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  3. Brian Kozeliski
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Brian Kozeliski

CFA
Faculty – Advance Investment Management Course
CQA Institute / Wilkes University
Country or state 
United States (Michigan)
Available to 
Global
City 
Bloomfield Hills
Fee 
Ask for pricing
Languages 
English,
Spanish
Volunteer
Yes

Personal Details

Bio

Brian Kozeliski is a lecturer for the CQA Institute at Wilkes University. Previously, he was the Director of Quantitative and Risk analysis at Victory Capital Management. In this role he led the quantitative strategy team charged with maintaining, monitoring, and enhancing quantitative infrastructure and research and the risk management team responsible for identifying, measuring and monitoring risks that impact portfolio returns. Prior to this, he was the Senior Portfolio manager for the Munder International Fund which was recognized as the winner of Lipper’s Best International Multi-Cap Value Fund over five years in 2010 and in 2011. Before entering the asset management business Brian was a Peace Corps Volunteer with the United States Peace Corps. He graduated with a BA in mathematics and Spanish from Willamette University and an MBA in finance from the Thunderbird School of Global Management. He is a Chartered Financial Analyst (CFA) Charterholder, Chartered Alternative Investment Analyst (CAIA) Charterholder and Financial Risk Manager (FRM) Charterholder.

Current position (2)

Faculty – Advance Investment Management Course

CQA Institute / Wilkes University

Director of Quant and Risk Management / Senior PM

Victory Capital Management

Degrees (2)
Mathematics and Spanish
Willamette University
1988 to 1992
Finance
Thunderbird School of Global Management
1997 to 1998

Presentations

Presentations (1)
Stop Doing That! How Unintentional Bets are Hurting Your Performance and a Practical Solution.

Relative and absolute performance are of utmost concern for active managers and investors alike. However, many active managers struggle to outperform their benchmarks. In this session, Brian Kozeliski shows that even successful managers can unknowingly expose their portfolios to factors that are consistently detracting from performance, and that this detraction persists after identification. Mitigating the effects of these unintentional exposures significantly improves out-of-sample performance of otherwise successful strategies. The analysis serves as a road map for improving future performance through enhanced portfolio construction. It also helps to eliminate behavioral mistakes in manager selection, and thus the analysis is a superior method for identifying future outperforming managers. This work has ramifications for managers/portfolios looking to improve performance and wealth managers (and others) attempting to identify superior external managers.

