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Lifetime Financial Advice
Much of financial planning fails to account for the investor’s human capital, and how that interacts with financial capital. Ibbotson et. al. address the issue in depth in a recent CFA Institute...
View ArticleInvestor Overconfidence and Trading Volume
Behavioral Finance suggests that overconfidence will cause investors to attribute market-related returns to their own skill level and trade more frequently when markets are rising than when they are...
View ArticleAs Goes January…
In the November 2006 Journal of Financial Economics Cooper, McConnell and Ovtchinnikov examine whether investment returns in January have predictive power over returns for the subsequent 11 months....
View ArticleDefined Benefit versus Defined Contribution Plans
Retirement plans generally come in one of two varieties: defined benefit (DB) or defined contribution (DC). In a defined benefit plan, the plan sponsor promises a specific future benefit, with no...
View ArticleLongevity Annuities
Longevity annuities exchange an up-front payment for a stream of payments that will begin some years after retirement. For example, the annuity may be purchased when the investor is 65, but only begin...
View ArticleGuidelines for Withdrawal Rates and Portfolio Safety During Retirement
For individuals drawing on retirement funds, a 4% withdrawal rate is generally recommended to result in only a small chance of the portfolio running out of money. In the October 2007 Journal of...
View ArticleCharacteristics of Managed Futures Investments and Their Role in a Portfolio
Derivative markets are zero-sum games, with each long position offset by a corresponding short. As such, the aggregate return to all participants in the futures market is the risk-free rate, less any...
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