LQG 31/08/22 to 02/09/22 In-Person Autumn Seminar at Girton College, Cambridge

The LQG 2022 Autumn Seminar

31/08/22 to 03/09/22 – In-Person and On-Line at Girton College, Cambridge  CB3 0JG  United Kingdom

The LQG Autumn seminar returns!  Arrive in Cambridge on the afternoon / evening of Wednesday the 31st August to enjoy an informal dinner.
Our 11 outstanding speakers will deliver their seminars from 09:00 to 17:30 on Thursday the 1st of September and 09:00 to 16:00 Friday the 2nd of September.  To book your place use the red Access Code in the invitation sent by e-mail.

Register for the In-Person seminar here.  The all-inclusive in-person seminar fee is £1000+VAT for the seminar, accommodation in a single room with en-suite facilities and all meals.  A  few double rooms at a modest incremental cost.  Guest tickets are available to join the social activities only are £300 + the booking fee and VAT.

Click here for the Girton College site MAP

Register for the On-Line seminars here.  The all-inclusive on-line seminar fee of will be £250 + VAT and booking fee = £300 includes all talks on both days of the autumn seminar.

The London Quant Group (LQG) is a seminar organiser which contracts with Cambridge Colleges for the use of facilities; this event otherwise has no connection or association with the University of Cambridge or its Colleges.

There is the option to stay for dinner on the night of Friday the 2nd September to leave Girton on the Saturday the 3rd and enjoy some free time and punting in Cambridge before heading home.

The London Quant Group (LQG) is a seminar organiser which contracts with Cambridge Colleges for the use of facilities; this event otherwise has no connection or association with the University of Cambridge or its Colleges.

Speakers, talk titles, abstracts and speaker biographies.

Click on the title or speaker name to reveal the abstract / summary.

Seminars will be delivered in the Old Hall (12) on the Girton College site map.
Tea and coffee will be served in the Stanley Library (11) on the Girton College site map

Click here for the Girton College site map

 

09:00 - 10:00 - 01/09/2022

The Capital-Protection Capacity of Emerging Markets Inflation-Linked Bonds

Co-authors Marielle de Jong and Laurens Swinkels investigate the capital-protection property of inflation-linked bonds in an international context over the period 2012 to 2022. Inflation-linked bonds compensate domestic investors for loss of local purchasing power. Whether the bonds protect foreign investors effectively depends on the inflation levels they endure and on the currency hedging costs. We study the case of an American investor who considers allocating to emerging markets inflation-linked bonds rather than to US bonds in view of reaping higher inflation compensation. Our results suggest that over the past decade such allocation would have been worthwhile, even when taking latent risks, notably country default, into account.  The paper was recently published in the Journal of Portfolio Management 

Marielle de Jong - Associate Professor in Finance - Grenoble Ecole de Management

​Marielle de Jong Ph.D. is now Associate Professor in Finance at Grenoble Ecole de Management.  She was previously head of fixed-income quant research at Amundi from 2011. She holds an MSc in econometrics from Erasmus University Rotterdam, an MSc in operations research from Cambridge University (UK), and a PhD in finance from the University of Aix-Marseille. She has worked for BARRA research and for Quaestor (Yasuda) in London from 1994 to 1997, before moving to Paris where she was vice-president of financial engineering at Sinopia (HSBC). She publishes articles in the field of quantitative investment research and is co-editor of the Journal of Asset Management since January 2018.

10:00 – 11:00 - 01/09/2022

Uncooperative parasites: Solving the prisoners’ dilemma in the active / passive house of correction

Investors make two decisions. i) how much market exposure to have, and ii) how to create that exposure (e.g. security selection or not). Conventional theory assumes that an individual investor cannot affect the overall market, therefore these two decisions are independent. The standard argument against active portfolio management is that average manager alpha is zero and no manager can outperform persistently especially after transactions costs. Case closed.

Average alpha is zero because price discovery only involves active managers. Active managers therefore form the market portfolio which is used by passive managers. We might then consider passive managers as “freeloaders”.

In this paper we revisit the mainstream theories, but assume that the collective actions of investors can affect market performance. We find that even if alpha is negative, an allocation to active might be warranted if the market formed by active managers is more efficient than in their absence. We consider what class of functions might best represent this market efficiency, and construct portfolios assuming such a function. We find that, in all reasonable parameterisations, cooperating investors will allocate to active managers. However, investors do not cooperate and negative alpha – net of costs – has caused a trend toward passive, which could, in extremis, result in a less efficient market portfolio. A prisoners dilemma has been formed whereby all investors need other investors to be active whilst they are passive. Either investors act responsibly, or an external force is required to remove the dilemma. We conclude with a proposal of what that force might be.