Past talks (2)
Stop Doing That! How Unintentional Bets are Hurting Your Performance and a Practical Solution
FactSet Investment Process Symposium
Bermuda
November 15, 2016
Stop Doing That! - How Unintentional Bets Are Hurting Your Investment Performance
QuantMinds Americas
Online virtual conference
September 22, 2020
  • All (296)
  • Videos (294)
  • Photos
  • Press information (2)
Ponzi Schemes
Central Herd
The Fiduciary Rule is Nonsense
More Ethics Problems
Central Banks Contribute to Investor Irrationality
The Good and Bad of FinTech
Fraud Day Four FINRA $8300
What Do We Mean By Risk When it Comes to Investing - Part 1
Central Banks' Actions Have Created an Orgy of Debt Around the World
Have Alternative Investment Vehicles Delivered Their Promised Benefits During the COVID-19 Crisis
Committing Fraud is Fun
Fintechs are Harvesters of Behavioral Mistakes
Wirecard Fraud
Stock Splits on the Decline and Fractional Trading on the Rise
Bitcoin is Ultimately Worthless
You Need a Plan for Times of Crisis - Risk Part Two
Discussion: Fundamental Analysis and Mean-Variance Optimal Portfolios
Companies that Focus on the Long-Term are Better
Security Analysis with Big Data
ADRs to Reduce Custody Fees
IMF Acknowledges Markets Aren't Reflecting Reality
Investment Analysts - Are You Getting Even the Most Basic Part of Your Job Right
Regulation Best Interest is Not the Best We Could Have Done
The PE Ratio's Distribution Problem
The EP Ratio Solves All the Problems of the PE Ratio
The PE Distribution Problem Also Makes the Portfolio PE Calculation Unintuitive
Base Rate Fallacy - Don't Believe Good or Bad Hype - Understand the Base Case and Do the Analysis
Time Series vs Cross Section
Which Factors Predict the Future with What Type of Data
Why Some Factors Work in the Cross Section and Others Work in Time Series
Growth and Value are not Mutually Exclusive Concepts
It's Easier to Commit Fraud if you Pick a Topical and Trendy Theme
COVID-19 Makes it Easy to Commit Fraud
The Proposed Department of Labor ESG Rule is Too Specific
On the Value of Portfolio Construction
Names and Other Seemingly Irrelevant Information Can Move Stock Prices
Always Develop a Investment Thesis Identifying a Mechanism for Market Outperformance
How Many Times do We Need to be Defrauded by Chinese Companies Before We Learn Our Lesson
Improve by Embracing Your Mistakes
You Won't Be More Accurate but More Data Will Make You More Confident
Speaking With Management - Answers Will Largely Depend on How You Frame Questions
Learn From Your Investment Theses Mistakes
20200731 Fraud Friday False Hopes and Disappearance
More Data – Worse Outcomes – Why Does Being Diligent and Thorough Lead to Worse Investment Decisions
Embrace Being Wrong without Groupthink
Investing Protects Purchasing Power - Different Asset Classes Work Better in Different Inflation Regimes
If Inflation isn't Comparable Across Time, How Do We Know Which Investments Are Best Suited For Today's Inflation Regime
The Data Dependent -Great and Powerful- Fed Doesn't Even Know the Difference Between Data and a Label
20200807 Fraud Friday Due Diligence
Embrace Being Wrong - Go Outside of Your Firm
As an Industry We Are Losing the Actuarial Risk Battle
20200814 Fraud Friday - There Is and Explosion of Accounting Fraud Right Now
Defined Contribution Plans Are a Crappy Alternative to Defined Benefit Plans. Why Throw Away the Ability to Diversify Away Risks
Buying Stocks with High Growth Is Not a Winning Strategy
Embrace Being Wrong - Your Subconscious Mind Will Cause You to Make Mistakes
20200821 Why Are Mutual Fund Share Classes Still a Thing
Why Buying Stocks with High Growth Is Not a Winning Strategy
Cognitive Errors and Behavioral Biases - Their Impact in Finance - Part One
Financial Advisors Are Losing Revenues and Society is Accumulating Less Wealth By Ignoring Women
20200828 Week After Week I'm Disappointed By a New Case of Fraud
Is There a Disconnect Between the Market and the Economy
The Great and Powerful Fed Is Too Fixated on 2% Inflation
Cognitive Errors and Behavioral Biases - Their Impact in Finance - Part Two
Let's Reflect on the Summer Rally and Best August Performance in 34 Years
Unethical Behavior: Phil Conley and Wells Fargo Compete for Top Honors This Week
Cognitive Errors and Behavioral Biases - Their Impact in Finance - Part Three
Clare Flynn Levy - Essentia Analytics - Identifying Mistakes and Improving Performance
Rules-Based vs. Principles-Based Methods - Choosing a Balanced Approach
We Need Less Inflation...Not More
Cognitive Errors and Behavioral Biases - Their Impact in Finance - Part Four
There is a Disconnect Between the Market and the Economic Fundamentals of the Companies in It
The American College of Financial Services: Retirees Are Financially Illiterate
