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BOURBON FINANCIAL MANAGEMENT
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Patrick Bourbon

Patrick Bourbon, CFA

(+1) 312-909-6539


 

Contact us to learn more about our comprehensive and independent financial planning services.



 
Table of Contents
 
 
 

The BFM Team

  
Ivan Leveille Nizerolle, CFA, FRM
 
 

Ivan has close to thirty years of experience. He began his career with Banque du Bâtiment et des Travaux Publics in the treasury Department. In 1989, he moved to the Crédit Agricole Group as a derivatives products and interest rate trader on the French and German markets. He moved to Chicago in 1999 and was an analyst focusing on the arbitrage and multi-strategy managers based in North America, before becoming a Senior Portfolio Manager, Managing Director of Credit Agricole Asset Management Alternative Investments (CAAM AI), which had $15 billion under management.
He is an expert in asset allocation and mutual funds due diligence.

Ivan has the French equivalent of a Masters from the University Paris-Dauphine in Financial Markets and Business Management. He also has a Master's degree in Economics from the University of Paris-Sorbonne and a Masters in Engineering from the Ecole Nationale des Travaux Publics (ESTP).

 

 

Gilles de Barbeyrac
 
 
 
Gilles has spent his whole career in credit risk and market risk functions. Gilles worked in the Risk Management department of Calyon Financial (a derivatives brokerage firm that merged with Fimat in 2008 to form Newedge) from 1999 to 2008. He became its Counterparty Risk Manager in 2006.
Gilles is now the Credit Risk Manager of RBC Investor Services BankFrance, a depositary bank which is part of the Royal Bank of Canada group.

Gilles also successfully passed the CFA exam in 2004 (Level 3). He holds a bachelor’s degree in finance from University Paris Dauphine and an MBA in finance from Loyola University Chicago.


 
 
Laurent Barocas
 
 
 
Laurent brings more than fifteen years of experience in financial markets serving both Buy-side and Sell-side global institutions. Most recently Laurent joined Bloomberg’s Portfolio Risk & Analytics product team to focus on the development and commercialization of Bloomberg’s portfolio capabilities. Laurent started his career in Chicago as an Interest Rates Specialist for ABN AMRO fixed income investment portfolio. Then he moved to London in senior portfolio specialist roles within investment banking research departments at Citi and Lehman Brothers. Laurent transitioned in 2008 as a Director to Barclays Capital Index, Portfolio & Risk solutions team.

Laurent holds an Masters in Computer Sciences from Paris-Dauphine University and an MBA in Finance from the University of Chicago, Booth School of Business.



 
Juan Carlos Espina
 
 
 
Juan joined the Federal Home Loan Bank of Chicago in 2004, and has played many different roles with increased responsibilities within risk management. Currently he works as a Vice President of Credit Analysis for unsecured credit covering Federal Fund, Reverse Repo and Derivatives counterparties.
Before, he worked in risk management at Bank One (JP Morgan), and has corporate banking experience in Latin America (Banco del Caribe – Scotiabank). Juan also has commodity trading exposure (Chicago Board of Trade).

He graduated with a Bachelor of Science in Engineering and Agronomics (Universidad Central de Venezuela, 1996), and a Master of Science in Finance (Illinois Institute of Technology, 2000).

 

 
Fabienne Legger
 
 
 
Fabienne brings over 15 years of senior international expertise in the area of strategy, operations, business infrastructure/transformation, compliance and international business expansion. She started her career within Euronext Group (formerly SBF – Bourse de Paris) where she led a number of leadership and consultancy roles in Europe, U.S. and APAC, including 2 years in Chicago, where she was part of the team which worked on the technology swap between Euronext and the CME (trading/clearing). Then she moved to Switzerland and expanded her know-how to the brokerage, banking and insurance sectors. She worked for key global players such as Interactive Brokers, Credit Suisse, E*TRADE and SwissRe, and held senior management positions as Head of Regional Business and/or Operations.

Fabienne holds a Master's degree in Business Administration and Management. She is passionate about “making business work” in profitable, sustainable, and socially responsible ways. She considers Operations as a key strategic competitive business asset.


 
 
Pierre Monperrus
 
 
 
Pierre is a Director with over 13 years of Management Consulting experience at PwC. Pierre specializes in financial effectiveness and process improvement initiatives. He has significant experience transforming finance functions to assist corporate and private equity clients quickly integrate acquired companies.
Finally, Pierre also has expertise in audit approach & risk management.

He holds a Masters in Corporate Law and a Masters in Business Management. He is currently a part time student (executive program) at the Kellogg School of Management at Northwestern University.