The same framework can be used to assess ESG investing. In this case a prisoners’ dilemma may not exist because a high proportion of investors must adopt ESG for it to have an impact. However, the framework does suggest that assessing whether an ESG portfolio beats the market is missing the point.

David Buckle – Chairman of INQUIRE UK

David has been in the asset management industry for over 25 years, primarily as a portfolio manager or analyst. He has been made redundant many more times than he would have liked and therefore has worked for many blue-chip asset managers including JP Morgan Asset Management, Putnam Investments, Merrill Lynch Investment Managers, Blackrock, UBS Global Asset Management and Fidelity. He also ran an investment boutique for several years deploying overlay strategies. Throughout his career he has contributed to the investment literature, especially in the area of the theory of active management.
Having become a bit disenchanted with the industry of late, David now has a plurality of roles, including being the CEO and CIO of a tiny real asset investment company, running a handful of multi asset portfolios, and is the chairman of the Institute for Quantitative Investment Research (INQUIRE). He spends much of his time authoring articles and is in the process of writing a couple of books on investment matters.

11:30 - 12:30 - 01/09/2022

It’s Not Easy Being Green! - The Challenges of Sustainable Asset Allocation

Investors have shown increased appetite for investment opportunities that are aligned with and promote sustainable investment goals. Historically, sustainable investment has tended to focus on portfolios of single stock equities, a proposition which has become increasingly standardised in recent years. However, sustainable solutions for the more general asset allocation problem are less established. This is largely due to a number of challenges, including the varying characteristics of the markets involved and lack of standardised datasets or scoring methodologies.

In this talk, Chris will describe a framework recently developed at GAM Systematic for incorporating sustainable investment objectives into portfolios that contain a broader mix of assets, and discuss some of the research challenges that were involved in its creation. We will demonstrate the impact of this framework by applying it to a simple, but transparent, systematic investment strategy. Despite being significantly tilted towards more sustainable markets, the modified portfolio can deliver an investment profile that is very similar to that of the original strategy.

Dr Chris Longworth is an Investment Director and co-leads the GAM Systematic Cambridge team

Dr Chris Longworth is an Investment Director and co-leads the GAM Systematic Cambridge team. Since joining the firm in 2010, Chris’s focus has been on the development and enhancement of the team’s investment strategies. Chris has been heavily involved in the research and review of all aspects of the Core Macro programme since its inception in 2013. He is the author of the longest standing model traded within that programme. In addition, Chris has led the effort to incorporate novel or alternative data sources into the portfolio as well as the expansion of the team’s tradable universe into new and unconventional markets. Prior to joining GAM Systematic, Chris was part of the Machine Intelligence Laboratory at Cambridge University, where he obtained MPhil and PhD degrees. He also holds a BSc in Computer Science from Royal Holloway, University of London. He is based in Cambridge.

14:00 – 15:00 - 01/09/2022

How to get the S&P 500* to Outperform itself *(or any capitalisation-weighted portfolio)

If markets are not perfectly efficient (in the EMH sense), then some stocks will be overpriced and some underpriced. If this is so, then in any capitalisation-weighted index, some stocks will be overweight and some underweight.
Even though markets may not be perfectly efficient, mispriced stocks will eventually be noticed, and their pricing corrected, so overpriced stocks will fall and underpriced stocks will rise. This will constitute a performance drag on any cap-weighted portfolio.
According to Modern Portfolio Theory and the CAPM, the market portfolio is supposed to be efficient (in the Markowitz sense), and all stocks are supposed to have the same risk-adjusted expected returns. Crucially, it is this assumption of efficiency that justifies active managers using cap-weighted indices as benchmarks.
The S&P 500 is widely regarded as a proxy for the market portfolio, so we can think of the SPDR as a cap-weighted factor ETF intended to capture the market risk premium. As has already been shown1, however, cap-weighted factor ETFs do not always do a very good job of capturing a targeted factor premium.
Starting with CAPM expected returns, we consider which holdings in the S&P 500 are most likely to be inefficient, and adjust them to make them a bit more efficient (Note: we are not saying completely efficient!). By eliminating some of the unintended bets that obscure the market risk premium performance, we get a more efficient portfolio whose performance should be a more accurate reflection of the market risk premium.
Clearly, there are many ways to implement this idea. This talk will present one set of results, which generated around 43 bps p.a. of additional return over 15 years, without increasing the portfolio risk, and with turnover of less than 5% p.a.