The Great and Powerful Fed Is Going to Keep Interest Rates Too Low for Too Long...Again
Ultra Low Interest Rates Allow Zombie Companies to Survive Which Negatively Affects the Economy
Cognitive Errors and Behavioral Biases - Their Impact in Finance - Part Five
Tesla's Stock Will Be a Loser Over the Next Ten to Fifteen Years Even if the Company Achieves Greatness
Ultra Low Interest Rates Are Increasing Concentration and Lowering Productivity Growth
FinCEN Files HIghlight Banks' Inactions When Faced with Criminal Activities and Sanction Workarounds
How is the S&P 500 the "must-have investment" for someone who is worried about a stock market crash?
Cognitive Errors and Behavioral Biases - Their Impact in Finance - Part Six
Although Value Stocks Outperform Over Time They Do Go Through Periods of Underperformance
What is GDP and Why Isn't It a Good Measure?
The Fed Extends Prohibition on Big Bank Share Buybacks
US Corporate Debt Hits All Time High Again, Quality Continues to Slide and Usage Concerns Persist
Cognitive Errors and Behavioral Biases - Their Impact in Finance - Part Seven
Investors Are Irrational - A Zoom Case Study
If We Are Going to Use GDP, We Should at Least Adjust for Inflation, Population and Debt
Stock Splits, Quality Shareholders and Fractional Shares
Stock Market Declines - Names, Frequency and Duration
Cognitive Errors and Behavioral Biases - Their Impact in Finance and what to Do About them- Part Eight
Trade Dates and Settlement Dates and Market Holidays and Bank Holidays....Oh My!
Assessing Similarity and Analyzing Earnings Calls with Natural Language Processing
Surprise Surprise - There are Unethical Employees at a Company that Retaliates Against Whistleblowers - Wells Fargo
Robinhood Accounts Hacked - Wake Up Call for Two-Factor Authentication
The Basics of Stock Options
What is the CAPE Ratio and Why Is it Used?
Sustainable Investing - SRI vs. ESG vs. Impact Investing - Part One SRI
A Basic Analysis of Levered Investing
Invest Now or Wait
Basic Option Payouts
CAPE Ratio Criticisms
Sustainable Investing - SRI vs. ESG vs. Impact Investing - Part Two ESG
Investment Risk Is Time Horizon Dependent
The Department of Labor Financial Factors in Selecting Plan Investment Rule
Presidents and the Markets
Option Pricing
Why is everyone so comfortable with the current US CAPE ratio?
Sustainable Investing - SRI vs. ESG vs. Impact Investing - Part Three Impact Investing
Zoom in the News - FTC Settlement, Stay-at-Home Stocks, Pfizer COVID Vaccine and Zoom New Price Target
Option Combination Strategies
What Should Our Expected Returns Be Given Different CAPE Ratios?
What is Material Information?
Insider Actions at Pfizer Makes Me Question the Effectiveness of 10b5-1 Plans for Curtailing Inappropriate Insider Trading
Tesla to Be Added to S&P 500 - What Are the Criteria for Inclusion
Are Covered Calls a Good Strategy for Income Generation During Retirement
If the US CAPE Ratio is Signaling Poor Future Returns, Where in the World Is the CAPE Signaling Good Future Returns?
What is the Catalyst That Will End the Unprecedented Value Losing Streak?
General Motors Reversing Course on Emission Standards Makes Good Business Sense
Stuart Dunbar - Baillie Gifford - Actual Investing
Using Sports Psychology to Improve Our Investment Analysis
How the Top Ten Companies Have Changed Over Time
Material Nonpublic Information and Nonexistent SEC Imposed Blackout Periods
Sustainable Investing - Trends and Impact
What do Black Friday and Cyber Monday Tell Us About the Economy in 2020?
The Benefits and US Exchange Listing Rules for Non-US Companies
The Top Ten List of Companies by Market Capitalization Is Fleeting
The Crazy Things that Do Not Require Trading Blackout Periods to Protect Investors from Insider Trading
Just Because the Market Indexes Are Hitting All Time Highs Doesn't Mean Your Portfolio Is.
What do Automobile Sales Tell Us About the Economy in 2020
Holding Foreign Companies Accountable Act
Changes to the Top Ten Companies by Market Capitalization Guarantee That Passive Investing Is Not Superior
Day Trading Is a Good Way to Put Yourself in Financial Ruin
The US Market Performance Bifurcation Extends to the Rest of the World
Should We Be Concerned About How Rapidly the Money Supply Is Growing?
What Happens to a Stock After it Is Added to the S&P 500?
Global Investment Bifurcation - How is Past Performance Indicative of Future Performance
How High Frequency Traders Help Facilitate Your Financial Ruin
The Santa Claus Rally: The Best Seven Consecutive Market Days of the Year
What is the January Effect and what is the January Barometer?
Sometimes You Absolutely Should Pay for Absolutely Nothing
What Is High Frequency Trading?
What Is Active Share?
What Is Benford's Law?
What is the Monday (or Weekend) Effect?
