SEC, Bearn Stearns, and FannieMae. He holds a Ph.D. in finance from the University of Tennessee, an MBA in finance from Wright State University, and a B.Sc/MSc in Electrical and Mechanical engineering from the University of Athens, Greece.

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SPEAKER HOLLY WADE E X E C U T I V E DI R E CTO R NF I B R E S E A R C H CE NT E R

Holly Wade is the executive director of the NFIB Research Center, where she conducts original research and studies public policy effects on small businesses.

She produces NFIB’s monthly Small Business Economic Trends survey and surveys on topics related to small business operations. Holly is also a member of the Board of Directors of the National Association for Business Economics (NABE). She has undergraduate degrees in Political Science and Sociology from the University of Washington and a Master of Public Policy from the University of Denver.

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UPCOMING GIC PROGRAMS JANUARY 14-20, 2024

APRIL 3, 2024

GIC Delegation to Cuba

The Economics of the Entertainment Industry

Havana and Trinidad, Cuba

FEBRUARY 15-16, 2024 Climate, Currency and Central Banking Nassau, Bahamas

FEBRUARY 22, 2024 7th Annual Sovereign Debt Restructuring Conference Philadelphia, PA

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SEPTEMBER 15-20, 2024 GIC Delegation to Poland

Los Angeles, CA

Warsaw and Krakow

JUNE 28, 2024

OCTOBER 2024

GIC Central Banking Series

Conference in Partnership with Ursinus College

Paris

Collegeville, PA

JULY 10, 2024 GIC Teton Economic Outlook

NOVEMBER 2024

Jackson Hole. WY

College of Central Bankers Symposium Atlanta, GA

ONE MEMBERSHIP, A WORLD OF OPPORTUNITIES WE INVITE YOU TO JOIN US. As a Member of the Global Interdependence Center, you are an integral part of our neutral, nonpartisan forum to expand awareness, advance shared interests, and promote social stewardship.

In addition to benefits such as premier access to GIC programs in the US, around the world, and virtually, access to the members-only LinkedIn group, and the opportunity to contribute content to the GIC blog, GIC offers our Members access to our smaller, private roundtables held under Chatham House Rule*. GIC’s private roundtable discussions have become a hallmark of our programming, inviting Members to participate in a candid exchange of viewpoints and ideas among industry leaders on issues most relevant to the global economic environment. GIC Members contribute to our shared global reach by supporting our mission and programming. We invite you to join us.

The Global Interdependence Center is a 501(c)(3) nonprofit organization and all donations and GIC membership dues are tax deductible. *When a meeting, or part thereof, is held under the Chatham House Rule, participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s), nor that of any other participant, may be revealed.

MEMBERSHIP LEVELS General Membership

$200: Open to any individual who is interested in joining GIC and receiving the benefits of membership.

Emerging Leader Member

$75: Open to individuals who are under 40 years of age.

Nonprofit Member

$100: Open to any individual who is an employee of a nonprofit organization or academic institution.

Nonprofit members receive all the benefits of general membership.

Student Member

$50: Like the Emerging Leader, this membership receives all the benefits of general membership but is limited to students.

BECOME A MEMBER AT

WWW.INTERDEPENDENCE.ORG

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TRIBUTE LETTERS

Dear Michael,

GEORGE TSETSEKOS

• 2022 •

RECIPIENT OF THE GLOBAL CITIZEN AWARD

I send my warmest congratulations to you on receiving the 2023 Global Citizen Award and wish to thank you for your longstanding dedication to the Global Interdependence Center. Your commitment to GIC’s mission is evident through your unwavering support and the strengthening of our international programming under your leadership. Your numerous initiatives advanced excellence and global visibility at GIC and helped create new high standards for our organization.

It has been my honor to serve alongside you on GIC’s Board of Directors and I look forward to our continued work together.

With best wishes,

George Tsetsekos, Ph.D. Francis Professor of Finance, LeBow College of Business, Drexel University Board Member of the Global Interdependence Center

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October 14, 2023 Dear Members of the GIC Board,

MARTIN HELDRING

• 2019 •

RECIPIENT OF THE GLOBAL CITIZEN AWARD

My enthusiastic congratulations to Michael Drury on his recognition as the Global Interdependence Center’s 2023 Global Citizen.

I was very pleased to serve on GIC’s Board with Michael for many years. I know personally of his steadfast and highly-effective support for GIC and believe that he is a very deserving honoree. I was especially pleased to serve with Michael when he served as Chair of the Board from 2015-2017.

GIC is a unique organization with which I have been involved in various ways for almost 50 years. It serves a critical role in ensuring a deeper understanding and perspective of international economic issues. Michael should be very proud of both the organization and his role in continuing its mission.

Michael, thank you for your hard work in support of GIC and enjoy this well-deserved recognition.

Martin Heldring

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Peter A. Gold, Esquire pagold@thegoldgrp.com December 2023

Dear Michael, PETER GOLD

• 2018 •

RECIPIENT OF THE GLOBAL CITIZEN AWARD

As a former GIC Board colleague, Founding Chair of the College of Central Bankers, and recipient of the 2018 GIC Global Citizen Award, I wholeheartedly congratulate you on receiving the 2023 Global Citizen Award.

