Spring Meeting Highlights

Hughey Encourages New Members To Take "Wing"

Orlando, Fl.—M. Stanley Hughey, CAS President (1974), addressed new members and attendees at the Business Session held during the CAS Spring Meeting, May 17. The session, which kicked off the first full day of Spring Meeting events, recognized new Associates and Fellows and honored award recipients. In the program following the business session, speaker Lawrence Kudlow made some predictions on the stock market, inflation, and interest rates. Kudlow is chief economist, director of research and senior vice president of American Skandia Life Assurance, as well as a business commentator and noted economist.

CAS President Steve Lehmann announced Jingsu Pu as recipient of the 1999 Harold W. Schloss Memorial Scholarship. Pu is a student at the University of Iowa. Lehmann also acknowledged the work of CAS volunteers, asking them to stand and be recognized.

Hughey, who became a Fellow in 1947, offered his perspective and advice as an actuary with 50 plus years' experience. Using the analogy of "roots" and "wings" Hughey encouraged new members to excel in knowledge while keeping rooted in CAS standards. "You have your roots in the CAS, but you can't stop where you are, and you must forge ahead into new horizons," said Hughey. "The CAS is shouting at you to unlimber your wings and soar into the unknown...to advance the body of knowledge of actuarial science applied to property casualty and similar business and financial risks."

Hughey also marvelled at the wide range of meeting sessions available. "Speaking from a 50 year vantage point, I'm impressed with the new subjects," said Hughey. "Thirty, twenty, and even ten years ago, these subjects simply were not there."

Sporting a bright orange sport coat, Hughey closed with an explanation on his choice of apparel. "In business days in Chicago, I wore dark suits like everyone else. Today I would not wear this jacket to a business meeting in Chicago or New York or Boston or Atlanta," he said. "In case you hadn't noticed, Florida is different-far more casual and far more colorful," he said. "And so, in your business careers, you must learn to use your wings to adapt to new and different situations. Changes come, and we must lead or at least keep pace with any new solutions that are helpful in solving both old and new problems," he said.

Following the business session, featured speaker Kudlow made predictions on future economic and business growth. He promised that the Dow Jones will be 50,000 by the year 2020. Kudlow also said that productivity growth due to technological change will be strong for the next 20 to 40 years and that inflation and interest rates will stay low for 20 to 30 years.