 
 
Sagar Sheth
 
 
 
Sagar is currently Managing Director and Head of Chicago for MKM Partners. Sagar previously served as a Director in the Global Markets Group at Deutsche Bank where he was a top ranked Institutional Equity Salesperson. Prior to Deutsche Bank, Sagar spent nearly four years at UBS Investment Bank in the Equities Group. He also held positions as an Associate Quantitative Analyst at UBS Global Asset Management and as a Business Analyst at Morgan Stanley’s Discover Financial Services Group. He has a broad background in business development and has built a vast network of executives that stretches across the globe.

In his personal time, Sagar is an Adjunct Professor at the IIT Stuart School of Business in Chicago teaching a course on Investment Banking, Global Markets and Hedge Funds. Sagar also gives back to the community as a member of the Board of Directors of the Israel Idonije Foundation, and is an active supporter of the Cystic Fibrosis Foundation, the Foundation for Educating Children with Autism, as well as a variety of other nonprofits.

Sagar received an MBA from the University of Chicago Booth School of Business, and he graduated from University of Michigan with a Bachelors in Economics. He is also a licensed Illinois Real Estate Managing Broker and holds multiple securities licenses.
 
 
BEST OF BFM
 
Find practical tips you can use to help you make better and more informed decisions.
 
  DISCOVER THE BEST OF BFM NEWSLETTERS NOW 
 

Did you know that your vision can literally "trick" you? Did you know that human attention is limited and that we can't analyze all the information we receive?

 
LEARN MORE
FINANCIAL TIPS
We can offer more information depending on your individual needs. We provide customized services (serving as your " PERSONAL CHIEF FINANCIAL OFFICER ") and we may be able to solve a specific problem and help you achieve your goals.






We Bring You Financial Security and Financial Independence.




 

Don’t hesitate to

 contact us

 


 

 
BFM Videos


Over the past few years, we’ve carefully assembled practical tips and videos you can use to help you make better and more informed life decisions. 
 


 
WE ARE ALL PREDICTABLY IRRATIONAL!


See examples of cognitive illusions, and learn why humans make predictably irrational decisions.



 


For example, did you know that your vision can literally “trick” you whenever it can? That human attention is limited and that we can’t analyze all the information we receive? Let's watch this video:
 
 
 

The butchers' and dietitians' story: discover the difference between brokers and fiduciaries.

 
 

BFM is a fiduciary (like a dietitian).

 

 
Behavioral Finance: overconfidence and the role of psychology.
(DR. SHILLER - 2013 NOBEL PRIZE IN ECONOMICS)


 


 
FIND OUT MORE IN THE BEST OF BFM NEWSLETTERS HERE!
 

 
HOW BFM CAN HELP YOU

 
 

 
THE BFM PROCESS
 
 


 
INVESTMENT 101: BE PREPARED


 
 
WHY WE ARE FEE-ONLY FINANCIAL PLANNERS
 
 
 

WHY WE OFFER COMPREHENSIVE FINANCIAL PLANNING
 

 
 
 

Both doctors and pharmacists play an important role in health care, but when you’re feeling ill you know whom you visit first.

Pharmacists are experts in their field, but they aren’t diagnosticians. That’s why you visit a physician first — to get a diagnosis and, when warranted, a prescription. And to protect you from the risk that a physician might try to sell you pharmaceuticals you don’t need in order to make a profit, you buy the drugs from the pharmacist. This eliminates the potential for a huge, and medically dangerous, conflict of interest.

This same logic applies to financial planning.

Some practitioners in the financial field make a living by earning commissions when you buy products they recommend. This creates a financially dangerous conflict of interest, because the advisor doesn’t profit unless you make a purchase.

The solution is simple: Don’t buy products from advisors whose compensation is largely dependent on the commissions they’ll earn when selling them. Instead, hire a fee-based advisor whose compensation is aligned with your best interests. (Source: Ric Edelman)

In the case of BFM, we do not accept any commissions. We are FEE-ONLY. Thus, instead of a conflict between us, our interests are aligned.






We are CONFLICT-FREE.





 





Don’t hesitate to
 contact us
 
 
Founder's Words

I would like to wish everyone lots of happiness and good health for the New Year!
 
Since many of you liked the first edition of the Best of BFM Newsletters in January 2012 (www.tinyurl.com/BFM-BestOf-I), we decided to create another one.
 
Many people are optimistic about 2015 (U.S. Markets up more than 200% since March 2009; up 11 of the last 12 calendar years…). While optimism is certainly in the air, it’s also more important than ever to diversify your investments.
 
That’s where our Best of BFM Newsletters II comes in. Over the past three years we’ve carefully assembled practical tips you can use to help you make better, more informed financial decisions.
 
