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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.

White Paper

Improving Target-Date Funds

Target-date funds (TDFs) may be the preferred long-term investment vehicle for many defined-contribution plan sponsors and their participants. However, TDFs may have some shortcomings, and we discuss two of them in our analysis.

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.

Value Investing

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.

DC Solutions Series: Defensive Equity, Part 1

In part one of this two-part series, we focus on the intuition behind defensive equity and present evidence for its efficacy as part of an effective defined contribution retirement plan.

DC Solutions Series: Defensive Equity, Part 2

In part two of this two-part series, we focus on the implementation of a defensive equity strategy within the context of a DC retirement plan.

Journal Article

The Future of Life-Cycle Saving and Investing

Life-cycle finance is the branch of finance that affects everyone.

Journal Article

Balancing on the Life Cycle: Target Date Funds Need Better Diversification

Traditional life-cycle strategies have some serious shortcomings.

Real Assets in Target-Date Funds

Target-date funds have become popular defined contribution investing vehicle. We believe, however, several shortcomings should be addressed to more reliably maximize retirement outcomes and we suggest incorporating real assets.

Risk Parity in Target-Date Funds

Target-date funds (TDF) have a few shortcomings, but we believe that implementing risk parity as a sleeve within a TDF can help—by potentially enhancing returns, mitigating risk and reducing portfolio drawdowns.