Welcome to the March issue of The Analyst! We at the Member Communications Committee trust that you had a good start to the New Year, and that 2009 will unfold better than the previous year.

It was my pleasure again this year to attend our society’s Charter Recognition Reception on 15 January. Congratulations new charterholders on your achievement and welcome to our community, over 7,200-members strong! In this issue, as is traditional at this time every year, we showcase some memorable moments from that evening.

The celebration of your hard work is over, so with the coveted CFA charter in your hands, many of you will be looking to advance your career, to find a niche where you will be able to grow professionally while contributing your best abilities–and during a challenging time to boot. The legendary Jim Collins comes to mind, who in the book Good To Great coined the “Hedgehog Concept” to describe successful companies that, even in terrible circumstances, understood with simplicity and clarity what they can have the greatest potential to be the best in the world at. Collins then extended the concept to individuals on their career paths: those who “fall into” jobs they are competent but not great at, are likely forgoing fulfillment of their greatest potential. It is my wish for the new charterholders–and for all of us in the profession–to keep searching until we all find a career path we are so passionate about, it does not even feel like work.

Phil Fisher is one great example of an investment professional and author who had a conviction in his views on investing, and founded his investment counselling firm during the Great Depression. Anne Maggissano examines his contributions to our industry, and the lessons to be learned, in Great Minds in Finance.

Kambiz Kazemi, CFA, of Polar Securities, author of a case study we publish under Investment Theme, is another case in point. Instead of being derailed and frightened by the recent market volatility, he explores unconventional ways of analyzing it, putting it into a framework of understanding, and potentially capitalizing on it.

The Member Profile column in every issue of The Analyst features an outstanding local CFA charterholder and/or investment industry professional. This issue, Jane Gulian-Moiroux, CFA, describes the career path of Claire Kyle, CFA, of BMO, which is also keeping with the theme of understanding and determination. Claire discovered her passion for pensions in the midst of her career, and firmly decided this is the area she wanted to be involved in–even though this was not something she had always dreamed of doing when she “‘grew up.”

I am pleased also to feature one of my favourite authors in the realm of investment thought: Michael J. Mauboussin, chief investment strategist at Legg Mason Capital Management. An abridged version of his recent piece on the importance of cash flow in equity analysis appears under Industry Development.

Last but not least, under Focus On, Shang Yen Bell, CFA, provides insightful coverage of a memorable afternoon with the legendary Alan Greenspan while on his visit to Toronto late last year.

Enjoy your reading–and happy spring, everyone!