Portfolio Management

750,00 lei

Portfolio Management – Efficient Objective-Based Techniques

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Organizational Details

The course will be held online, on the Zoom platform, every Monday in two series: from 10:30 AM or from 6:30 PM. Each course will last approximately 2 hours (10:30 AM - 12:30 PM or 6:30 PM - 8:30 PM). The course is scheduled to start on April 1st, 2024 and will run throughout the month of April.

We invite you to specify the time that suits you best during the order process. You will receive an email with all the details of the Zoom conference before the start of the course.


The main objective of the group course is to adjust the portfolio manager's thinking in order to build a portfolio that is primarily focused on objectives and not just based on assets. In this way, the portfolio manager will be able to achieve a more efficient allocation of assets according to the client's risk profile, thus achieving customer loyalty in the long term, regardless of the positive or negative evolution of the markets. In addition, this program not only provides the necessary skills to create a more efficient and optimally correlated portfolio with the client's requirements, but also offers a series of materials that help portfolio managers to explain the risks and opportunities of the market to clients in a more pragmatic way, to determine the risk appetite with greater precision and to have the right arguments to answer client objections, as well as to capitalize on arbitrage and hedging opportunities that will give the portfolio robustness.

Target Group

Who is it for?

  • Staff in the corporate client relations area of entities authorized by A.S.F./B.N.R.;
  • Risk managers in the banking and financial sector;
  • Portfolio Managers and Delegated Agents;
  • Investment Consultants and sales staff within SIFs, investment funds, brokers, etc.;
  • Persons who provide information on financial instruments, financial investment services or auxiliary services, to investors or any individuals/retail brokers/investors interested in financial-banking and capital market activities.


In the context of the mix of overlapping crises that have occurred in recent years, the classical models of modern portfolio theory have no longer been validated, with simultaneous declines even in asset classes that are predominantly inversely correlated. The latest report published by the BlackRock Institute states that there is a need to reinvent portfolio management, with Jean Boivin stating "To build a robust portfolio, you need to connect the dots between the economy, markets, politics, geopolitics and the expected return".

The course aims at an applied approach to the latest findings in the field of portfolio management, with an emphasis on achieving objectives grouped into clusters that meet a series of criteria. These are based on a mix of swing trading strategies, mechanical and discretionary DCA investments, as well as on capitalizing on arbitrage and hedging opportunities that will give the portfolio robustness.

The course has a strong practical character, based on 27 practical applications, case studies, group debates, surveys, etc.


Part I - Key Elements in Portfolio Management

  1. Evolution of portfolio management models from Markowitz to Fama & Aladdin Wealth AI
  • Group discussion on the respect of assumptions in the current context
  • Case study on market asymmetry
  1. Taxonomy of portfolios - active vs. passive/benchmark
  • Application on the correlation of two assets in an active binary portfolio
  1. Discretionary vs. non-discretionary portfolios
  • Application on trading divergences of two stocks
  • Financial analysis of a company in the pre-listing period
  1. Portfolio objectives from the investor's perspective
  • Explanations and group discussions on the unique formula for the overall return
  • Survey on risk profiling - graphical example
  1. Adopted strategies - allocation/diversification/optimization/rebalancing
  • Group discussion on the ADOR strategy
  1. Calibrating the impact of crises through stress testing scenarios
  • Application on single, double and triple exposure
  • Group application - calculating the currency impact on the portfolio through stress testing

Part II - General Case Study: Pentagon Portfolio Architecture

  1. Moral hazard vs. empathetic hazard
  • Group discussion on hazard, risk, exposure, leverage versus return
  • Analysis of risk appetite determinants - questionnaire
  1. Building the 5 clusters of the objective-based portfolio
  • Application on the formation of the reserve asset cluster
  • Performance analysis of DCA for different asset classes
  • Discussion on DCA performance and sensitivity to economic cycles
  • Analysis of the use of SL vs TSL in day trading and HFT
  • Exemplification of biases/emotional and cognitive filters in geometric arbitrage
  • Application on determining the dynamic equilibrium zone for an asset/currency pair given by reflexive/speculative demand
  • Decisions to increase exposure based on RSI(7) - EUR/USD
  • Discussion on the correlation between VIX and
  1. Exit decisions based on signals from bottom-up & top-down analysis
  • Analysis of dynamic DCA vs. LSI performance
  • SWOT analysis of mechanical DCA
  • Application of DCA vs. LCI on stocks
  • Application of DCA on the foreign exchange market
  • Monitoring exposure using convergent series - analysis on TL (GBP/USD)
  • Exemplification of discretionary DCA performance on (GBP/USD)
  • Discussions on digital opportunities cluster and preferences - adrenaline as an outlet
  1. Food for thought - triple approach to profit - 3E


Adrian Morar is an economist with over 20 years of experience and a Doctor of Economics since 2014, a title obtained from the Romanian Academy in Bucharest following the defense of his doctoral thesis: "The Equilibrium of the Foreign Exchange Market and Exchange Rate Stability", as well as intensive research activity - author/co-author of 5 books (latest: The Equilibrium of the Foreign Exchange Market versus Moral Hazard) and 20 studies in the field of financial markets.

He also has approximately 25 years of experience in training, developing training programs for the financial and banking sector, and delivering courses on various topics at IBR, such as financial markets, direct sales, risk management, MiFID II, etc. He has also given courses and been a speaker at a series of conferences at ASE, XTB, Admiral Markets, Leaders Inside, Liga Bancherilor Md, etc.

In addition to his work as a trainer and researcher, Teodor-Adrian Morar-Triandafil has 30 years of experience in trading on financial markets, using strategies such as carry trade and discretionary DCA. In addition, his investment expertise has been validated by a number of national and international projects, where, as an expert/project manager or entrepreneur, he has made a number of investments in the fields of education, IT, real estate, and since this year, in media through the Romanian Employer's Magazine, a video format magazine dedicated to entrepreneurship.

He has participated in numerous professional training courses in the field of financial markets and holds various certifications in training & management, including:

  • ACI Dealing Certificate, ATTF, Luxembourg
  • EuroBankRiskGame, ATTF Luxembourg and Warsaw Institute of Banking, Poland
  • Money Markets, RBI and ATTF, Luxembourg
  • European Foundation Certificate in Banking, EBTN, Brussels, Belgium
  • Developing curriculum, Vapro International, Haga, Holland
  • Business Process Management, Brain Concert, Bucharest
  • Compared Banking and Financial Systems, RBI, Bucharest
  • Project Management, M&D Company Doctor SRL, Bucharest
  • Financial Services Trainer, Romanian Banking Institute, Bucharest
  • Assessor of professional competences, A.R.E.C., Bucharest
  • Development of occupational standards, curricula and evaluation instruments, RBI, Bucharest


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