What Is Your 2021 Market Forecast Given the Underlying Corporate and Economic Fundamentals?
Is High Frequency Trading Good or Bad for Capital Markets?
What Is Tracking Error and What Is Active Risk?
Wealth Management Discussion with Tyler Papaz Ryan Wood - Principals at Cornerstone
Using Benford's Law to Determine Financial Statement Accuracy
Presidents and the Markets - Election Leadup, First 100 Days and the Whole Term
What Tracking Error and Active Risk Indicate about Future Performance
The Fully-Fledged Epic Bubble 2021 Stock Market Forecast
What Is Foreign Direct Investment?
Most Stocks Do Not Outperform Treasury Bills in the Long Run
Crazy Investor Behavior
Crazy Investor Behavior - Take a Look at GameStop and AMC
Alternative Investment Discussion with CAIA Association CEO William Kelly
Foreign Direct Investment - China Overtakes the United States
What Is a Special Purpose Acquisition Company (SPAC)?
You Are Looking at Your Portfolio Too Often
Additional Automotive Companies Reversing Course on Emission Standards Makes Good Business Sense
What Is the Super Bowl Indicator?
Criticisms of Special Purpose Acquisition Companies (SPACs)
What Is Market Manipulation?
Understanding Exchange Rates and Purchasing Power Parity
Understanding Data Mining and its Pitfalls
What Is Short Selling?
Examples of Market Manipulation - Part One
Understanding Exchange Rates and Interest Rate Parity
How to Avoid Data Mining and its Pitfalls
What Is Private Investment in Public Equity (PIPE)?
Crazy Investor Behavior - Record Weekly Global Equity Inflows
What Is a Short Squeeze?
Examples of Market Manipulation - Part Two
Understanding Exchange Rates and The Big Mac Index
Let the Peace Corps's 60th Anniversary Inspire You to Diversify
What Is the Reopening Trade and Should You Get In?
Short Interest, Short Float Percent, Short Interest Ratio and Days to Cover
Examples of Market Manipulation - Part Three
What Is the VIX Index and Why Is it Called the Fear Index?
Zoom - Fourth Quarter 2020 Earnings and New Price Target
The Margin Adjusted CAPE Is Even Better at Predicting Future Returns
Elon Musk's Market Moving Tweets
What Is Smart Beta?
Is the VIX in Bubble Territory?
Understanding Exchange Rates and Balance of Payments
SPAC Arbitrage Is not an Arbitrage at All
Smart Beta - Anomaly Examples
Being Perpetually Long VIX Is a Losing Strategy
What Is Currency Manipulation?
Understanding Exchange Rates - What Is Bitcoin Actually Worth
Understanding Exchange Rates - What Is Bitcoin Actually Worth
Smart Beta - Hidden Exposures in Portfolios
What Is Arbitrage?
You Need to Think About Taxes When Making Investment Decisions
Are SEC Non-Financial Disclosure Requirements a Regulatory Overreach
Capital Asset Pricing Model - Security Market Line
What Is the Turn of the Month Effect?
What Are Non-Fungible Tokens?
Capital Asset Pricing Model - Capital Market Line
Prediction Errors - Bias vs. Variance Conflict
Retirement Savings, the SECURE Act and Pooled Employer Plans
What Are Dividends - Types, Taxes and Current High Yield Names
How Much Are People Paying for Non-Fungible Tokens
Capital Asset Pricing Model - Capital Market Line vs. Security Market Line
Prediction Errors and the Concept of Ensemble Methods
Public Key Encryption - NFTs and Digital Currencies
How to Properly Understand Retained Earnings
What Are Municipal Bonds?
Banking for the Cannabis Industry and the SAFE Banking Act
Capital Asset Pricing Model - Unrealistic Assumptions
Earth Day - Does There Have to Be a Tradeoff Between the Environment and Profits
Crazy Investor Behavior - Take a Look at Tesla - Price Target for Tesla
How Do Municipal Bonds Currently Compare to Treasuries?
What Is the Efficient Market Hypothesis?
Why Does the Average Investor Suck?
Capital Asset Pricing Model - Unrealistic Distributions
Russell 2000 vs. S&P 500 - What Can We Learn?
What Is the Case-Shiller Home Price Index?
Understanding the Carbon Credit Market
What Is the Arbitrage Pricing Theory?
National Retail Federation Mother's Day 2021 Survey
What Are Current Credit Spreads Telling Us?
What Are Decentralized Autonomous Organizations?
The Data and Causes of the U.S. 2021 Home Price Surge
JOLTS - Job Openings and Labor Turnover Survey
How to Properly Price a Bond
How Good Is Your Performance? - Understanding Portfolio Performance Measures
Did Elon Musk Pump and Dump Bitcoin?
The Divergence of ESG Ratings
Understanding the Global Chip Shortage
Inflation Worries Are Back - Top Tail Risk Concern in Investor Survey
Understanding Fixed Income Duration
Why Is there Divergence of ESG Ratings Among Prominent Ratings Agencies?
Why Is the Global Chip Shortage Such a Big Deal for the Automobile Industry?
The Economy and the 2021 AAA Memorial Day Holiday Travel Forecast