Jason MacQueen - Director of Research - Smart Portfolio Strategies

Jason MacQueen built the first risk model for the U.K. equity market, and helped to construct the first U.K. index fund in 1979. He founded QUANTEC in 1980, which was the first firm to develop risk models for equity markets outside the USA, and which ultimately built risk models for all of the developed and most of the emerging markets.
QUANTEC also built the first global asset allocation model, including currency hedging overlays and the first use of reverse optimisation for efficient portfolio rebalancing.
Jason pioneered the development and use of multi-factor stock selection models in both the U.S.A. and Japan, and the investment track records of his long-term collaborators are exceptional. During the 1990s, QUANTEC also developed the first global risk model, as well as a global stock selection model.
In 2000, Jason and his colleagues developed a risk model-based technique for the American Stock Exchange to enable them to offer Exchange Traded Funds (ETFs) on Actively-managed Mutual Funds without knowing the underlying holdings. This technology has been patented. However, the same methodology can be used by pension funds and asset owners to manage their portfolio risk without having full transparency from their external managers.
QUANTEC was sold to Thomson Financial in 2001, and after consulting to them for two years, Jason co-founded R-Squared Risk Management (RSQRM) to develop Custom Risk Models for institutional investors, so they could manage their portfolios more efficiently.
RSQRM also developed a unique set of XRD equity risk models covering different geographies. Among other custom risk models, Jason and his colleagues developed the global equity risk model used in FactSet’s Multi-Asset Class (MAC) product.
In December 2014, RSQRM was acquired by Northfield, where Jason became the Director of Research. His main focus at Northfield was developing a second-generation global equity model for FactSet’s MAC product, which included additional style factors, regional sector factors and other enhancements.
Smart Portfolio Strategies (SPS) was founded in April 2015 to provide portfolio rebalancing services to both equity portfolio managers and asset owners doing asset allocation. Active managers seek to outperform their benchmarks by having superior return forecasting skill, but this can easily be wasted if the portfolio is not constructed in a way that maximises the effects of this skill, while minimising all other influences on the portfolio’s performance. This is why many institutional managers, who clearly do have stock selection skills, still underperform their benchmarks.
The proprietary rebalancing algorithm developed by SPS is designed to ensure that the manager’s expected returns are reflected in the portfolio’s performance as accurately as possible, by minimising unintended bets and maximising the effect of the manager’s skill. SPS also uses its Generalised Portfolio Inefficiency metric to monitor the inefficiency of any portfolio, so that it can be rebalanced whenever appropriate. This metric can also be used to compare the inefficiency of different portfolios.
Since founding QUANTEC, Jason has developed the theoretical framework of Markowitz and his successors into a practical set of tools for institutional fund managers. By his passionate pleas for a disciplined and logically coherent approach to portfolio management, he has acquired an international reputation as speaker, consultant and iconoclast.
He was educated at Oxford and London Universities, where he read Mathematics and Theoretical Physics. He has been an Honorary Lecturer at Lancaster University Management School, and a Visiting Professor at Tokyo University’s Center for Advanced Research in Finance. He is currently an Adjunct Professor at the Gabelli School of Business at Fordham University in New York, where he teaches a Masters in Quantitative Finance course on Equity Portfolio Management.
He was the founder and first Chairman of the London Quant Group, a not-for-profit organisation that arranges Seminars on the practical application of quantitative investment technology, and is also a Director of the Society of Quantitative Analysts in New York.”

15:00 – 16:00 - 01/09/2022

Hedge fund activity and stock returns

The relation between stock returns and changes in ownership by institutional investors is a key question in finance. This presentation focuses on a specific category of institutional investors: hedge funds. Academic studies have found evidence that hedge funds trade on mispricing and lead the price discovery process. We assess these results by using recent data on hedge fund demand and a proprietary methodology.

Giuliano De Rossi - Executive Director - Head of Portfolio Analytics in Prime Services - Goldman Sachs International

Giuliano is the head of Portfolio Analytics in Prime Services. Prior to joining Goldman Sachs, he worked at Macquarie and PIMCO. He also spent six years in the Quant research team at UBS. Giuliano has a PhD in economics from Cambridge University, and worked for three years as a college lecturer in economics at Cambridge before joining the finance industry on a full-time basis. Giuliano’s Masters degree is from the LSE and his first degree is from Bocconi University in Milan. He has worked on a wide range of topics, including pairs trading, low volatility, the tracking error of global ETFs, cross asset strategies, downside risk and applications of machine learning to finance. His academic research has been published in the Journal of Econometrics, the Journal of Banking and Finance and the Journal of Empirical Finance and has been covered, among others, by the Economist and the Financial Times.

