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Coral Gables Trust Company and Baptist Health Foundation celebrated the launch of a new health and wealth series designed to appeal to those in the business community who have a shared interest in hearing about important topics related to wealth management and healthcare.
The inaugural event, held at the Gables Club Il Ristorante in Coral Gables on Feb. 10, was hosted by Jim Davidson, CEO and founder of Coral Gables Trust, and Joe Natoli, executive vice president and chief administrative officer of Baptist Health South Florida.
The evening began with a discussion by Dr. Michael Zinner, CEO and executive medical director of Miami Cancer Institute, part of Baptist Health, who spoke to five years of accomplishments at the Institute. Dr. Zinner cited the impact Miami Cancer Institute, founded in 2017, has had on patient care and outcome, highlighting the more than 148 new clinical trials underway, its leadership in the field of Proton Therapy, hiring of over 118 renowned cancer experts from around the world, and the success of the bone marrow transplant program from zero transplants to more than 150 under the leadership of Dr. Guenther Koehne, deputy director, chief of Blood and Marrow Transplant and Hematologic Oncology at Miami Cancer Institute.
Dr. Zinner added that many of the innovative cancer-fighting therapies that have placed Miami Cancer Institute among Florida’s top cancer programs since its founding just five years ago are now available to cancer patients in Broward, Palm Beach and Monroe counties.
Steve Chiavarone, CFA, the vice president, portfolio manager, and equity strategist of Federated Hermes, as well as a regular contributor to CNBC, took the podium next telling the audience, “Three things that should never be true at the same time, inflation at 7.5 percent, rates are at 0 percent and The Fed is buying bonds, all of which are happening now.”
Chiavarone focused his presentation on the main concern in the economy — the impact of inflation — while deeming 2022 as the revenge of boring, as investors are now pivoting to companies that have earnings today versus those that could have earnings tomorrow.
Chiavarone cautioned that the U.S. is experiencing the highest levels of inflation since 1982, with real consequences for the economy as companies must pay more for employees and raw materials. He added that high inflation will tip the hand of the Federal Reserve into action as one of their mandates is keeping inflation at a stable level. Given the Federal Reserve’s limited policy tools, the main concern that comes from rate increases is the amount and pace of future rate hikes.
“If the Federal Reserve becomes overly aggressive it could stunt the growth of the economy,” Chiavarone said. “On a positive note, as a result of the recent correction, valuations have come down. While stocks still are not cheap, valuations for some companies have now come to levels where they are more attractive than they have been since the significant decline in 2020.”
“We are excited to partner with Baptist Health Foundation on this new series that will share sage financial advice with world class speakers and the latest medical knowledge from some of the top minds in medicine,” Davidson said.