At BFM, we want to sincerely thank all of our clients in the U.S., Europe, and Asia. Thank you for your loyal support and business throughout the past five years. We truly enjoy working with every single one of you.  Thank you for letting us be a small part of your life.


 

Introduction

 
I agree with Claude Rosenberg that investing money has never been a more demanding or sophisticated challenge. Wildly fluctuating markets, damaging conflicts of interest, compensation linked to commissions and account activity, lack of fiduciary duty, and a huge number of new investment products have dramatically changed the character of the investing game, and made the aid of a financial planner a necessity. At the same time, governments have failed to make sure advisers behave responsibly. Many possess little or no investment sophistication or credentials. The sad fact is that many times you can’t even believe the information you’ve received. You are left in the uncomfortable position of taking a salesperson's word to evaluate his or her firm's past record. Blind use of performance numbers can lead to erroneous conclusions and poor decisions. With higher taxes, higher costs of healthcare and education, higher market volatility, and higher employment risks, the demand for capital growth has led to greater need for reliable, independent and unbiased investment advice.

BFM, as a fiduciary which always acts in your best interest, offers you peace of mind and investment strategies. We are your personal CFO and help you properly analyze some of the promotional tactics used-and abused-by investment managers so that you are less likely of being misled. We have no claims that we will enable you to make money easily, but we will give you numerous practical, profit-oriented tips, and a wealth of helpful guidelines to help you reach your personalized goals as well as a comfortable retirement.

Managing the accounts for a total of more than $2 billion qualifies me to guide you through this investment jungle. Our goal is to show you how to avoid some common pitfalls that threaten you, and to provide you with the practical steps you can take to improve your own investment results. A mutual fund that is superior for someone else may not be the fund that is superior for you!

The knowledge we give you about investing cycles and styles, about fighting herd instincts, about the emotional side of investing, about developing sensitivities and certain protections against people who sell investment "products" should prove valuable in all types of decisions. One important way to mitigate surprise is to understand before investing how you are likely to react to the very human but inhibiting reactions of fear, envy, greed, anger, worry, and remorse. After all, one obstacle to clients' success is often the client himself!

To start the New Year, we offer you a summary of some of our past newsletters over the past three years.

As always, we thank you for your support and welcome your comments. 
 
               



                     
 
   



                     
                                     
                               
                                   
                 
 
                                                                                                                                                                                                                          

                    


 
 

Thanks for your wisdom and for creating the first index mutual fund available to the general public! Jack Bogle is the founder and retired CEO of The Vanguard Group and one of the greatest investors. I agree with Jack's approach to investing defined by simplicity and common sense.



« Thinking Fast and Slow » from Dr. Daniel Kahneman is one of the best books I have ever read on cognitive psychology, decision-making, and behavioral economics. Dr. Kahneman has never taken a single economics course but he received the Nobel Memorial Prize in Economics in 2002!




 
     

                                                            
       
 

                                                       


      


 



                     
    
    
                                                                               

                                                                                                                                                                                
      




            








            
 


 


Appendix - Past Newsletters







 

COMPLIMENTARY CONSULTATION
 

COMPLIMENTARY CONSULTATION
 

We would welcome the opportunity to know you better, introduce ourselves, share with you the work we do for our clients, and position ourselves as a useful resource for you. It would be a wise first step towards achieving your vision.

 

Getting to know you, your needs and motivations, is almost as important as you evaluating our capabilities to help you meet your financial goals. We do not charge a fee for our initial consultation during which we review your portfolio, and listen to your goals and objectives.




GET YOUR COMPLIMENTARY CONSULTATION NOW

 

What type of clients do we have? Our clients are located across the globe including North America, Europe and Asia. We have an unbiased approach in selecting our clientele i.e. our client base is broad encompassing expatriates, executives, entrepreneurs, working professionals, and business individuals. We welcome all clients from individuals with wealthy multi-million dollar portfolios to individuals who currently have negative net worth. 

We have no portfolio size minimums.

Learn more about our straightforward flat fee conflict-free compensation model.

 

We have discovered that one of the most valuable things we do for our clients is guiding them on selecting better mutual funds and making sure they have enough assets as long as they live. If you have any ideas on how we should connect with people in such situations, your advice would be a great help.

 

 



 
Copyright © 2014 Bourbon Financial Management, LLC
All rights reserved.

616 W. Fulton St. Suite 411 - Chicago, IL 60661
(+1) 312 909 6539 - info@bourbonfm.com
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This newsletter is not investment advice or trade recommendations. Many factors beyond those discussed in this newsletter exist in determining a proper investment allocation and whether global investing is appropriate for each individual investor. We welcome all questions and comments regarding investing and retirement concerns.