16:30 – 17:30 - 01/09/2022

Is Index Concentration An Inevitable Consequence of Market-Capitalization Weighting?

Market-cap-weighted equity indexes are ubiquitous. However, there are growing concerns that such indexes are increasingly concentrated in a few stocks. We ask: Does market-cap weighting inevitably lead to increased concentration over time? The question of inevitability arises from research that suggests the possibility of dominance by a few firms over time via a variety of plausible causal mechanisms. We study concentration in major equity market indexes over time and show that, despite recent concerns, concentration is not yet at levels that may be problematic, and for some indexes was higher in the past. Monte Carlo simulations calibrated to market data provide insight into various approaches to slow concentration, albeit at the expense of higher turnover. This work is in collaboration with Ananth Madhavan, Harrison Selwitz and Alex Shkolnik.

Lisa Goldberg - Managing Director, Head of Research at Aperio Group by BlackRock. Professor of the Practice of Economics and co-Director of the Consortium for Data Analytics in Risk, University of California, Berkeley

Lisa Goldberg is Head of Research at Aperio Group, now part of BlackRock, and Professor of the Practice of Economics and co-Director of the Consortium for Data Analytics in Risk at University of California, Berkeley. She has worked in topology, dynamical systems, quantitative finance, sports statistics and causal inference. She has published more than 60 articles and is co-author of Portfolio Risk Management, which was published by Princeton University Press in 2010. Lisa is inventor on five patents and serves on editorial boards of four quantitative finance journals and two book series. She is a member of the Advisory Council for the Museum of Mathematics, an arXiv moderator and an expert judge for the Moskowitz Prize for Socially Responsible Investing. Lisa is 2/3 of the way to her lifetime goal of swimming a lap around the equator.

09:00 – 10:00 - 02/09/2022

The Momentum Transformer: An Intelligent and Interpretable Deep Learning Trading Strategy

• Reviewing work on DeepMomentum networks which are able to learn trading strategies in an end-to-end framework by optimising for portfolio Sharpe ratio
• Introducing the Momentum Transformer, an attention-based deep learning trading model that intelligently rotates and blends momentum and mean-reversion strategies, basing its decisions on patterns in the data
• Demonstrating the model’s inherent interpretability and remarkable structure in attention patterns with significant peaks of importance around momentum turning points

Stefan Zohren - Deputy Director of the Oxford-Man Institute of Quantitative Finance, an Associate Professor at the Department of Engineering Science, an Associate at the Oxford Internet Institute, and a Mentor at the Creative Destruction Lab at Saïd Business School. - University of Oxford

Stefan Zohren is the Deputy Director of the Oxford-Man Institute of Quantitative Finance, an Associate Professor at the Department of Engineering Science, an Associate at the Oxford Internet Institute, and a Mentor at the Creative Destruction Lab at Saïd Business School, all at the University of Oxford. He is a Fellow of the Turing Institute, the UK’s national institute for AI and data science. Stefan’s research is focused on machine learning in finance, including deep learning, reinforcement learning, network and NLP approaches, as well as early use cases of quantum computing. Outside of academia, he works as a Principal Quant at Man Group leading execution research in futures and other derivatives. Stefan is a frequent speaker on AI in finance representing the Oxford-Man Institute at academic conferences, as well as industry panels and corporate events. His work has been covered in the financial news such as Bloomberg News and Risk.

10:00 – 11:00 - 02/09/2022

It is risky to forecast

The title “It is risky to forecast” is not the real title of Ed’s talk.  This “title” simply reflects that it is risky for the organiser to assert he knows or can can forecast what Ed is going to talk about – because in conformity with long tradition both the title and content of Ed’s seminar are unknowable until Ed actually starts to speak!

Ed has won the speakers’ prize more than any other speaker over the past 34 years so we are confident that his seminar will be awesome – it is always awesome!

