Vol. 21, No. 4, 2023 Mouhamadou M. Ba, Gerald T. Garvey, Brett Z. Miller and Katharina J. Schwaiger Minority representation on US boards has grown more than 50% in the last eight years, but this reflects an increase in the number of seats for existing minority directors as much as a diversification of the director… Read more
Insights
A Practitioner’s Guide to Address Fat Tails and Downside Risk in Portfolio Construction
vol. 21, No 2, 2023 by Eva A. Xu and Eric L. Tarkin Standard models of risk and return are known to underestimate the frequency of extreme events and cannot account for the observed phenomena of increasing correlations in times of stress. This was most salient during the global financial crisis. Despite all of this… Read more
Insight: Interview with Dean Lebaron and Charley Ellis
Vol. 20, No. 3, 2022 As part of our twentieth anniversary of the JOIM, I have asked a few luminaries to share their sage thoughts in our “Insights” section. The following contribution is from Dean LeBaron who also enlisted comments from Charley Ellis in an interview which preceded our publication. My thanks to Dean and… Read more
Are We at the Inflection Point of Climate Investing?
Insights – Automated Investment Services
Volume 15, No. 1, 2017 Burton G. Malkiel Fully automated investment services provide automated investment management. Selected portfolios are low-cost and are rebalanced, tax managed and optimized, consistent with an investor’s goals and risk tolerance. Everything, including deposits, withdrawals, transfers, and reporting, is handled electronically. The substantial advantages made available by technology are enumerated… Read more
Retirement Readiness and Behavioral Finance
Volume 13, Number 3,(2015 Burton G. Malkiel More than 10,000 Baby Boomers will be reaching retirement age every year from now through 2030. Inadequate savings, high cost and poorly designed retirement plans as well as investor behavioral mistakes combine to level most of them woefully unprepared for retirement. The paper suggests a number of possible… Read more
INSIGHTS: Limits on the Level of Demand a Country Can Afford
Volume 13, Number 4, Fourth Quarter 2015 Jack Treynor With home goods (e.g urban services) output equals demand; when demand increases we put older machines back to work. But the real wage depends on the productivity of the marginal home goods plant. Because money prices go up when the real wage goes down, an increase… Read more
INSIGHTS: By the Numbers: 10 Things My Hobbies Have Taught Me About Investing
Volume 14, Number 1, 2016 Vineer Bhansali I discuss ten common themes between non-investment related activities that shed practical and useful light on investing. While readers might not be familiar with these particular activities, I believe that combining analogies from any accumulated skill in intrinsically rewarding activities (also known as hobbies), with a disciplined analytical… Read more
INSIGHTS: THE LORENZ CURVE
Jack L. Treynor For a century, the critics’ favorite example of the failures of capitalism has been the Lorenz curve. They rank households from poorest to richest and then plot cumulative wealth against the cumulative number of households. The critics argue that, if capitalism were fair, the Lorenz curve would be a straight line: the… Read more
INSIGHTS: PHASE SHIFTS
Dean LeBaron The physical world is composed of phase shifts, and we generally accept and understand the implications. The failure to recognize a phase shift that has taken place is exemplified by the perception of investment people about where they stand in the world … even what they stand for. I was part of the… Read more