Alliancebernstein Holding L.p. · NYSE:AB
Alliancebernstein Holding L.p — Goldman Sachs US Financial Services Conference 2008
12 slides from Alliancebernstein Holding L.p's conference presentation, Dec 11, 2008
Slide 1: Goldman Sachs US Financial Services Conference 2008
Goldman Sachs US Financial Services Conference 2008 Lewis A. Sanders Chairman and Chief Executive Officer This document is provided for informational purposes only, reflecting prevailing market conditions and our judgments as of the date of the presentation. Opinions and estimates may be changed wit
Slide 2: Cautions Regarding Forward-Looking Statements
AllianceBernstein Certain statements provided by management in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual
Slide 3: Management Imperatives in a Capital-Market Trauma
Position client portfolios for recovery Stay true to investment philosophy and process Elevate client communication to job #1 Maintain intellectual capital Ensure financial stability Invest in next phase of growth AllianceBernstein Management Imperatives in a Capital-Market Trauma < < < < < <
Slide 4: Key Industry Trends That Are Shaping Strategy at AllianceBernstein
Defined contribution to defined benefit—the most important industry trend Asset allocation in DC plans—transformation to continue Globalization—a trend still in motion Alternatives—a setback in secular uptrend Solutions trump products—to become even more important AllianceBernstein Key Industry Tren
Slide 5: Stock Market Recoveries Are Typically Quick with the Exception of The Great Depression
AllianceBernstein As of November 20, 2008 *Average excludes the 1929-1933 period Source: Center for Research in Security Prices, Shiller, Standard & Poor’s and AllianceBernstein Stock Market Recoveries Are Typically Quick with the Exception of The Great Depression
Slide 6: Historical Recessions Have Been Mild and Short with the Exception of 1929-1933 Depression
*Ex Great Depression Source: Bureau of Economic Analysis AllianceBernstein Historical Recessions Have Been Mild and Short with the Exception of 1929-1933 Depression
Slide 7: Risk Premiums Are Consistent with Economic Depression
As of December 7, 2008 *Fixed income long-term average: 1993-present; Equity long-term average: 1960-present Source: Barclays Capital and AllianceBernstein Return Premiums over US Treasuries Non-US Equities US Equities High-Yield Corporates Investment- Grade Corporates AllianceBernstein "AAA" Commer
Slide 8: Corporate Bond Risk Premiums at Levels Not Seen Since the Great Depression
Through December 7, 2008 Moody’s spread data prior to June 30, 1988; Barclays option-adjusted spread data thereafter Source: Global Financial Data, Barclays Capital, Moody’s and AllianceBernstein US BBB Corporate Spreads 891 b.p. Great Depression Average 757 b.p. Today AllianceBernstein Corporate Bo
Slide 9: Equity Risk Premium at a Modern Day High
Through November 20, 2008 Equity risk premium is the difference between expected return on the S&P 500, as calculated by the Bernstein expected return model, and 10-year US Treasuries Source: S&P, Global Financial Data and AllianceBernstein AllianceBernstein Average Stocks Expensive Stocks Attractiv
Slide 10: Price Depression in Value Stocks Near Prior Record
AllianceBernstein Discount to Fair Value*: Most Attractive 100 Stocks vs. S&P 500 Through November 19, 2008 *A capitalization-weighted average of the most attractive (cheapest) 100 stocks versus the S&P 500 according to Bernstein’s valuation model Source: S&P and AllianceBernstein Oil Price Break Re
Slide 11: Growth Stocks Priced at Historical Lows
Through November 30, 2008 *Composite comprises one-third price-to-cash flow, one-third forward price-to-earnings and one-third price-to-sales. The Growth index is the Russell 1000 (large-capitalization) Growth series. Source: I/B/E/S, Russell Investment Group, S&P, Thomson First Call and AllianceBer
Slide 12: AllianceBernstein
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AllianceBernstein — Goldman Sachs US Financial Services Conference 2008 on 6ix