Ed Fishwick is the Chief Risk Officer, a member of the Global Executive Committee, and Global Head of the Risk and Quantitative Analysis Group of BlackRock

Ed Fishwick – Chairman of the LQG

Ed Fishwick is the Chief Risk Officer, a member of the Global Executive Committee, and Global Head of the Risk and Quantitative Analysis Group of BlackRock. He is responsible for the investment and enterprise risk of BlackRock. He is also the Chair of BlackRock’s Enterprise Risk Management Committee. Prior to taking on his current responsibilities in 2022, Mr. Fishwick served as the Global Co-Head of the Risk and Quantitative Analysis Group in London for 15 years. His service with the firm dates back to 2003 including his time with Merrill Lynch Investment Management (MLIM) prior to its acquisition by BlackRock in 2006. At MLIM he was Head of Risk and Quantitative Analysis, EMEA.
Mr. Fishwick’s previous positions in the industry include Head of Risk Management, and Investment Process Research at AXA Investment Managers, and Head of Research at Franklin Portfolio Managers in Boston.
Mr. Fishwick earned a BA in Economics from the University of Liverpool, studied postgraduate economics at the University of Cambridge, and supervised undergraduate economics for Queens’ College, Cambridge. He is a member of the Council of Liverpool University, and is the Chairman of the London Quant Group.

11:30 – 12:30 - 02/09/2022

Thematic Investing: A Risk-based Perspective

Thematic Investing: A Risk-based Perspective

Ronald Kahn - Managing Director, is Global Head of Systematic Investment Research at BlackRock

Ronald N. Kahn, PhD, Managing Director, is Global Head of Systematic Equity Research at BlackRock. He has overall responsibility for the research underpinning the Systematic Active Equity (SAE) products.

His service with the firm dates back to 1998, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to joining BGI, he worked as Director of Research at Barra, where his research covered equity and fixed income markets.

Ronald Kahn is a well-known expert on portfolio management and quantitative investing. He has published numerous articles on investment management, and, with Richard Grinold, authored the influential book Active Portfolio Management: Quantitative Theory and Applications. The two of them are the 2013 winners of James R. Vertin award, presented periodically by the CFA Institute to recognize individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. Their sequel, Advances in Active Portfolio Management, was published in December 2019.

Ronald Kahn is also the author of the 2018 CFA Institute Research Foundation monograph, The Future of Investment Management. He is a 2007 winner of the Bernstein Fabozzi/Jacobs Levy award for best article in the Journal of Portfolio Management. He serves on the editorial advisory boards of the Journal of Portfolio Management, the Journal of Investment Consulting, and the Journal of Financial Data Science. The 2007 book How I Became a Quant includes his essay describing his transition from physics to finance.

He teaches the equities half of the course, “International Equity and Currency Markets” in UC Berkeley’s Master of Financial Engineering Program.

He earned an AB degree in physics, summa cum laude, from Princeton University, and a PhD in physics from Harvard University. He was a post-doctoral fellow in physics at University of California, Berkeley.

14:00 – 15:00 - 02/09/2022

Retail Trading in Options and the Rise of the Big Three Wholesalers

Svetlana Bryzgalova and co-authors Anna Pavlova and Taisiya Sikorskaya document rapid increases in (i) retail trading in options and (ii) payment for order flow, received by the U.S. retail brokerages from the so-called wholesalers in exchange for routing orders to them. Exploiting new flags in transaction-level data, we isolate wholesaler trades and build a novel proxy for retail options trading. Often cash constrained, retail investors prefer cheaper, lottery-like weekly options, with the average bid-ask spread of a whopping 12.6%. They lose money on average and participate in frenzies. The inflow of retail investors also coincides with an increase in call options left suboptimally unexercised. Arbitrageurs exploit these investor mistakes via so-called “dividend play” trades, producing (virtually) riskless arbitrage profits. Puzzlingly, they forgo 50% of these profits, leaving money on the table for option writers.

Svetlana Bryzgalova - Assistant Professor of Finance - London Business School

Svetlana Bryzgalova is an Assistant Professor of Finance at London Business School. Her research is focused on empirical asset pricing and macrofinance. In particular, she uses financial econometrics and data science to better understand the cross-section of asset returns, and the sources of systematic risk in the economy. Her research received numerous awards, including Best Paper in Asset Pricing awards from the SFS Cavalcade and Midwest Finance Association. She holds a PhD from London School of Economics, and previously worked at Stanford GSB before joining LBS.

