ECONOMIC FORECAST LUNCHEON

SCHEDULEOctober 15, 2014 • 11:30 a.m.—1:30 p.m. McLane Stadium Waco • Ballroom

In her recent speech at the Jackson Hole Economic Symposium, Federal Reserve Chair Janet Yellen noted that the national economy continues to travel through uncharted territory as it recovers from the Great Recession. Under these circumstances, policy “must be conducted in a pragmatic manner that relies not on any particular indicator or model, but instead reflects an ongoing assessment of a wide range of information.”

Much the same is true of the Central Texas economy. Stimulated by construction of McLane Stadium and the Paul L. Foster Campus for Business and Innovation at Baylor, The Domain residential complex, surging auto sales, and strong retail sales, the Central Texas economy exhibited strong growth in the first half of 2014. On the other hand, several sectors of the Waco economy continue to lag and some of the largest construction projects are near completion. So local decisions also should be based on “a wide range of information.” Is the current recovery sustainable? How will the economy be affected by the mid-term elections? How much longer will the Federal Reserve continue to maintain extremely low interest rates? Our speakers at the 2015 Economic Forecast Luncheon will address these issues and provide the information and insight you need to run your business and to manage your personal investments.

For inquiries or tickets, visit baylor.edu/business/economics/forecast or call Susan Armstrong at 254.710.6177.

McLANE STADIUM 201415 OCT

11:30 Luncheon

Noon Welcome & Invocation Terry Maness, Dean, Hankamer School of Business, Baylor University

Introduction of Panel G. Michael Reitmeier, Chair of the Executive Committee, Greater Waco Chamber of Commerce

National & Texas Forecast M. Ray Perryman, President, The Perryman Group

Central Texas Forecast Thomas M. Kelly, Director, Center for Business & Economic Research, Baylor University

Outlook for Financial Markets Craig D. Hodges, Chief Executive Officer and Chief Investment Officer, Hodges Capital Management

Discussion and Announcement of 2014 Forecast Awards

TOM KELLY

CRAIG D. HODGES

M. RAY PERRYMAN

Dr. Ray Perryman is President and CEO of The Perryman Group, a Waco-based economic research and analysis firm that has served thousands of clients. He holds a BS in mathematics from Baylor, a PhD in economics from Rice, and an honorary doctorate from the International Institute for Advanced Studies.

Dr. Perryman has held numerous academic positions, including stints at Baylor University and SMU. He has authored several books and more than 400 academic papers and has served as President of the Southwestern Economic Association and the Southwestern Society of Economists. Currently, he is a Senior Research Fellow of the IC2 Institute of the University of Texas and Institute Distinguished Professor of Economic Theory and Method at the International Institute for Advanced Studies.

In the professional arena, Dr. Perryman has authored more than 2,000 trade articles, publishes a subscription forecasting service and a monthly newsletter, writes a syndicated newspaper column, hosts a daily radio commentary, and appears regularly on National Public Radio.

Dr. Perryman has received hundreds of awards for his academic and professional efforts, along with citations from governments around the world. He has been honored by The Democracy Foundation for his role in promoting capitalism in China, The Asia and World Institute for promoting international trade and academic exchange, and the Systems Research Foundation for his contributions to the field of modeling.

Dr. Perryman lives part-time in Odessa while working in Waco, and is the father of five young Texans. Some of his most gratifying work has been in the field of economic development, where he has supported the creation of hundreds of thousands of jobs. He says he only hopes that at least one of his kids will hold one of those jobs. He is a past recipient of an “Outstanding Texas Leader Award” and was recognized in March 2012 as “Texan of the Year” by the Texas Legislative Conference.

Dr. Tom Kelly is a professor of economics at Baylor University and serves as director of the Baylor Center for Business and Economic Research, a position he has held for 28 years. He teaches courses in urban economics, business forecasting, and macroeconomic theory at the undergraduate and graduate levels. He also serves as graduate program director for Baylor’s Department of Economics.

Dr. Kelly has developed annual economic forecasts for the Central Texas economy since the early 1980s, leading to a deep understanding of business activity in the region and its connection to national and global conditions. He provides data and insight to prospective investors in Central Texas and regularly contributes his views through the local media.

Dr. Kelly consults continuously with civic leaders, bankers, purchasing managers, home builders, and others about local business conditions. He has developed models to measure the local economic impact of Baylor athletics, the Heart of Texas fair complex, the mammoth site, and many other projects. Outside Central Texas, he has examined the economic impacts of stadium investments in other local communities, including an analysis for the City of Arlington of the new Cowboy Stadium. His involvement in many study groups, such as the VA Hospital task force, has provided valuable service to the local community.

Craig Hodges is co-founder and principal at Dallas based money management firm Hodges Capital Management. Craig and his team manage the seven Hodges investment strategies, including the nationally recognized Hodges Small Cap Strategy, as well as portfolios for high net worth individuals, family offices, and foundations. After he began his investment career with Rauscher Pierce Refsnes, Inc., now RBC Wealth Management, in 1986, Craig co-founded Hodges Capital Management to better serve his clients by utilizing proprietary, in-house research. Craig majored in finance and marketing, receiving a Bachelor degree from Baylor University in 1986.

Craig is a frequent guest on CNBC, Fox Business News, and Bloomberg television. He has been featured in several publications including the NY Times, Forbes and Barron’s. He is active in the community and serves on the Board of Directors of Marketplace Ministries, Southwest Theological Seminary Foundation and Methodist Health System Foundation.

Craig and his wife, Jo Ann, reside in Dallas with their twin daughters, Katherine and Haley and son, Case. Craig enjoys coaching his children’s sports teams, traveling and spending time with family.

201415 OCT