Indeed, you live the mission of the GIC. Your programming, financial and importantly judgment leadership over the years has been distinguished in advancing the value of the GIC to its program attendees and so many others. Well done, Michael!

Congratulations.

Peter A. Gold, Esquire

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On the occasion of Michael Drury’s receipt of GIC’s Global Citizen Award I want to congratulate Michael Drury on his well-deserved recognition as the 2023 recipient of the Global Interdependence Center’s Global Citizen Award. I also want to commend GIC on its excellent choice.

DENNIS LOCKHART

• 2017 •

RECIPIENT OF THE GLOBAL CITIZEN AWARD

Michael has been a long and steadfast contributor to GIC’s admirable and ambitious mission. Michael was the Chair of GIC when I received the same award in 2017. He has been a very active Board Member over the years as Program Chair and Chair, and currently serves on the Program Committee and Executive Committee.

Michael is a learned and very able economist. I know he is good because his professional “clients” are traders and investors, people with real money in the game.

He has excelled in this crucible his entire career. He has been a leader in a variety of economist professional societies and is widely respected in the profession.

Michael has been an early and active student of China and its economy, having traveled there many times over a long timespan. This alone merits the praise that accompanies this award.

And, it goes without saying that Michael is a hardened, resilient traveler of the world. I know this firsthand. I had the pleasure of his company from Camp Kotok to New York’s JFK airport (where I easily caught my flight while Michael was stranded overnight and well into the next day). He endured over twenty-four hours getting home. For that, he’s my hero.

Best wishes and congratulations to Michael for this special acknowledgment of his many contributions.

Dennis Lockhart

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December 11, 2023 Dear Friends and Colleagues,

DAVID KOTOK

• 2010 •

RECIPIENT OF THE GLOBAL CITIZEN AWARD

It is a distinct privilege to write a congratulatory note to Michael Drury on the occasion of his receiving the GIC Global Citizen Award. He has earned it as chair and program chair, speaker, and GIC world traveler.

Michael and I met at a GIC event in Singapore. I can even picture the meeting and the conversation where family ties with Memphis became a connecting point for the conversation.

This is a special event and a moment of recognition.

It is a personal honor for me to be part of this tribute to Michael’s persistence and advocacy for the work of the GIC. Congratulations to Michael Drury.

David R. Kotok Co-founder & Chief Investment Officer, Cumberland Advisors Board Member, GIC

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Dear Friends of the Global Interdependance Center: I am delighted to join others to congratulate Michael Drury for his award as Global Citizen for 2023, and the Center for his excellent choice.

CHRISTIAN NOYER

• 2009 •

RECIPIENT OF THE GLOBAL CITIZEN AWARD

Michael has demonstrated an incredible commitment not only to the principles set out in the mission of the GIC, but also to the effectiveness of the GIC in influencing world policies. With over a decade of service on its Board of Directors, and as chairman of this Board for several years, Michael has clearly been a leader in fostering the efforts of the GIC to develop many programs which permitted participants over a number of years to exchange views and share commitment to building a better world. Through an impressive calendar of events that he championed or launched, the recognition of the reality and of the value of interdependence has been shared by many.

The value of the efforts by the GIC to explore opportunities for a global dialogue on matters of common interest is particularly high in the present circumstances where we often face questioning of globalization and of our multilateral cooperation. Michael’s interest and involvement in the global economy, and his commitment in developing the activities and building the success of the GIC, show how much he deserves this award.

Sincerely,

Christian Noyer Former Vice-President of the European Central Bank (1998-2002) Former Governor of the Banque de France (2003-2015)

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December 11, 2023

MICHAEL HEAVENER

• 2006 •

RECIPIENT OF THE GLOBAL CITIZEN AWARD

I write to extend my hearty congratulations to Michael Drury, this year’s recipient of the Global Interdependence Center’s Global Citizen Award. A highly credentialed economist, China expert, and savvy analyst of commodity markets and international trade, Michael has consistently shouldered an outsized role in building the GIC brand and its scope of exploration.

Over many years, Michael’s brought leadership (as a Director, then Chairman), expanded programs (into new areas of inquiry and across new geographies), and a very meaningful amount of financial support (in excess of $400,000.) to GIC. And in his day job role as Chief Economist at McVean Trading and Investments, LLC, Michael authors a Weekly Economic Update filled with essential data perfectly presented and analyzed, and often positing contrarian points that ultimately prove prescient. More icing on an already large cake!

GIC has been fortunate to have had Michael in so many lead roles over so many years, a Global Citizen of the highest order. Very well done, Michael!

Michael Heavener

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warmly congratulates Michael Drury on receiving the GIC Global Citizen Award.

Cygnus Asset Management is a proud sponsor of the Global Interdependence Center.

Cygnus was founded, and continues its mission, based on three founding principles: To have a meaningful and positive impact on the financial lives of our clients. To provide team members a diverse working environment which encourages professional growth. To give back to the community through ongoing philanthropic activities.