Using Modified Duration to Approximate Bond Price Changes Isn't Accurate
Why Are SPACs Losing Their Allure?
Can Investors Benefit From ESG Ratings Divergence?
What Is (Fat) Tail Risk?
Inflation Worries Are Back - Producer Price Index - Inflation in the Pipeline
Using Convexity to Improve the Shortcomings of Using Modified Duration to Predict Bond Price Changes
Why Are Global Supply Chains So Clogged?
Crazy Investor Behavior - Take a Look at AMC Entertainment - Price Target
Understanding Productivity and Productivity Growth
The Economy and the Institute for Supply Management's Purchasing Managers' Index
Why Aren't the Oil and Gas Companies Leading the Charge to Reduce Greenhouse Gas Emissions?
Understanding Lobbying in the United States
Bond Convexity Is a Desirable Trait
Understanding Productivity Growth - A Deeper Dive
Inflation Worries Are Back - Commodities
Corporate Profitability and Lobbying in the United States
Household Net Worth - Americans Can't Get Enough of the Stock Market
The Great and Powerful Fed - Thinking About Thinking About - Talking About Talking About
Why Is Productivity Growth So Low in Developed Economies?
Kudos to Meme Stock Management
A Covid Look at the Restaurant Industry
Why Is Productivity Growth So Low in Developed Economies - Part Two
What Is the Fourth of July Effect?
The Fed Lifts Prohibition on Big Bank Share Buybacks
Explaining the Russell Reconstitution
Massive Equity Inflows, Neutral Sentiment and the Upcoming Crash
Why Is Productivity Growth So Low in Developed Economies - Part Three
Should You Care About Stock Buybacks?
Smart Beta - Fixed Income Markets
What Are Robo Advisors?
How Unpublished Research Exacerbates the Anomaly Data Mining Problem
Why Is Productivity Growth So Low in Developed Economies - Are We Just Measuring it Wrong?
Should You Care About Stock Buybacks - Compensation for Market Manipulation
U.S. Labor Market - Urban vs. Rural Employment
Why All the New Scrutiny for Robo Advisors?
What Should We Make of the Equity Inflows After Years of Outflows?
Why Are Big Box Retailers Like Walmart and Dollar General Getting More Involved with Health Care?
Should You Care About Stock Buybacks - Socialism At its Worst
Is There Seasonality in Stock Returns?
No One Has the Slightest Idea Why the Markets Moved
Why Is Productivity Growth So Low in Developed Economies - Maybe We Should Just Work Less
Why the Robinhood IPO Should Make You Go Hmmm
Inflation Worries Are Back - Shrinkflation and Downsizing
Why Are We Seeing Record Negative Interest Rates?
What Is Financial Market Repression?
Inflation Worries Are Back - Used Cars, Motor Fuel and Transportation Are the Drivers
What Is an IPO?
A Brief History of SEC Investment Company Naming Rules and Conventions
Do Corporate Earnings Matter?
We Can Use Bayes Theorem to Become Better Investors
Equity Volatility Summer 2021 - Will We See Even Lower Volatility or Volatility Aftershock Spikes?
Even with Heroic Growth Assumptions, Tesla Is Only Worth $80 a Share
Do We Need an SEC Names Rule Update for Sustainable Investing?
Job Openings Explode
What Is the Index of Consumer Sentiment?
SEC Names Rule - Why Are There Oil and Gas Companies in My ESG Mutual Fund?
The Index of Consumer Sentiment Is Down Sharply in August
Never-Ending Corporate Insider Trading Controversies with Dan Taylor
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Staying afloat: How is quant finance changing under Covid-19?
QuantMinds on LinkedIn: #quantminds

Books & Articles (1)

Stop doing that! How unintentional bets are hurting your performance

Expertise (40)

Business
Skills & Trades
Leadership
Financial services
Other
Alternative Investments Chief Investment Officer Finance and Investment Mutual Funds Wealth Private Wealth Management Retail Wealth Management Business Insurance and Risk Management Chief Risk Officer Quantitative Finance Quantitative Investing Factor based investing Equity Analysis Equity Investing Avoiding Common Investment Miistakes Chief Investment Strategist factor investing Global Investing Data and Risk Managing risk Closed end funds/investment trusts Alternative Investing Communication of investment ideas capital investor For Institutional Investors Future of Investment Management global investments Invest building wealth stock analysis stock picking Stock selection stock valuation Stock Market

Awards & certifications (5)

Chartered Financial Analyst (CFA) Charterholder
CFA Institute
2003
Chartered Alternative Investment Analyst (CAIA) Charterholder
CAIA Association
2007
Financial Risk Manager (FRM) Charterholder
Global Association of Risk Professionals (GARP)
2007
Best International Multi-Cap Value Fund
Thomson Reuters Lipper
2010
Best International Multi-Cap Value Fund
Thomson Reuters Lipper
2011
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