Pension plans have frequently sought partial insulation from inflation effects by devoting a
fraction of their portfolios to real assets. The asset of choice has traditionally been real estate. …

In the past few years, the return spread between successful and unsuccessful active
managers has increased dramatically. We analyzed how levels of cross-sectional volatility …

Conclusion The growth of the STRIPS market has dramatically increased the opportunities
available to investors. Investors who wish to lock in a fixed dollar payout at a future date can …

The traditional approach to measuring the performance of international portfolios focuses
on the value added by management (relative to a given benchmark). This value added is …

In the process of debating asset allocation numbers, the discussion has lost touch with
simple common sense. The authors use a common data set to evaluate different approaches, …

Using these asset classes, we first generate an optimal portfolio for the tax-deferred segment
of the investor’s assets. Let’s assume that we have an investor, Joan Smith, with $2 million …

Studies the specific beliefs and goals that United States institutional investors must have to
justify underweighting of the Japanese markets in a non-US equity benchmark. Effect of …

Explains that economics is the science of choice based on the limited resources of the world,
and that teaching about how the world's people make those choices creates better global …

Has the recent rise in the correlation between domestic and foreign equity returns been
accompanied by a reduced difference between their returns? For many divisions of the broad …