Congratulations to Michael Drury on being honored with the Global Citizen Award for your unwavering persistence and advocacy for the work of the Global Interdependence Center.

DAVID R. KOTOK Co-founder & Chief Investment Officer, Cumberland Advisors Board Member, Global Interdependence Center 2010 Global Citizen Awardee

Congratulations, Michael, on this well-deserved recognition as the recipient of the 2023 Global Citizen Award.

Your years dedicated to the Global Interdependence Center have been imperative to the organization’s continued success.

KATHLEEN STEPHANSEN

Having enjoyed a strong and productive working relationship with Michael Drury over many, many years, Smithfield Trust Company is delighted to see Michael honored by the Global Interdependence Center with its Global Citizen Award.

Congratulations Michael!

CONGRATULATIONS, MICHAEL, ON A WELL-DESERVED HONOR. You have been a great supporter of GIC and its mission to encourage discussion of major issues with our global neighbors. Your contributions financially, programmatically and as a leader and speaker have contributed much to GIC’s success.

Congratulations, Michael!

The Global Citizen Award is a reflection of your passion, expertise, and commitment to fostering interdependence and understanding in our interconnected world. This recognition is a testament to your impact and commitment.

Your achievements inspire us all.

Well-deserved, Michael!

Your efforts are greatly appreciated, and we look forward to your continued involvement in future GIC endeavors.

Best wishes!

BILL AND SHARON

Congratulations Michael!

GIC has benefited greatly from your leadership, and I am happy to count you as a friend.

DON RISSMILLER

Congratulates the 2023 Global Citizen Award recipient:

MICHAEL J. DRURY In recognition of his enduring commitment to the Global Interdependence Center’s mission of advancing neutral, nonpartisan forums to explore global issues and policies impacting world economies and living standards.

Michael, we applaud and congratulate you for your extraordinary leadership and contributions to GIC’s past and future success.

RiskBridge Advisors, LLC (“RiskBridge”) is an independent, privately held investment advisor. We navigate risk to create opportunity for generational wealth, foundations, and global institutions. RiskBridge is a proud sponsor of the Global Interdependence Center. Visit us at www.riskbridgeadvisors.com.

CONGRATULATIONS MICHAEL & THANK YOU FOR YOUR TIRELESS WORK & LEADERSHIP ON BEHALF OF GIC!

SENDING WARM CONGRATULATIONS TO

MICHAEL DRURY ON BEING RECOGNIZED WITH THE GIC’S GLOBAL CITIZEN AWARD! CHRISTOPHER LANE

Congratulations, Michael, on this wonderful, well-deserved honor.

DANA PETERSON

Congratulations Michael!

A very well deserved honor.

Thank you for everything you do for GIC. BRIAN RANKIN

The CFA Society of Philadelphia is proud to be a partner of the Global Interdependence Center and congratulates the 2023 Global Citizen Award recipient: Michael Drury!

The CFA Society of Philadelphia (CFAP) was founded in 1943 to further the interchange of information and opinions among people in the investment community, to foster a high standard of ethics and to promote a clear public understanding of the functions of security analysis. Non-CFA charter holders interested in the financial services industry are also welcome to become members. Visit us at www.cfaphil.org.

Congratulations Michael!

Well deserved.

You truly are a Global Citizen, traveling and assessing economic performance from the United States to China. Your writing is thoughtful and your logic clear. Although I might not always agree, I learn when I read your missives. You’ve also been integral to the Global Interdependence Center for 14 years. Keep thinking and writing and doing.

Congratulations!

CATHERINE L MANN

Congratulations, Michael, on your Global Citizen Award.

There are few economists more Global than you.

The GIC and the College of Central Bankers have benefited greatly over the decades from your dedication to furthering understanding of global interdependence.

Th a n k yo u !

THE HORNES OF VIRGINIA

Dear Michael, In our increasingly unstable world where it has become hard to talk and/ or debate analytically about our most important economic challenges, and at the same time economists have increasingly retreated to elegant equations to “solve” problems, your rather fearless dedication to saying in everyday words what you think while listening to and debating “the other side” of an issue has, in many ways on many occasions, helped me better understand the global economy and its peoples.

Your intellect and rigor have also expanded and deepened GIC’s role in fulfilling its mission as an independent global forum for debate and learning. Congratulations Michael, you have more than earned GIC’s Global Citizen Award.

All the best,

STEVE SEXAUER

Students, Faculty, and Staff of

Congratulate the 2023 recipient of GIC’s Global Citizen Award

MICHAEL DRURY and recognize his tireless efforts to advance the mission of GIC over the year, his commitment to an interdependent world, and his engaging and enthusiastic presentations he delivered over the years at AMT conferences at LeBow that advanced students’ knowledge on global economics.

Vibhas Madan, Dean and Professor of Economics George Tsetsekos, Francis Professor of Finance and Dean Emeritus

CONGRATULATIONS, MICHAEL! THANK YOU FOR YOUR YEARS OF LEADERSHIP AND SUPPORT FOR THE GLOBAL INTERDEPENDENCE CENTER. MICHAEL VELORIC

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SPONSORS

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I N T E R D E P E N D E N C E .O R G