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Chief Investment Quarterly

You Can’t Hedge, but You Can Diversify

Investors may benefit from adding diversifiers to their portfolios, but diversifiers aren’t hedges. Hedges serve a different purpose…unless they’re from Texas.

Chief Investment Quarterly

Who Knew Annuities Could Be So Exciting?!

The debate over annuities in Defined Contribution (DC) plans is so boring that it’s a bipartisan issue. But, their impact on retiree consumption is actually pretty exciting.

Chief Investment Quarterly

Late Cycle Syndrome

The concern that the economy is nearing the end of its expansion phase has important implications for investors. We take a look at the data on “late cycle” indicators to see what they really tell us.

Chief Investment Quarterly

Not Expecting to Hit Your Expected Return? Cash Is the Culprit

Today’s lower return targets for pension plans are actually harder to reach. Here’s why.

Chief Investment Quarterly

Buffett's One Choice Buffet

We challenge an assertion in Warren Buffett's latest annual letter and emphasize the need for diversification for pensions and endowments.

Journal Article

Asset Allocation in a Low Yield Environment

In 2016, bond yields dropped to unprecedented low levels in major developed markets. Even in a low rate environment, we think it’s important to diversify across many return sources.

Chief Investment Quarterly

Actuarial Games Aren't Much Fun for Plan Participants

Public pension investment performance has been strong and more plan sponsors are making the contributions they calculate, but funded status has gotten worse. To resolve the funding paradox, we point out some less well known, but important causes of this problem.