15:00 – 16:00 - 02/09/2022

Part 1: Dynamic Portfolio Optimisation. Part 2: Agency and Rising Volatility

Agency and Rising Volatility

We present a model of delegated money management in which benchmarked money managers, who report returns relative to a benchmark but also face a tracking error constraint, are forced to tilt their portfolios to low volatility stocks in periods of high volatility. The tilt means that low volatility, or low beta, stocks, become expensive and thereby have lower expected returns. When markets clear, this steepens the security market line (SML). We show, both through the model and empirically, that mutual funds have a tilt towards low volatility during stressed or turbulent markets, making low volatility stocks expensive and high volatility stocks cheap, and that mutual funds’ betas fall during periods of high market volatility as they tilt towards low beta stocks. Therefore, low beta stocks’ expected excess returns fall and high beta stocks’ expected excess returns rise; equivalently, the SML steepens.

Managing Transaction Costs in Dynamic Trading

We explicitly solve the lifetime investment-consumption problem of investors trading in an incomplete market where asset returns are partially predictable but trading is costly. The solution is expressed in terms of the unique, global solution of a risk-sensitive Riccati system. We show that the optimal trading strategy targets a portfolio that is optimal for a frictionless version of the model where asset returns have been adjusted for costs, in that they are expressed on a net rather than gross basis. The legacy portfolio (the inherited undesirable positions) are then traded away in line with a backward-looking optimal execution problem. Thus, the investment process is separated into an investment stage where a desired or target portfolio is designed using a model of time-varying predictable net returns, and a execution stage that disposes of any unwanted or legacy assets as efficiently as possible assuming there are no-excess returns to any of these assets.

James Sefton is Professor of Economics at Imperial College

James Sefton is Professor of Economics at Imperial College where he is Director of the MSc in Investment and Wealth Management. He has previously held senior research positions at both UBS, Winton Capital Management as well as posts at Department of Applied Economics (Cambridge University) and NIESR. He has published widely in both quantitative finance and economics more generally. His current research interests focus on quantitative investment strategies, dynamic portfolio optimisation and intergenerational equity. James is currently a member of Academic Panel of the Intergenerational Commission and UK representative of the National Transfer Accounts Project funded by UN Population Fund. He was previously advisor to the HM Treasury on their Long Term Public Finance Review and sat on the ONS Consumer Price Advisory Committee (CPAC). His publications include papers in Economic Journal, Review of Economic Studies, Financial Analyst Journal, Journal of Portfolio Management, European Economic Review, Journal of Public Economics, Journal of Economic Dynamics and Control. He was educated at Christ’s College, Cambridge from where he received both a BA and a Ph.D.

Accommodation

Girton College

Girton College has excellent rooms with en-suite facilities.

Girton has a swimming pool and a gym which LQGers may use.  You will need a “swimming buddy” in the pool as there is no life guard.

Girton offers PARKING – please park in the Mare’s Run Car Park – on the right on the Girton College site map  Use the Girton Road entrance. 

Accommodation and all meals and the use of the swimming pool and gym are included in the fee for the seminar.

Please confirm during the registration process if you want to stay for dinner on Friday the 2nd September and if you will want to stay over night until the 3rd.

If you do not want to stay in college please make your own arrangements. The LQG is not reserving hotel rooms.

Dinners and lunches

Girton college is very proud of its catering and as Cambridge does not have restaurants that can seat the LQG comfortably and the college has ideal facilities we shall make optimal use of them!

  • Wednesday night – Informal BBQ dinner on arrival
  • Thursday lunch – hot and cold buffet
  • Thursday dinner – 3 course dinner
  • Friday lunch – hot and cold buffet
  • Friday dinner – 3 course dinner
  • Saturday lunch – haven’t you got a home to go to??  

Breakfast is included for all staying in college rooms.

Punting – Cambridge

For 33 years the LQG annual seminar included the annual punting challenge.  In 2022, its 36th year (and 34th autumn seminar) the LQG has adopted a 2 day format which does not include the punting challenge as a formal part of the seminar.  However… those who choose to stay for dinner in Girton on Friday the 2nd September will clearly want to work off some energy on Saturday …

… which will be an excellent opportunity to demonstrate elegance, skill, fitness, and power in punting as well as making and keeping friends.  

Punting is both easier and harder than it looks – but above all it is to be enjoyed with friends in a beautiful setting.  Saturday will provide a great opportunity to enjoy punting along the backs of the colleges in Cambridge or for the more adventurous a trip out to Granchester may appeal.

 

Clothes for punting
Please bring loose fitting informal clothes to wear for the punting.

There is the possibility of getting wet as rain is always a possibility.

Trainers or sailors’ deck shoes are ideal.

An LQG T-shirt will be available for all though may be supplemented (or disguised!) as required according to temperature and propriety!